|[February 11, 2014]
Vodafone and MoneyGram Global Agreement
DALLAS --(Business Wire)--
Vodafone (News - Alert) and MoneyGram, a leading global money transfer and global
payment services company, have teamed up to enable consumers to transfer
funds directly from around 200 countries to the millions of users of
M-Pesa. This service will be launched in key markets during the second
quarter of 2014, with additional roll-out planned throughout the
remainder of the year.
The agreement will allow consumers who visit MoneyGram's (News - Alert) 334,000 agents
across the globe to send funds directly to M-Pesa accounts. MoneyGram
customers can also transfer money to an M-Pesa user through moneygram.com
or via a mobile app, available on iPhone, Android (News - Alert) and Windows 8 phones.
M-Pesa - which allows customers to pay bills and withdraw, transfer and
deposit money easily - is now available in the following countries - the
Democratic Republic of Congo, Egypt, Fiji, India, Kenya, Lesotho,
Mozambique, South Africa and Tanzania. Additional markets are due to
launch M-Pesa during 2014.
The World Bank estimates that more than half of all inhabitants in the
countries in which M-Pesa is available do not have access to a
traditional bank account1. With most of these inhabitants
belonging to low-income rural areas and becoming increasingly reliant on
cross-border transfers, mobile money provides a simple and low-cost
method for geographically dispersed families to bank and transfer funds.
Michael Joseph, Vodafone Director of M-Pesa, said: "There is huge demand
for sending funds back to family and friends in your home market and an
estimated $90bn2 per year is transferred to M-Pesa markets
from around the globe. Our partnership with MoneyGram provides the most
extensive global network and greatest number of access points or
consumers wishing to transfer funds to M-Pesa users."
Alex Hoffmann, senior vice president of global product management and
emerging channels at MoneyGram, said: "We're excited about the
opportunity to leverage our powerful platform to expand our reach to
these digital channels. This agreement furthers our goal of joining with
fast and reliable mobile wallets so consumers may send money for life's
essentials anywhere and any way they want, simply and conveniently."
Note to Editors
Developed by Vodafone, M-Pesa had nearly 16 million active customers as
of 30 September 2013 and approximately 165,000 authorised agents
worldwide. A customer can buy airtime and pay for bills, such as
electricity and water as well as groceries. Many other businesses are
using the service to allow their customers to pay them easily and
safely. Additionally in Kenya, Safaricom and Vodafone recently launched
a savings and loans product in partnership with the Commercial Bank of
The service has experienced significant growth and its active customers
make in excess of €900 million worth of transactions per month.
Bank, Apr 2012
Vodafone is one of the world's largest mobile communications companies
by revenue with approximately 419 million customers in its controlled
and jointly controlled markets as of 31 December 2013. Vodafone has
equity interests in telecommunications operations in nearly 30 countries
and around 50 partner networks worldwide. For more information, please
MoneyGram (NASDAQ:MGI), a leading money transfer company, enables
consumers who are not fully served by traditional financial institutions
to meet their financial needs. MoneyGram offers money transfer services
worldwide through a global network of 334,000 agent locations -
including retailers, international post offices and financial
institutions - in 200 countries and territories. MoneyGram also offers
bill payment services in the U.S. and Canada. To learn more about money
transfer or bill payment at an agent location or online, please visit moneygram.com
or connect with us on Facebook (News - Alert).
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