LONDON, July 20, 2023 /PRNewswire/ -- TerraPay, a leading global payments infrastructure company, announced its partnership with Safaricom, Kenya's leading provider of telecommunications, IT and financial services. Together, both companies will usher in the benefits of financial inclusion by facilitating instant payments without borders. The partnership, through TerraPay's group company Mobex (Kenya), a licensed money remittance provider, will enable more than 30 million M-PESA mobile wallet holders in Kenya to send real-time payments via TerraPay's interoperable network to all wallets in Bangladesh and Pakistan, with plans to roll out India and Nepal in a few months.
Given the increase in cross-border transactions, in the six months to March 2023, M-PESA Global transactions grew year-over-year in volume and value by 2.2% and 5.6%, respectively. The adoption of mobile money payments in Kenya has increased following a push by the Central Bank for the service, of late. Through this partnership, both companies aim to work to create a financially inclusive payments ecosystem while fostering financial independence and empowerment.
Speaking about this new partnership, Ambar Sur, Founder and CEO of TerraPay, said: "We believe this innovative collaboration with Safaricom will fuel a world of new possibilities for mobile financial service operators to directly scale globally and provide customers the option to send payments securely, transparently and quickly. Our partnership with Safaricom will further boost our capabilities to provide an inclusive global financial ecosystem powered by our agile payments infrastructure and empower Safaricom customers with borderless payment options. fast, affordable s and access to TerraPay's vast partner network of more than 7.5 billion bank accounts and more than 2.1 billion mobile wallets."
Commenting on the launch of the partnership, Peter Ndegwa – CEO, Safaricom stated, "We are delighted to partner with TerraPay as it comes at a time when an increasing number of customers are adopting digital payments to send money to their loved ones. TerraPay's interoperable technology platform will enable our customers to execute secure and low-cost payments in key regions, further fostering the adoption of digital payments in the region. We look forward to a successful collaboration."
About TerraPay
Based in the UK, TerraPay believes that the smallest payment deserves as safe a borderless journey as the largest. The group has been building an ever-expanding payments highway that enables businesses to create seamless customer experiences with a seamless, secure, real-time global pass through for every payment, large or small. Registered and regulated in 27 global markets, TerraPay is one of the leading global partners of banks, mobile wallets, money transfer operators, merchants and financial institutions, creating a more expansive and inclusive international financial ecosystem. With access to an extensive network of more than 7.5 billion bank accounts, more than 2.1 billion mobile wallets, in 112 receiving countries and 208 sending countries, TerraPay enables its partners to become beacons of the promise of global financial inclusion.
For more details, visit terrapay.com
Press contact: Sneha Dwivedisneha.d@terrapay.com
About Safaricom
Safaricom is the leading telecommunications company in East Africa. Our purpose is to transform lives by connecting people with people, people with opportunities and people with information. We keep more than 42 million customers connected and play a vital role in society, supporting more than one million jobs both directly and indirectly, while our total economic value was estimated at KES 393 billion ($3.1 billion) for the 12 months to March 2022.
Listed on the Nairobi Stock Exchange and with annual revenue of about KES 298 billion ($2.5 billion) as of March 2022. Safaricom provides connectivity through a wide range of technology, 2G, 3G, 4G and 5G together covering more than 99% of the Kenyan population.
We operate the world's largest mobile payment system and Africa's largest Fintech, M-PESA, the world's first mobile money transfer system. By empowering more than 30 million customers to transact, save or borrow money via their mobile phone, M-PESA has driven financial inclusion in Kenya to more than 84% of the adult population from a low of 25% and generated more than KES 107.6 billion ($920 million) in revenue in FY22.
Our subsidiary, Safaricom Telecommunications Ethiopia, plans to deploy a world-class network and services by 2022 to contribute to Ethiopia's digital transformation. Safaricom is an equal opportunity employer and actively recruits staff from diverse backgrounds who reflect the communities we serve. We are committed to equal gender representation at all levels. Our goal is to achieve 50:50 gender parity in senior management by 2025.
As part of our ongoing commitment to the Sustainable Development Goals (SDGs), we continue to work to improve energy and resource efficiency in our network and facilities to reduce carbon emissions and our fuel consumption. We remain committed to becoming a net zero carbon company by 2050.
For more details, visit www.safaricom.co.ke For news, visit: https://www.safaricom.co.ke/media-center-landing/press-releases For media-ready photos, visit: https://www.flickr.com/photos/safaricom_... For more information, contact Safaricom PR
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