Vodafone Group Plc LAUNCH OF M-PESA PAYMENTS BETWEEN TANZANIA & KENYA
March 09 2015 - 3:01AM
RNS Non-Regulatory
TIDMVOD
Vodafone Group Plc
09 March 2015
9 March 2015
VODAFONE LAUNCHES M-PESA PAYMENTS BETWEEN TANZANIA AND KENYA
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.
- ends -
For further information:
Vodafone Group
Media Relations Investor Relations
www.vodafone.com/media/contact Telephone: +44 (0) 7919
990 230
About Vodafone
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.
About M-Pesa
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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