M-Pesa Transactions Across Borders Hit 17 Million

Safaricom has indicated a high growth potential for mobile money transfers in facilitating international transactions when the value hit Sh17 billion four years since the service was introduced.

Safaricom signed with Western union in 2011 and MoneyGram in 2014 allowing the firm to get a good deal from commissions on international remittances.

Safaricom director for financial services, Betty Mwangi-Thuo said M-Pesa cross border transfers has been growing, and the firm foresees more customers will sign up as they appreciate the speed, safety and security that the service offers.

Prior to the issuance of the new license by CBK that opened the door for M-Pesa to facilitate outwards cash transfer services it could not offer before, Safaricom’s cross-border operations had been restricted to cash inflows only.

The availability of the M-Pesa services in neighboring countries was made possible through agreements signed with Vodacom (Tanzania) and MTN (Uganda and Rwanda).

M-Pesa services under the cross boarder allows sending  a minimum amount of Sh100, while the maximum per transaction is Sh70,000, with a total daily Limit of Sh140,000.Safaricom subscribers sending money to Vodacom’s M-Peas network would be charged one per cent of the value of transaction plus an exchange rate fee. The same will also apply to Vodacom M-Peas clients.Receipients will receive money in their local currency, and will be able to access updated rates which are updated daily.

Customers can confirm this  by dialing *840#, Enter, their Service PIN, Enter, the amount in Kenya Shillings that one want to send, and then enter the destination phone number in international format.

Safaricom is proud that the cashless revolution has made a ground breaking impact on Kenya’s economy over the years.