Mastercard and Safaricom Partner to Accelerate Payments in Kenya

Global technology payments giant Mastercard and Nairobi-headquartered telecommunication company Safaricom have joined forces to drive the adoption of payment acceptance and cross-border remittance services in Kenya.

• This collaboration is designed to benefit over 636,000 merchants who utilize M-PESA, Safaricom's mobile money service.

Leveraging Existing Infrastructure for Enhanced Payments

By combining M-PESA's extensive merchant network with Mastercard's global payment infrastructure, the partnership aims to provide merchants with more seamless, secure, and scalable payment solutions.

• This will enable merchants to cater to customers across international markets, facilitating smoother transactions.

Streamlining Cross-Border Remittances

The partnership will also play a crucial role in optimizing remittance services, simplifying cross-border transactions.

• This will lead to faster, more reliable money transfers, making it easier for individuals and businesses to send and receive funds across borders.

Scaling Digital Payments Across Kenya

By embedding Mastercard's omnichannel acceptance solutions within M-PESA's merchant ecosystem, the partnership is working to expand the reach of digital payments in Kenya.

• This will enable merchants to accept a wider range of digital payment methods, contributing to the growth of a cashless society in the country.

Enhancing Cross-Border Money Transfers

Through the integration of Mastercard's infrastructure, Safaricom will enhance its capabilities for cross-border money transfers, providing faster and more reliable services.

• This will enable merchants to receive payments from international customers more efficiently.

Building an Inclusive Digital Economy

Amnah Ajmal, Executive Vice President, EEMEA, Mastercard, expressed the company's commitment to building an inclusive digital economy that benefits everyone.

• The partnership is aimed at empowering merchants and contributing to the growth of the Kenyan economy.

Key Takeaways

The collaboration between Mastercard and Safaricom holds significant potential to transform the payments landscape in Kenya.

• This partnership will facilitate seamless digital payments for merchants, allowing them to serve customers both domestically and internationally.
• The partnership will streamline cross-border remittances, enabling faster and more reliable money transfers.
• By expanding access to digital payment solutions, the partnership will contribute to the development of a more inclusive and digital economy in Kenya.