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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.