Xpress, Safaricom announce money transfer partnership
19 June 2014, 13:52
Nairobi - Xpress Money has announced a partnership with Safaricom to offer money transfer services on the latter's popular M-PESA platform in the country.
This partnership is poised boost the m-wallet concept championed by Safaricom, making it easier and more convenient for Xpress Money customers to receive money in Kenya.
Sudhesh Giriyan, Vice President & Business Head at Xpress Money welcomed the association.
“We at Xpress Money have been looking to provide our customers with increasingly innovative products and services that match their hectic lifestyles; this partnership with Safaricom is a step in the same direction. Mobile money transfers are the future of the remittance business, and Kenya being a key focus market for us it made sense for us to introduce this service in the country. We are happy to join hands with Safaricom for this service offering,” said Giriyan.
Betty Mwangi-Thuo, General Manager of Safaricom's Financial Services, also hailed the alliance.
“At KES 111 billion (US$1.3 billion), diaspora remittances are Kenya's fourth largest source of foreign exchange making this a market that is hard to ignore. By entering into partnerships like this one with Xpress Money, we are making it possible for Kenyans to access money from their relatives abroad in a more affordable and convenient manner," she said.
The M-PESA service on Xpress Money channels will be a phased rollout.
Countries to go live in the first phase include United Kingdom, United Arab Emirates and Qatar among others.
In the subsequent phases the service will go live from other countries under the Xpress Money network.
The rollout is expected to conclude by the end of 2014.
As an initial launch offering, Xpress Money has introduced a promotional pricing for Kenya from UK and UAE. Customers sending money from UK to Kenya on M-PESA via Xpress Money will enjoy a low transfer fee of £2.99, while customers from UAE will be able to do so at a flat price of AED 15.
This partnership between M-PESA and Xpress Money comes at a time when the impact of remittances to Kenya’s economic and social development is significant.
More than 2,5 million Kenyans live and work abroad, sending money home on a regular basis.
As of February 2014, remittances to Kenya rose to US$ 110.42 million - an 8 percent increase from the same period last year, according to the Central Bank of Kenya.
– CAJ News
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