TerraPay, a leading global payments infrastructure company, announced its partnership with Safaricom, Kenya’s leading telecommunications, IT, and financial services provider. Together, both companies will usher in the benefits of financial inclusion by enabling instant cross-border payments. The partnership, through TerraPay’s subsidiary Mobex (Kenya), a licensed money transfer provider, will enable more than 30 million M-PESA mobile wallet holders in Kenya to send real-time payments over Terrapay’s interoperable network to all wallets in Bangladesh & Pakistan, with plans to expand to India & Nepal in the coming months to introduce
In the six months ended March 2023, M-PESA Global transactions grew by 2.2% and 5.6% year-on-year, respectively, in terms of volume and value, amid an increase in cross-border transactions. Mobile payment adoption in Kenya has recently picked up as the central bank pushed ahead with the service. Through this partnership, both companies aim to work towards creating a financially inclusive payments ecosystem while promoting financial empowerment and independence.
Commenting on this new partnership, Ambar Sur, Founder and CEO of TerraPay said: “We believe this groundbreaking collaboration with Safaricom will create a multitude of new opportunities for mobile financial services providers to expand globally directly and offer customers the ability to send payments in a secure, transparent and fast manner. Our partnership with Safaricom will further strengthen our capabilities in delivering an inclusive global financial ecosystem powered by our agile payments infrastructure, offering Safaricom customers fast and affordable borderless payment options and access to the TerraPay partner network with more than 7.5 billion bank accounts and more than 2, Enable 1 billion mobile wallets”.
Commenting on the launch of the partnership, Peter Ndegwa — CEO of Safaricom, said: “We are delighted to be working with TerraPay as this comes at a time when more and more customers are using digital payments to send money to loved ones. TerraPay’s interoperable technology platform will enable our customers to make secure and cost-effective payments in key geographies and further drive the adoption of digital payments in the region. We are looking forward to successful cooperation”.