Vodacom, WorldRemit target Tanzania foreign cash
Vodacom Tanzania (https://www.Vodacom.co.tz/) and WorldRemit (https://www.WorldRemit.com), as one of their strategies to
remain relevant and stay afloat, have entered into a partnership that will enable
ten million M-Pesa customers receive money directly to their M-Pesa wallets
from friends and family living abroad.
The new service increases
convenience for money transfer recipients in urban and rural Tanzania areas as
they can receive international money transfers directly to their phones without
the need for a bank account or internet connection.
Using the WR app, Tanzanians living
abroad in over 50 countries including the US, UK and Canada can send money home
24/7 in just a few taps. This saves them both time and money as they don’t have
to travel to a traditional money transfer agent and pay expensive fees to send
money home.
WR is a global leader in
international transfers to mobile money accounts and is connected to over 190
million accounts across 30 countries.
Speaking, Epimack Mbeteni, Director,
M-Pesa, Vodacom Tanzania, said, “This new partnership with WorldRemit enables
us to tap into their global payments network and help customers receive
remittances into Tanzania from more countries around the world. It will enable
families and friends in the country to conveniently receive money through
M-Pesa from across the world. This is just one more way we are making our
customers’ lives easier.
“Once the money is in their
M-Pesa accounts, recipients can use it for development and other economic
activities such as savings and loans, overdraft services, group savings,
e-payments and many more services offered by Vodacom. We have an extensive
footprint of over 106,000 M-Pesa agents across the country as well as a diverse
ecosystem of banks, businesses and merchants connected to M-Pesa.”
Cynthia Ponera, Country Manager for
Tanzania at WorldRemit, said, “Our money transfer service to Tanzania is
growing by over 100% year-over-year, and mobile money is the most popular way
for our customers to send money to the country.
“We are delighted to partner with
Vodacom to further expand our network and connect over nine million M-Pesa
customers to our award-winning money transfer service. Our partnership will
drive down the cost of sending money to Tanzania and enable recipients in some
of the most remote locations to receive money from abroad in seconds.”
According to the World Bank
(http://bit.ly/34nMI5C), migrants from Sub-Saharan Africa sent
(http://bit.ly/34xUF8B) $46bn back home in 2018, a growth of 10% compared to
the previous year.
Money sent back to families
contribute to the sustainable growth of Tanzania’s economy and are used for
family essentials such as healthcare, education, savings, investments.
The majority of money transfers
to Tanzania are sent through banks which often charge high fees and can take
several days to process payments.
As WorldRemit does not have to
pay charges associated with agent locations in sending countries, the company
can pass these savings on to customers.
For more information on how to
send money to Tanzania, click here (http://bit.ly/2Z2cRpG)
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