Safaricom and Mastercard partner to expand remittances and payment acceptance to over 636,000 merchants in Kenya
Date: 2024-10-07
Safaricom and Mastercard have signed a partnership to accelerate the adoption of payment acceptance and cross-border remittance services in Kenya. This collaboration according to a statement is set to benefit over 636,000 merchants using M-PESA, Safaricom's leading mobile money service.
Kenya's payment acceptance market is experiencing rapid growth, with mobile wallet payments driven by M-PESA showing a remarkable 12.7% Compound Annual Growth Rate (CAGR) between 2020 and 2024. By combining M-PESA's extensive merchant network and Mastercard's global payment infrastructure, this partnership will provide merchants with seamless, secure, and scalable payment solutions, enabling them to serve customers across global markets.
The partnership will enhance payment solutions for merchants, enabling them to provide better services to their customers. Cross-border transactions will become faster and more reliable, making it easier for individuals and businesses to send and receive money. Additionally, the collaboration will foster innovation and financial inclusion within Kenya's evolving digital landscape.
Amnah Ajmal, Executive Vice President, EEMEA, Mastercard, stated, "We are proud to partner with Safaricom to build an inclusive digital economy that works for everyone, everywhere. We will enable merchants to grow and contribute to the Kenyan economy."
Esther Waititu, Chief Financial Services Officer, Safaricom Plc, added, "This collaboration with Mastercard unlocks new opportunities for M-PESA merchants, aligning with our mission to deliver innovative, customer-centric products."
The partnership is expected to roll out its first initiatives in the coming months, advancing Safaricom's journey toward securing its acquiring license and providing merchants with cutting-edge digital payment solutions.
By: Nana Appiah Acquaye
