Safaricom has laid plans for a strategic partnership with Apple Inc., in a bid to increase M-Pesa’s global reach.
The plan involves the integration of M-Pesa, one of Africa’s largest mobile payment platforms with Apple’s PayPal.
This ambitious collaboration aims to significantly expand M-Pesa’s global transactional capabilities, particularly following its expansion into financial services in various countries.
The momentous announcement was made by Kenyan President William Ruto during his participation in the ongoing U.S.-African Business Roundtable, signifying a crucial step toward enhancing Kenya’s financial technology ecosystem and extending the reach of M-Pesa beyond its current boundaries.
It’s worth noting that Safaricom and PayPal have previously joined forces to facilitate the seamless transfer of funds between M-Pesa and PayPal accounts.
This partnership has been lauded for its pivotal role in boosting international eCommerce, simplifying transactions, and fostering financial inclusivity.
Under this arrangement, eligible M-Pesa customers in Kenya can seamlessly link their PayPal accounts to their M-Pesa wallets.
This linkage empowers them to securely and conveniently make purchases of goods and services from merchants located across the globe.
Moreover, M-Pesa users can continue to receive and withdraw money from a vast network of over 140,000 agents spread across the country.
M-Pesa, which is operational in seven countries, serves a massive customer base exceeding 51 million users.
In addition to its partnership with PayPal, Safaricom has formed global collaborations with prominent entities such as AliExpress and Western Union, enabling its customers to easily engage in cross-border financial transactions.
President Ruto emphasized that Kenya has become an attractive destination for venture capital investments, thanks to its supportive environment for innovators and product testing.
“Venture capital flows to Kenya in large volumes because there is a conducive environment for innovators to test their products,” President Ruto said.
This favorable ecosystem is poised to drive further growth and innovation in the country’s technology and financial sectors, making Kenya a trailblazer in the global fintech landscape.