PayAngel, a leading global fintech company based in the UK, has made a strategic move by entering the Kenyan market, signaling a significant shift in the financial dynamics of the region.
Specializing in cross-border payments and remittances, PayAngel’s decision to establish a presence in Kenya underscores the country’s growing importance as a hub for technology and innovation within Africa.
Joseph Elvis Lamptey, Head of Growth and Strategy at PayAngel, highlighted Kenya’s pivotal role in the continent’s tech ecosystem, expressing optimism about the company’s ability to enhance diaspora remittances, which play a vital role in Kenya’s economy.
PayAngel Enters Kenyan Market to Enhance Diaspora Remittances
“Kenya’s prominence as a technology hub in Africa makes it an ideal destination for PayAngel. We are committed to simplifying and securing diaspora remittances,” Lamptey affirmed during a press conference held in Nairobi.
With Kenya receiving approximately KSh645 billion in diaspora remittances annually, according to the Central Bank of Kenya (CBK), PayAngel aims to streamline the process of sending funds back home, empowering both individuals and businesses.
The company prides itself on its stringent security measures and user-friendly interface, offering a free platform for sending funds directly to recipients in Kenya, without the involvement of intermediaries.
“Our platform is designed to provide seamless access for the diaspora community, ensuring that funds reach their intended destination promptly,” Lamptey added.
Promoting transparency and accountability in remittance transactions
Chebichi Shariffa, Growth Manager for East Africa at PayAngel, emphasized the platform’s role in promoting transparency and accountability in remittance transactions, thereby mitigating concerns about mismanagement.
“By enabling direct transfers and facilitating real-time tracking, PayAngel empowers individuals to monitor the usage of their remittances, fostering a sense of trust and accountability,” Shariffa explained.
Moreover, PayAngel’s expansion in Kenya is poised to stimulate economic growth and financial inclusion, with the platform creating job opportunities and fostering collaboration with local banks and institutions.
“The innovative approach of PayAngel not only enhances financial literacy but also empowers Kenyan households to make meaningful investments and contribute to the country’s development,” Shariffa remarked.
Stimulate Economic Growth and Financial Inclusion
As PayAngel navigates the regulatory landscape to obtain licensing from the Central Bank of Kenya, the company remains steadfast in its commitment to driving positive change and empowering the diaspora community to support their families and contribute to the nation’s prosperity.
