The global financial services company and Kenyan telecom Safaricom have announced a partnership on payments and tech. The arrangement opens to M-Pesa’s own extensive financial services network in East Africa, Visa’s global merchant and card network across 200 countries. The two companies will also collaborate “on development of products that will support digital payments for M-Pesa customers,” according to a Safaricom release. The partnership is still subject to regulatory approval. 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. Across Kenya’s population of 53 million, M-Pesa has 24.5 million customers and a network of 176,000 agents. The product’s mobile money market share in the country has hovered above 75% for years.
SOURCE: TECH CRUNCH
More Stories
South Africa Still a Long Way Off in Building a National Culture of Human Rights
After Lawsuits and Demonstrations Led by Chagossian Women, Britain Paid Some Compensation through the Mauritian Government to the Exiled Chagos Population
Sister to Egypt’s Most Prominent Political Prisoner Takes the Fight to the UN and EU
MSI Reproductive Choices in Africa Helps Women and Girls Make Informed Decisions about their Bodies and Futures
Kenya’s ‘Linda Mama’ Policy is a Step in the Right Direction Towards Universal Health Coverage
The Women and Caregivers behind Uganda’s Model for Palliative Care
Tunisian President’s Speech was Essentially the “Great Replacement” Theory, but with a Local Twist
The UN’s Largest Annual Gathering on Gender Equality and Women’s Empowerment Tackles the Gender Digital Divide
Challenges And Opportunities – Global Survey Results On Women’s Tech Careers
WHO Director’s Insights on Health in Africa and the IIAG Results
Best Style Moments of Tems
To the World