Now more than ever, you can experience the convenience that comes with M-Pesa through M-Pesa Global. This follows the partnership between M-Pesa and Western Union. M-Pesa is one of the fastest mobile money transfer platforms in the world setting a benchmark as one of the most successful fintec platforms to ever be developed.
M-Pesa has made significant steps to ensure the transfer of money to and from Kenya using renowned mobile money platforms. One of their latest partnerships includes the M-Pesa PayPal partnership that drastically reduced the waiting time for withdrawing money from PayPal. Through Paypal, M-Pesa serves over 200 million PayPal customers from various markets.
Prior to the partnership, customers had to wait for over 3 business days before their withdrawal was processed to their bank Accounts. Today, M-Pesa has gone an extra mile to officiate their partnership with western union.
About M-Pesa Global
Speaking during the launch of the partnership between M-Pesa and Western union, Mr Paul Kamau who is the head of new ventures had this to say. “Back in 2007, M-Pesa was launched with the intention of helping the then 13.5 million Safaricom customers to send and receive money through their phones. Between 2007 and 2018 M-Pesa monthly remittance grew from $65000 to over $260000 which is more than double the amount.”
He confirmed that the partnership with western union dates back to over a decade ago. Safaricom had partnered with Western union to help Kenyans to send and receive money from the United Kingdom.
How big is M-Pesa Global
Seeing that the daily money remittance is increasing by the day, M-Pesa seeks to enhance the experience by providing its swift money transfer services to over 200 countries in the world starting with the United Arabs Emirates, Germany as well as the UK. This will be possible via more than 500000 Western Union Agent locations across the world.
Paul Kamau went further to recognize the significant role that Safaricom has played in digitizing the daily national remittance through M-Pesa. He stated that since its entry into the market, Safaricom has significantly reduced remittance costs from 7% of the value transacted to less than 3%. This has enabled Kenyans and expatriates to send money effectively without the fear of hefty charges on their principle.
Mr. Kamau also said that Safaricom is open for partnership with any licensed local or international remittance company. “Our goal is to enhance both local and expatriate remittance which are great contributors of economic growth. The joint partnership with western union is an example of how such dealings can enhance economic growth. It will enable quicker remittance across continents via your phone.”
How to access M-Pesa Global
Customers can access the new service by dialing *840# or by selecting “M-PESA Global” under the M-PESA menu on mySafaricomApp.
M-Pesa as a Kenyan Success
During the launch, Chief customer officer Sylvia Mulinge had this to say. “M-Pesa is Kenya’s greatest export and a success for all of us as Kenyans. Trough it things are more convenient. Through M-Pesa, families are connected and businesses can thrive. To put into perspective just how big M-Pesa is, there are over 17 million transactions on M-Pesa every day. This is a humbling sign that Kenyans trust our service.”
As part of the SCR, M-Pesa has built the M-Pesa Foundation Academy in Thika. This state of the art school offers scholarships to disabled and unfortunate children from Kenya for no Cost.
What’s amazing is that all the expenses of the school are covered using revenues generated from M-Pesa. By using the platform, you are reaching out to an unfortunate Kenyan.
Ms. Mulinge went on to state that M-Pesa is an extension of a bank account for the unbanked Kenyans. Through KCB M-Pesa and Mshwari, unbanked Kenyans have been able to get loans and grow their businesses hence increasing their Velocity of cash.
What Western Union Thinks About M-Pesa
Present during the launch was Western Union vice president for West and East Africa, Mr. Richard Malcolm. Mr. Richard Malcolm put things into perspective for western Union saying M-Pesa is one of the greatest platforms that Kenya has produced. Western Union, on the other hand, is one of the oldest and most experienced remittance companies in the world with over 170 years since it started operation.
He said that now Kenyans can send and receive money from over 200 countries in the world where Western Union agents are located. To put that into perspective for you, sending money to someone in Dubai or Finland will be as easy as sending money to a relative in Nakuru or Anywhere else in Kenya.
The event was attended by delighted Kenyans wanting to know more about this new product. For that, they all agreed that business comes first and policies come later. As such, M-Pesa and Western Union will have to negotiate with the central bank to come up with a satisfactory daily limit.
Is it safe to send money to Kenya via M-PESA?
Money that’s transferred to family or friends in Kenya via M-PESA is stored safely in a ring-fenced account. It is also known as a trust account.
This account is linked to the mobile phone of each customer. A central platform also securely tracks the value of an individual’s account. That means the money will still be in their M-PESA account even if the phone or SIM card is lost.
Does the sender have to have a mobile phone?
The sender must not have a mobile phone. He or she will need to provide a contact number in case of an issue with the transaction. The sender will also be given a paper receipt from the Western Union Agent once the money is sent.
If the sender provides a valid mobile phone number, Western Union will send them a text message to who the funds have been sent. This service is offered by Western Union in partnership with Safaricom. A product known as M-Pesa Global.
What are the benefits of M-Pesa Global
Sending money to Kenya via M-PESA global is a low-cost, fast and safe way to pay, transfer, receive and store money. it should be noted that M-PESA global works digitally and in real time. This means your friends or family members living, working or traveling in Kenya will receive the money quicker than a traditional bank transfer.
Every transaction is also protected and signed with a PIN. There are also no service charges on an M-PESA account. Instead, the user pays on a pay-as-you-go basis every time they perform a transaction.