Wednesday, August 17, 2022
Wednesday, August 17, 2022
Home Startups SympliFi launches remittance alternative platform for users in Zimbabwe, Nigeria & Tanzania

SympliFi launches remittance alternative platform for users in Zimbabwe, Nigeria & Tanzania

by Sam Wakoba
0 comment

SympliFi, a U.K.-based fintech has launched a diaspora guaranteed loan service to enable residents in the diaspora fund entrepreneurship, education, savings and healthcare of their friends and family in Africa easily.

SympliFi goes beyond the traditional remittance/money transfer model by allowing relatives in the diaspora to guarantee loans for their families back home unlike traditional traditional remittance services.

“We are excited to launch SympliFi as we believe it is time to reimagine how diaspora provide financial support to family in their home country, by leveraging technology in a more effective and sustainable way. Our solution unlocks borders and creates financial bridges between diaspora and their home countries, in a way that does not exist today,” said Maurice Iwunze, co-founder of SympliFi.

“Our platform will enable us to offer diaspora a suite of financial solutions that enable long term access to business loans, education financing, electricity, healthcare, insurance and more,” added Gregoire Lecomte, co-founder.

SympliFi’s first partnership was with Zimbabwe’s Educate, an education finance platform in a deal that will enable Zimbabweans based in the United Kingdom to fund education of their family in Zimbabwe without incurring extra costs.

With operations in Zimbabwe, Nigeria and Tanzania, SympliFi will be adding new countries and lending partners across Africa and other regions of the globe.

Traditionally, remittances/money transfers have been the singular form of financial services available for the diaspora to support their relatives back home. However, at SympliFi, the company focuses on what the funds will be used for in the home country and seamlessly connects the diaspora with a local financial institution to lend the family member back at home to fund their business or educational needs.

With SympliFi, instead of sending the money and incurring an expensive transfer fee, the diaspora can enable the relative to easily get an affordable loan from their local financial institution to cover the costs themselves, by simply agreeing to back the loan. SympliFi’s digital platform connects the diaspora and the financial institution in the home country to facilitate this transaction. The diaspora can complete the process over their mobile phone, in a matter of minutes, with no fees. No money has been transferred, and the financial objective has been achieved.

More importantly, SympliFi’s unique and innovative platform enables the beneficiary to get their foot in the door to establish and build valuable credit history, which can be transformational in advancing their long-term financial well-being. As access to credit remains stubbornly low in developing markets, SympliFi’s solution has the potential to address the issue at scale, which could significantly bolster economic development in developing countries.

****

Updated: The earlier version of this story described SimpliFi as gifting remittance service, however, that has been corrected with more information from the firm’s communications team.

We regret any inconvenience caused.

You may also like

%d bloggers like this: