Safaricom (NSE: SCOM) has partnered with Ria Money Transfer, subsidiary of Euronet Worldwide, Inc. (NASDAQ: EEFT), to empower more than 26 million M-PESA customers to conveniently receive international money transfers from over 20 countries across the world.
A global leader in cross-border money transfers, Ria has the second-largest money transfer network in the world with 389,000 locations across 161 countries.
Thanks to Ria’s seamless technology, customers can enjoy an omnichannel experience when receiving funds, a convenient service that will now be available to all M-PESA customers.
“We are excited to partner with Ria Money Transfer to enable M-PESA customers to conveniently receive money transfers from even more locations around the world. This partnership will further increase the value we provide to our customers by offering them more choice and the power to receive transfers directly into their M-PESA accounts,” said Michael Joseph, CEO, Safaricom.
“We see a great partner in M-PESA, a company committed to our same goal: providing an efficient and customer-centric money transfer service to ensure funds make it into the hands of those who need it most. We are confident in the success of this partnership and the enormous benefits it will bring our customers,” said Juan Bianchi, CEO of Euronet’s Money Transfer Segment.
Customers sending money to M-PESA through Ria will be informed of the applicable exchange rate and transaction fee before sending money. Transfers sent through Ria will reflect immediately in a customer’s M-PESA balance saving recipients the trouble of currency conversions or having to visit an outlet to receive money sent to them.
Some of Ria’s top markets include the United States of America, Canada, the United Kingdom, Australia, Spain, in addition to the majority of European countries.
M-PESA has been growing as a preferred remittance channel especially by Kenyans in the diaspora looking to send money to their families back home. According to the Central Bank of Kenya statistics, more than 40 percent of international transfers are now received through the service.