Safaricom broadened a partnership with multinational bank Equity Group, with the two set to collaborate on measures to boost financial inclusion in Kenya and export m-Pesa to new markets.
At an event unveiling the pact, Safaricom CEO Bob Collymore (pictured) said the two would also work together on “building and sharing technical knowledge to develop a common approach to risks such as fraud and cybersecurity”.
Another potential initiative being discussed is collaboration on agent and retail networks of the two companies.
Collymore said the operator was “looking to learn more on regional expansion from Equity as we seek to take m-Pesa beyond Kenya,” adding the partners would also “explore synergies” in this area.
Although neither company detailed the specifics of the partnership, Equity Group has a solid record of regional growth and operates subsidiaries in five markets outside of Kenya: Uganda, South Sudan, Rwanda, Tanzania and the Democratic Republic of Congo.
Exporting Safaricom’s model for mobile money, which is widely cited by the World Bank as a leading example, has been a regularly stated aim for the company since Vodacom became a major shareholder in the Kenyan operator.Subscribe to our daily newsletter Back