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Safaricom and MoneyGram partner to tap diaspora cash

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Safaricom and US company MoneyGram International have signed a deal for money to be sent from abroad to Kenya through their money transfer services, targeting more than $1 billion (Sh89 billion) sent in remittances every year. Safaricom's nearly 22 million users will be able to receive money directly to their mobile money M-Pesa accounts from MoneyGram outlets in 90 countries. The deal is expected to drive growth in Safaricom's M-Pesa division and boost Kenya's remittances, a key source of hard currency. All consumers need to do is visit any of the MoneyGram agents and send up to Sh70,000 ($...

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