NAIROBI, KENYA: Safaricom has entered a new money transfer partnership targeting 26 million M-pesa subscribers.
The telecommunication said on Monday a new pact with Ria Money Transfer, subsidiary of Euronet Worldwide would empower the subscribers to receive international money transfers from over 20 countries across the world.
Ria has the second largest money transfer network in the world with 389,000 locations across 161 countries.
“We are excited to partner with Ria Money Transfer to enable M-pesa customers to 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 are confident in the success of this partnership and benefits it will bring our customers,” said Juan Bianchi, CEO of Euronet’s Money Transfer Segment.
Customers sending money to M-PESA through Ria will be informed of the applicable exchange rate and transaction fee before sending money. Transfers sent through Ria will reflect immediately in a customer’s M-PESA balance saving recipients the trouble of currency conversions or having to visit an outlet to receive money sent to them.
Some of Ria’s top markets include the United States of America, Canada, the United Kingdom, Australia, Spain, in addition to majority of European countries.
According to Central Bank of Kenya statistics, more than 40 percent of international transfers are now received through M-pesa service.