Vodafone endorses the International Day of Family Remittances committed to providing secure, fast and competitive access to remittances through mobile money.
Today, 37 million customers in 7 countries rely on M-Pesa to safely and securely send, receive and store money, making Vodafone the leading mobile money provider, alleviating financial uncertainty and contributing to achieving the UN Sustainable Development Goals (SDG). Migration and remittances are key contributors to the 2030 Sustainable Development Agenda that aims to eradicate poverty and reduce economic inequality. SDG 10c specifically refers to the reduction of remittance prices to 3% of the send amount by 2030. Today the cost of sending remittances is at a global average of about 7% with the South African corridor being the most costly at 18%. M-Pesa is well positioned to capture and distribute remittances as well as reduce the cost of sending money. Research suggests that on average, sending remittances via mobile money channel is 50% less expensive than through a Money Transfer Operator.
Learn more about IMT challenges and opportunities in this interview with Philippe Weber, Group Head of M-Pesa.