Safaricom, TerraPay (Mobex Kenya) launch M-PESA transfers between Kenya, Bangladesh, Pakistan
Date: 2023-07-19
Kenya’s telecom giant, Safaricom, has announced a partnership with
TerraPay (Mobex Kenya), empowering more than 32 million M-PESA customers to
send and receive money to more than 200 million people across Bangladesh and
Pakistan.
In a statement, it noted that M-PESA customers can 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.
“We believe this breakthrough collaboration
with Safaricom will spur the development of mobile financial service operators
enabling them to directly scale globally and provide customers with the choice
to send payments in a secure, transparent, and swift manner. Our partnership
with Safaricom will further boost our capabilities in providing an inclusive
global financial ecosystem with superlative technical solutions- cultivate an
affinity by empowering Safaricom customers with fast & affordable
borderless payment options and access to TerraPay’s widespread partner network
of 4.5 billion bank accounts and 1.5 billion mobile wallets,” said Ambar Sur, Founder & CEO – TerraPay.
“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. 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. This
partnership opens up one of the world’s largest remittance markets making
Kenyans more globally connected,” said Peter Ndegwa - CEO, Safaricom.
TerraPay joins a roster of more than 35 partners under the M-PESA Global
service which enables customers in Kenya to send and receive money and make and
receive payments across more than 170 countries
In Safaricom’s last financial year to March 2023, more than 917,000
customers used the M-PESA Global service, transacting more than Kshs.418
billion in over 31.8 million transactions. Accordingly, M-PESA processed more
than 90% of all remittances into the country.
By: Kanto Okanta
