Kenya’s digital payments sector is witnessing remarkable growth, with a projected 14.1% compound annual growth rate (CAGR) from 2024 to 2028. By 2028, the market is expected to be valued at $14.54 billion, reflecting Kenya’s rapid shift towards cashless transactions.
Leading this transformation is M-PESA, Africa’s largest mobile money platform developed by Safaricom. From 2020 to 2024, mobile wallet payments in Kenya grew at a CAGR of 12.7%, cementing M-PESA’s role in driving financial inclusion and digital commerce.
Safaricom’s New Partnership to Expand Digital Payments and Remittances
To accelerate financial inclusion and innovation, Safaricom has entered into a strategic partnership aimed at expanding payment acceptance and cross-border remittance services. This initiative is set to benefit over 636,000 merchants using M-PESA, enabling them to serve customers seamlessly across local and global markets.
Through this collaboration, businesses will gain access to:
- Seamless digital payment solutions that improve transaction efficiency.
- Secure and fast cross-border remittances for international transactions.
- Enhanced customer experience with a frictionless payment journey.
This partnership will make digital payments more accessible and efficient across Kenya through global payment infrastructure and M-PESA’s vast merchant network.
Empowering Merchants & Driving Economic Growth
The integration of omnichannel payment acceptance solutions within M-PESA’s ecosystem will:
✔ Empower small businesses to accept digital payments effortlessly.
✔ Streamline financial transactions, reducing operational barriers.
✔ Strengthen Kenya’s cashless economy, fostering long-term economic growth.
Additionally, this initiative supports Safaricom’s goal of securing its acquiring license, ensuring greater financial inclusivity for businesses and individuals alike. The first phase of the rollout is expected in the coming months.
What’s Next
Kenya’s digital payments revolution will continue to accelerate, with M-PESA leading the charge. As Safaricom expands its services through this latest partnership, merchants and consumers will benefit from enhanced financial accessibility and seamless transactions.
