Kenya – Safaricom and Mastercard have announced a strategic partnership aimed at enhancing digital payment solutions and cross-border remittance services across Kenya. The collaboration will leverage M-PESA’s extensive merchant network and Mastercard’s global payment infrastructure to empower over 636,000 merchants using the M-PESA mobile money platform.
The partnership is expected to play a pivotal role in scaling digital payments in Kenya, a market that has seen significant growth. Mobile wallet payments via M-PESA have demonstrated a compound annual growth rate (CAGR) of 12.7% between 2020 and 2024, highlighting the country’s increasing adoption of mobile money services.
Amnah Ajmal, Executive Vice President for Eastern Europe, the Middle East, and Africa (EEMEA) at Mastercard, emphasized the partnership’s role in fostering an inclusive digital economy:
“We are proud to partner with Safaricom to build an inclusive digital economy that works for everyone, everywhere. This initiative will empower merchants to grow and contribute to the Kenyan economy.”
The integration of Mastercard’s omnichannel payment acceptance solutions within M-PESA’s merchant platform will enhance Safaricom’s ability to offer seamless digital payments, both locally and globally. By incorporating Mastercard’s infrastructure, the collaboration aims to improve cross-border money transfers, providing faster, more efficient services for merchants and consumers.
Esther Waititu, Chief Financial Services Officer at Safaricom Plc, highlighted the benefits for M-PESA merchants:
“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.”
This partnership represents a significant step in Safaricom’s broader mission to secure an acquiring license, which will allow them to offer comprehensive digital payment solutions to merchants. The first initiatives under this collaboration are set to roll out in the coming months, further driving innovation and financial inclusion in Kenya’s evolving digital landscape.
Safaricom and Mastercard’s partnership signals a commitment to accelerating digital financial services in the region, benefiting businesses and consumers alike.
