Sendwave Pay: A Digital Banking Solution
Boston-based Sendwave, acquired by fintech group Zepz in 2020, operates a digital remittance service in East and West Africa. The company now offers an FDIC-insured bank account with a debit card, known as Sendwave Pay. This account is designed to help migrants establish themselves and achieve financial autonomy by providing access to better financial services.
Transaction Fee Savings and Reimbursements
With Sendwave Pay, account holders can save up to 25% on transaction fees on remittances to Kenya, Ghana, and several other African countries. Additionally, users can get reimbursements for international transaction fees when using their Sendwave Pay debit card outside of the US.
Building Cross-Border Wealth
Sendwave Pay enables customers to earn up to 0.51% monthly interest on the money held in their account, creating an opportunity to build cross-border wealth. Eric Huynh, Product Lead at Zepz, said that Sendwave Pay was created to better meet the dynamic needs of customers managing their money both domestically and abroad.
Investing in Meaningful Innovations
Mark Lenhard, CEO of Zepz, emphasized the company’s commitment to serving the needs of cross-border communities through meaningful innovations. By offering financial empowerment and competitive benefits, Sendwave Pay firmly establishes Sendwave as a prominent player in the fintech space.
