Safaricom, Mastercard Partner to Boost Cross-Border Remittance Services in Kenya
Safaricom and Mastercard have joined forces to boost the adoption of acceptance and cross-border remittance services in Kenya. This partnership is set to benefit more than 636,000 merchants using M-PESA, Safaricom’s leading mobile money service.
“We are proud to partner with Safaricom to build an inclusive digital economy that works for everyone, everywhere. We will enable the merchants to grow and contribute to the Kenyan economy,” said Amnah Ajmal, executive vice president, EEMEA, Mastercard.
Kenya’s payment acceptance market is expanding rapidly, with mobile wallet payments, primarily fueled by M-PESA, experiencing a 12.7 percent Compound Annual Growth Rate (CAGR) from 2020 to 2024.
This collaboration aims to offer merchants more seamless, secure, and scalable payment solutions by combining M-PESA’s wide-reaching merchant network with Mastercard’s global payment infrastructure, enhancing their ability to serve customers globally.
Additionally, the partnership will strengthen remittance services, optimizing cross-border transactions for greater efficiency.
“This collaboration with Mastercard unlocks new opportunities for M-PESA merchants, aligning with our mission to deliver innovative, customer-centric products,” said Esther Waititu, chief financial services officer, Safaricom.
“By combining our expertise with Mastercard’s global acceptance network, we are enabling businesses to provide more efficient and frictionless payment solutions to their customers, both in Kenya and beyond,” she added.
The partnership is set to expand digital payments throughout Kenya by incorporating Mastercard’s omnichannel acceptance solutions within M-PESA’s merchant ecosystem.
Additionally, with the integration of Mastercard’s infrastructure, Safaricom will improve cross-border money transfers, ensuring faster and more dependable transactions, while boosting its capacity to help merchants accept digital payments.
Read: KCB Group Set to Establish Partnerships in Cross-Border Trade and Payments Efforts
Safaricom and Mastercard are dedicated to driving innovation and enhancing financial inclusion in Kenya’s growing digital economy. The first set of initiatives is expected to launch in the coming months, advancing Safaricom’s efforts to secure its acquiring license and offer merchants state-of-the-art digital payment solutions.
The two giant firms have been at the forefront of boosting remittance payments in Africa. In March, Safaricom, through M-Pesa, entered into an international money transfer agreement with Onafriq, one of Africa’s leading digital payment networks. This partnership simplified remittance flows to Ethiopia from various global locations via M-Pesa.
Moreover, Mastercard and Access Bank Group launched a partnership in May aimed at expanding access to cross-border payments and remittances across the African continent.
