This becomes the third M-PESA International Money Transfer service in the region, following similar partnerships signed with Vodacom of Tanzania and MTN of Rwanda, earlier in the year.
Safaricom’s Director of Financial Services Betty Mwangi said that the move is in a bid to enable individual and business customers enjoy convenient, affordable and reliable mobile money services across the borders.
“This move by the Private Sector complements economic initiatives spearheaded by the East African Community Heads of State,” she added.
This becomes the third M-PESA International Money Transfer service in the region, following similar partnerships signed with Vodacom of Tanzania and MTN of Rwanda, earlier in the year.
The partnership is expected to benefit over 22 million M-PESA customers and the more than 5 million customers who use MTN Mobile Money in Africa.
Uganda is Kenya’s largest trading partner in the region, and this partnership is expected to be a major boost for businesses while at the same time benefitting the over 22 million M-PESA customers and the more than 5 million customers who use MTN Mobile Money in Africa.
“We are excited to offer affordable remittance services from M-PESA to MTN Mobile Money users in Uganda,” said Phrase Lubega, General Manager- Mobile Financial Services for MTN Uganda. “Our subscribers will be able to cash out at any of our 55,000 agents across the country.”
The transactions infrastructure between the two networks has been enabled by MFS Africa, which develops and distributes mobile financial solutions to markets across Africa with a view to providing ways for the remittance/money transfers.
MFS Africa’s Chief Executive Officer, Dare Okoudjou said, “We are confident that the cashless revolution that started in Kenya almost a decade ago, will now unlock not only intra-African remittances but also serve as a catalyst for trade and economic growth in the region.”
To access the service, customers will be required to dial *840# and follow the prompts. The funds will be sent in Kenyan shillings and received in Ugandan shillings, based on the prevailing exchange rate as at midnight.
The MFS Africa powered infrastructure will enable subscribers to cash out at any of the 55,000 agents across Uganda.
Money will be sent in Kenyan shillings and received in Ugandan shillings, based on the prevailing exchange rate as at midnight.
The partnership is expected to boost businesses between the two countries due to the fact that they are already big business partners.
