Vodacom Tanzania has just partnered with Global Fintech Platform, ‘Thunes’ to enable M-Pesa customers transfer money from their mobile phones to bank accounts across the boders.
Thunes and Vodacom have launched a new service corridor for users of M-Pesa in Tanzania, enabling them to seamlessly transfer money from their M-Pesa mobile wallets directly to any bank account in Kenya and Rwanda.
The two parties, Thunes and Vodacom’s M-Pesa, have been working together since 2018.
Vodacom’s M-Pesa Tanzania have been using Thunes‘ cross-border payments network to enable remittances to a number of major e-wallets within East Africa.
Now under this new collaboration, businesses and individuals in Tanzania can now send money quickly across borders, directly to all banks in Kenya, Rwanda and Uganda.
The Thunes’ Senior African Vice President, Sandra Yao said the new service will help millions of people in Africa access financial services and affordable international payments.
“We continue to see tremendous growth opportunities on the continent and are committed to building payments infrastructure that will benefit businesses and communities,” said Sandra Yao.
The growth trajectory of economic and trade activity in East Africa meanwhile remains strong.
The World Bank shows that trade between Tanzania and its neighbors, Kenya, Rwanda and Uganda, is worth approximately US $896 million, with trade between Tanzania, Kenya and Rwanda at US$ 635 Million.
Tanzania’s economic growth continues to climb, with GDP reaching an all-time high of US$62.41 billion as of 2020.
Epimack Mbeteni, is the Vodacom M-Pesa Director in Tanzania. He feels their cooperation with Thunes broadens the reach across East African Markets for millions of Tanzanian-based businesses and individuals.
“More entrepreneurs and consumers connected to the M-Pesa platform will be able to benefit from the speed and convenience for payments beyond borders that the Thunes’ network provides.“
Thunes provides payment rails to mobile wallets, banks, and, in some cases, cash payouts in Africa.
Thunes currently has over 50 intra-Africa corridors helping to facilitate faster, cheaper and more transparent transactions for the consumers, giving access to over 200 million mobile wallets in Africa.