Safaricom, MTN ink deal to allow cross-border money transfer

Tuesday November 24 2015

Safaricom Chief Executive Officer Bob Collymore speaks during the release of the company's half-year results at Safaricom House in Nairobi on November 5, 2015. M-Pesa users can now send money through their mobile phones to Rwanda.

Safaricom Chief Executive Officer Bob Collymore speaks during the release of the company's half-year results at Safaricom House in Nairobi on November 5, 2015. M-Pesa users can now send money through their mobile phones to Rwanda. PHOTO | SALATON NJAU | NATION MEDIA GROUP 

By LILIAN OCHIENG'
More by this Author

M-Pesa users can now send money through their mobile phones to Rwanda.

A deal enables Africa’s biggest telecom operators MTN and Safaricom to deepen financial inclusion and boost regional trade.

The pair will also share best practices in mobile-based remittances.

The partnership follows one made early this year between Safaricom and Vodacom Tanzania, introducing cross-border transactions between the two countries.

BENEFIT CUSTOMERS

“This initiative will not only be of benefit to the customers who may need to send money between the two countries, but will also provide a reliable and affordable way for businesses to transact, thereby helping grow the East African economy,” said Safaricom financial services director Betty Mwangi.

The Central Bank of Kenya licensed Safaricom in February this year to begin operating cash remittances through its M-Pesa platform.

This is what has enabled the telecom operator to seal deals with MTN Rwanda and Vodacom.