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.
Go deeper with GlobalData
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.
