A Safaricom VISA partnership has been unveiled which will see Kenya’s mobile telephony giant and the global digital payment leader come up with products and services that will discern M-Pesa (mobile money) users.
With the digital money transfer market getting crowded through blockchain startups, VISA is expanding its reach while Safaricom is consolidating its market share across Africa and beyond. The mobile service provider has more than 24.1 million M-Pesa customer and over 173,100 mobile money affiliates.
VISA on its part has a network of over 61 million affiliates on its network spread across the globe. The global penetration has seen the payment processor spread to 200 countries with more than 3.2 billion Visa cards. However, the partnership will only hold once relevant regulating bodies give the green light.
Safaricom VISA partnership eliminates friction
The Safaricom Visa partnership will eliminate the existing commerce barriers across the borders whilst giving users and merchants the convenience of using a platform that is secure in a cashless environment. This also comes at a time when demand for digital money transactions and the eminent disruption by blockchain and crypto.
At the unveiling of the collaboration event, the newly appointed Safaricom CEO, Peter Ndegwa says:
We are delighted to partner with Visa in exploring products that will support both our customers and Lipa Na M-PESA merchants. 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.
Transformed lives with Safaricom VISA partnership
According to Andrew Torre, the VISA representative at the even in charge of Central Europe, Middle East and Africa (CEMEA), the payment gateway will transform how users and businesses interact whilst unlocking the untapped potential in the region. He acknowledged the fact that Safaricom M-Pesa innovation has transformed many lives in Africa.
The Visa Vice President in East Africa Corine Mbiaketcha added that by leveraging on the collaboration, the goal of an economy that does not rely on fiat money will help in easing the existing commerce friction and realizing the financial inclusion dream for all.
