Banks lose out as M-Pesa goes global with MoneyGram deal
Friday, February 28, 2014
Safaricom’s push to take its mobile money transfer business global has received another boost with the signing of a deal that will see users of MoneyGram send cash directly to M-Pesa customers from any part of the world.
The deal, signed by UK telecommunications company Vodafone — which is Safaricom’s majority shareholder — will allow users of MoneyGram in about 200 countries to send money directly to M-Pesa subscribers’ mobile phones.
“There is huge demand for sending funds back (home) to family and friends,” said Michael Joseph, former Safaricom CEO and currently managing director in charge of mobile money at Vodafone.