Safaricom and Mastercard have signed a partnership with an aim 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 Safaricom’s mobile money service, M-Pesa.
Leveraging M-Pesa’s extensive merchant network and Mastercard’s global payment infrastructure, this partnership seeks to make more seamless, secure, and scalable payment solutions available to merchants, enabling them to serve customers across global markets.
The collaboration also aims to boost remittance services, streamlining cross-border transactions efficiently.
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.
Mastercard EEMEA Executive VP Amnah Ajmal said they will enable the merchants to grow and contribute to the Kenyan economy.
“We are proud to partner with Safaricom to build an inclusive digital economy that works for everyone, everywhere,” Ajmal said.
By embedding Mastercard’s omnichannel acceptance solutions across M-Pesa’s merchant space, the partnership aims to scale digital payments across Kenya.
Additionally, by integrating Mastercard’s infrastructure, Safaricom plans to also enhance cross-border money transfers, providing faster, more reliable transfers, while advancing its ability to support merchants in accepting digital payments.
Safaricom’s Chief Financial Services Officer Esther Waititu noted that the partnership with Mastercard unlocks new opportunities for M-Pesa merchants, aligning with the telco’s 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,” she said.
The telco 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 licence and providing merchants with cutting-edge digital payment solutions.
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