Safaricom, Mastercard partner to boost digital payments in Kenya

The collaboration aims to benefit over 636,000 merchants using M-PESA, Safaricom’s mobile money service.

Kenya’s payment acceptance market is growing, with mobile wallet payments via M-PESA showing a 12.7 per cent CAGR between 2020 and 2024.

M-PESA merchants to benefit from new Safaricom-Mastercard collaboration

The partnership will utilise M-PESA’s merchant network and Mastercard’s global payment infrastructure to provide payment solutions to merchants, enabling them to serve customers in global markets. The initiative will also enhance remittance services, improving 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,” Amnah Ajmal, Executive Vice President, EEMEA, Mastercard said.

The partnership will integrate Mastercard’s omnichannel acceptance solutions across M-PESA’s merchant space, scaling digital payments in Kenya.

By incorporating Mastercard’s infrastructure, Safaricom will improve cross-border money transfers, offering faster transfers and enhancing merchants’ ability to accept 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,” Esther Waititu, Chief Financial Services Officer, Safaricom Plc added.

Safaricom and Mastercard aim to foster innovation and financial inclusion in Kenya’s digital landscape, the company statement read, adding that the first initiatives are expected to launch in the coming months, advancing Safaricom’s journey toward securing its acquiring license and providing merchants with digital payment solutions.