- Safaricom and Mastercard formed a strategic alliance to enhance digital payment acceptance and cross-border remittances in Kenya.
- Over 636,000 M-PESA merchants will benefit from Mastercard's global payment infrastructure, expanding their reach to international markets.
- Ndegwa bolstered his influence by increasing his personal stake in Safaricom, demonstrating confidence in the company's future.
Safaricom, East Africa's telecom giant led by Kenyan tycoon Peter Ndegwa, has secured a strategic alliance with Mastercard to enhance payment acceptance and improve cross-border remittances in Kenya. The collaboration is set to accelerate the growth of digital payments, reinforcing Safaricoms leadership in financial innovation across the region.
The partnership is poised to benefit more than 636,000 merchants using Safaricoms M-PESA mobile money platform, as Kenyas digital payments landscape continues its rapid expansion. Mobile wallet payments, driven largely by M-PESA, are projected to grow at an annual rate of 12.7 percent from 2020 to 2024, further cementing M-PESAs dominant market presence.
The initial phase of the partnership is set to roll out in the coming months, with Safaricom planning to acquire a license that will further enhance its digital payment capabilities. Both companies have committed to promoting financial inclusion and fostering innovation within Kenyas rapidly evolving digital economy.
Driving global payment solutionsBy integrating M-PESAs extensive merchant network with Mastercards global payment infrastructure, the partnership aims to deliver secure, seamless, and scalable payment solutions.
This will enable Kenyan merchants to expand their reach to international markets, while also improving remittance services for cross-border transactions.
