British fintech firm SympliFi has introduced a new platform to provide sustainable financial services to families of foreign residents and help them move beyond conventional methods of money transfer.
Through the SympliFi platform, the diaspora can connect with a financial institution in the home country and facilitate a transaction for different uses including education financing, savings and healthcare.
According to the company, the service will help families of the customers to access loans from local banks without incurring additional fees. Additionally, it will help customers to build their credit history.
SympliFi co-founder Maurice Iwunze said: “We are excited to launch SympliFi as we believe it is time to reimagine how diaspora provide financial support to family in their home country, by leveraging technology in a more effective and sustainable way.
“Our solution unlocks borders and creates financial bridges between diaspora and their home countries, in a way that does not exist today.”
Currently, SympliFi serves in three African countries of Zimbabwe, Nigeria and Tanzania. With the latest move, the company plans to expand to new countries and add lending partners across Africa and globally.
The company has already partnered with Educate, a Zimbabwe-based education finance company.
The collaboration will enable the Zimbabwean-diaspora in the UK help their family in homeland access education financing solutions.
Based in London, SympliFi traditionally provides remittance and money transfer services. It also intends to provide insurance and bill payments services in near future.