East Africa to benefit from cross border money transfer service
The first phase will target Kenya, Uganda, Tanzania and Rwanda. This follows an approval by Central Banks of the Governments of Rwanda, Kenya, Tanzania and Uganda to launch this initiative. The next phase of this initiative will roll out the service to other Airtel operating countries within the next year.
Speaking during the 2014 East African CEO Business Summit in Kigali, Rwanda, Chidi Okpala, Director and Airtel Money Head noted: "This is a key milestone for Airtel Money customers because a big virtual barrier has been removed and our customers will be able to transact with ease, across national borders. The service will extend convenience by way of cost efficiency and reach while facilitating remittances and small trades within East Africa.
Creating business opportunities
"This will not only increase mobile money penetration amongst countries but will also create business opportunities. Mobile money remains a key element in boosting financial inclusion in East Africa. This is also a confirmation of the broader commitment of the Governments of Rwanda, Uganda, Kenya and Tanzania in improving trade and commerce activities within the region."
The pilot project will also enable Bank of Africa (BOA) customers in Kenya and Uganda to send and receive money across the two countries.
