Vodafone Group, a British multinational telecommunications company, has partnered with MoneyGram, a US-based money transfer company with outlets in 200 countries, to allow MoneyGram’s customers to transfer funds to account holders of M-Pesa, a mobile money service developed by Vodafone that operates in six countries in Asia and Africa. Customers will also be able to transfer funds to M-Pesa’s users via MoneyGram’s website or mobile application. The service will begin in the second quarter of 2014.
As of year-end 2013, MoneyGram reported USD 4.78 billion in total assets and 336,000 retail locations. As of 2013, Vodafone reported revenue of GBP 44.4 billion (USD 69 billion), operating profit of GBP 12 billion (USD 18.7 billion) and a customer base of 403 million people in approximately 80 countries. As of 2013, M-Pesa had 16 million active users in Kenya, 5 million in Tanzania and a total of 5.6 million in South Africa, India and Mozambique. The number of M-Pesa users in Afghanistan is not available.
By Tejas Jain, Research Associate
About MoneyGram
MoneyGram is a US-based company that offers fund transfer services and money orders. As of year-end 2013, MoneyGram reported USD 4.78 billion in total assets and 336,000 retail locations in 200 countries.
About Vodafone Group
Vodafone Group, headquartered in London, is a British multinational telecommunications company. It operates in about 30 countries and has partner networks in approximately 50 additional countries. Vodafone Americas Foundation, a US-based subsidiary of Vodafone Group, funds projects that are deemed to be sustainable and that utilize the power of wireless technology to address social issues. As of 2013, Vodafone reported revenue of GBP 44.4 billion (USD 69 billion), operating profit of GBP 12 billion (USD 18.7 billion) and a customer base of 403 million people in approximately 80 countries.
About M-Pesa
M-Pesa is a mobile money service that was launched in Kenya in 2007 and has since been replicated in five countries in Africa and Asia. The “M” stands for “mobile,” and “pesa” means “cash” in Swahili. Launched in Kenya by Safaricom Limited, a Kenya-based cellphone service provider, M-Pesa was developed by Vodafone Group Private Limited Corporation, a British multinational mobile network operator. As of 2013, M-Pesa serves approximately 16 million clients through 79,000 agent outlets in Kenya, 5 million clients in Tanzania and a total of 5.6 million in South Africa, India and Mozambique. South Africa-based Vodacom, a subsidiary of Vodafone, operates the M-Pesa service in India, Mozambique and Tanzania. M-Pesa service is also available in Afghanistan. The number of M-Pesa users in Afghanistan is not available.
Sources and Additional Resources:
MoneyGram, “Vodafone and MoneyGram Global Agreement,”
http://ir.moneygram.com/releasedetail.cfm?ReleaseID=824644
MicroCapital Story, June 12, 2013, “ICICI Bank, Vodafone Bring M-Pesa Mobile Money Service to India,”
https://www.microcapital.org/microcapital-brief-icici-bank-vodafone-bring-m-pesa-mobile-money-service-to-india/
MicroCapital Story, April 9, 2013, “MoneyGram, Globe Telecom to Offer Remittances at G-Xchange Outlets in the Philippines,”
https://www.microcapital.org/microcapital-brief-moneygram-globe-telecom-to-offer-remittances-at-g-xchange-outlets-in-the-philippines/
MicroCapital Story, January 27, 2013, “Rejecting Kenya’s M-Pesa Model, Central Bank of Nigeria Bars Telecommunications Companies from Becoming Licensed Mobile Money Operators,”
https://www.microcapital.org/microcapital-brief-rejecting-kenyas-m-pesa-model-central-bank-of-nigeria-bars-telecommunications-companies-from-becoming-licensed-mobile-money-operators/
MicroCapital Universe Profile: Vodafone Group,
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Vodafone+Group
MicroCapital Universe Profile: M-Pesa,
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=M-Pesa
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