SimbaPay raises transaction limit to $45,000

The financial service provider SimbaPay has raised its transaction limit to $45,000, a 15-fold increase from the prior limit.

Using the SimbaPay app, Africans abroad can send free transfers of larger amounts of money home and also pay bills in their home countries, where the transfers will be instantly credited.

“A pain point for customers in the past has been having to undertake multiple transfers to complete a single purchase," SimbaPay Head of Operations Victor Karanja said.  “What further sets SimbaPay apart from other money transfer services is that the app can do more than just send money directly to mobile money services such as M-Pesa. SimbaPay can also send money to bank accounts in Africa and to pay bills to merchants such as schools and utility companies."

Users taking advantage of the new limit who conduct business in amounts larger than the current $3,000 limit will also be eligible for better exchange rates on their transfers or payments.

The app is available in iPhone, Android, and iPad formats.