In a move aimed at boosting regional trade, Safaricom has partnered with MTN Rwanda to enable customers to make M-PESA transactions between Kenya and Rwanda. This is the second partnership of this nature for Safaricom this year having partnered with Vodacom Tanzania.
According to Betty Mwangi the Director Financial Services at Safaricom, the initiative will not only benefit customers who may need to send money between the countries, but will also provide a reliable and affordable way for businesses to transact thereby growing the East African economy.
Statistics from Rwanda’s Ministry of Youth and ICT indicate that as at December 2014, mobile money was the greatest facilitator of cashless economy in Rwanda. This accounted for a 120 per cent growth from 2,538,651 to about 5,585,075 during the year. Which clearly indicates that mobile money has the potential for growth just like in Kenya.
To access the service, Safaricom and MTN customers will be required to dial *840# from their handsets and follow prompts. This will allow one to access a cost calculator that will indicate the equivalent amount to be sent based on the prevailing foreign exchange rates. Upon sending one will receive a message confirming that the transaction has gone through.
With a presence in 10 countries so far that is Kenya, Tanzania, South Africa, Lesotho, DRC, Egypt, Mozambique, India, Romania and Fiji. M-pesa has clearly emerged as the most compelling mobile money proposition worldwide catering for both individual and corporate transactions.