In a move set to reshape Kenya’s payment landscape, Safaricom and Mastercard have signed a strategic partnership to enhance payment acceptance and cross-border remittance services. This collaboration, which will benefit over 636,000 merchants using M-PESA, is poised to make digital payments more seamless, secure, and scalable, significantly transforming the country’s financial ecosystem.
Kenya’s payment acceptance market is experiencing steady growth, driven by the widespread use of mobile wallets like M-PESA. According to reports, mobile wallet payments have seen a compound annual growth rate (CAGR) of 12.7% between 2020 and 2024. By combining Safaricom’s extensive merchant network with Mastercard’s global payment infrastructure, this partnership promises to bring cutting-edge payment solutions to businesses across the nation, enabling them to cater to local and international markets more efficiently.
A Game-Changing Collaboration for M-PESA Merchants
The integration of Mastercard’s global acceptance network into M-PESA’s already expansive merchant ecosystem will open up new opportunities for Kenyan businesses. This partnership will enable merchants to grow by offering seamless, omnichannel payment solutions, making it easier for them to serve a diverse customer base. This is expected to significantly boost the digital economy and further promote financial inclusion in Kenya.
Amnah Ajmal, Executive Vice President for Eastern Europe, Middle East, and Africa (EEMEA) at Mastercard, expressed her excitement about the partnership, stating, “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.”
For Safaricom, this partnership is a critical milestone in its journey toward providing more robust and innovative solutions. Esther Waititu, Safaricom’s Chief Financial Services Officer, highlighted the importance of the collaboration: “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.”
Driving Financial Inclusion and Innovation
The partnership is not just about improving payment acceptance. It also focuses on streamlining cross-border money transfers, enabling faster and more reliable remittance services. With millions of Kenyans relying on remittances from abroad, this collaboration could have a significant impact on reducing transaction times and costs, making it easier for families and businesses to receive funds quickly and securely.
Both Safaricom and Mastercard have reaffirmed their commitment to innovation and financial inclusion. As the first initiatives roll out in the coming months, the partnership will play a key role in scaling digital payments across Kenya’s evolving financial landscape. This collaboration marks another step forward in Safaricom’s strategy to secure an acquiring license, enabling the company to provide even more sophisticated digital payment solutions.
Conclusion
The Safaricom-Mastercard partnership represents a significant milestone in Kenya’s digital transformation. By integrating global payment solutions with local expertise, this collaboration will drive financial inclusion, innovation, and economic growth in the region. As digital payments become more prevalent, this partnership will provide Kenyan businesses with the tools they need to succeed in a rapidly evolving marketplace.
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