Vodacom Tanzania and WorldRemit launch mobile money transfers to M-Pesa accounts in Tanzania
Vodacom M-Pesa customers can now receive money instantly from over 50 countries worldwide using the WorldRemit app or website
Dar es Salaam, 17, December 2019: Vodacom Tanzania has partnered with leading online money transfer service WorldRemit to enable ten million M-Pesa customers to 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 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 over 50 countries, including the US, UK and Canada, can send money home 24/7 in just a few taps. This saves customers time and money as they do not have to travel to a traditional money transfer agent and pay expensive fees to send money home in cash.
WorldRemit is a global leader in international transfers to mobile money accounts and is connected to over 190 million accounts across 30 countries
Epimack Mbeteni, Vodacom Tanzania M-Pesa Director, 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, migrants from Sub-Saharan Africa sent $46 billion back home in 2018, a growth of 10% compared to the previous year. Money sent back to families contributes to the sustainable growth of Tanzania’s economy, and is used for family essentials, such as healthcare, education and bills, as well as savings, investments and business ventures. 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. According to the World Bank, the average cost of sending £120 (~ $155) from the UK to Tanzania is almost 9.5%. WorldRemit fees for the same amount start below 2%. The company is also currently offering customers zero fees on their first three transfers if they use the code 3FREE when making payment.
In addition to its mobile money service, the company also offers bank transfer, cash pickup and mobile airtime top-up to Tanzania.
For more information on how to send money to Tanzania, click here.
WorldRemit has disrupted an industry previously dominated by offline legacy players by taking international money transfers online - making them safer, faster and lower-cost. We currently send from 50 to 150 countries and operate in 6,500 money transfer corridors worldwide.
On the sending side WorldRemit is 100% digital (cashless), increasing convenience and enhancing security. For those receiving money, the company offers a wide range of options including bank deposit, cash collection, mobile airtime top-up and mobile money.
Backed by Accel, TCV and Leapfrog – early investors in Facebook, Netflix and Slack – WorldRemit’s headquarters are in London, UK with a global presence including offices in the United States, Canada, South Africa, Japan, Singapore, the Philippines, Australia and New Zealand.
About Vodacom M-Pesa
Vodacom M-Pesa is Tanzania’s largest mobile financial service introduced by Vodacom Tanzania PLC in 2008. Now GSMA certified and with over 8 million customers, M-Pesa has significantly contributed towards financial inclusion and economic activity in the country. Customers deposit and withdraw money from their M-Pesa wallets through over 106,000 agents across the country. The M-Pesa ecosystem connects businesses, banks and government agencies making digital payments possible.
To date, M-Pesa continues to be the market leader in mobile financial services, rolling out innovative services such as savings & Loans, Virtual Debit cards, Overdraft services, Group savings, E-payments and many more which address the real needs of Tanzanians thereby enhancing financial inclusion and deepening.