M-Pesa, a mobile money service by Kenya’s leading telecommunication company Safaricom is by all rights the poster-child of fintech solution bringing financial inclusion to the unbanked. It certainly transformed how people do business in Kenya. The mobile money service has just added a new service dubbed M-Pesa Global that will see users send and receive money from across the globe on their mobile phones.
M-Pesa Global is a product of a partnership between Safaricom and Western Union. It will allow M-Pesa customers to send and receive money at all Western Union branches across the globe. Bringing international money transfer to M-Pesa users’ right to their mobile phones; a swipe and tap on their smartphone to send or receive money from across the globe.
The services enable remittance service also World Remit and HomeSend. M-Pesa Global will also include the already existing services like PayPal-to-Mpesa services. The service will also allow customers to send and receive money to users in Uganda, Tanzania, and Rwanda. It will also facilitate bank transfer services between bank accounts in the United Arab Emirates and M-Pesa locally. The same goes for banks in Germany and the UK; with more countries set to be added soon.
Users can send or receive any amount ranging between Ksh. 100 and Ksh. 70,000 per transaction. The charges for using the service is as follows: