Insight: Worldremit Money Transfer Vodacom Partnership
Vodacom Tanzania has teamed up with WorldRemit money transfer, an electronic funds transfer service, to allow its mobile money clients to receive money directly into their M-Pesa wallets from anywhere in the world.
WorldRemit money transfer is an international supplier of mobile money account transfers with more than 160 million user accounts in 29 countries. In Tanzania, the company also provides cash pickup, bank transfers, as well as mobile airtime refill.
“This new relationship with WorldRemit money transfer allows us to tap into the earnings coming into the United Republic of Tanzania annually,” said Vodacom United Republic of Tanzania M-Pesa Managing Director Epimack Mbeteni. It will make it easier for Tanzanian friends and families to receive money via M-Pesa from around the world, and it will take advantage of M-Pesa’s massive network of more than 106,000 M-Pesa dealers across the nation, as well as our broad ecosystem of banks, businesses, and merchants.”
As reported by the WB [World Bank], African migrants sent $38 billion home in 2017, and the amount is expected to rise to $39.6B this year. The majority of international transfers to Tanzania are made through banks. “This partnership with Worldremit money transfer provides a cheaper and easier alternative to receive money from abroad by trimming down the transaction method meaning families collect more of the money directly into their M-Pesa accounts”, Epimack added.
According to the World Bank, the average charge of transferring £120 [$155] from the United Kingdom to Tanzania is about 9.5 per cent. Costs for the same sum starts at less than 2% with WorldRemit money transfer.
According to Sharon Kinyanjui, WorldRemit money transfer Regional Manager for Eastern and Central Africa, the move will lower sending fees to nations such as the United States, United Kingdom, South Africa and Sweden because all transactions are electronically done.
Tanzanian’s Mobile Money on the Move. According to the TCRA’s [Tanzania Communications Regulatory Authority] latest Quarterly Communications Reports from June 2019, the country has around 23 million authorized mobile money accounts. There have been more than 260,000,000 mobile money transfers in June 2019, with a combined worth of 8.3 quadrillion TZS- [$3.6 trillion].
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