Safaricom, Mastercard boost M-PESA

Safaricom has teamed up with Mastercard to boost the adoption of payment acceptance and cross-border remittance services in Kenya

The partnership is set to benefit more than 636,000 merchants utilising M-PESA, Safaricom’s flagship mobile money platform.

Transforming Kenya's payments 

As Kenya’s payment acceptance market expands, mobile wallet payments—primarily driven by M-PESA—are projected to experience a compound annual growth rate (CAGR) of 12.7% from 2020 to 2024. By leveraging M-PESA’s broad merchant network and Mastercard’s global payment infrastructure, the partnership will offer merchants more seamless, secure, and scalable payment solutions, enabling them to cater to customers in international markets. The collaboration will also strengthen remittance services by streamlining 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,” commented Amnah Ajmal, executive vice-president, EEMEA, Mastercard.

By integrating Mastercard’s omnichannel acceptance solutions across the M-PESA merchant ecosystem, the partnership aims to scale digital payments throughout Kenya. Additionally, Safaricom’s integration of Mastercard’s infrastructure will enhance cross-border money transfers, providing faster and more dependable transactions, while empowering merchants to accept digital payments more effectively.

“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,” stated Esther Waititu, chief financial services officer at Safaricom Plc.

Both Safaricom and Mastercard are dedicated to driving innovation and financial inclusion within Kenya’s evolving digital landscape. The first initiatives are expected to launch in the upcoming months, supporting Safaricom’s goal of securing its acquiring license and offering merchants advanced digital payment solutions.