It seems the demand for Safaricom’s M-Pesa payment product never eases. Since its 2007 launch in Kenya, the fintech app has commanded over 70% of the mobile money market in that country. When COVID-19 hit the East African nation of 53 million in March, the Kenyan Central Bank turned to M-Pesa as a public health tool to reduce use of cash.
And last month, one of the world’s financial services giants — Visa — connected M-Pesa to its global network.
The arrangement opens up M-Pesa’s own extensive financial services network in East Africa to Visa’s global merchant and card network across 200 countries.