Safaricom has announced a partnership with TerraPay, operating as Mobex Kenya, to enable more than 32 million M-PESA customers to send and receive money to more than 200 million people across Bangladesh and Pakistan.
“We believe this breakthrough collaboration with Safaricom will spur the development of mobile financial service operators enabling them to directly scale globally and provide customers with the choice to send payments in a secure, transparent, and swift manner. 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, the founder and CEO, TerraPay.
(TOP: Esther Waititu – left – the Chief Financial Services Officer, Safaricom, shows how the MPESA app works to Ambar Sur – right – the founder and CEO of TerraPay during the official launch of the partnership with TerraPay. By doing this, more than 32 million M-PESA users will be able to send and receive money from more than 200 million people in Pakistan and Bangladesh).
M-PESA customers can send and receive money to Bangladesh and Pakistan through the M-PESA Global service under the M-PESA Super App or by dialling *334# and selecting M-PESA Global under the “Send Money” option.
“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, the CEO, Safaricom.
TerraPay joins a roster of more than 35 partners under the M-PESA Global service which enables customers in Kenya to send and receive money and make and receive payments across more than 170 countries.
In Safaricom’s last financial year to March 2023, more than 917,000 customers used the M-PESA Global service, transacting more than Kshs 418 billion in over 31.8 million transactions. Accordingly, M-PESA processed more than 90% of all remittances into the country.
Headquartered in the UK, TerraPay has been building an ever-expanding payments highway that empowers businesses to create transparent customer experiences with an uninterrupted, secure, and real-time global passage for every payment, however small or large. Regulated and approved in across 26 global markets, TerraPay is a global partner to banks, mobile wallets, money transfer operators, merchants, and financial institutions, creating a more expansive and inclusive international financial ecosystem. With access to a payments infrastructure that spans the globe, the group’s partners become beacons of the promise of global financial inclusion.