Vodafone M-Pesa – the mobile money transfer and payment service that has transformed the lives of millions of people in emerging markets – has launched its first international money transfer corridor between Tanzania and Kenya.
Individuals will benefit from the low-cost of M-Pesa against existing international remittance services between the two countries.
M-Pesa customers from East Africa’s two biggest economies can now use their mobile phones for simple, safe and secure money transfers between countries via an established, combined network of 180,000 agents.
Michael Joseph, Vodafone Director of Mobile Money, said: “With a substantial unbanked population transacting mainly in cash, the Tanzania-Kenya corridor represents a significant opportunity for M-Pesa to give people and companies an accessible, low-cost alternative to traditional international remittances.”
Formal remittances between Tanzania and Kenya were around $133 million in 2012, according to the World Bank.
The cost of transferring money internationally through traditional channels like banks or money transfer operators can be up to 31% of the transaction, depending on the service provider. By comparison, using M-Pesa to transfer $50 across the Tanzania-Kenya border would cost around 1% of the transaction plus a foreign exchange fee.
For further information:
Telephone: +44 (0) 7919 990 230
Vodafone is one of the world’s largest telecommunications companies and provides a range of services including voice, messaging, data and fixed communications. Vodafone has mobile operations in 26 countries, partners with mobile networks in 54 more, and fixed broadband operations in 17 markets. As of 31 December 2014, Vodafone had 444 million mobile customers and 11.8 million fixed broadband customers. For more information, please visit: www.vodafone.com.
The M-Pesa service was launched in March 2007 by Safaricom Limited in Kenya. It enables millions of people who have access to a mobile phone, but do not have access to a bank account, to send and receive money, top-up airtime, make bill payments and enjoy a range of other services.
M-Pesa had approximately 19.5 million active customers as at 31 December 2014 and approximately 250,000 agents worldwide. It is available in nine markets: Kenya, Tanzania, South Africa, Democratic Republic of Congo, India, Mozambique, Egypt, Lesotho and Romania.