Payments giant Mastercard has partnered with Kenyan mobile network operator Safaricom, to accelerate the adoption of payment acceptance and cross-border remittance services across Kenya.
Through the Mastercard and Safaricom partnership, the two entities hope to benefit the 636,000 merchants in Kenya using M-PESA, Safaricom’s mobile money service and the preferred way to make a payment across Africa.
By leveraging M-PESA’s merchant network and Mastercard’s global payment infrastructure, this partnership aims to offer more secure and scalable payment solutions available to merchants. enabling them to serve customers across global markets. The partnership will also look to boost remittance services, streamlining cross-border transactions efficiently.
The payment acceptance market in Kenya continues to grow, with mobile wallet payments driven by M-PESA showing a 12.7 per cent CAGR between 2020 and 2024.
Safaricom revealed it expects the first initiatives to roll out in the coming months, bolstering its efforts toward securing its acquiring license and providing merchants with cutting-edge digital payment solutions.
Esther Waititu, chief financial services officer at Safaricom
“This collaboration with Mastercard unlocks new opportunities for M-PESA merchants, aligning with our mission to deliver innovative, customer-centric products,” explained Esther Waititu, chief financial services officer at 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.”
By embedding Mastercard’s omnichannel acceptance solutions across M-PESA’s merchant space, the partnership is scaling digital payments across Kenya.
Safaricom explained that, by integrating Mastercard’s infrastructure, it plans to enhance cross-border money transfers, providing faster, more reliable transfers, while advancing its ability to support merchants in accepting digital payments.
Amnah Ajmal, executive vice president of EEMEA at Mastercard, also added: “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.”
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