Vodafone Group and MTN Group signed a deal to interconnect their mobile money services in East Africa.
The venture will allow M-Pesa customers in Kenya, Tanzania, Democratic Republic of Congo and Mozambique and MTN Mobile Money users in Uganda, Rwanda and Zambia to transfer money between the two services.
MTN Group and Vodafone Group’s Memorandum of Understanding also said the enterprises would share best practice and work together to define the rules and standards of mobile-based remittances in Africa.
Michael Joseph, Vodafone’s Director of Mobile Money, said: "Our agreement with MTN to connect our mobile money wallets in East Africa is a fantastic example of co-operation and interoperability between competing mobile operators.
"By working together, we will deliver cheaper, faster money transfers, improving the lives of many people living in the seven countries involved."
Serigne Dioum, MTN’s Group Head of Mobile Financial Services, said: "After successful launches in Ivory Coast and Benin in West Africa, we are looking enthusiastically at the collaboration with Vodafone in East Africa. Together, we aim to build a scalable model that will accelerate remittance roll-out across the continent."