M-Pesa users are now able to send money instantly to users of China’s largest payment and social media application, WeChat.
To send the money, Kenyans will use an M-Pesa Paybill number belonging to Family Bank and enter the phone number of the recipient in China as the account number. The recipient will then access the money on their mobile wallet.
The partnership between Family Bank Limited and UK-based financial tech firm SimbaPay will enable the 23M active M-Pesa users in Kenya to send money to over 1 billion active WeChat subscribers in China.
The cost of sending $80 (Sh8,000), for example, will be Sh350.
Revenues from the transactions will be shared between SimbaPay and Family Bank, but the partners could not disclose at what rates and SimbaPay will update the foreign exchange rate daily.
The customers will receive an instant notification informing them of the amount they will send in Kenya shillings after sending the money to the WeChat user. The foreign exchange rate and the Chinese Yuan amount which the recipient will get.
Majority of Kenya’s imports come from China and have been growing steadily over time, according to the Economic Survey 2018 report.