Safaricom and VISA partners to make global E-commerce Easy
Safaricom and Visa partner to promote global e-commerce in Africa. Admittedly, global business deals have not been easy especially in Kenya where people are used to the Lipan na Mpesa (Pay via Mpesa) Culture. It is until Safaricom, the largest mobile money provider in Africa is partnering with VISA so as to close this gap.
The partnership will cover over 24 million M-PESA customers, more than 173,000 Lipa Na M-PESA merchants from Safaricom, and more than 61 million merchant locations throughout Visa’s global network, and over 3.4 billion Visa cards in more than 200 countries and territories, subject to regulatory approval.
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“We are delighted to partner with Visa in exploring products that will support both our customers and Lipa Na M-PESA merchants. This partnership will play an important role in delivering even more value to our customers, linking them to even more opportunities especially in global e-commerce,” said Peter Ndegwa, CEO, Safaricom.”
Adding; “Cashless payments continue to grow in popularity driven by increased globalization and digitization further creating demand for more innovative services.”
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Safaricom’s M-Pesa app is arguably the most recognized fintech product in Africa and has become a global case study in using mobile money to increase financial inclusion. On a continent that is still home to the largest share of the world’s unbanked population, Kenya has one of the highest mobile-money penetration rates in the world. This is largely due to the dominance of M-Pesa in the country, which stands as Africa’s sixth largest economy.
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Since launching M-Pesa in Kenya in 2007, Safaricom has expanded the product to additional East African countries and added to the platform financial options, such as lending and small business services.
Visa has been on a VC and partnership spree with African fintech companies over the last year.
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