July 19, 2023
Safaricom Plc and TerraPay (Mobex Kenya) have formed a strategic partnership to empower over 32 million M-PESA customers with the ability to easily send and receive money to Bangladesh and Pakistan. With a combined population exceeding 200 million people, this collaboration opens up a wealth of financial opportunities for Safaricom users, providing them with convenient and secure cross-border payment options.
This partnership empowers Safaricom customers with access to TerraPay’s vast network comprising 4.5 billion bank accounts and 1.5 billion mobile wallets, offering them swift and cost-effective payment options on a global scale.
Ambar Sur, the Founder and CEO of TerraPay, emphasized that this collaboration would facilitate worldwide expansion, providing customers with a diverse array of secure and efficient payment alternatives. Sur also highlighted the inclusive nature of the financial ecosystem fostered by TerraPay’s extensive partner network.
Peter Ndegwa, the CEO of Safaricom, stated that the collaboration with TerraPay presents new opportunities for Safaricom customers to connect with over 200 million individuals in Bangladesh and Pakistan.
TerraPay joins the ranks of more than 35 partners in Safaricom’s M-PESA Global service, empowering Kenyan customers to send and receive money and conduct transactions in over 170 countries. In the previous fiscal year, which concluded in March 2023, M-PESA Global facilitated over 31.8 million transactions, totaling more than Kshs. 418 billion.
photo source: google
Delino Gayweh
Serrari Financial Analyst
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