The cross-border payments company Thunes has announced the launch of a new service corridor for users of M-Pesa Tanzania, enabling Tanzanians to efficiently 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.
As a result of this new collaboration, businesses and individuals in Tanzania will now be able to send money 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,” comments Sandra Yao, Senior Vice President, Africa for Thunes. “We continue to see tremendous growth opportunities on the continent and are committed to building payments infrastructure that will benefit businesses and communities.”
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.