Safaricom has partnered with TerraPay (Mobex Kenya) in a move that will empower more than thirty two million M-Pesa customers to send and receive money to over 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, “ said Ambar Sur, founder and chief executive officer – TerraPay. “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 and affordable borderless payment options and access to TerraPay’s widespread partner network of 4.5 billion bank accounts and 1.5 billion mobile wallets,” he added.
M-Pesa customers can now send and receive money to Bangladesh and Pakistan through the M-Pesa global service. “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,” said Peter Ndegwa, chief executive officer, Safaricom. “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,” he added. This partnership opens up one of the world’s largest remittance markets making Kenyans more globally connected.
TerraPay joins more than thirty five partners under the M-Pesa global service which enables customers in Kenya to send and receive money, besides making and receiving payments across more than 170 countries. In Safaricom’s last financial year (up 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.
