Safaricom has announced a new partnership with Ria Money Transfer to allow MPESA customers to send and receive cash from over 20 countries across the world.
While sending payments overseas, users will be informed of the applicable exchange rate as well as the transaction fee.
“We are excited to partner with Ria Money Transfer to enable M-PESA customers to conveniently receive money transfers from even more locations around the world. This partnership will further increase the value we provide to our customers by offering them more choice and the power to receive transfers directly into their M-PESA accounts,” said Michael Joseph, CEO, Safaricom.
Since Mobile money has gained momentum in the country, Safaricom aims to power even more diaspora payments remitted to Kenya. As per the latest estimates, the Central Bank of Kenya states that more than 40% of international money transfers are now done via MPESA and Safaricom says the service will be available to MPESA users, who currently stand at over 26 million.
“We see a great partner in M-PESA, a company committed to our same goal: providing an efficient and customer-centric money transfer service to ensure funds make it into the hands of those who need it most. We are confident in the success of this partnership and the enormous benefits it will bring our customers,” said Juan Bianchi, CEO of Euronet’s Money Transfer Segment.
Euronet Money Transfer Segment Chief Executive Juan Bianchi said the system would see funds reach people who need them the most.
Ria Money Transfer, a subsidiary of Euronet Worldwide Inc., ranks as the second-largest money transfer network in terms of cross-border money transfers.
The company is available in 389,000 locations across 161 countries. Major customers of Ria Money Transfer include the United States of America, Canada, the United Kingdom, Australia, Spain as well as major countries in Europe.
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