SympliFi, UK based Fintech firm, has partnered with the United Nations Capital Development Fund (UNCDF) to expand digital financial solutions to migrants. The partnership will enable migrants and diaspora to digitally guarantee a microfinance loan for family in their home country in minutes.
SympliFi says that the new development will reduce the need for migrants to send money to their home countries eventually lowering costs associated with such transactions.
The COVID19 propelled the need for value-added financial products for migrants beyond remittances. Maurice Iwunze, co-founder SympliFi, says the partnership will enable the fintech to enter Senegal and expand to new markets in francophone Africa.
He adds that the loan can facilitate family members to start businesses and earn income independently. Furthermore, the innovative solution will build long-term financial health and protection for migrants and their families.
UNCDF is the United Nations agency tasked with making public and private finance work for the poor in least developed countries. Amil Aneja, UNCDF lead specialist on migration, says that globally more than 270 million people live and work outside their home countries. Therefore, the agency is continuously focused on increasing the value and lowering the cost of financial services for migrants and their families.
SympliFi has operations in the UK and EU to Nigeria corridor and will expand to other Africa corridors with support of UNCDF.