Safaricom and Mastercard have signed a partnership to accelerate the adoption of payment acceptance and cross-border remittance services in Kenya, with the first initiatives expected to roll out in the coming months.
This collaboration is set to benefit over 636,000 merchants using M-PESA, Safaricom’s leading mobile money service and comes at a time when Kenya’s payment acceptance market continues to grow, with mobile wallet payments driven by M-PESA showing a 12.7 per cent compound annual growth rate (CAGR) between 2020 and 2024.
“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.
Leveraging M-PESA’s extensive merchant network and Mastercard’s global payment infrastructure, this partnership will make more seamless, secure, and scalable payment solutions available to merchants, enabling them to serve customers across global markets. The partnership will also boost remittance services, streamlining cross-border transactions efficiently.
By embedding Mastercard’s omnichannel acceptance solutions across M-PESA’s merchant space, the partnership is scaling digital payments across Kenya. Furthermore, by integrating Mastercard’s infrastructure, Safaricom will enhance cross-border money transfers, providing faster, more reliable transfers, while advancing its ability to support merchants in accepting digital payments.
“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.
