October 23, 2019 All Things Fintech in Africa

SympliFi launches remittance alternative platform for users Nigeria

 

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

Unlike traditional remittance service, SympliFi allows relatives in the diaspora to guarantee loans for their families back home in a convenient way.

The platform enables diasporans in African countries to collect long-term loans to fund electricity, healthcare, insurance and more.

The solution leverages on technology to close up the financial gap between Diaspora and their home countries.

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.

However, . 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  valuable credit history, which can be transformational in advancing their long-term financial well-being.

Moreover,  SympliFi’s solution has the potential to address the issue at scale, which could significantly bolster economic development in developing countries.

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