WorldRemit, Safaricom partner for cross-border mobile money transfer
Digital money transfer service WorldRemit has signed a new partnership with Safaricom to enable instant cross-border money transfer to M-PESA accounts in Kenya.
The direct partnership marks the culmination of years of rapidly growing volumes of international money transfer to M-PESA accounts by WorldRemit users. It also supports the company’s plan to serve 10 million customers connected to emerging markets by 2020.
According to Sitoyo Lopokoiyit, Director of Financial Services at Safaricom partnerships have been the cornerstone of M-Pesa’s success. ‘’We’re glad to have WorldRemit as a key partner to provide our customers with a world-class remittance experience.”
As WorldRemit’s service continues to grow at over 50% year-on-year, Kenyans abroad remain the biggest mobile-to-mobile senders making WorldRemit one of the largest remittance companies serving the Kenyan diaspora. This new partnership will see WorldRemit transfer money to 28.6 million M-Pesa mobile money accounts in Kenya.
Remittances play an important role in Kenya’s economy. In fact, according to the Central Bank of Kenya (CBK), inward remittances reached a record value of $1.95 billion (196 billion KSH), making it one the nation’s top earners.
“Our direct integration with Safaricom comes as both companies recognize the impressive growth in international remittances to M-PESA accounts and WorldRemit’s leading position in sending to mobile money.’’ Sharon Karuga Kinyanjui, Head of East & Central Africa at WorldRemit, said.
WorldRemit is currently connected to one-fifth of all mobile money accounts globally, while 74% of all international remittances from money transfer operators to mobile money accounts are now sent through its service.