Safaricom, a leading operator in Kenya owned by UK-based Vodafone group, has partnered with MTN Uganda to enable M-Pesa customers to send money to Uganda. Earlier this year, Safaricom signed similar agreements with Vodacom of Tanzania and MTN of Rwanda for the mobile money service.
Under the new deal, funds will be sent in Kenyan shillings and received in Ugandan shillings based on the prevailing exchange rate as at midnight. The partnership is expected to boost trade benefitting over 22 million M-Pesa customers, as Uganda remains Kenya's largest trading partner in the region. It is also expected to benefit more than five million MTN mobile money customers in Africa.
Safaricom's director financial services, Betty Mwangi
This is yet another affirmation of our intention to make it possible for our individual and business customers to enjoy convenient, affordable and reliable mobile money services across the borders.
MFS Africa CEO Dare Okoudjou
We are confident that the cashless revolution that started in Kenya almost a decade ago, will now unlock not only intra-African remittances but also serve as a catalyst for trade and economic growth in the region.