Kenya: Barclays partners Safaricom for M-Pesa mobile transfer service

Friday 15 October 2010 10:07 CET | News

Barclays Bank of Kenya, a subsidiary of UK financial services company Barclays, has signed an agreement with Kenyan mobile network operator Safaricom, media outlet Reuters reports .

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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Keywords: Barclays Bank of Kenya, Safaricom, M-Pesa, mobile payments
Categories: Payments & Commerce
Countries: World
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