[dropcap]E[/dropcap]very month Kenyans receive over Ksh25 billion in diaspora remittances, which translates to nearly Ksh300 billion in year, according to Central Bank of Kenya statistics. The money ranges from tokens from Kenyans living in the diaspora to their loved ones at home to sort school fees or medical expenses to big dollar funds for investments in real estate or other ventures.
Getting this money from say the United States, UK or UAE – the regions with majority diaspora remittances – has been a hustle that often took days or weeks to complete a transaction. Senders have often used bank transfers and international money transfer services, which come with their own limitations on getting the money to the recipient.
But recipients in Kenya will no longer have to worry about that with the launch of M-PESA Global, Safaricom’s International Money Transfer (IMT) service, which has brought the much-needed convenience and speed to sending and receiving money across borders.
Since 2008 Safaricom has partnered with Money Transfer Organizations to provide customers with International Mobile Money Transfer services. These partnerships have now strategically positioned M-PESA Global as a major player in delivering remittances from the diaspora to Kenyans and allows execution of international remittances.
With increased diaspora payments globally, the market has been waiting for a service like M-PESA Global that supports near real-time payment. Those who have used this service agree that M-PESA Global has four key features that puts it a cut above other IMT services in the market.
Cost Effective Option of Sending Money Abroad
You can send and receive cash fast and conveniently across the East African region and overseas through M-PESA Global. Whether it’s sending cash to your business partners in Rwanda or the United States, sending pocket money to your college going children in the UK, sending money to family in Tanzania or suppliers in Dubai, you can do it all through your phone.
Charges for sending money via M-PESA vary depending on the amount sent, the country from which it is being sent and the partner channel via which the money is being sent from. Each partner has applicable charges for sending funds, which are lowest in the market.
You will not be charged for receiving IMT via M-PESA, but all normal M-PESA charges will subsequently apply, i.e. to send money to another M-PESA subscriber, withdraw cash etc.
To start using M-PESA Global simply dial *840# on your phone.
Instantaneous Transfers to International Destinations
Money sent through M-PESA Global reaches the receiver immediately. Normally, it will take just a few seconds for you to receive an SMS confirmation of the transaction. If you are not registered on M-PESA, you will receive the notification but will need to register for M-PESA to access your money. As with any other M-PESA transaction, you will receive an SMS notifying you of the transaction details, including receipt number, amount in Kenya shillings, balance, time stamp, sender and sender’s location.
Convenience & Ease of Use
M-PESA Global enables transfer funds from your phone using M-PESA. Money can be sent from M-PESA to Western Union agents and bank accounts. The current way of sending money through the bank is hectic because a customer has to go to the bank to make the international transfers.
This service allows anyone wishing to send money to Kenya to visit a Safaricom IMT partner and send money to an M-PESA mobile phone in Kenya. The transaction is similar to a traditional cash-to-cash money that the sender specifies the recipient’s mobile phone number at the time the funds are sent.
Strong International Partners
Safaricom has so far partnered with authorised International Money Transfer organisations to support M-PESA Global. This ensures compliance with international standards and best practice and enhances security and integrity of transactions. Inbound partners include Western Union, World Remit, Skrill, MoneyGram and Azimo, among others. Outbound partners are MTN Uganda, MTN Rwanda and Vodacom Tanzania. See more partners here.
To enjoy M-PESA Global services dial *840#