Ms Esther Waititu(right), Chief Financial Services Officer at Safaricom PLC Shows Mr Ambar Sur, founder and CEO TerraPay how the M-Pesa App operates after the official launch of the partnership at the Michael Joseph Centre in Nairobi. (PHOTO: Courtesy)

SMART BUSINESS

Milestone For Safaricom As M-Pesa Enters Market With 200 Million People

BILL YAURAJul 21, 2023656

Safaricom has announced a partnership with TerraPay (Mobex Kenya), empowering more than 32 million M-PESA customers to send and receive money to more than 200 million people across Bangladesh and Pakistan.

TerraPay said this breakthrough collaboration with Safaricom would spur development of mobile financial service operators enabling them to directly scale globally and provide customers with the choice to send payments in a secure, transparent and swift manner.

“Our partnership with Safaricom will further boost our capabilities in providing an inclusive global financial ecosystem with superlative technical solutions – cultivate an affinity by empowering Safaricom customers with fast and affordable borderless payment options and access to TerraPay’s widespread partner network of 4.5 billion bank accounts and 1.5 billion mobile wallets,” said Ambar Sur, Founder & CEO of TerraPay.

M-PESA customers can send and receive money to Bangladesh and Pakistan through the M-PESA Global service under the M-PESA Super App or by dialling *334# and selecting M-PESA Global under the “Send Money” option.

Mr Peter Ndegwa, CEO of Safaricom, said remittances have become an economic lifeline for thousands of households and businesses in the country, connecting them to opportunities and empowering customers to transact conveniently and affordably around the world.

“We are, therefore, delighted to partner with TerraPay to enable anyone in the country to send and receive money to and from more than 200 million people across Bangladesh and Pakistan with M-PESA. This partnership opens up one of the world’s largest remittance markets. making Kenyans more globally connected,” Mr Ndegwa said.

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TerraPay joins a roster of more than 35 partners under the M-PESA Global service which enables customers in Kenya to send and receive money and make and receive payments across more than 170 countries.

In Safaricom’s last financial year to March 2023, more than 917,000 customers used the M-PESA Global service, transacting more than Ksh418 billion in over 31.8 million transactions. Accordingly, M-PESA processed more than 90% of all remittances into the country.

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