On the 21st of July prominent persons in the Nigerian community in the U.K. gathered to usher in the new SympliFi Mobile App that aims to transform how African diaspora financially support their loved ones back home.
SympliFi is a fintech start-up focused on providing Nigerians in the diaspora an alternative to remittances. Carving out a niche for themselves by being the first company to offer such a service, SympliFi enables diaspora to help their loved ones back home access affordable credit on their own from one of SympliFi’s bank partners, instead of sending money.
The model is indeed an interesting one, it offers a win-win solution for both sides of the transaction. A person in Nigeria is able to access low interest loans for productive uses, secured by a refundable cash collateral, which the person in the diaspora holds in their SympliFi digital wallet in the U.K. No money is sent. Once the loan is repaid, the collateral is released with a cashback reward. So instead of sending money and paying fees, the person in the diaspora keeps their money and makes a little extra from helping their loved one access money on their own.
The C.E.O and Co-founder, Maurice Iwunze also discussed the company’s partnership with AXA, a leading global insurance company. Through this partnership every borrower automatically receives healthcare insurance for the duration of their loan.
The SympliFi Mobile App launch party took place at the popular Enish restaurant and had prominent personalities like Ayo Akinfe (Chairman, CANUK), Prince Mike Abiola (Publisher, African Voice newspaper) & his wife veteran actress Golda Abiola, DJ Abass (Renowned Media consultant and DJ), Ayo Sonoiki, Wale Gates and lots more.
This company is bringing solutions to age long problems amongst immigrants. More information about SympliFI is available on their website: www.symplifi.co
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