Kenya’s rapid ascent as a global technology powerhouse has transformed the nation into an irresistible hub for international fintech companies vying to establish a foothold in the dynamic East African market.
Among the latest arrivals is PayAngel, a prominent UK-based fintech specializing in cross-border payments and remittances.
Recognizing Kenya’s strategic importance, the company has astutely chosen the country as its gateway into the region, poised to capitalize on the burgeoning opportunities presented by this thriving tech ecosystem.
Boosting Diaspora Remittances
During a press conference in Nairobi on Thursday, Joseph Elvis Lamptey, PayAngel’s Head of Growth and Strategy, emphasized Kenya’s status as a global technology hub as a key factor in the company’s decision. “We are excited to be in Kenya. We are interested in Kenya because it is the hub for technology in Africa,” he said.
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Lamptey expressed confidence that PayAngel’s entry will significantly boost diaspora remittances, which currently amount to approximately Sh645 billion per year according to the Central Bank of Kenya (CBK). “PayAngel is a platform for the people in diaspora and also businesses looking into doing business in Africa and Kenya in particular,” he said.
Secure and Seamless Platform
One of PayAngel’s distinguishing features is its focus on security and simplicity. “PayAngel is that platform that gives the diaspora seamless access to be able to send their money into Kenya, eliminating all third party involvement,” Lamptey said.
It is also free to send funds while using the platform, and according to Lamptey, it will only take a maximum of up-to 10 minutes for the recipient to receive it either on M-pesa wallet or bank account.
The company is licensed by the United Kingdom’s Financial Conduct Authority, ensuring compliance with international financial regulations.
Chebichi Shariffa, the firm’s Growth Manager for East Africa, emphasized that PayAngel’s platform will enable diaspora funds to be used for their intended purpose, addressing concerns about mismanagement or misuse. “If I am sending home a thousand dollars, I should be able to see the return on investment,” she said. “There is satisfaction in knowing money sent for a certain purpose was not diverted and indeed was used to address that. It is exciting times for Kenyans and East Africans.”
Fostering Financial Inclusion
PayAngel’s entry into the Kenyan market is expected to have a positive impact on the economy. By simplifying and securing diaspora remittances, the officials said PayAngel is facilitating financial inclusion, literacy, and empowerment.
The platform’s ability to create job opportunities in Kenya adds another layer of positive impact, contributing to economic growth and stability.
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Financial experts say PayAngel’s commitment to security, simplicity, and social impact positions it as a key player in the East African financial landscape, with the potential to drive positive change.
The company, which has been in operation for more than a decade, is among other things, licensed by the United Kingdom’s Financial Conduct Authority, ensuring compliance with international financial regulations.
Expanding Local Presence
To further expand its services in Kenya, PayAngel is in the process of obtaining a license from the Central Bank of Kenya. This license will allow the firm to collaborate with local banks and institutions to provide financial solutions tailored to the needs of Kenyans.
With its user-friendly mobile applications available on the Google PlayStore and Apple AppStore, PayAngel offers a convenient platform for Kenyans living abroad to send money home.
While sending money using the PayAngel platform, Lamptey said it will only take a maximum of up-to 10 minutes for the recipient to receive it either on their M-pesa wallet or bank account.
As Kenya continues to solidify its position as a leading technology hub in Africa, the arrival of innovative fintech companies like PayAngel is expected to drive further growth and development in the region’s financial landscape.
