Businesses can now receive payments of goods and services on Mpesa from Rwanda customers. This will boost the trading between Kenya and Rwanda and make it easier and affordable for customers and businesses to perform transactions.
The partnership between Safaricom and MTN Rwanda will help grow the East African economy as the financial systems gets integrated. Also this year, Safaricom partnered with Vodacom Tanzania to introduce cross-border transaction between customers on the respective networks.
To access the service, Safaricom and MTN customers will be required to dial *840# from their handsets and follow prompts and access a Cost Calculator that will show them the equivalent amount to send based on prevailing foreign exchange rates. Upon sending they will receive two messages to confirm that the transaction has gone through.
With presence in 10 countries; Kenya, Tanzania, South Africa, Lesotho, DRC, Egypt, Mozambique, India, Romania, and Fiji, M-PESA has emerged as the most compelling mobile-money proposition catering for both individual and corporate transactions.