The parties agreed that over 20 million active M-Pesa users in Kenya can send money instantly via an M-Pesa Paybill number belonging to Family Bank to over 1 billion active WeChat subscribers in China. The cost of the transactions will vary on a sliding scale.
Family Bank customers will also be able to send money to WeChat wallets via the bank’s PesaPap mobile banking app and USSD service. Upon the transaction of the money, customers will be notified instantly informing them of the amount they will send in Kenyan shillings, the foreign exchange rate, as well as the Chinese Yuan amount which the recipient will receive.
Godfrey Kamau, Family Bank COO, commented: “This is a huge milestone for us and our customers. We are glad to extend, more so to our SME customers, a solution that offers an instant, reliable, traceable and affordable channel to send money to their suppliers and business partners in China”.
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