Safaricom and Mastercard have signed a partnership to accelerate the adoption of payment acceptance and cross-border remittance services in Kenya. This collaboration is set to benefit over 636,000 merchants using M-PESA, Safaricom’s leading mobile money service.
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(L-R Back): Shehryar Ali, SVP and Country Manager for East Africa & Indian Ocean Islands at Mastercard; Lenin Oyuga, Head of Telco Commercial and Partnerships, Middle East and Africa (MEA) at Mastercard; Aliya Khanbhai, Tribe Lead for Next Financial Services Wealth and Insurance at Safaricom Plc; and Victor Odada, Head of M-Pesa Payments at Safaricom Plc. (L-R Front): Amnah Ajmal, Executive Vice President, Market Development, EEMEA at Mastercard and Esther Waititu, Chief Financial Services Officer at Safaricom Plc. The executives signed an agreement between Mastercard and Safaricom Plc that will enhance payment acceptance and cross-border remittance services to over 636,000 M-PESA merchants in Kenya. (Photo: AETOSWire).
Kenya’s payment acceptance market continues to grow, with mobile wallet payments driven by M-PESA showing a 12.7% CAGR between 2020 and 2024. Leveraging M-PESA’s extensive merchant network and Mastercard’s global payment infrastructure, this partnership will make more seamless, secure, and scalable payment solutions available to merchants, enabling them to serve customers across global markets. The partnership will also boost remittance services, streamlining cross-border transactions efficiently.
“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.
By embedding Mastercard’s omnichannel acceptance solutions across M-PESA’s merchant space, the partnership is scaling digital payments across Kenya. Furthermore, by integrating Mastercard’s infrastructure, Safaricom will enhance cross-border money transfers, providing faster, more reliable transfers, while advancing its ability to support merchants in accepting digital payments.
“This collaboration with Mastercard unlocks new opportunities for M-PESA merchants, aligning with our mission to deliver innovative, customer-centric products. 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,” said Esther Waititu, Chief Financial Services Officer, Safaricom Plc.
Safaricom and Mastercard are committed to foster innovation and financial inclusion within Kenya’s evolving digital landscape. The first initiatives are expected to roll out in the coming months, advancing Safaricom’s journey toward securing its acquiring license and providing merchants with cutting-edge digital payment solutions.
About Mastercard (NYSE: MA)www.mastercard.com
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
About Safaricom
Safaricom is the leading telecommunication company in East Africa. Our purpose is to transform lives by connecting people to people, people to opportunities, and people to information. We keep over 41 million customers connected and play a critical role in society, supporting over one million jobs both directly and indirectly. Our total economic value was estimated at KES 362 billion ($3.2 billion) for the 12 months through March 2021.
Listed on the Nairobi Securities Exchange and with annual revenues of close to KES 264 billion ($2.9 billion) as at March 2021. Safaricom provides connectivity through a wide range of technology, 2G, 3G, 4G and 5G in aggregate, covering over 99% of Kenya’s population.
We run the world’s largest mobile payment system and Africa’s largest Fintech, M-PESA, the world’s first mobile money transfer system. By empowering over 28 million customers to transact, save or borrow money through their mobile phones, M-PESA has driven financial inclusion in Kenya to more than 82% of the adult population from a low of 25% and generated over KES 82.65 billion ($826 million) in revenue as at FY21.
Our subsidiary, Safaricom Telecommunications Ethiopia, plans to deploy a world-class network and services by mid-2022 to contribute to Ethiopia’s digital transformation.
Safaricom is an equal opportunity employer, actively recruiting staff from different backgrounds reflecting the communities that we serve. We are committed to equal gender representation at all levels. Our target is to achieve 50:50 senior management gender parity by 2025.
As part of our ongoing commitment to the Sustainable Development Goals (SDGs), we continue to work towards improving energy and resource efficiency in our network and facilities to reduce carbon emissions and fuel consumption. We remain committed to becoming a Net Zero carbon-emitting company by 2050.
For more details, please visit www.safaricom.co.ke
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*Source: AETOSWire
View source version on businesswire.com: https://www.businesswire.com/news/home/20240919122413/en/