Okapi Finance, the Swedish international money transfer company, has launched its services in Kenya, raising competition in this growing segment in the financial industry. Okapi Finance has partnered with Guaranty Trust (GT) Bank and promises cheaper cash transactions as it seeks to compete local providers such as Safaricom and Airtel as well as global players including MoneyGram, Western Union and WorldRemit among others.
Okapi Finance Country Manager Patrick Kihara says with the launch, Kenyans will be able to send and receive up to Ksh20,000 per transaction, five times a day free through its SWAP service, which allows one to send money to other Okapi customers.
Okapi services are accessible through authorised agents, Okapi website or Okapi Mobile App. Okapi money transfer service is available for domestic transactions but plans to go international). Normal customers receive the money through an Okapi merchant/agent, while premium customers can receive money through their Okapi accounts or their Visa card.
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“Everyone should be able to access financial services regardless of where they live and their status. Transparency, security and compliance with financial regulations are key for our operations and we believe in building the Okapi network through partnership with financial institutions and other existing structures,” said Mr Kihara.
So far, the company says it has more than 100,000 subscribers in Kenya and aims to reach 145 million subscribers globally in the next five years.
Besides sending and receiving money, customers can also buy insurance from companies registered with Okapi as well as paying premiums or filing claims. Approved claims are paid to customers’ Okapi accounts by the insurance companies. Employers can also pay out salaries to employees with Okapi accounts.
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