Safaricom, Mastercard Team Up To Supercharge Cross-Border Payments And Merchant Growth In Kenya

Mastercard Incorporated MA shares are trading lower on Thursday.

According to Benzinga Pro, MA stock has gained over 19% in the past year. Investors can gain exposure to the stock via iShares U.S. Financial Services ETF IYG and BlackRock Long-Term U.S. Equity ETF BELT.

Safaricom and Mastercard have forged a partnership aimed at boosting the adoption of payment acceptance and cross-border remittance services in Kenya.

“We are proud to partner with Safaricom to build an inclusive digital economy that works for everyone, everywhere. We will enable the merchants to grow and contribute to the Kenyan economy,” said Amnah Ajmal, Executive Vice President, EEMEA, Mastercard.

Also Read: Mastercard and Ant Group Expand Digital Payment Zones In Western Chinese Cities: Details

This collaboration is expected to benefit more than 636,000 merchants utilizing M-PESA, Safaricom’s premier mobile money service.

By utilizing M-PESA’s vast merchant network alongside Mastercard’s global payment infrastructure, this partnership aims to provide merchants with seamless, secure, and scalable payment solutions, allowing them to reach customers in international markets.

Additionally, it will enhance remittance services, facilitating efficient cross-border transactions.

“By combining our expertise with Mastercard’s global acceptance network, we are enabling businesses to provide more efficient and frictionless payment solutions to their customers, both in Kenya and beyond,” said Esther Waititu, Chief Financial Services Officer, Safaricom.

Price Action: MA shares were down 0.13% at $494.11 at the last check Thursday.

Photo via Shutterstock

Read Next:

• Judge Tosses The Card: Visa-Mastercard Swipe Fee Settlement Reportedly Rejected