Global Fintech Platform Thunes Partners with M-Pesa Tanzania to Enable Instant Money Transfers to Bank Accounts in Kenya and Rwanda
Singapore / Tanzania, 14 September 2021 – Thunes, a global leader in cross-border payments, today announced the launch of a new service corridor for users of M-Pesa Tanzania, enabling Tanzanians to seamlessly move money from their M-Pesa mobile wallets directly to any bank account in Kenya and Rwanda.
Thunes and M-Pesa Tanzania have been working together since 2018, with M-Pesa Tanzania using Thunes’ cross-border payments network to enable remittances to most major e-wallets within East Africa. Thanks to this new collaboration, businesses and individuals in Tanzania can now send money quickly across borders, directly to all banks in Kenya and Uganda.
“We are glad to be able to strengthen our partnership with M-Pesa, and jointly help millions of people in Africa access financial services and affordable international payments. We continue to see tremendous growth opportunities on the continent and are committed to building payments infrastructure that will benefit businesses and communities,” said Sandra Yao, Senior Vice President, Africa, Thunes.
The growth trajectory of economic and trade activity in East Africa remains very strong. Data from the World Bank shows that trade between Tanzania and its neighbouring countries, Kenya, Rwanda and Uganda, is worth approximately $896 million, with trade between Tanzania, Kenya and Rwanda at $635 million. Tanzania’s economic growth continues to climb, with GDP reaching an all-time high of $62.41 billion in 2020.
“This cooperation with Thunes broadens the reach across East African Markets for millions of Tanzanian-based businesses and individuals. More entrepreneurs and consumers connected to the M-Pesa platform will be able to benefit from the speed and convenience for payments beyond borders that the Thunes’ network provides,” said Epimack Mbeteni, M-Pesa Director from Vodacom Tanzania.
Thunes provides payment rails to mobile wallets, banks, and, in some cases, cash payouts in Africa. Thunes currently has over 50 intra-Africa corridors helping to facilitate faster, cheaper and more transparent transactions for the consumers, giving access to over 200 million mobile wallets in Africa.
About M-Pesa Tanzania
Vodacom Tanzania Limited is Tanzania’s leading cellular network company with a subscriber base of around 16 million users. Vodacom owns the leading mobile money operator, M-Pesa Tanzania, which has about 40% mobile money market share in Tanzania with a subscription base of approximately 11 million users.
Thunes is a B2B company that powers payments for the world’s fastest-growing businesses. Corporates and financial institutions can move funds seamlessly, securely and cost-effectively with Thunes’ well-established, reliable and far-reaching network. Thunes is used by leading global banks, money transfer operators, platforms and many other businesses to make payments to bank accounts, mobile wallets and cash pick-up providers around the world. With a single, simple connection, your business and customers can send payments to – and get paid in – every corner of the world. Instantly.
Thunes is headquartered in Singapore with regional offices in London, France, Shanghai, New York, Dubai, and Nairobi.