Thanks to a partnership between Safaricom and Mastercard, over 636,000 Kenyan retailers will now accept payments and receive remittances.
The partnership between Safaricom and Mastercard aims to hasten Kenya’s adoption of cross-border remittance services and payment acceptance.
The partnership is expected to help more than 636,000 merchants who use M-PESA, Safaricom’s top mobile money service. The M-PESA-driven mobile wallet payments segment in Kenya’s payment acceptance market is expected to increase at a compound annual growth rate (CAGR) of 12.7 per cent from 2020 to 2024.
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Through this partnership, merchants can offer smooth, secure, and scalable payment solutions to customers worldwide by utilising Mastercard’s global payment infrastructure and M-PESA’s merchant network. The collaboration will also improve remittance services, effectively expediting cross-border transactions.
“We are excited to collaborate with Safaricom to create a digital economy that benefits everyone, everywhere. Amnah Ajmal, Executive Vice President, EEMEA, Mastercard, stated, “We will help the merchants expand and support the Kenyan economy.”
Partnership to improve cross-border money transfers
The alliance is expanding digital payments throughout Kenya by integrating Mastercard’s omnichannel acceptance solutions into M-PESA’s merchant space.
Additionally, by incorporating Mastercard’s infrastructure, Safaricom will improve cross-border money transfers, offering quicker and more dependable transactions and expanding its capacity to assist retailers in taking electronic payments.
“Our goal to provide cutting-edge, customer-focused goods is in line with our partnership with Mastercard, which opens up new potential for M-PESA merchants.
“We are enabling businesses to offer their customers more efficient and frictionless payment solutions, both in Kenya and abroad, by combining our expertise with Mastercard’s global acceptance network,” stated Esther Waititu, Chief Financial Services Officer, Safaricom Plc.
Safaricom and Mastercard are dedicated to promoting financial inclusion and innovation in Kenya’s dynamic digital environment. The initial measures are anticipated to be implemented in the upcoming months, furthering Safaricom’s progress in obtaining a licence and offering state-of-the-art digital payment solutions to retailers.
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About M-PESA
M-PESA was introduced in Kenya in 2007 to make domestic money transfers as easy as texting. Customers in seven African regions may now transmit money swiftly and securely using M-PESA.
They can also use it to pay bills, make in-store payments, move money overseas, and access financial services, including overdraft and loan options.
Millions of people with mobile phones which either do not have bank accounts or only have restricted access to banking services can also benefit from its financial services, which include safe, affordable, and convenient ways to send and receive money, top-up airtime, pay bills, receive salary, apply for short-term loans, and much more.