The platform is designed to empower diaspora around the world with easier access to financial solutions that go far beyond the traditional remittance/money transfer model.
By using this solution, foreign-born residents living in countries such as the UK can now enable their families back home to easily access sustainable financial services for uses like entrepreneurship, education, financing, savings, and healthcare.
In a traditional remittance model, a sender would typically use an international money transfer service to send money to cover the cost of school fees or to support a small business for a relative back home. With SympliFi, instead of sending the money and incurring an expensive transfer fee, the diaspora can enable the relative to easily get an affordable loan from their local financial institution to cover the costs themselves, by simply agreeing to back the loan. SympliFis 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, with no fees. No money has been transferred, and the financial objective has been achieved.
SympliFi launched its first partnership with Educate, a Zimbabwe-based education finance company, to enable Zimbabweans based in the UK to help their family in Zimbabwe gain access to affordable education financing solutions.
In addition to Zimbabwe, Nigeria and Tanzania, SympliFi will be adding new countries and partners across Africa and other regions of the globe.
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