Vodacom expands M-Pesa wallet in Tanzania
Vodacom's Tanzania M-Pesa wallet is expanding its money transfer services throughout Africa, enabling more than 200 countries globally to now send money to and receive it from Tanzania.
Eyeing the expansion of its International Money Transfer service portfolio as a post COVID-19 necessity, Vodacom Tanzania PLC managing director Hisham Hendi said the international remittances will help citizens and small businesses stay connected globally.
"We pride ourselves for being enablers in the payment system by facilitating cross-border trade within the region for the efficient and seamless sending and receiving of funds around the globe," Hendi said.
M-Pesa has been a key financial inclusion and payment provider in Africa for more than a decade. Its global partners include MoneyGram, WorldRemit, Remitly and JubaExpress, all who let customers receive funds directly to the M-Pesa wallet.
Pan African partnerships include Safaricom, MTN, EcoCash and Mama Money, which enable payments and money transfers from Kenya, Uganda, Zambia, Burundi and South Africa.
Bank of Tanzania has increased limits on digital transactions and on reviewed balances of mobile wallets in support of the money transfer expansion to provide relief to the country's residents and ensure the continuation of services.
Vodacom Tanzania cited World Bank figures in reporting Tanzania's recent remittances were at $430 million, an increase of $25 million year-to-date in 2019.
Vodacom Tanzania M-Pesa serves more than 10 million customers who deposit and withdraw money from the M-Pesa wallet through more than 200,000 agents across the country.