Safaricom, a leading mobile network operator in Kenya has announced a partnership with leading telecommunication company in Rwanda, MTN Rwanda to launch mobile money transactions for M-PESA customers in Kenya and Rwanda.
The partnership, aimed at deepening financial inclusion and boosting regional trade, will enable customers send and receive money from both customers via the M-PESA platform.
In a press release, Director of Financial Services at Safaricom, Betty Mwangi said, “This initiative will not only be of benefit to customers who may need to send money between the two countries but will also provide a reliable and affordable way for businesses to transact, thereby helping grow the East African economy.”
To access the service, Safaricom and MTN customers will have to dial *840# from the mobile phones and follow prompts and access a cost calculator that will show them the equivalent amount to send based on prevailing exchange rates.
Once the transaction has been initiated, two text messages will be received to confirm the transaction.
This partnership comes at a great time as a new M-PESA platform, which gives Safaricom the capacity to handle up to 600 transactions per second, has just been introduced.
Safaricom, the biggest communication company in East and Central Africa, provides voice, data, financial services and enterprise solutions for a range of subscribers, small businesses and government using a variety of platforms.
Image Credit: Wikipedia.
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