TerraPay, a prominent global payments infrastructure company, has announced a strategic partnership with Safaricom, Kenya’s leading telecommunications, IT, and financial services provider. The collaboration aims to drive financial inclusion by facilitating seamless cross-border payments.
Through TerraPay’s subsidiary, Mobex (Kenya), a licensed Money Remittance Provider, over 30 million M-PESA mobile wallet users in Kenya will be able to make instant real-time payments across all wallets in Bangladesh and Pakistan. The companies also have plans to extend the service to India and Nepal in the coming months.
The demand for cross-border transactions has been steadily rising, with M-PESA Global transactions experiencing a YoY growth of 2.2% in volume and 5.6% in value in the first six months of 2023. Kenya has witnessed an increased adoption of mobile money payments, driven by the Central Bank’s efforts to promote the service.
The partnership between TerraPay and Safaricom aims to create a financially inclusive payments ecosystem, promoting financial empowerment and independence. Ambar Sur, the Founder & CEO of TerraPay, expressed enthusiasm about the collaboration, stating that it will open up new opportunities for mobile financial service operators to expand globally. The partnership will enable customers to send payments securely, transparently, and swiftly through TerraPay’s agile payments infrastructure, which connects to a vast network of over 7.5 billion bank accounts and 2.1 billion mobile wallets.
Peter Ndegwa, the CEO of Safaricom, also expressed excitement about the partnership, particularly in light of the growing number of customers embracing digital payments to send money to loved ones. He believes that TerraPay’s interoperable technology platform will facilitate secure and cost-effective payments across key regions, encouraging further adoption of digital payments in the area.
In conclusion, the collaboration between TerraPay and Safaricom marks a significant step towards promoting financial inclusion and empowering customers with efficient borderless payment options. As the partnership unfolds, it is expected to have a positive impact on the mobile financial services sector and contribute to the growth of digital payments in the region.
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