Visa is going to launch an open-to-all networks cross-border
mobile money transfers platform in Kenya later this year.
Visa aims not only to break the current network-based
restrictions but also to enable its clients “to send, receive and
withdraw money without visiting any agents,” said Visa’s country
manager Victor Ndlovu.
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With this move, Visa clearly wants to capitalise on the success
story of M-PESA.
M-payments in Kenya totalled more than KSH318bn ($3.9bn) in
2011.
The figure amounts to between 11% and 13% of the Kenya’s
GDP.
The global payments technology company now targts the money flow
steaming from remittances.
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By GlobalDataAccording to data by the World Bank, Kenya receives KES 140bn
($1.69bn) annually from abroad.
