TerraPay and Safaricom Partner to Enable Cross-Border Payments in Southeast Asia

TerraPay and Safaricom have partnered to create a financially inclusive payments ecosystem, allowing for seamless cross-border payments in Southeast Asia. This collaboration will empower users with secure and swift payment options, fostering financial empowerment and independence in the region.

TerraPay, a leading global payments infrastructure company, has joined forces with Safaricom, a prominent Kenya-based telecommunications, IT, and financial services provider, to facilitate outbound cross-border payments in Southeast Asia. The strategic partnership aims to create a financially inclusive payments ecosystem, promoting financial empowerment and independence in the region.

The collaboration between TerraPay and Safaricom seeks to open up new possibilities for mobile financial service operators, enabling them to scale globally and offer customers secure, transparent, and swift payment options. With access to TerraPay’s extensive partner network, customers can enjoy fast and affordable borderless payment choices.

Through this partnership, the companies will facilitate instant borderless payments, fostering financial inclusion. Mobex, a licensed money remittance provider and TerraPay’s group company in Kenya, plans to empower over 30 million M-PESA mobile wallet holders in Kenya to make real-time payments across TerraPay’s interoperable network in Bangladesh and Pakistan, with future plans to expand to India and Nepal.

Peter Ndegwa, CEO of Safaricom, expressed enthusiasm for the collaboration, emphasizing the growing trend of customers embracing digital payments to send money to loved ones. TerraPay’s interoperable technology platform will enable Safaricom’s customers to conduct secure and cost-effective payments across key regions, encouraging further adoption of digital payments in the region.

M-PESA, an Africa-based super app, empowers businesses and organizations to create digital mini-app storefronts, allowing customers to meet their daily needs and becoming a digital lifestyle enabler for enterprises.

The partnership between TerraPay and Safaricom represents a significant step towards enhancing financial inclusion and fostering seamless cross-border payments for customers in Southeast Asia. – source: IBS Intelligence

Author: Terry KS

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