Vodafone partners MoneyGram for M-Pesa

Vodafone has partnered with global money transfer company MoneyGram to strengthen the current reach of its M-Pesa customers. The partnership will also help MoneyGram in targeting new segment of customers through Vodafone’s mobile banking services.

This is a global agreement and the services will be launched in the second quarter of 2014.
According to Vodafone the service will enable consumers to transfer funds from around 200 countries to all M-Pesa users. For the record, Vodafone has a total of 16 million M-Pesa active customers as on September 2013 and around $90 billion is being transfered to M-Pesa accounts per year.

The agreement will allow consumers who visit MoneyGram’s 334,000 agents across the globe to send funds directly to M-Pesa accounts.  MoneyGram customers can also transfer money to an M-Pesa user through moneygram.com  or via a mobile app, available on iPhone, Android and Windows 8 phones.

As of now M-Pesa is available mainly in the emerging countries like the Democratic Republic of Congo, Egypt, Fiji, India, Kenya, Lesotho, Mozambique, South Africa and Tanzania. The company is planning to launch the service in other countries in 2014.

M-Pesa service helps customers to pay bills and withdraw, transfer and deposit money through mobile phones.dditional markets are due to launch M-Pesa during 2014.

The World Bank estimates that more than half of all inhabitants in the countries in which M-Pesa is available do not have access to a traditional bank account1.  With most of these inhabitants belonging to low-income rural areas and becoming increasingly reliant on cross-border transfers, mobile money provides a simple and low-cost method for geographically dispersed families to bank and transfer funds.

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