Safaricom Plc, Kenya’s leading telecommunications and financial services provider, has announced a groundbreaking partnership with UK-based payments infrastructure company TerraPay (Mobex Kenya). This collaboration aims to revolutionize cross-border remittances by enabling over 32 million M-PESA customers in Kenya to send and receive money to Bangladesh and Pakistan, reaching a combined population of over 200 million people.
Through this strategic alliance, Safaricom customers gain access to TerraPay’s vast network of 4.5 billion bank accounts and 1.5 billion mobile wallets, providing them with fast, efficient, and affordable payment options on a global scale. This move further solidifies M-PESA’s position as a leading mobile money platform with tremendous international reach.
Ambar Sur, Founder and CEO of TerraPay, expressed his excitement about the partnership, emphasizing that it will foster global scalability and offer customers a wide range of secure and efficient payment options. He highlighted the inclusivity of the financial ecosystem, which is enabled by TerraPay’s extensive partner network.
The impact of this partnership on the Kenyan economy is significant. Peter Ndegwa, CEO of Safaricom, stated that the collaboration opens up opportunities for Safaricom customers to connect with more than 200 million individuals in Bangladesh and Pakistan. This expansion is expected to create more avenues for cross-border trade, investments, and remittances, thus enhancing Kenya’s economic growth prospects.
Moreover, Safaricom’s M-PESA Global service has already been instrumental in facilitating cross-border transactions. In the last financial year, M-PESA Global processed over 31.8 million transactions, amounting to more than Kshs. 418 billion. With the addition of Bangladesh and Pakistan to its coverage, the service is poised for even more remarkable growth and contribution to Kenya’s economic development.
The partnership with TerraPay adds the company to the list of over 35 partners in Safaricom’s M-PESA Global service, which enables customers in Kenya to send and receive money and make payments across more than 170 countries worldwide. This network continues to expand, providing Kenyans with greater financial access and international connectivity.
TerraPay’s CEO, Ambar Sur, pointed out that the partnership will spur the development of mobile financial service operators, enabling them to scale globally and empowering Safaricom customers with fast and affordable borderless payment options. He reiterated that the collaboration aligns with TerraPay’s vision of providing an inclusive global financial ecosystem.
This move comes at a time when the adoption of mobile money payments in Kenya is on the rise, following the Central Bank’s push for digital financial services. By embracing digital payments and fostering financial inclusion, Safaricom and TerraPay aim to create a financially inclusive payments ecosystem while empowering customers with greater financial independence.
As this partnership takes flight, both companies are optimistic about the potential to expand their services to additional regions like India and Nepal in the near future. The move is set to bring even more significant opportunities for financial empowerment and economic growth, not just for Kenya but for the entire region.
By: Montel Kamau
Serrari Financial Analyst
20th July, 2023
photo source: Google
Article and News Disclaimer
The information provided on www.serrarigroup.com is for general informational purposes only. While we strive to keep the information up to date and accurate, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
www.serrarigroup.com is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information on the website is provided on an "as-is" basis, with no guarantee of completeness, accuracy, timeliness, or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
In no event will www.serrarigroup.com be liable to you or anyone else for any decision made or action taken in reliance on the information provided on the website or for any consequential, special, or similar damages, even if advised of the possibility of such damages.
The articles, news, and information presented on www.serrarigroup.com reflect the opinions of the respective authors and contributors and do not necessarily represent the views of the website or its management. Any views or opinions expressed are solely those of the individual authors and do not represent the website's views or opinions as a whole.
The content on www.serrarigroup.com may include links to external websites, which are provided for convenience and informational purposes only. We have no control over the nature, content, and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorsement of the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, www.serrarigroup.com takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
Please note that laws, regulations, and information can change rapidly, and we advise you to conduct further research and seek professional advice when necessary.
By using www.serrarigroup.com, you agree to this disclaimer and its terms. If you do not agree with this disclaimer, please do not use the website.
www.serrarigroup.com, reserves the right to update, modify, or remove any part of this disclaimer without prior notice. It is your responsibility to review this disclaimer periodically for changes.
Serrari Group 2023
