M-PESA TAPS INTO DIASPORA

M-Pesa customers can now receive cash directly to their phones from more than 90 countries after Safaricom signed a deal with an American money transfer firm.The partnership, signed on Wednesday by Safaricom chief executive Bob Collymore and MoneyGram global chairperson and CEO Pamela Patsley, will benefit Kenyans who receive money from their relatives and friends living abroad by cutting the bureaucracy and distance travelled to access the remittances.

It is estimated that more than Sh120 billion is sent annually by Kenyans in the diaspora, most of which is financial support for people in rural areas.The service now makes it possible for Kenyans to receive money directly into their mobile phones instead of having to queue in banking halls or other financial institutions.

It will be available to MoneyGram users either in countries where the company has physical outlets or on-line.“The M-Pesa customer will receive an SMS in real time confirming that the funds have arrived and will be able to collect the cash from an agent,” M-Pesa has about 12.8 million active customers in Kenya