At the start of this week, telco Safaricom announced a collaboration with TerraPay that will allow over 32 million M-PESA customers to send and receive money to more than 200 million people in Bangladesh and Pakistan.
The partnership with Safaricom is a significant step in enhancing mobile financial services, enabling operators to expand globally and offer fast payment options. TerraPay’s extensive partner network of 4.5 billion bank accounts and 1.5 billion mobile wallets further strengthens the inclusive global financial ecosystem.
M-PESA customers can make cross-border transactions to Bangladesh and Pakistan through the M-PESA Global service, accessible via the M-PESA Super App or by dialling *334# and selecting M-PESA Global under the “Send Money” option.
Peter Ndegwa, CEO of Safaricom, emphasized the importance of remittances as an economic lifeline for many households and businesses in the country. The partnership with TerraPay opens access to one of the world’s largest remittance markets, connecting Kenyans more globally.
TerraPay has become one of over 35 partners under the M-PESA Global service, facilitating money transfers and payments across more than 170 countries. In the previous financial year to March 2023, M-PESA Global served more than 917,000 customers who transacted over KES 418 billion in over 31.8 million transactions, processing over 90% of all remittances into Kenya.
Quotes
“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 & 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 – TerraPay.
“Remittances have become an economic lifeline for thousands of households and businesses in the country, connecting them to opportunities and empowering our 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,” said Peter Ndegwa – CEO, Safaricom.
