SimbaPay is a fintech company headquartered in the United Kingdom, specializing in facilitating fast, affordable, and secure money transfers from Europe to various African countries. This innovative platform was co-founded by Nyasinga Onyancha, a former investment banker, and Sagini Onyancha, an online marketer and strategist. Currently, SimbaPay enables customers to send money from the UK to Kenya and Nigeria, offering a user-friendly web portal for online money transfers. Utilizing the SimbaPay app or website, Nigerians residing in the UK can instantly send funds to any bank account or mobile phone in Nigeria, all without incurring any transfer fees. SimbaPay also provides daily fixed exchange rates for the Nigerian naira (NGN), ensuring transparency in currency conversion. The SimbaPay mobile app is readily available for download at no cost from both the Apple App Store and Google Play Store.
Is SimbaPay Legit?
SimbaPay operates as a licensed and regulated entity under the purview of the Financial Conduct Authority (FCA), the regulatory body responsible for overseeing banks and financial institutions in the United Kingdom. Furthermore, SimbaPay has established robust partnerships with reputable and well-established businesses, including Prime Bank, Stanbic Bank, Family Bank, Paga, Equity Bank, PCI, KCB Bank, Cellulant, Interswitch, among others. The company places a high priority on security, employing advanced security technology and collaborating with leading global partners to safeguard customer data and transactions. With these credentials and safeguards in place, there is strong evidence to affirm that SimbaPay is indeed a legitimate and trustworthy business.
Services Offered By SimbaPay
SimbaPay primarily offers a single, yet comprehensive service that facilitates money transfers from the UK or Africa to a wide range of destinations, including various African countries, Asia, and Europe. This service is made accessible through the SimbaPay mobile application, available for download on your mobile device from both the Apple App Store and the Google Play Store.
Pros of SimbaPay
- Regulatory Compliance and Security: SimbaPay’s commitment to regulatory compliance ensures that it operates within the legal framework established by the Financial Conduct Authority (FCA) in the UK. This oversight provides customers with a high level of security and trust, knowing that their financial transactions are conducted in a regulated environment.
- Robust Partnerships: SimbaPay’s extensive network of partnerships with renowned financial institutions and businesses such as Prime Bank, Stanbic Bank, Family Bank, Paga, Equity Bank, PCI, KCB Bank, Cellulant, and Interswitch reinforces the reliability and reach of its services. These collaborations not only facilitate seamless money transfers but also reflect SimbaPay’s dedication to delivering a wide range of financial solutions.
- Cost-Effective Transfers: One of the standout advantages of SimbaPay is its practice of charging zero transfer fees for transactions to Nigeria. This cost-effective approach allows customers to send money without incurring additional expenses, making it an attractive option for remittances or business-related transfers.
- Exchange Rate Transparency: SimbaPay offers daily locked-in exchange rates for the Nigerian naira (NGN). This transparent exchange rate policy ensures that customers have full visibility into the exact conversion rate they will receive for their transfers, eliminating surprises and hidden fees.
- User-Friendly Mobile App: SimbaPay provides a user-friendly mobile application accessible for download on both the Apple App Store and Google Play Store. The app’s intuitive interface simplifies the process of initiating, tracking, and managing money transfers, enhancing convenience and accessibility for users.
Cons of SimbaPay
- Limited Destination Countries: While SimbaPay excels in offering money transfer services from the UK to very few African countries, its geographical coverage remains confined to these African countries. This limitation can be a drawback for customers seeking to send money to other African nations or regions, necessitating the exploration of alternative transfer platforms.
- Mobile App Dependency: SimbaPay primarily relies on its mobile application for facilitating money transfers. While this approach aligns with the convenience of mobile banking, it may present challenges for individuals who prefer web-based platforms or those with limited access to smartphones. The exclusion of a web-based portal may limit accessibility for certain users. Also, their app review currently on PlayStore is around 3.5 stars which is quite low for a financial institution.
In summary, SimbaPay’s strengths lie in its regulatory compliance, robust partnerships, cost-effective transfers to Nigeria, exchange rate transparency, and user-friendly mobile app. However, limitations include its restricted coverage to certain countries and reliance on a mobile app. For those with transfer requirements aligned with its services, SimbaPay offers a reliable and efficient platform for sending money. However, individuals with broader geographical or currency transfer needs may need to explore alternative options.