Safaricom has today announced a new partnership with Ria Money Transfer that will allow MPESA users to receive money from over 20 countries across the world.
Through the service, MPESA customers will be able to send and receive cash instantly. While sending payments overseas, users will be informed of the applicable exchange rate as well as the transaction fee.
Since Mobile money has gained momentum in the country, Safaricom aims to power even more diaspora payments remitted to Kenya. As per the latest estimates, the Central Bank of Kenya states that more than 40% of international money transfers are now done via MPESA.
Safaricom says the service will be available all of MPESA users who currently stand at over 26 million.
Ria Money Transfer, a subsidiary of Euronet Worldwide, Inc. ranks as the second-largest money transfer network in terms of cross-border money transfers.
The company is available in 389,000 locations across 161 countries. Major customers of Ria Money Transfer include the United States of America, Canada, the United Kingdom, Australia, Spain as well as major countries in Europe.
Safaricom And Ria Money Partnership: What They Said
“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.