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Safaricom partners with TerraPay, targets remittances to SouthEast Asia (Pakistan and Bangladesh)

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Safaricom has partnered with TerraPay (Mobex Kenya), which will empower over 32 million M-PESA customers to send and receive money to a population of over 200 million individuals in Bangladesh and Pakistan.

This groundbreaking partnership with Safaricom is expected to accelerate the growth of mobile financial service providers, enabling them to expand globally and offer customers secure, transparent, and efficient payment options.

The Founder and Chief Executive Officer (CEO) of TerraPay, expressed excitement about the collaboration, emphasizing that it will enhance their ability to provide an inclusive global financial ecosystem.

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“By joining forces with Safaricom, TerraPay aims to empower Safaricom customers with fast, affordable, and borderless payment solutions. We also plan to leverage TerraPay’s vast partner network of 4.5 billion bank accounts and 1.5 billion mobile wallets.”

M-PESA customers can conveniently send and receive money to Bangladesh and Pakistan through the M-PESA Global service, available on the M-PESA Super App or by dialling *334# and selecting M-PESA Global in the “Send Money” menu.

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Safaricom’s CEO, Peter Ndegwa, highlighted the importance of remittances as an economic lifeline for households and businesses, connecting them to opportunities worldwide.

He expressed delight in partnering with TerraPay, enabling Kenyans to engage in transactions with over 200 million people in Bangladesh and Pakistan, thereby expanding their global connections.

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With this collaboration, TerraPay joins a list of over 35 partners under the M-PESA Global service, facilitating money transfers and payments across more than 170 countries.

In the previous financial year until March 2023, over 917,000 customers utilized the M-PESA Global service, conducting more than 31.8 million transactions totalling over Sh418 billion.

Notably, M-PESA processed more than 90% of all remittances into Kenya during that period.

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Diana Mutheu
Diana Mutheu
Diana Mutheu is a Tech enthusiast, happy to delve deeper into the African tech space covering Social Media, AI, Startups, Telcos, Cryptocurrency, Big Data, Women in Tech and all matters Tech. Write to me @[email protected]

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