According to the Central Bank of Kenya, international remittances into Kenya grew from about $30,000 per month in 2004 to about $65,000 per month by the end of 2010. Between 2011 and June 2018, monthly remittances grew from about $65,000 to more than $260,000. In the six years from 2011 to the end of 2017, the rate of growth in remittances more than doubled again.
Today, we have enhanced the International Money Transfer transaction delivery process in compliance with POCAMLA regulation. And in addition, we are now open to direct integration with any authorised local and international remittance service providers. #MPESAGlobal
— Safaricom PLC (@SafaricomPLC) November 6, 2018
This phenomenal growth would have been almost impossible to maintain were it not for one device – the mobile phone. Just over seven years ago, to be exact, on the 31st of March 2011, M-PESA began its spread beyond the country and today, with a new partnership with Western Union, M-PESA customers can now send and receive money from more than 45 countries.
The new service will allow anyone from virtually anywhere in the world to send money to any M-PESA customer in Kenya. In a first of its kind, all M-PESA customers can now send money to almost any individual across the world through a variety of channels including directly into their bank accounts, and for pick up at more than 500,000 Western Union agent locations.
Customers can access the new service by dialling *840# or by selecting “M-PESA Global” under the M-PESA menu on mySafaricomApp.
In addition to already existing channels, M-PESA Global will immediately enable customers to send money for pick up at more than 500,000 Western Union agent locations across the world. Transfers through bank accounts to the United Arab Emirates, the United Kingdom, and Germany will also be available immediately, with services to bank accounts in other countries being rolled out in the coming weeks.
With M-PESA Global, Kenya achieves another first in enabling sending and receiving of money between mobile phones and virtually any individual across the world.
Our goal is to ensure that diaspora remittances remain a key enabler of economic growth in Kenya. #MPESAGlobal https://t.co/9K3oUIJD8O
— Safaricom PLC (@SafaricomPLC) November 6, 2018
M-PESA Global already allows customers to make and receive payments from more than 200 million PayPal customers from 200 markets across the world. Other partners available on the platform include World Remit and HomeSend among others
