Safaricom and Mastercard: Revolutionizing Remittances and Payment Acceptance in Kenya

In the heart of Kenya, Safaricom, a leading telecommunications company, has joined forces with Mastercard, a global leader in payment technology, to revolutionize the remittance and payment landscape. This strategic partnership aims to expand payment acceptance and streamline cross-border transactions, benefiting over 636,000 M-PESA merchants across the country.

The partnership leverages Safaricom's extensive merchant network and Mastercard's global payment infrastructure to provide seamless, secure, and scalable payment solutions. By embedding Mastercard's omnichannel acceptance solutions into M-PESA's merchant space, the collaboration enhances digital payments across Kenya and simplifies cross-border transactions, making them faster and more reliable.

The Kenyan payment acceptance market is witnessing remarkable growth, with mobile wallet payments driven by M-PESA exhibiting a 12.7% CAGR between 2020 and 2024. This partnership is set to further boost the digital payment ecosystem, supporting Safaricom's journey towards securing its acquiring license and expanding its revenue streams.

The first initiatives from this partnership are expected to roll out in the coming months, supporting Safaricom's quest to secure its acquiring license. Post-license acquisition, Safaricom and Mastercard will be well-positioned to offer a comprehensive suite of payment services, catering to both local and international markets. This strategic alliance is poised to unlock new opportunities for both companies, driving innovation and growth in the payment industry.