The payment acceptance landscape in Kenya is on an upward
trajectory, with mobile wallet transactions powered by M-PESA projected to grow
at a compound annual growth rate (CAGR) of 12.7% from 2020 to 2024. By
combining M-PESA’s vast merchant network with Mastercard’s extensive global
payment framework, this collaboration will provide merchants with more
efficient, secure, and scalable payment solutions, allowing them to cater to
customers in international markets.
Additionally, the partnership will enhance remittance
services, facilitating smoother cross-border transactions.
"We are proud to partner with Safaricom to build an inclusive digital economy that works for everyone, everywhere. We will enable the merchants to grow and contribute to the Kenyan economy," said Amnah Ajmal, Executive Vice President, EEMEA, Mastercard.
The collaboration is expanding digital payment capabilities throughout Kenya by incorporating Mastercard’s omnichannel acceptance solutions into M-PESA’s merchant ecosystem. Additionally, the integration of Mastercard’s infrastructure will enable Safaricom to improve cross-border money transfers, ensuring quicker and more dependable transactions, while also enhancing support for merchants in processing digital payments.
"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," said Esther Waititu, Chief Financial Services Officer, Safaricom Plc.
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| L-R Back: Shehryar Ali, SVP and Country Manager for East Africa & Indian Ocean Islands at Mastercard; Lenin Oyuga, Head of Telco Commercial and Partnerships, Middle East and Africa (MEA) at Mastercard; Aliya Khanbhai, Tribe Lead for Next Financial Services Wealth and Insurance at Safaricom Plc; and Victor Odada, Head of M-Pesa Payments at Safaricom Plc. (L-R Front): Amnah Ajmal, Executive Vice President, Market Development, EEMEA at Mastercard and Esther Waititu, Chief Financial Services Officer at Safaricom Plc. The executives signed an agreement between Mastercard and Safaricom Plc that will enhance payment acceptance and cross-border remittance services to over 636,000 M-PESA merchants in Kenya. (Photo: AETOSWire). |
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| L-R Back: Shehryar Ali, SVP and Country Manager for East Africa & Indian Ocean Islands at Mastercard and Victor Odada, Head of M-Pesa Payments at Safaricom Plc. (L-R Front): Amnah Ajmal, Executive Vice President, Market Development, EEMEA at Mastercard and Esther Waititu, Chief Financial Services Officer at Safaricom Plc. The executives signed an agreement between Mastercard and Safaricom Plc that will enhance payment acceptance and cross-border remittance services to over 636,000 M-PESA merchants in Kenya. (Photo: AETOSWire). |
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| L-R: Amnah Ajmal, Executive Vice President, Market Development, EEMEA at Mastercard and Esther Waititu, Chief Financial Services Officer at Safaricom Plc commemorating the agreement between Mastercard and Safaricom Plc that will enhance payment acceptance and cross-border remittance services to over 636,000 M-PESA merchants in Kenya. (Photo: AETOSWire). |
Safaricom and Mastercard are dedicated to promoting innovation and enhancing financial inclusion in Kenya's rapidly changing digital environment. The initial initiatives are anticipated to launch in the upcoming months, furthering Safaricom's efforts to obtain its acquiring license and offer merchants state-of-the-art digital payment solutions.
Mastercard operates as a worldwide technology leader in the payments sector. Our goal is to foster and empower an inclusive digital economy that serves everyone, everywhere by ensuring that transactions are secure, straightforward, intelligent, and accessible. Through the use of secure data, robust networks, strategic partnerships, and a commitment to innovation, we provide solutions that enable individuals, financial institutions, governments, and businesses to achieve their fullest potential. With a presence in over 210 countries and territories, we are dedicated to creating a sustainable world that opens up invaluable opportunities for all.
Safaricom stands as the foremost telecommunications provider in East Africa, dedicated to enhancing lives by fostering connections among individuals, opportunities, and information. We serve over 41 million customers, significantly impacting society by supporting more than one million jobs, both directly and indirectly. As of March 2021, our total economic contribution was estimated at KES 362 billion ($3.2 billion).
Listed on the Nairobi Securities Exchange, we reported annual revenues nearing KES 264 billion ($2.9 billion) as of March 2021. Safaricom offers extensive connectivity through various technologies, including 2G, 3G, 4G, and 5G, reaching over 99% of Kenya’s population.
Operate the largest mobile payment platform globally and Africa’s leading Fintech, M-PESA, which pioneered mobile money transfers. By enabling over 28 million users to conduct transactions, save, or borrow via their mobile devices, M-PESA has significantly advanced financial inclusion in Kenya, increasing it from 25% to over 82% of the adult population, generating KES 82.65 billion ($826 million) in revenue as of FY21.
Its subsidiary, Safaricom Telecommunications Ethiopia, aims to establish a state-of-the-art network and services by mid-2022, contributing to Ethiopia’s digital evolution.
As an equal opportunity employer, Safaricom actively seeks to recruit a diverse workforce that mirrors the communities we serve. We are dedicated to achieving equal gender representation at all levels, with a goal of attaining 50:50 gender parity in senior management by 2025.
In alignment with its commitment to the Sustainable Development Goals (SDGs), we strive to enhance energy and resource efficiency across our network and facilities, aiming to minimize carbon emissions and fuel usage. Our long-term objective is to achieve Net Zero carbon emissions by 2050.