Safaricom and Mastercard have formed a strategic partnership to enhance digital payments and cross-border remittance services in Kenya. Over 636,000 merchants using Safaricom’s M-PESA mobile money platform will benefit from this collaboration.
The Kenyan market for digital payments has been growing steadily, with M-PESA payments showing a 12.7% compound annual growth rate between 2020 and 2024.
This partnership will leverage M-PESA’s wide merchant network and Mastercard’s global payment systems to offer more secure and scalable payment solutions. These solutions will allow Kenyan merchants to serve customers worldwide.
Additionally, the partnership will streamline cross-border money transfers, providing faster, more reliable services.
Amnah Ajmal, Executive Vice President at Mastercard, emphasized the value of this collaboration: “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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Innovative Payment Solutions for Merchants
By integrating Mastercard’s omnichannel acceptance technology, the partnership will bring advanced payment capabilities to M-PESA merchants.
Safaricom aims to offer seamless and efficient payment services, supporting businesses both in Kenya and internationally.
“This collaboration with Mastercard unlocks new opportunities for M-PESA merchants, aligning with our mission to deliver innovative, customer-centric products,” said Esther Waititu, Chief Financial Services Officer at Safaricom.
As the first initiatives roll out in the coming months, Safaricom expects to secure an acquiring license. This will provide merchants with cutting-edge digital payment solutions, boosting Kenya’s digital financial inclusion.
The partnership is set to further strengthen Kenya’s evolving digital economy by fostering innovation and enabling merchants to thrive.