Express paypal-to-Mpesa service will be in town soon thanks to one of paypal's subsidiaries at AllenHark launching MoneyJet a service offering faster withdrawals cheaper rates and on-demand freelancer loans.

The mobile friendly service has custom-built apps for the 3 main mobile platforms; Android, iPhone and Windows phone. Post launch apps will be available for the operating system users . Moneyjet is looking to provide solutions for freelancers and other professionals working online who have in the past had problems getting money from paypal to cash they can consume.

Moneyjet is specifically looking to solve Massive delays which at times go up to 8 business days on Equity bank, high fee rates and exchange rates charged by middlemen that range between 8% to 15% and 10 shillings per dollar respectively. Inconvenience is also a major problem for paypal users looking at options like the payoneer service which takes time to activate since bank systems are in most cases incompatible which in result takes days to process funds and still require users to go an ATM or bank to withdraw money.

The adoption of Moneyjet by customers will mean;

  • Speed: Even at its peak usage time MoneyJet users receive their money on Mpesa in 10 minutes or less (eliminating unnecessary delays).
  • Affordability: MoneyJet itself charges only 1% to process the transaction - but including PayPal's transaction charges + network mobile money charges, the total cost per transaction to the user adds up to 5%. This is currently the cheapest rate on the Kenyan market.
  • Better exchange rates: For the past 3 months, MoneyJet's exchange rates have consistently been between 2 to 5 shillings (per dollar) above other PayPal-to-Mpesa options in Kenya.
  • Convenience: Due to the lower commission and higher exchange rate than othermarket players, MoneyJet users receive more money per transaction and getting the money directly on their mobile phone eliminates the hassle & cost of going to the bank or ATM.
  • Direct transfer: MoneyJet users will also be able to send money from their PayPal account directly to other people's Mpesa accounts, helping them avoid the extra transaction fees and save time. This can prove especially helpful for easy disbursing of payments to multiple freelancers within a company.
  • Bank withdrawal: For amounts larger than the Mpesa daily transaction limit (which isKsh. 70,000 for most people) users can withdraw the amount into their bank accounts instead at the same cost and speed.
  • Proper withdrawal records: MoneyJet users will be able to access their entire transaction history at the touch of a button.
  • On-demand loans: Perhaps the biggest advantage of using MoneyJet is the credit/over-draft option that comes with each account. Through this unique feature, qualified users can access significant amounts of credit and repay it in installments