Vodafone M-Pesa, MTN Mobile Money link services

Vodafone M-Pesa, MTN Mobile Money link services

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The inter-connection will improve the lives of many people living in the seven countries involved.’
The inter-connection will improve the lives of many people living in the seven countries involved.’
The inter-connection will improve the lives of many people living in the seven countries involved.’

Customers of M-Pesa and MTN Mobile Money in East Africa will be able to transfer money to each other following an agreement between Vodafone Group and MTN Group to interconnect their mobile money services.
This interconnect collaboration between the region’s two biggest mobile money operators will enable convenient and affordable international remittances between M-Pesa customers in Kenya, Tanzania, Democratic Republic of Congo and Mozambique, and MTN Mobile Money customers in Uganda, Rwanda and Zambia.
Under the terms of their Memorandum of Understanding, MTN Group and Vodafone Group will also share best practice and work together to define the rules and standards of mobile-based remittances in Africa.
Vodafone director of Mobile Money Michael Joseph said: ‘Our agreement with MTN to connect our mobile money wallets in East Africa is a fantastic example of co-operation and interoperability between competing mobile operators. By working together, we will deliver cheaper, faster money transfers, improving the lives of many people living in the seven countries involved.’
MTN Group Head of Mobile Financial Services, Serigne Dioum added, ‘after successful launches in Ivory Coast and Benin in West Africa, we are looking enthusiastically at the collaboration with Vodafone in East Africa. Together, we aim to build a scalable model that will accelerate remittance roll-out across the continent.’
There are 13 countries around the world where the share of adults with a mobile money account is 10 per cent or more, and all are located in sub-Saharan Africa. According to the World Bank’s Global Findex Database for 2014, 12 per cent of adults in sub-Saharan Africa have a mobile money account, compared to just 2 per cent of adults worldwide. Within this group about half reported having both a mobile money account and an account at a financial institution, and half having a mobile money account only. Mobile money accounts are especially widespread in East Africa, where 20 per cent of adults reported having a mobile money account and 10 per cent a mobile money account only. The definition of a mobile money account is limited to services that can be used without an account at a financial institution, the report said.

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