Wednesday
April 11
2018

M-Pesa, Paypal deal to jolt Equity’s control

By Abel Muhatia

Safaricom has made a debut entry into the global digital economy after announcing the firm will be going live on M-PESA -Paypal transactions, a move likely to see their revenue on diaspora remittances increase.

Latest Central Bank data shows that total diaspora remittance to the country as at December 2017 stood at Sh196.95 billion.

“Also, having partnered with TransferTo, users can send and receive money from/to abroad,” Safaricom’s Director for financial services Sitoyo Lopokoiyit told the Star.

TransferTo is said to be the technology partner in the deal. It operates a global Cross-Border Mobile Payments Network for emerging markets.

On market trends, the deal is likely to be a blow to Equity Bank which has dominated the Paypal transaction market in the Country since 2013.

Photo courtesy of Erik (HASH) Hersman.

 

Source: The Star, Kenya (link opens in a new window)

Categories
Inclusive Fintech
Tags
banking, banks, digital payments, financial services, fintech, M-Pesa, mobile money, PayPal, remittances