This archive report was first published on 22 November 2019.
Published on November 22, 2019, a report by Vodacom Tanzania highlighted M-Pesa as the lowest cost channel for sending money from Kenya to its neighboring countries.
Representatives from over 8 African countries gathered at a workshop organized by Vodacom to discuss trends and developments shaping the mobile money industry in Africa.
Managing Executive, Legal and Regulatory at Vodacom Group, Judith Obholzer, noted that Sub-Saharan Africa, including Tanzania, has witnessed rapid growth in mobile money operations and innovations enabling broad-based participation and access to financial services.
According to Rachel Balsham of MFS Africa, the costs of sending money to Africa average 9% of the transfer amount, while costs of sending money between African countries average 10%, but can exceed 15%.
However, M-Pesa has proven to be a game-changer, with costs averaging around 3% of the transaction value when sending money from Kenya to Tanzania and Rwanda.
Speaking during the launch of the new research on mobile money, Hisham Hendi, Managing Director, Vodacom Tanzania, emphasized the importance of embracing mobile channels to leverage their strengths and drive economic growth.
