MTN and Vodacom, the two mobile money giants in Africa have announced their agreement to interconnect their mobile money services to enable a wider range of money transfer service within customers in East Africa according to a report.
The collaboration will allow MTN Mobile Money users in Uganda, Rwanda and Zambia to make convenient international remmittance with M-Pesa customers in Kenya, Tanzania, the Democratic Republic of Congo, Mozambique and vice versa.
Under the terms of their Memorandum of Understanding, MTN Group and Vodafone Group will “share best practice and work together to define the rules and standards of mobile-based remittances in Africa“.
“Our agreement with MTN to connect our mobile money wallets in East Africa is a fantastic example of cooperation and interoperability between competing mobile operators,” Vodafone director of mobile money Michael Joseph said.
“By working together, we will deliver cheaper, faster money transfers, improving the lives of many people living in the seven countries involved.”
M-Pesa mobile money transfer and microfinancing service was launched in 2007 by Vodafone for Safaricom and Vodacom, the largest mobile network operators in Kenya and Tanzania.
MTN mobile money is an electronic wallet service which enables users to deposit, withdraw, and transfer money easily with a mobile device.
Image via: Krasloten