Nairobi — In a significant development for the East African financial landscape, PayAngel, a global fintech company, has chosen Kenya as its entry point into the region.
The UK-based firm specializes in cross-border payments and remittances and has established a presence in the US, Canada, Europe, and Australia.
Speaking at a press conference in Nairobi on Thursday, Joseph Elvis Lamptey, PayAngel's Head of Growth and Strategy, highlighted Kenya's status as a global technology hub as a key factor in the company's decision to enter the Kenyan market.
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).
"We are excited to be in Kenya. We are interested in Kenya because it is the hub for technology in Africa, " he said.
He is in the country for the Forty under 40 Africa awards, with PayAngel being the headline sponsor.
One of PayAngel's distinguishing features, he said, is its focus on security and simplicity. It is also free to send funds while using the platform.
The company is among other things licensed by the United Kingdom's Financial Conduct Authority, ensuring compliance with international financial regulations.
"PayAngel is a platform for the people in diaspora and also businesses looking into doing business in Africa and Kenya in particular," he said.
PayAngel application can be downloaded on Google PlayStore and Apple AppStore.
"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.
While sending money using the PayAngel platform, he said 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.
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.
Speaking during the press conference, Shariffa highlighted the platform's benefits for Kenyans living abroad, noting that some are already using PayAngel to pay their staff back home and make direct purchases of goods and services.
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This direct approach, she said, not only streamlines the remittance process but also reduces the risk of funds being mishandled.
"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."
In order 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.
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, they said.
"The company's innovative approach to diaspora remittances has the potential to transform the way Kenyans living abroad support their families and contribute to the local economy," she said.
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 has been in operation for more than a decade.
