Vodafone’s M-PESA service continues to stir up attention, launching international remittances and stirring up questions about regulating nonbanks offering financial services.
Last Monday, Vodafone announced a tie-up with Western Union to enable customers to use mobile phones to initiate and receive international remittances between the UK and Kenya.
The service has two anchors. It uses Western Union’s existing remittance systems ($64 billion in cross-border remittances last year) to provide the connection between the UK and Kenya. Delivery will happen via the more than 4,000 merchants who already act as cash-handling agents for M-PESA. M-PESA is the successful domestic mobile payment service operated by Vodafone’s Kenyan affiliate ( Safaricom). In less than 2 years, more than 4 million Kenyans have signed up for M-PESA. Safaricom processes transactions worth approx. USD 120 million per month. Read more
M'pesa is fantastic especially for the people of kenya on low income BUT the way safarIcom charge for the service is poor cos they charge the sender and the reciever why? even western union doesn'nt do that.But overall is good idea and it has changed the way kenyans do business.Thank to the brainS behind the invention.kensmall
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