KENYA – Kyanda, a fintech startup, has launched its money transfer app, which aims to help users make all sorts of transactions at as low a cost as possible.
Rolled out in February, Kyanda allows users to make cheap and fast money transfers, purchase airtime, and pay bills, among other things.
The startup, launched by 19-year-old founder Collins Kathuli, is also piloting a feature that will offer the chance to invest in companies listed on the Nairobi Securities Exchange (NSE).
Kyanda app users now have access to the following services: sending money to MPESA at no charge, buy shares listed on the Nairobi Securities Exchange, and complete surveys that offer great rewards.
“Our platform aims to assist all our clients and relieve them from high transaction costs incurred while accessing essential financial services,” Kathuli said.
“Not only can Kyanda be used personally, but businesses such as kiosks and more established brands can also make use of our platform and save money.”
Kathuli claims these savings compared to other services can be as high as 80 per cent, but the self-funded startup has not built much of a user base yet, a fact he attributes to lack of marketing funds and the impact of COVID-19. Nonetheless, he thinks Kyanda has significant relevance.
“Kyanda focuses on anyone with a smartphone, and even that Mwananchi who doesn’t have a smartphone and with no internet access, should have no worries. To cater for this we’re also developing an offline product that will be among the first to be pioneered so far,” he said.
“We have a bouquet of services which shall be phase launched as we advance not only in Kenya but also other East African countries, in order to achieve our aim of housing nearly all financial services under one platform and making them relatively cheap.”
The startup is also appealing for funding to enable it to expand the suite of products and services that it is offering.
The Kyanda mobile application enables users to make easy, cheap and fast money transfers. Users can also purchase and supply discounted airtime to individuals and organisations, pay utility bills and get instant discounts on all payments as well as convert their excess airtime back to cash.
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