The fast growing no fee money transfer service Taptap Send has announced it has launched itsservices to Kenya. This will enable the diaspora in the UK and Europe to send money to their loved ones instantly and affordably straight to Mpesa wallets or bank accounts.
“Taptap Send is on a mission to make remittances to Kenya easier and cheaper in line with the UN sustainable development goal (<3% of total value transferred).
Taptap Send can achieve this with secure technology, online only transactions and community focused marketing. Using word of mouth referrals both by our friends and family in Kenya and influential community leaders is our way of keeping remittance costs down for everyone,” Darryl Abraham, Africa growth director.
Remittance makes up a significant part of Africa’s main source of currency, contributing to above 5% of GDP in 15 African countries.The Central Bank of Kenya notes that on average Kenya received more than 200,000 USD monthly, which reached its peak in June 2020 at 288,544 USD. As a result of the ongoing pandemic, more than ever Africans have leaned into providing support back home through affordable digital finance platforms including Taptap Send.
These remittances help thousands of Kenyan families pay for essential needs such as healthcare, household bills and education. In line with the UN sustainability goal of reducing the cost of transfers to less than 3% of migrant remittance costs by 2030, Taptap Send has since 2018 contributed to this by providing the opportunity for migrants from the UK to send money home within this threshold.
The app is available for download in the UK on the Apple Store and Google play store for free here. New customers can receive an additional £5 on their first send by using the code PRESS. Taptap Send is VC-backed (including by Reid Hoffman), rapidly growing app-based solution that lets immigrants send money back home to emerging markets instantly and at very low prices.
Since launching in summer 2018, Taptap Send has moved tens of millions of dollars and reached hundreds of thousands of customers. Taptap Send is live in seven European countries, supporting payments into Senegal, Mali, Zambia, Guinea, Ghana, Ivory Coast, Cameroon, Kenya, Madagascar, and Bangladesh; with lots more countries launching soon.