Safaricom M-PESA has partnered with TerraPay, a global payments infrastructure company, to promote financial inclusion through instant borderless payments. The collaboration, facilitated by TerraPay's subsidiary Mobex (Kenya), a licensed Money Remittance Provider, will allow over 30 million M-PESA mobile wallet-holders in Kenya to make real-time payments across all wallets in Bangladesh and Pakistan, with plans for India and Nepal in the near future.
With cross-border transactions on the rise, M-PESA Global experienced a 2.2% YoY increase in volume and a 5.6% YoY increase in value in the six months leading up to March 2023. Kenya's growing adoption of mobile money payments, driven by the Central Bank's support for the service, has further amplified the importance of this partnership. Through this collaboration, both Safaricom and TerraPay aim to foster financial empowerment and independence by creating a financially inclusive payments ecosystem.
