Safaricom Plc has partnered with TerraPay (Mobex Kenya) to enable its 32 million M-PESA customers to send and receive money between Bangladesh and Pakistan, reaching a combined population of over 200 million.
This partnership provides Safaricom customers with access to TerraPay’s extensive network of 4.5 billion bank accounts and 1.5 billion mobile wallets, offering fast and affordable payment options worldwide.
In the six months leading up to March 2023, M-PESA Global transactions grew in volume and value by 2.2% and 5.6% YoY, respectively, due to the rise in cross-border deals.
TerraPay and M-PESA aim to create a financially inclusive payments ecosystem while fostering financial empowerment and independence through this partnership.
Ambar Sur, Founder and CEO of TerraPay said that their partnership with Safaricom would enhance their capabilities in providing an inclusive global financial ecosystem powered by their agile payments infrastructure.
“We believe this breakthrough collaboration with Safaricom will spur a world of new possibilities for mobile financial service operators to directly scale globally and provide customers with a choice to send payments in a secure, transparent and swift manner,” said Sur.
TerraPay is headquartered in the UK and is registered and regulated across 27 global markets. It joins 35 partners under Safaricom’s M-PESA Global, enabling customers in Kenya to send and receive money to more than 170 countries.
Why the South East Corridor?
Esther Waititu, Chief Financial Services Officer at Safaricom, commented that for financial services to thrive, they have to work with partners in a well-organized ecosystem.
“This partnership is crucial in opening up a corridor that they have not previously accessed. If it continues to be successful, they will move into phase two, extending to banks and other countries within the Southeast Asia corridor, such as Sri Lanka, Nepal, and India.”
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Safaricom CEO Peter Ndegwa said that the partnership with TerraPay opens up opportunities for their customers to engage with more than 200 million individuals in Bangladesh and Pakistan.
“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…,” said Peter Ndegwa.