Leverage our AI powered remittance chatbot, to enable SMS based Pan-Africa digital money transfer.
About
Applicant name: SimbaPay Ltd
Innovation Name: SimbaPay Chatbot
Innovation Type: Product
Website: http://www.SimbaPay.com
Mission: Leverage our AI powered remittance chatbot, to enable SMS based Pan-Africa digital money transfer.
Innovation Description: PROBLEM: Cost of data is high in Africa and most people don’t have smartphones hence cannot install apps. As a result, cost saving digital remittance solutions that require an app and data remain unattainable to the majority.
Africa is the most expensive region in the world for cross border money transfer, yet millions of families rely on remittances.
WHO:
– Migrants & expatriates living in African countries.
– Banks that want to offer their customers a modern digital remittance solution
HOW THIS SOLVES PROBLEM: Senders can now send money with only an SMS. All they require is the recipient’s phone number and the chatbot will automatically obtain the recipient bank account or mobile money details.
ADVANTAGES:
– Senders do not need data or smartphones to send money across borders.
– The service costs less because it is entirely electronic
– Recipients can choose how they prefer to receive their money
– Customer enquiries are resolved electronically and instantly (e.g. exchange rate enquiries)
– Scalability: thousands of transactions
Status of Innovation: In-market
Innovation Active Since: 10/01/2017
Applicant Type: Private Company
Headquarter City: London
Headquarter Country: United Kingdom
Year Founded: 2013
Main Category
Main Category Choice: Remittances For Social Impact
Why do you think you should win this category?:
WHY RELEVANT:
Our innovation targets low income migrants across Africa who will be able to send up to 15% more in remittances due to savings from our electronic service.
PROBLEMS WE SOLVE:
– Need for smartphones and internet access to benefit from lower cost remittance services
– Low financial inclusion: recipients will now receive money electronically
– Money is moved physically through friends and family in many cases
MARKET SIZE
– Africa market size is $22 billion annually.
– Impact: enables migrants in Africa access a lower cost electronic remittance service even without internet access or smartphones.
CASE STUDY
Yes we have case study results.
Volume of chatbot sms remittances (the innovation) has overtaken app transfers
Increased traffic in some corridors
TEAM EXPERIENCE
We have been working & researching Pan Africa remittances since 2016
MAKES US DIFFERENT
– Passionate about remittances in Africa & past Europe success
– Great experience in Africa including founding BrighterMonday (the largest jobsite in East Africa)
Secondary Category
Secondary Category Choice: B2B Solution
Why do you think you should win this category?
WHY RELEVANT
Our innovation is offered as a packaged white label service to banks and telcos across Africa who want to provide their customers with a modern digital remittance service as opposed to the current store based approach.
Several banks have already signed up for innovation.
PROBLEMS WE SOLVE
– Need for banks to reduce branch traffic
– High cost of technical integration: no integration required by B2B clients
MARKET SIZE
– Africa market size is $22 billion annually
– Impact: enables migrants in Africa access a lower cost electronic remittance service even without internet or smartphones.
– Impact: reduce loss of customers by banks to new players
CASE STUDY
Yes we have case study results
Also several B2B customers/banks have signed up to take up service with some at regulator stage
TEAM EXPERIENCE
We have been working & researching Pan Africa remittances since 2016
MAKES US DIFFERENT
– Passionate about remittances in Africa & past Europe success.
– Great experience in Africa including founding BrighterMonday
Team Members
Full Name: Sagini Onyancha
Role: Co-Founder (Product, Africa partnerships)
Linkedin: https://www.linkedin.com/in/
Full Name: Nyasinga Onyancha
Role: CEO
Link: https://www.linkedin.com/in/
Full Name: Daniel Howard
Role: CTO
Link: https://www.linkedin.com/in/
Full Name: Victor Karanja
Role: Head of Operations
Link: https://www.linkedin.com/in/
Supporting Links
Company blog post detailing the release of this innovation: https://blog.simbapay.com/
Press article covering the release of this innovation: https://www.finextra.com/
More press articles covering the release of this innovation: https://www.google.com/search?
