M-Pesa deal grows its reach to Bangladesh and Pakistan
Thursday July 20 2023
Chief Financial Services Officer Safaricom PLC Esther Waititu (L) poses for a photo with Founder & Chief Executive Officer of TerraPay Ambar Sur during the official launch of the partnership with TerraPay on July 19, 2023. PHOTO | POOL
Safaricom has announced a partnership with UK-based payments infrastructure company TerraPay in a bid to facilitate cross-border cash transfers to Bangladesh and Pakistan through the M-Pesa Global service.
In a statement, the telco said the deal will empower over 32 million M-Pesa customers to send and receive money to over 200 million people living in the two countries.
“M-Pesa customers can now send and receive money to Bangladesh and Pakistan through the M-Pesa Global service under the M-Pesa Super App or by dialling *334# and selecting M-Pesa Global under the ‘Send Money’ option,” reads the statement.
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TerraPay joins a roster of more than 35 partners under the M-Pesa Global service which enables Kenyans to send and receive money, as well as make and receive payments, across over 170 countries around the world.
Safaricom CEO Peter Ndegwa said the partnership will help open up one of the world’s largest remittance markets and make Kenyans more globally connected.
“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,” he said.
“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.”
TerraPay founder and CEO Ambar Sur said the deal will spur the development of mobile financial service operators enabling them to directly scale globally and enable Safaricom customers to access TerraPay’s widespread partner network of 4.5 billion bank accounts and 1.5 billion mobile wallets.
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“Our partnership with Safaricom will boost our capabilities in providing an inclusive global financial ecosystem with superlative technical solutions and cultivate an affinity by empowering Safaricom customers with fast and affordable borderless payment options,” said Sur.