Many East Africans living in the diaspora face challenges when sending money back home, such as high fees, slow transactions, and limited options.
A US-based money transfer company, Banana Pay, aims to solve these problems with its mobile app that allows users to send money to East Africa in a fast, secure, and affordable way.
Banana Pay specializes in money remittance services from its US clientele to East African countries, such as Kenya, Uganda, Tanzania, and Rwanda.
The company launched its app in the East African market in June last year, offering various services such as bank transfer, cash pick up, mobile money/wallet transfers, and more.
"We understand that when you as a customer undertake business with us, you place a great deal of trust in us. We take this responsibility very seriously and are committed to the safety and security of your money in the most compliant manner," said Banana Pay CEO Gerard Nor.
To use the service, customers have to download the Banana Pay app on their phone and register with their details. Nor said the company has completed over 10,000 transactions since the app became operational.
Nor says the company launched the app to satisfy a growing demand from African clients who are based in the diaspora.
"At first we wanted to create a convenience app for our existing offline customers, but later we realized it's a need that all diaspora Africans have," he explains.
Nor added that the app offers competitive rates and different ways to deliver the money, such as M-Pesa, cash collection, and bank transfers.
The company has been operating as a licensed Money Transfer Company in the United States since 2003, where it operates in more than 20 states.
Though gaining momentum and market share, the company faces some challenges, such as adhering to ever-changing financial laws and regulations, building trust among customers, and adapting the app to meet the specific requirements and regulations of various international markets.
