TerraPay, a global payments infrastructure firm, has formed a partnership with Safaricom, Kenyan telecommunications, information technology, and financial services provider. By working together, the two firms will expand access to financial services by lowering barriers to cross-border payments.
Through TerraPay’s group company Mobex (Kenya), a licenced Money Remittance Provider, over 30 million M-PESA mobile wallet-holders in Kenya will be able to send instantaneous payments to wallets in Bangladesh and Pakistan, with plans to expand to India and Nepal in the coming months.
M-PESA Global transactions increased in volume by 2.2% and in value by 5.6% year over year in the six months ending in March 2023, reflecting the growth of cross-border agreements. Since the Central Bank of Kenya began promoting mobile money transfers, their use in Kenya has increased. Both organizations have teamed up forces to promote financial empowerment and independence while fostering a more accessible payment ecosystem.
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Users can embrace digital payments seamlessly
“We believe this breakthrough collaboration with Safaricom will spur a world of new possibilities for mobile financial service operators to directly scale globally and provide customers with a choice to send payments in a secure, transparent, and swift manner,” said Ambar Sur, Founder & CEO of TerraPay.
“Our partnership with Safaricom will further boost our capabilities in providing an inclusive global financial ecosystem powered by our agile payments infrastructure and empower Safaricom customers with fast & affordable borderless payment options and access to TerraPay’s widespread partner network of 7.5Bn+ bank accounts and 2.1Bn+ mobile wallets.”
Chief Executive Officer of Safaricom Peter Ndegwa made the following statement about the new partnership: “We are thrilled to partner with TerraPay as it comes at a time where a growing number of customers are embracing digital payments to send money to their loved ones.” TerraPay’s interoperable technology platform will enable our customers to execute secured & low-cost payments across key regions, further encouraging the adoption of digital payments in the region. We look forward to a successful collaboration.”
About TerraPay
TerraPay, with headquarters in the United Kingdom, is founded on the principle that even the smallest payment merits a secure, borderless international voyage. The organization has been working to establish a global payments highway that gives companies the tools they need to provide their customers with transparent transactions that are safe, quick, and easy to do no matter where they are in the world.
TerraPay is one of the top worldwide partners of banks, mobile wallets, money transfer operators, merchants, and financial institutions, having been registered and regulated in 27 global countries. This helps to create a more extensive and inclusive international financial ecosystem. Through TerraPay’s broad network of 7.5 billion bank accounts and 2.1 billion mobile wallets in 112 receive countries and 208 send countries, its partners may serve as an inspiration for the future of universal financial access.