TerraPay (Mobex) partners with Safaricom M-PESA to enable seamless cross-border transfers

2023-07-20 04:43:20

London (ots/PRNewswire) – TerraPay, a leading global payments infrastructure company, announced its partnership with Safaricom, Kenya’s leading telecommunications, IT and financial services provider. Together, both companies will usher in the benefits of financial inclusion by enabling instant cross-border payments. The partnership by TerraPay’s subsidiary Mobex (Kenya), a licensed money transfer provider, enables more than 30 million M-PESA mobile wallet holders in Kenya to send real-time payments over Terrapay’s interoperable network to all wallets in Bangladesh & Pakistan , with plans to launch India & Nepal in the coming months.

In the six months ended March 2023, M-PESA Global transactions grew by 2.2% and 5.6% year-on-year, respectively, in terms of volume and value, amid an increase in cross-border transactions.Mobile Payment Adoption in Kenya has increased recently following the central bank pushed ahead with the service. Through this partnership, both companies aim to work towards creating a financially inclusive payments ecosystem while promoting financial empowerment and independence.

Ambar Sur, Founder and CEO of TerraPay, had the following to say regarding this new partnership: “We believe this groundbreaking collaboration with Safaricom will create a multitude of new opportunities for mobile financial services providers to expand globally directly and offer customers the ability to send payments in a secure, transparent and fast manner. Our partnership with Safaricom will be ours Further strengthen capabilities in delivering an inclusive global financial ecosystem powered by our agile payments infrastructure, offering Safaricom customers fast and affordable borderless payment options and access to TerraPay partner network with more than 7.5 billion bank accounts and more than 2.1 billion mobile wallets make possible”.

Peter Ndegwa — CEO of Safaricom, commented on the launch of the partnership as follows: “We are very excited to partner with TerraPay as this comes at a time when more and more customers are using digital payments to send money to loved ones. TerraPay’s interoperable technology platform will enable our customers to make secure and cost-effective payments in key geographies and further drive adoption of digital payments in the region. We are looking forward to a successful cooperation”.

Information regarding TerraPay

TerraPay is headquartered in the UK. The company believes that even the smallest payments deserve a seamless and safe journey, just like the largest payments. The group has developed an ever-expanding payment capability that empowers businesses to create transparent customer experiences, with an uninterrupted, secure and real-time connection for every payment, no matter how small or large. Authorized and regulated in 27 global markets, TerraPay is a leading global partner for banks, mobile wallets, money transfer operators, merchants and financial institutions, creating a more expansive and inclusive international financial ecosystem. With access to an extensive network of over 7.5 billion bank accounts and more than 2.1 billion mobile wallets in 112 receiving countries and 208 sending countries, TerraPay enables its partners to become symbols of the promise of global financial inclusion.

For more information, see terrapay.com

Press contact:

Sneha Dwivedi [e-mail]

Information regarding Safaricom

Safaricom is the leading telecommunications company in East Africa. Our purpose is to change lives by connecting people with people, people with opportunity and people with information. We connect over 42 million customers and play a vital role in society. We support over one million jobs both directly and indirectly, while our total economic value for the 12 months ended March 2022 was estimated at KES 393 billion ($3.1 billion).

We are listed on the Nairobi Securities Exchange and have annual revenues of approximately KES 298 billion ($2.5 billion) as of March 2022. Safaricom offers connectivity through a wide range of technologies including 2G, 3G, 4G and 5G, the collectively cover more than 99% of the Kenyan population

We operate the world’s largest mobile payment system and Africa’s largest fintech, M-PESA, the world’s first mobile money transfer system. By empowering more than 30 million customers to transact, save or borrow money, M-PESA has increased financial inclusion in Kenya to over 84% of the adult population, from a low of 25% and by fiscal year 2022 Generated revenues in excess of KES 107.6 billion ($920 million).

Our subsidiary, Safaricom Telecommunications Ethiopia, plans to provide world-class networks and services in 2022 to contribute to Ethiopia’s digital transformation. Safaricom is an Equal Opportunity Employer and actively recruits employees from a variety of backgrounds and reflects the communities we serve. We are determined to achieve equal gender representation at all levels. Our goal is to achieve a 50:50 gender ratio in senior management by 2025.

As part of our ongoing commitment to the Sustainable Development Goals (SDGs), we continue to work to improve energy and resource efficiency across our network and facilities to reduce carbon emissions and fuel consumption. We remain committed to becoming a carbon neutral company by 2050.

If you want more information, please visit www.safaricom.co.ke

For news please visit: aricom.co.ke/media-center-landing/press-releases

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For more information please contact Safaricom PR & Corporate Communications [e-mail]

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