Vodafone, a UK-based telecommunications company, and Safaricom, a Kenya-based cell phone service provider, reportedly plan to expand its mobile money program M-Pesa by linking it with HomeSend, a Belgian-based service that increases the inter-compatibility of money transfer systems. Beginning in November 2012, M-Pesa, which serves Kenya and Tanzania, will allow customers to send funds via approximately 21 money transfer services in 35 countries in worldwide through HomeSend. As of 2011, M-Pesa reports having 15.2 million clients and 35,000 agent outlets across the country. Client information for HomeSend is unavailable.
By Charlotte Newman, Research Associate
About M-Pesa
M-Pesa is a Kenyan mobile money service. The “M” stands for “mobile,” and “pesa” means “cash” in Swahili. Launched in 2007 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 2011, M-Pesa serves approximately 14 million clients through 28,000 agent outlets, intermediates two million transactions per day.
Sources and Additional Resources:
Mobile Payments Today: “Vodafone Expands M-Pesa with Link to Remittance Hub,” http://www.mobilepaymentstoday.com/article/202699/Vodafone-expands-M-Pesa-with-link-to-remittance-hub
MicroCapital.org story, June 27, 2012, “MICROCAPITAL BRIEF: Safaricom’s M-Pesa Mobile Money Partners with PesaPoint to Increase Financial Access in Kenya,” https://www.microcapital.org/microcapital-brief-safaricoms-m-pesa-mobile-money-partners-with-pesapoint-to-increase-financial-access-in-kenya/
MicroCapital.org story, December 7, 2011, “MICROCAPITAL BRIEF: HDFC Bank, Vodafone Launch Mobile Banking Service in India,” https://www.microcapital.org/microcapital-brief-hdfc-bank-vodafone-launch-mobile-banking-service-in-india/
MicroCapital Universe Profile: M-Pesa
http://microcapital.org/microfinanceuniverse/tiki-index.php?page=M-Pesa
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