A groundbreaking partnership between Safaricom and Mastercard is transforming Kenya's retail landscape by enabling street vendors and small merchants to accept payments from customers worldwide. The collaboration leverages M-PESA's extensive merchant network and Mastercard's global payment infrastructure to accelerate digital payment adoption in Kenya.
The initiative will empower over 636,000 merchants using Safaricom's mobile payment service M-PESA with secure, scalable payment solutions. These solutions are designed to help Kenyan businesses expand their customer base internationally while improving cross-border remittance services.
"We're honored to partner with Safaricom in building a more inclusive digital economy that benefits people everywhere," said Amnah Ajmal, Executive Vice President for EEMEA at Mastercard. "This collaboration will drive business growth for Kenyan merchants and contribute to the country's economic development."
The technical implementation involves embedding Mastercard's omnichannel acceptance solutions into the M-PESA merchant platform. This integration will significantly enhance Kenya's digital payment capabilities, allowing local businesses to accept Mastercard payments from global customers while improving the speed and reliability of cross-border money transfers.
Esther Waititu, Chief Financial Services Officer at Safaricom Plc, emphasized: "This partnership unlocks unprecedented opportunities for M-PESA merchants, aligning perfectly with our mission to deliver innovative, customer-centric solutions. By combining Safaricom's mobile payment expertise with Mastercard's global network, we're enabling Kenyan businesses to offer more efficient payment experiences."
Kenya's payment acceptance market has shown remarkable growth, with a 12.7% compound annual growth rate between 2020 and 2024, largely driven by mobile wallet solutions like M-PESA. The Safaricom-Mastercard collaboration is expected to accelerate this growth trajectory further.
Both companies have committed to fostering innovation and financial inclusion within Kenya's evolving digital landscape. Initial implementation steps include securing acquiring licenses for Safaricom and deploying cutting-edge digital payment solutions for Kenyan merchants in the coming months.