African mobile money app, M-PESA, has signed a new strategic partnership with fintech giant Amazon, tackling global remittances market’s multi-trillion dollar surge.
According to the UN, global remittances are set to reach over USD 4 trillion by 2030, and M-PESA is targeting a two-way flow with its recent partnership with Amazon, aiming to expand beyond the African continent.
With Africans living abroad sending over USD 54 billion at home in 2022, M-PESA is also looking into boosting its local success and become the platform of choice for the global African diaspora.
By signing a new partnership with Amazon, the fintech is looking to expand its business across Europe and could benefit from backup from Vodafone and Vodacom, Safaricom’s global shareholders to penetrate the rather robust European markets, and distinguish itself from traditional banks.
The Africa-based M-PESA is planning to split from Safaricom, its telecommunications parent company and run as a standalone financial service company, tackling globally popular brands in the industry.
The African fintech is also looking into signing more partnerships with local banks and mobile operators to boost its global presence, similar to its strategic agreement with Tanzania-based startup Nala, aimed to scale its International Money Transfer (IMT) services to the European Union.
Source: ThePayers
