Tanzania’s leading mobile money service provider, Vodacom M-Pesa, has announced the expansion of its international money transfer service portfolio
Vodacom customers will now have the option and ability to transfer and receive funds easily from individuals across over 200 countries around the world.
Albert Cezari, assistant manager, oversight and policy at directorate of National Payment Systems from Bank of Tanzania (BOT), said the national bank has increased digital transaction limits and reviewed mobile wallet balances in a bid to provide relief and ensure continuity of services as part of the COVID-19 measures.
Hisham Hendi, managing director of Vodacom Tanzania PLC, said international remittances are making it possible for people and small businesses to stay connected regardless of geography.
He also noted that international remittances continue to transform the lives of thousands of Tanzanians by facilitating payments in education, health and various business segments, which is why Vodacom M-Pesa aims to continue to provide a platform for the Tanzanian diaspora to participate effectively in socio-economic activities that will contribute to the overall development of the country.
Peter De Caluwe, CEO- Thunes, said, “The move saying such partnerships and innovations support the true African spirit because African countries have always been connected through daily movement of people, goods and services. International money transfer services are critical to the African economies as they facilitate inflow of foreign currency into these countries which has a direct bearing on the social and economic welfare of Africans”.
“While the importance of mobile payments to financial inclusion in developing markets cannot be overstressed, the M-Pesa IMT service goes an extra mile by allowing previously excluded to send and receive money across borders affordably. Thus our partnership with Vodacom M-Pesa aims at increasing the reach of international money transfers’.
According to World Bank figures, Tanzania recent remittances stood at US$430mn, an increase of US$25mn from 2019. The sum represents 0.8 percent of the country’s GDP.
