MOVING MONEY
Safaricom and PayPal partner in transfers
Safaricom, Vodacom’s 35%-held associate company in Kenya, has partnered with PayPal to allow its M-Pesa users to transfer money to and from their PayPal accounts. The tie-up, which also includes technology provider TransferTo, would be "a huge boost to international ecommerce", the parties said in a statement on Monday. Safaricom customers in Kenya would be able to link their PayPal accounts to their M-Pesa wallets, allowing them to buy goods and services from merchants around the world. Customers would be able to top up their PayPal accounts using M-Pesa credit. Meanwhile, Kenyan merchants would gain access to international customers, the companies said. "M-Pesa’s collaboration with PayPal will open up global market places and the global economy to millions of Kenyan and Kenyan-based businesses and individuals." said Safaricom’s director of strategy, Joseph Ogutu. The partnership was part of PayPal’s long-term strategy "to enable e-commerce and democratise financial services on the...
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