Sweden-based firm Okapi enters Kenya’s cash transfer market

Okapi money transfer service is available for domestic transactions. FILE PHOTO | NMG
Okapi money transfer service is available for domestic transactions. FILE PHOTO | NMG 

Sweden-based money transfer company Okapi Finance has formally entered the Kenyan market after partnering with Guaranty Trust Bank to offer cash transfer services.

Locals will now send a maximum of Sh20,000 per transaction and up to five times a day through the firm’s SWAP service that allows for its customers to send to other Okapi customers.

Customers can access Okapi’s cash transfer services through its authorised agents, website and mobile application after opening an account with the money remittance firm locally.

The cash transfer company’s customers receive money through an Okapi merchant agent while premium clients can get cash through their Okapi accounts or Visa cardholders.

Deposits or withdrawal from Okapi account can only be done at an authorised agency after producing valid national identification documents.

Okapi money transfer service is available for domestic transactions while plans to enable international transfers are in the pipeline.

The company targets the unbanked for financial inclusion as well as increase access to financial services at affordable transaction fees.

Employers can also pay out salaries to employees with Okapi accounts.

“Everyone should be able to access financial services regardless of where they live and their status,” said Okapi country manager Patrick Kihara.

“Transparency, security and compliance with financial regulations are key for our operations and we believe in building the Okapi network through partnership with financial institutions and other existing structures.

“Working in collaboration with Guaranty Trust Bank, Okapi Finance is keen to address the challenge of costly cash transactions that Kenyans have been experiencing over the past years, and ensure access to financial services.”

Okapi customers can also buy insurance cover from insurers registered with the firm as well as paying premiums or filing claims.

Approved claims are paid to customers’ Okapi accounts by the insurance companies.