Safaricom and Mastercard expand remittances and payments in Kenya

Kenya’s payment acceptance market is growing at a steady pace, 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.

Scaling digital payments and powering cross-border transfers

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.

In a comment, officials from Mastercard said they are happy to partner with Safaricom to build an inclusive digital economy that works for everyone, everywhere. They will enable the merchants to grow and contribute to the Kenyan economy.

Safaricom’s team added that this collaboration with Mastercard unlocks new opportunities for M-PESA merchants, aligning with their mission to deliver innovative, customer-centric products. By combining their expertise with Mastercard’s global acceptance network, they are enabling businesses to provide more efficient and frictionless payment solutions to their customers, both in Kenya and beyond.

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 end of 2024, advancing Safaricom’s journey toward securing its acquiring license and providing merchants with cutting-edge digital payment solutions.