Safaricom, a Kenya-based telecom company and operator of M-Pesa, announced last week it has formed a new partnership with Visa (NYSE: V) to enable the development of products that will support digital payments for M-PESA customers. M-Pesa is a mobile banking service that allows users to store and transfer money through their mobile phones. M-Pesa customers reportedly may deposit and withdraw money from a network of agents that includes airtime resellers and retail outlets acting as banking agents.
173,000 Lipa Na M-PESA merchants from Safaricom, and more than 61 million merchant locations throughout Visa’s global network, and over 3.4 billion Visa cards in more than 200 countries and territories. While sharing details about the partnership, Peter Ndegwa, CEO of Safaricom, stated:
This partnership will play an important role in delivering even more value to our customers, linking them to even more opportunities especially in global e-commerce. Cashless payments continue to grow in popularity driven by increased globalization and digitization further creating demand for more innovative services.”
Andrew Torre, President of Visa Central Europe, Middle East and Africa (CEMEA), added:
“Safaricom and M-PESA have already transformed millions of everyday lives throughout Africa and put Kenya on the map as a global leader in mobile money. We are thrilled to work together on the next stage of their journey, bringing safe, and convenient financial services to all.”
