Safaricom and Mastercard have announced a partnership to accelerate the adoption of payment acceptance and cross-border remittance services in Kenya.
This collaboration is anticipated to benefit over 636,000 retailers utilizing M-PESA, Safaricom’s flagship mobile money service.
Kenya’s payment acceptance market continues to expand, with MPESA-driven mobile wallet payments growing at a 12.7% CAGR between 2020 and 2024.
Using M-PESA’s enormous merchant network and Mastercard’s worldwide payment infrastructure, this collaboration will provide merchants with more smooth, secure, and scalable payment solutions, allowing them to serve customers in several countries.
The agreement will also improve remittance services, making cross-border transactions more efficient.
By integrating Mastercard’s omnichannel acceptance solutions into M-PESA’s merchant space, the alliance is expanding digital payments in Kenya.
Furthermore, by integrating Mastercard’s infrastructure, Safaricom will improve cross-border money transfers, making them faster and more reliable, while also increasing its ability to assist merchants in accepting digital payments.
“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.
Safaricom and Mastercard are collaborating to promote innovation and financial inclusion in Kenya’s digital landscape, with initiatives set to launch in the coming months, aiming to secure Safaricom’s acquiring license and offer advanced digital payment solutions.
“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.
