Vodacom Tanzania has partnered with the leading online money transfer service WorldRemit to enable ten million M-Pesa customers to receive money directly into their M-Pesa wallets from friends and families living abroad.
The new service improves the convenience of money transfer recipients in urban and rural areas of Tanzania, as they can receive international money transfers directly to their phones, without the need for a bank account or Internet connection. Using the WorldRemit app, Tanzanians living abroad in more than 50 countries, including the United States, the United Kingdom and Canada, can send money home 24/7 a few clicks. This saves customers time and money as they do not have to go to a traditional money transfer agent and pay high fees to send money in cash.
WorldRemit is an international transfers to mobile money accounts and is connected to more than 190 million accounts in 30 countries. Epimack Mbeteni, Director of Vodacom Tanzania M-Pesa, 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, declared “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.”
Since WorldRemit does not have to pay fees associated with the location of agents in the sending country, the company can pass these savings on to customers. According to the World Bank, the average cost of sending from the United Kingdom to Tanzania is almost 9.5%. WorldRemit fees for the same amount start below 2%. The company also currently offers its customers zero fees on their first three transfers if they use the code 3FREE when paying.
In addition to its mobile money service, the company also offers bank transfers, cash withdrawals and mobile phone top-ups to Tanzania.