Vodafone Links M-Pesa with MoneyGram Money Transfer Services
Published on: 11th Feb 2014
Vodafone and the money transfer agency MoneyGram have teamed up to enable consumers to transfer funds directly from around 200 countries to M Pesa subscribers.
This service will be launched in key markets during the second quarter of 2014, with additional roll-out planned throughout the remainder of the 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 its website or mobile apps.
M-Pesa is now available in the following countries -- the Democratic Republic of Congo, Egypt, Fiji, India, Kenya, Lesotho, Mozambique, South Africa and Tanzania. Additional markets are due to launch 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.
Michael Joseph, Vodafone Director of M-Pesa said: "There is huge demand for sending funds back to family and friends in your home market and an estimated $90bn2 per year is transferred to M-Pesa markets from around the globe. Our partnership with MoneyGram provides the most extensive global network and greatest number of access points for consumers wishing to transfer funds to M-Pesa users."