LONDON (Alliance News) - Vodafone Group PLC Monday said its M-Pesa mobile money transfer and payment service has launched its first international money transfer corridor between Tanzania and Kenya.
M-Pesa customers in these countries can now use their mobile phones for money transfers between countries via a combined network of 180,000 agents. Vodafone claims its service is cheaper than existing services.
"The cost of transferring money internationally through traditional channels like banks or money transfer operators can be up to 31% of the transaction, depending on the service provider. By comparison, using M-Pesa to transfer USD50 across the Tanzania-Kenya border would cost around 1% of the transaction plus a foreign exchange fee," it said.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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