In a strategic move that underscores Kenya’s position as a fintech powerhouse, PayAngel, a UK-based financial technology firm, has announced its expansion into the Kenyan market.
This decision aligns with the recent Forty Under 40 Africa Awards in Nairobi, spotlighting the nation’s burgeoning tech scene.
Kenya’s reputation as a technological beacon in Africa was further solidified at the Forty Under 40 Africa Awards Summit. The event, which precedes an awards ceremony honouring Africa’s brightest minds, set the stage for PayAngel’s announcement. Kenya’s success stories, particularly the mobile money service M-Pesa, have positioned it as a fertile ground for digital innovation.
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The Role of PayAngel in Kenya’s Growth
PayAngel’s foray into Kenya is more than just a business expansion; it’s a commitment to fostering a robust digital economy within the African Continental Free Trade Area (AfCFTA). Joseph Elvis Lamptey, the company’s head of growth and strategy, emphasised Kenya’s potential as a pivotal player in AfCFTA’s narrative.
With a focus on enhancing the ease of receiving funds, especially through M-Pesa, PayAngel’s presence is set to revolutionise the way money moves across borders. The company’s entry is expected to amplify the already significant diaspora remittances, which are a vital part of Kenya’s economy.
PayAngel’s strategic entry into Kenya marks a new chapter in the country’s fintech story. By leveraging Kenya’s tech-savvy demographic and entrepreneurial spirit, PayAngel aims to catalyse the nation’s role in the AfCFTA, turning opportunities into tangible growth.
More about PayAngel’s services
PayAngel is a fintech company that specialises in providing fast, secure, and cost-effective cross-border payment and remittance services. Over 95% of PayAngel’s transfers reach the recipient within minutes, making quick and effective delivery of funds one of their key features.
They offer services across Africa, the US, Canada, Europe, and Australia, catering to a wide range of customers and their needs. PayAngel has a strong focus on mobile money platforms like M-Pesa, making it easier for users to receive money directly from their mobile wallets.
They provide an option for transfers and payments without any additional fees, which can be particularly beneficial for frequent transactions. Users can benefit from favourable exchange rates, maximising the value of their remittances.
In certain regions, like Ghana, PayAngel offers free life insurance for the recipients of funds, adding an extra layer of security and peace of mind for customers. PayAngel prides itself on excellent customer service, with a team ready to assist users with any issues or questions they may have.
These features highlight PayAngel’s commitment to facilitating seamless financial transactions and supporting the economic growth of individuals and businesses in Africa and beyond.
How secure are PayAngel’s services
PayAngel places a high priority on the security of its services. Here are some of the measures they have implemented to ensure the safety and security of transactions:
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PayAngel complies with stringent regulatory standards by registering with the Financial Conduct Authority (FCA) in the United Kingdom. They utilise ID3 secure technology, including MasterCard Secure and Verified by Visa, to ensure that only authorised transactions are processed.
The platform complies with the Payment Card Industry Data Security Standard (PCI DSS), maintaining a secure environment for card payments. Regular checks and scans are conducted on their platform, with the assistance of technology partners like TrustGuard and DigiCert, to secure the use of their website.
PayAngel performs extensive Compliance and Know Your Customer (KYC) checks to verify the authenticity of all transactions. These security features demonstrate PayAngel’s commitment to providing a secure platform for its customers to conduct cross-border payments and remittances.