Under the terms of the deal, the bank will be authorized to provide its customers with Safaricom’s mobile phone-based money transfer service. The M-PESA service is set to enable mobile phone subscribers with limited access to a bank account to send and receive money via their mobile phones. The service will be offered exclusively to individual Kenyan Barclays account holders for deposits and withdrawals and to M-Pesa agents who bank with Barclays.
Launched in partnership with Vodafone in March 2007, M-PESA is a mobile money transfer system that has been specifically designed for the Kenyan market, in a bid to reach the unbanked population of the country.
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