Vodacom Tanzania and Kenya's Safaricom have emphasised the value the M-Pesa mobile money service offers what they claim to be a growing customer base in both East African countries.

Speaking in Dar es Salaam, Vodacom Tanzania's managing dDirector Rene Meze said available statistics indicate that over TZS 200 billion is sent from Tanzania to Kenya annually, while the latter sends over 26 billion to Tanzania. "Statistics from the World Bank, (2013) indicate that Tanzania sent approximately TZS 200 billion to Kenya through formal channels. Estimates would indicate that more than twice that amount was transacted via informal channels including bus drivers, friends and family," stated Meza.

"We have looked into the hurdles that our customers need to overcome in order to send and receive money across to our neighbours in Kenya and have come up with a safe, secure and convenient way to do so."

Safaricom's chief executive officer Bob Collymore said "We believe that we have launched a new chapter in the continuing growth story of M-Pesa.

Enabling transactions between Kenya and Tanzania will make it ever-more convenient for businesses and individuals to transact across borders and unleash the transformative power of a first of its kind cross-border payment system."

"Vodacom customers will from today be able to send and receive money to and from Kenya through the same process that they are already used to. Their experience is the same as that of sending money nationally, the only difference is that a customer can now choose option 3 - send money to M-Pesa Kenya- and enter the mobile number beginning with the +254...prefix," added Meza.

"Even before the money is sent, the customer will be shown the Kenyan Shillings equivalent value of the money that the customer in Kenya will receive. The currency conversion will happen immediately and the money will be available instantly for withdrawal or making bill payments, buying airtime or any other services on M-Pesa," he continued.

Vodacom Tanzania and Safaricom in Kenya offer M-Pesa. Vodacom has approximately 65% market share of mobile financial services in Tanzania whereas Safaricom commands over 80% share in Kenya.

M-Pesa claims its platform accounts for two-fifths of Kenya's GDP. Recent news is that global payments technology firm Visa has partnered with Indian telco Bharti Airtel to launch mobile payments services in seven African countries, including Kenya.