Kenya's leading mobile operator, Safaricom has partnered MTN Rwanda to enable customers to make mobile money transactions between Kenya and Rwanda. This follows Safaricom's earlier partnership with Vodacom Tanzania that was aimed at introducing cross-border transactions between customers on the respective networks. The latest partnership will ride on the new M-PESA platform, which gives Safaricom the capacity to handle up to 600 transactions per second that could deepen financial inclusion and boost financial trade across the region.
With presence in 10 countries namely Kenya, Tanzania, South Africa, Lesotho, DRC, Egypt, Mozambique, India, Romania, and Fiji, M-PESA has emerged as a compelling mobile-money proposition catering for both individual and corporate transactions.
To access the service, Safaricom and MTN customers will be required to dial *840# from their handsets and follow prompts and access a Cost Calculator that will show them the equivalent amount to send based on prevailing foreign exchange rates. Upon sending they will receive two messages to confirm that the transaction has gone through.
Betty Mwangi, Director- Financial Services at Safaricom
This initiative will not only be of benefit to the 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.
