Airtel eyes cross border money transfer service

KIGALI, RWANDA: Airtel Money to launch cross border money transfer service across East Africa

Bharti Airtel has plans to launch a cross border money transfer product in East Africa.

This is a first in market initiative across Africa and will enable Airtel Money customers to send, receive and withdraw money from their Airtel Money wallets.

The pilot phase will kick off on November 1st, 2014 with the first phase targeting – Kenya, Uganda, Tanzania and Rwanda.

The initiative has received approval from the Central Banks of Rwanda, Kenya, Tanzania and Uganda.

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”.

 “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,” he added.

The pilot project will also enable Bank of Africa (BOA) customers in Kenya and Uganda to send and receive money across the two countries.

According to the East Africa Community, mobile commerce is gaining importance in the region for its huge role in speeding up transactions – saving time and money for people and businesses. The introduction of more sophisticated financial services, such as credit, savings and insurance schemes through partnerships with financial-services providers has positively changed the way businesses operate speeding up key elements of regional integration.