Kenya: M-Pesa Diaspora Cash Inflows Hit Sh13.1 Billion

Posted on : Monday , 15th August 2016

International money transfers on Safaricom's M-Pesa platform grew 64 per cent to Sh13.1 billion in the year ended March after the telco acquired a license from the Central Bank of Kenya (CBK) to offer outward cash remittances.

Safaricom launched M-Pesa services in Tanzania in February 2015, followed by Rwanda three months later after receiving a cash remittance operating licence from the CBK in 2014.

M-Pesa was previously limited to receiving cash inflows.

The telco, which disclosed the performance in its latest annual report, also entered the Ugandan market last year.

Partnerships

It is eyeing a larger piece of the international remittances market that has been dominated by banks and international money transfer firms, some of whom it has partnered with.

Statistics from the CBK show that Kenyans living abroad repatriated $861.9 million (Sh86.1 billion) in the six months to June.

North America, mainly the US and Canada, remains the leading source of remittance inflows to Kenya, bringing in 49.3 per cent of total diaspora cash, according to CBK data.

Safaricom has partnered with several international money transfer firms such as Western Union, Money Gram, BICS, Vodacom and MTN to allow cross border money transfers.

Source : allafrica.com

OUR ASSOCIATES

EXPOGROUP

Expogroup is a full service exhibition organiser with over eighteen years experience in International.Trade Exhibitions and Events. Our current portfolio includes 20 annual exhibitions from a diverse range of industries being held across the Middle East & Africa.

WELCOME TO EXPOGROUP

EVENTS PREVIEW

BUILDEXPO AFRICA