Taptap Send, a VC-backed app letting immigrants send money back home to emerging markets instantly and at very low prices is now supporting payments into Kenya with lots more countries launching soon.
The no-fee money transfer service has launched its services to Kenya to enable the diaspora in the UK and Europe to send money to their loved ones instantly and affordably straight to M-Pesa wallets or bank accounts.
Apart from its Kenya service launch, Taptap Send is available for users sending money to Ghana, Madagascar, Senegal, Mali, Zambia, Guinea, Ivory Coast. Cameroon and Bangladesh.
Since launching in summer 2018, Taptap Send has moved tens of millions of dollars and reached hundreds of thousands of customers.
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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.
Taptap Send has since 2018 contributed to this by providing the opportunity for migrants from the UK to send money home within this threshold in line with the UN sustainability goal of reducing the cost of transfers to less than 3% of migrant remittance costs by 2030.
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