New agreement enables customers to receive money directly to M-Pesa accounts in Tanzania
DAR ES SALAAM, Tanzania, Aug. 26, 2015 /PRNewswire/ -- MoneyGram (NASDAQ: MGI), a global provider of innovative money transfer and payment services, and Vodacom, the leading telecom company in Tanzania, has announced that Vodacom subscribers can now receive money directly into their M-Pesa accounts through MoneyGram's money transfer services.
According to Vodacom, there are more than seven million active M-Pesa users in Tanzania, who currently transact more than two trillion shillings each month. The new offering makes it easier, safer and faster for Tanzanians living in the diaspora to send money directly M-Pesa subscribers in the country.
The launch was celebrated during a press conference in Dar es Salaam which was attended by Herve Chomel, MoneyGram's vice president regional sales Africa and Jacques Voogt, Vodacom's chief officer of M-Commerce.
"MoneyGram is excited to work with Vodacom to provide millions of customers with access to fast, reliable and secure options to send and receive money," said Chomel. "Vodacom's M-Pesa has already helped to increase financial inclusion for millions in Tanzania and this new relationship will make it more convenient for people in the most remote parts of the country to receive money from friends and family abroad."
He added, "MoneyGram continues to grow throughout Africa as a result of forming strategic relationships with mobile network operators, banks, post offices and retailers, to bring added convenience to our customers. Presently, MoneyGram operates in more than 200 countries with a network of more than 350,000 locations globally of which 25,000 are in Africa."
"This new relationship with MoneyGram enables us to tap into the remittances coming into Tanzania every year," said Voogt. "It will increase the ease and ability for families and friends to receive money through M-Pesa. This is just one more way we are going the extra mile for our customers."
M-Pesa subscribers in Tanzania can receive funds from MoneyGram into their mobile accounts from customers in more than 120 countries 24 hours a day, 7 days a week and 365 days a year subject to system availability. Customers in the United States can send funds to M-Pesa accounts quickly and securely from a MoneyGram location or through MoneyGram Online.
About MoneyGram International, Inc.
MoneyGram is a global provider of innovative money transfer and payment services and is recognized worldwide as a financial connection to friends and family. Whether online, or through a mobile device, at a kiosk or in a local store, we connect consumers any way that is convenient for them. We also provide bill payment services, issue money orders and process official checks in select markets. More information about MoneyGram International, Inc. is available at moneygram.com.
About Vodacom Tanzania
Vodacom Tanzania Limited is Tanzania's leading cellular network offering state-of-the-art GSM communication services across the country. It was launched in 2000 and is a subsidiary of Vodacom Group (Pty) Limited, South Africa, which is also a subsidiary of Vodafone Group UK. Mirambo Ltd. and is a minority shareholder.
Vodacom is the market leader in Tanzania and has introduced many firsts in the Tanzanian market. Perhaps the one service that really stands out is its M-Pesa money transfer service, which has close to 7 million active users. This is a total payment solution, which does not require users to have bank accounts - an important consideration in Tanzania where millions of people do not operate bank accounts and can barely meet the minimum qualifications to open account. With M-Pesa, Vodacom customers can deposit up to Tsh 5m/- for free, send and receive money and withdraw cash from any agent in the country. They can also access their bank accounts from the comfort of their homes. M-Pesa's reach is further augmented by its over 85,000-strong Mobile Money agent across the country.
Over 500 organizations have today integrated their payment systems with M-Pesa for collections, disbursement and distributor services. M-Pesa was enhanced mid-last year to include a saving facility – M-Pawa. Over 1.5 million customers have subscribed to this service with TZS 6.8 billion/- retained in deposits and over TZS 500 million/- disbursed in loans every month.