Safaricom and Mastercard have signed a partnership to accelerate
the adoption of payment acceptance and cross-border remittance
services in Kenya. This collaboration is set to benefit over
636,000 merchants using M-PESA, Safaricom’s leading mobile money
service.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240919122413/en/
(L-R Back): Shehryar Ali, SVP and Country
Manager for East Africa & Indian Ocean Islands at Mastercard;
Lenin Oyuga, Head of Telco Commercial and Partnerships, Middle East
and Africa (MEA) at Mastercard; Aliya Khanbhai, Tribe Lead for Next
Financial Services Wealth and Insurance at Safaricom Plc; and
Victor Odada, Head of M-Pesa Payments at Safaricom Plc. (L-R
Front): Amnah Ajmal, Executive Vice President, Market Development,
EEMEA at Mastercard and Esther Waititu, Chief Financial Services
Officer at Safaricom Plc. The executives signed an agreement
between Mastercard and Safaricom Plc that will enhance payment
acceptance and cross-border remittance services to over 636,000
M-PESA merchants in Kenya. (Photo: AETOSWire).
Kenya’s payment acceptance market continues to grow, with mobile
wallet payments driven by M-PESA showing a 12.7% CAGR between 2020
and 2024. 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.
“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.
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.
“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.
Safaricom and Mastercard are committed to foster innovation and
financial inclusion within Kenya’s evolving digital landscape. The
first initiatives are expected to roll out in the coming months,
advancing Safaricom’s journey toward securing its acquiring license
and providing merchants with cutting-edge digital payment
solutions.
About Mastercard (NYSE: MA) www.mastercard.com
Mastercard is a global technology company in the payments
industry. Our mission is to connect and power an inclusive, digital
economy that benefits everyone, everywhere by making transactions
safe, simple, smart and accessible. Using secure data and networks,
partnerships and passion, our innovations and solutions help
individuals, financial institutions, governments and businesses
realize their greatest potential. With connections across more than
210 countries and territories, we are building a sustainable world
that unlocks priceless possibilities for all.
About Safaricom
Safaricom is the leading telecommunication company in East
Africa. Our purpose is to transform lives by connecting people to
people, people to opportunities, and people to information. We keep
over 41 million customers connected and play a critical role in
society, supporting over one million jobs both directly and
indirectly. Our total economic value was estimated at KES 362
billion ($3.2 billion) for the 12 months through March 2021.
Listed on the Nairobi Securities Exchange and with annual
revenues of close to KES 264 billion ($2.9 billion) as at March
2021. Safaricom provides connectivity through a wide range of
technology, 2G, 3G, 4G and 5G in aggregate, covering over 99% of
Kenya’s population.
We run the world’s largest mobile payment system and Africa’s
largest Fintech, M-PESA, the world’s first mobile money transfer
system. By empowering over 28 million customers to transact, save
or borrow money through their mobile phones, M-PESA has driven
financial inclusion in Kenya to more than 82% of the adult
population from a low of 25% and generated over KES 82.65 billion
($826 million) in revenue as at FY21.
Our subsidiary, Safaricom Telecommunications Ethiopia, plans to
deploy a world-class network and services by mid-2022 to contribute
to Ethiopia’s digital transformation.
Safaricom is an equal opportunity employer, actively recruiting
staff from different backgrounds reflecting the communities that we
serve. We are committed to equal gender representation at all
levels. Our target is to achieve 50:50 senior management gender
parity by 2025.
As part of our ongoing commitment to the Sustainable Development
Goals (SDGs), we continue to work towards improving energy and
resource efficiency in our network and facilities to reduce carbon
emissions and fuel consumption. We remain committed to becoming a
Net Zero carbon-emitting company by 2050.
For more details, please visit www.safaricom.co.ke
For news, please visit:
https://www.safaricom.co.ke/about/media-center/publications/press-release
For media-ready photos, visit:
https://www.flickr.com/photos/safaricom_pr
*Source: AETOSWire
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240919122413/en/
Kanyi L. Mwangi, Communications Director
Kanyi.Mwangi@mastercard.com
Safaricom PR & Corporate Communications Phone:
+254722005211 PRComms@Safaricom.co.ke
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