Accelerating Digital Payment Adoption and Cross-Border Remittances
Safaricom, Kenya’s leading mobile service provider, and global payment giant Mastercard have entered a strategic partnership aimed at transforming the payment landscape in Kenya. The collaboration is set to drive the adoption of digital payment solutions and enhance cross-border remittance services, benefiting thousands of merchants and customers alike.
Reaching Over 636,000 Merchants with Seamless Payment Solutions
With over 636,000 merchants already utilizing M-PESA, Safaricom’s popular mobile money service, this partnership is expected to expand digital payment capabilities across Kenya. The country’s payment acceptance market has experienced steady growth, with mobile wallet payments through M-PESA seeing a compound annual growth rate (CAGR) of 12.7% between 2020 and 2024. By leveraging M-PESA’s vast merchant network and Mastercard’s world-class payment infrastructure, the partnership aims to deliver secure, scalable payment solutions that can operate in both local and international markets.
Empowering Merchants with Global Reach
Through this collaboration, Safaricom and Mastercard will enable Kenyan merchants to better serve their customers, not just locally but globally. The integration of Mastercard’s omnichannel acceptance solutions across M-PESA’s merchant platform will allow businesses to process payments seamlessly and securely, enhancing their ability to compete in global markets. Additionally, this partnership will streamline cross-border remittance services, making it easier for businesses and individuals to transfer money across borders.
Supporting Kenya's Digital Economy
Amnah Ajmal, Executive Vice President of EEMEA at Mastercard, emphasized the importance of the partnership, stating, "We are proud to partner with Safaricom to build an inclusive digital economy that works for everyone. By providing merchants with the tools they need to grow, we are contributing to the broader Kenyan economy."
Innovative Solutions for an Evolving Market
Safaricom’s Chief Financial Services Officer, Esther Waititu, also expressed enthusiasm about the partnership’s potential. "This collaboration with Mastercard opens up new opportunities for M-PESA merchants," she said. "It aligns with our mission to deliver innovative, customer-centric products by combining our expertise with Mastercard’s global acceptance network. Together, we’re enabling businesses to offer more efficient and frictionless payment solutions, both within Kenya and beyond."
Driving Financial Inclusion and Innovation
Safaricom and Mastercard’s partnership not only seeks to enhance the capabilities of existing merchants but also supports innovation and financial inclusion within Kenya’s rapidly evolving digital economy. The first phase of initiatives will be rolled out in the coming months, as Safaricom works toward obtaining its acquiring license, offering merchants advanced digital payment solutions designed to meet the needs of a changing marketplace.
