International remittances straight to your M-PESA account
Hey all, Safaricom have entered a co-operation with Western Union so that remittances can be sent straight to M-PESA accounts. I haven't seen the fee structure yet (probably the usual Western Union fees), but still - great to see that Safaricom seem to have cracked the international transfers. Another global first for Kenya, I think. Here's the press release: http://www.ratio-magazine.com/201103313887/Corporate-Press-Releases/Kenya-Pr... -- Andrea Bohnstedt <http://ke.linkedin.com/in/andreabohnstedt> Publisher +254 720 960 322 www.ratio-magazine.com Find/post East Africa careers<http://www.ratio-magazine.com/careers/index.php> Find/post conferences, workshops, trainings, other business events<http://www.ratio-magazine.com/businessevents/index.php>
On Thu, Mar 31, 2011 at 12:29, Andrea Bohnstedt < andrea.bohnstedt@ratio-magazine.com> wrote:
Hey all,
Safaricom have entered a co-operation with Western Union so that remittances can be sent straight to M-PESA accounts. I haven't seen the fee structure yet (probably the usual Western Union fees), but still - great to see that Safaricom seem to have cracked the international transfers. Another global first for Kenya, I think.
Here's the press release:
http://www.ratio-magazine.com/201103313887/Corporate-Press-Releases/Kenya-Pr...
This is very interesting. How will they counter money laundering? Will central Bank now require Safaricom to submit details of ALL transactions for the purpose of monitoring how much money came in via this medium? -- Best regards, Odhiambo WASHINGTON, Nairobi,KE +254733744121/+254722743223 _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Damn!!
I think that Western Union have to apply the usual provisions against moneylaundering when accepting the money to be sent to Kenya - there is no difference between sending it to an M-PESA account or sending it to be picked up at a Western Union agent. As far as I remember, you only need the reference number and a password to pick up a Western Union payment - there are usually no controls with the recipient. Also, a limit of around KES35,000 applies per transaction - you'll be sending LOADS of payments before that becomes interesting for professional moneylaunderers :) There are easier ways. On 31 March 2011 15:54, Odhiambo Washington <odhiambo@gmail.com> wrote:
On Thu, Mar 31, 2011 at 12:29, Andrea Bohnstedt < andrea.bohnstedt@ratio-magazine.com> wrote:
Hey all,
Safaricom have entered a co-operation with Western Union so that remittances can be sent straight to M-PESA accounts. I haven't seen the fee structure yet (probably the usual Western Union fees), but still - great to see that Safaricom seem to have cracked the international transfers. Another global first for Kenya, I think.
Here's the press release:
http://www.ratio-magazine.com/201103313887/Corporate-Press-Releases/Kenya-Pr...
This is very interesting.
How will they counter money laundering?
Will central Bank now require Safaricom to submit details of ALL transactions for the purpose of monitoring how much money came in via this medium?
-- Best regards, Odhiambo WASHINGTON, Nairobi,KE +254733744121/+254722743223 _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Damn!!
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Does anyone know what the transaction cost is for people who receive money locally? Erik Hersman www.ushahidi.com | www.iHub.co.ke www.afrigadget.com | www.whiteafrican.com | @whiteafrican On Mar 31, 2011, at 4:31 PM, Andrea Bohnstedt wrote:
I think that Western Union have to apply the usual provisions against moneylaundering when accepting the money to be sent to Kenya - there is no difference between sending it to an M-PESA account or sending it to be picked up at a Western Union agent.
As far as I remember, you only need the reference number and a password to pick up a Western Union payment - there are usually no controls with the recipient.
Also, a limit of around KES35,000 applies per transaction - you'll be sending LOADS of payments before that becomes interesting for professional moneylaunderers :) There are easier ways.
On 31 March 2011 15:54, Odhiambo Washington <odhiambo@gmail.com> wrote:
On Thu, Mar 31, 2011 at 12:29, Andrea Bohnstedt <andrea.bohnstedt@ratio-magazine.com> wrote: Hey all,
Safaricom have entered a co-operation with Western Union so that remittances can be sent straight to M-PESA accounts. I haven't seen the fee structure yet (probably the usual Western Union fees), but still - great to see that Safaricom seem to have cracked the international transfers. Another global first for Kenya, I think.
Here's the press release: http://www.ratio-magazine.com/201103313887/Corporate-Press-Releases/Kenya-Pr...
This is very interesting.
How will they counter money laundering?
Will central Bank now require Safaricom to submit details of ALL transactions for the purpose of monitoring how much money came in via this medium?
-- Best regards, Odhiambo WASHINGTON, Nairobi,KE +254733744121/+254722743223 _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Damn!!
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On Thu, Mar 31, 2011 at 18:10, Erik Hersman <erik@zungu.com> wrote:
Does anyone know what the transaction cost is for people who receive money locally?
Erik Hersman
Erik, I think it should be obvious. The sender incurs the cost of sending and the receiver incurs the cost of withdrawal, as published by Safaricom already. I don't want to be told I am wrong, because then it does not make much sense, no? -- Best regards, Odhiambo WASHINGTON, Nairobi,KE +254733744121/+254722743223 _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Damn!!
Any tangible figures as yet? Regards, Muendo Sent from my BlackBerry® -----Original Message----- From: Odhiambo Washington <odhiambo@gmail.com> Sender: kictanet-bounces+timrick=gmail.com@lists.kictanet.or.ke Date: Thu, 31 Mar 2011 19:01:55 To: <timrick@gmail.com> Cc: KICTAnet ICT Policy Discussions<kictanet@lists.kictanet.or.ke> Subject: Re: [kictanet] International remittances straight to your M-PESA account _______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke http://lists.kictanet.or.ke/mailman/listinfo/kictanet This message was sent to: timrick@gmail.com Unsubscribe or change your options at http://lists.kictanet.or.ke/mailman/options/kictanet/timrick%40gmail.com
Tangible how? For a service launched today? On 31 March 2011 19:21, <timrick@gmail.com> wrote:
Any tangible figures as yet?
Regards,
Muendo
Sent from my BlackBerry®
-----Original Message----- From: Odhiambo Washington <odhiambo@gmail.com> Sender: kictanet-bounces+timrick=gmail.com@lists.kictanet.or.ke Date: Thu, 31 Mar 2011 19:01:55 To: <timrick@gmail.com> Cc: KICTAnet ICT Policy Discussions<kictanet@lists.kictanet.or.ke> Subject: Re: [kictanet] International remittances straight to your M-PESA account
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Washington, I think what is meant stems from the "regular" WU system where the receiver pays nothing (and the sender does) ...would this new model depart from that? If not, how does this affect the WU way of doing business in terms of the agents who pay out on its behalf? Do they now have to reconcile in so many more ways (rcv money, pay the WU agent, pay the mobile money hub, etc). On 31/03/2011, Odhiambo Washington <odhiambo@gmail.com> wrote:
On Thu, Mar 31, 2011 at 18:10, Erik Hersman <erik@zungu.com> wrote:
Does anyone know what the transaction cost is for people who receive money locally?
Erik Hersman
Erik,
I think it should be obvious. The sender incurs the cost of sending and the receiver incurs the cost of withdrawal, as published by Safaricom already. I don't want to be told I am wrong, because then it does not make much sense, no?
-- Best regards, Odhiambo WASHINGTON, Nairobi,KE +254733744121/+254722743223 _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Damn!!
-- Francis Hook +254 733 504561
Yes. For the recipient, it works the same way as if s/he were receiving an M-PESA payment. The only difference is if the recipient has a Safaricom line, but hasn't registered for an M-PESA account: Then you will be sent an invite to set up an M-PESA account within the next 21 days. On 31 March 2011 19:01, Odhiambo Washington <odhiambo@gmail.com> wrote:
On Thu, Mar 31, 2011 at 18:10, Erik Hersman <erik@zungu.com> wrote:
Does anyone know what the transaction cost is for people who receive money locally?
Erik Hersman
Erik,
I think it should be obvious. The sender incurs the cost of sending and the receiver incurs the cost of withdrawal, as published by Safaricom already. I don't want to be told I am wrong, because then it does not make much sense, no?
-- Best regards, Odhiambo WASHINGTON, Nairobi,KE +254733744121/+254722743223 _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Damn!!
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participants (5)
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Andrea Bohnstedt -
Erik Hersman -
Francis Hook -
Odhiambo Washington -
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