SimbaPay has announced that it has raised the single transaction limit for remittances it processes to US$45 000, significantly higher than its previous transaction limit of US$3000.

Victor Karanja, Head of Operations at SimbaPay says the increase will ensure that sending money home and buying property across Africa becomes a lot easier. "A pain point for customers in the past has been having to undertake multiple transfers to complete a single purchase. A key risk with multiple transfers was exchange rate fluctuation. Sending up to $45,000 with just our mobile app will protect senders from the fluctuation that arises when one splits up the transfer,"

SimbaPay says larger purchases like those of property, vehicles and paying large hospital bills or university fees by African immigrants in the European countries will now be possible through the SimbaPay app.

The company adds SimbaPay money transfers of more than $3,000 will also automatically qualify for the daily SimbaPay Discounted Exchange Rates as an incentive to users.

"With the Discounted Exchange Rate, a user gets to transfer money at a more favourable exchange rate than the standard SimbaPay exchange rate. EU based Africans will now be able to send large amounts of money back home instantly and free of charge," the company explained in their announcement - which also indicated that money transferred via the service to Africa would be credited instantly at the destination mobile money wallet, merchant or bank account.

The app's higher transaction limit is available on all SimbaPay platforms including iPhone, iPad, Android and Web.