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    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

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    Flutterwave gets Switching and Processing licence from CBN

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    Google Expands its Digital Wallet to South Africa

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    FCCPC Orders Drawdown of Online Credit Companies

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    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

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    ThriveAgric selected West African Winners of the AYuTe Africa Challenge, receiving $1 million.

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    Lagos Startup Expo Commences Application for 2023 Annual Event

    Lagos Startup Expo Commences Application for 2023 Annual Event

    PICTDA opens Application  for Code Plateau 6.0

    PICTDA opens Application for Code Plateau 6.0

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    PICTDA Holds Stakeholders’ Engagement Event on Adoption of the Nigerian Startup Act in Plateau State

    Flutterwave debunks Alleged Reports of Hacked Accounts

    Flutterwave debunks Alleged Reports of Hacked Accounts

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    Jumba raises $4.5 Million Pre-seed to Expand the supply of Construction materials in Kenya.

    Jumba raises $4.5 Million Pre-seed to Expand the supply of Construction materials in Kenya.

  • FEATURED
    Nigeria’s Cash Swap Policy: Goals versus Results

    Nigeria’s Cash Swap Policy: Goals versus Results

    Six Things that could Shape the Northern Nigerian Tech Ecosystem in 2023

    Six Things that could Shape the Northern Nigerian Tech Ecosystem in 2023

    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

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    SmallSmall to Expand to Jos following a $3 Million Seed Raise

    SmallSmall to Expand to Jos following a $3 Million Seed Raise

    The Increase in Data Prices is a Big Challenge for Remote Workers in Nigeria

    How Tobiloba Olusola is making Electronic Health Records Accessible to Patients

    How Tobiloba Olusola is making Electronic Health Records Accessible to Patients

  • BLOCKCHAIN
    Binance now accepts Naira Deposits and Withdrawals

    Binance now accepts Naira Deposits and Withdrawals

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Is Africa Ready to Operate a Digital Monetary Policy?

    Is Africa Ready to Operate a Digital Monetary Policy?

    What Binance and TikTok Star, Khaby Lame’s Partnership mean for Crypto and Web3 Adoption

    What Binance and TikTok Star, Khaby Lame’s Partnership mean for Crypto and Web3 Adoption

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    Bundle Launches Web App to Give Users More Accessibility to Crypto

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  • FINANCE
    CBN prohibits Foreign Banks from Offering Banking Services

    CBN prohibits Foreign Banks from Offering Banking Services

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    Flutterwave gets Switching and Processing licence from CBN

    Flutterwave gets Switching and Processing licence from CBN

    Google Expands its Digital Wallet to South Africa

    Google Expands its Digital Wallet to South Africa

    FCCPC Orders Drawdown of Online Credit Companies

    FCCPC Orders Drawdown of Online Credit Companies

  • START UPS
    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    PressOne Africa raises $600,000 Pre-seed Funding to Support Entrepreneurs

    PressOne Africa raises $600,000 Pre-seed Funding to Support Entrepreneurs

    ThriveAgric selected West African Winners of the AYuTe Africa Challenge, receiving $1 million.

    ThriveAgric selected West African Winners of the AYuTe Africa Challenge, receiving $1 million.

    Yebo Fresh raises $4.5 million to Supply Fresh Food in South Africa

    Yebo Fresh raises $4.5 million to Supply Fresh Food in South Africa

    Sky.Garden survives Shutdown, gets New Owners

    Sky.Garden survives Shutdown, gets New Owners

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Safaricom’s Biggest Revenue Earner, M-Pesa, goes Virtual

by Mary John
June 3, 2022
in Uncategorized
Reading Time: 3 mins read
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Safaricom’s Biggest Revenue Earner, M-Pesa, goes Virtual
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Already established as Africa’s most vibrant mobile money market, Kenya has taken a step further in the bid to enhance mobile transactions among it’s people.

Yesterday being the 2nd day of June, 2022, Safaricom, East Africa’s leading telecom and facilitator of M-Pesa in collaboration with Visa launched a Virtual Card called M-Pesa GlobalPay Visa Virtual Card.

What is a Virtual Card?
A virtual card is an intangible credit and/or debit card similar to the usual hardware cards, but with randomly generated CVV codes which can be used to make online/mobile transactions in a more efficient and secure way.

M-Pesa Before and After Upgrade:
For years, M-Pesa has led its counterparts in processing mobile money transactions, for years, it has been the people’s favourite choice; but because it is a home-based initiative, it’s services are limited to functioning only within the borders of Kenya. However, this new upgrade has come to shatter all barriers.

And although there have been other platforms which offer the service of Virtual Cards to Kenyan consumers (like MTN’s MoMocard), it is a plus for Safaricom to upgrade to the virtual platform.

Why a Plus?
Because when the leading athlete in a race crosses the line, they not only rip the ribbon, they set a new record as champions of the game and take home the trophy and praises from fans – both new and old. The same is the case for M-Pesa.

Vice President, Visa, East African branch, Corine Mbiaketcha, earlier stated that “Safaricom has changed how money moves in Kenya. We are pleased to be working together to build new and innovative payments products and services that will help merchants and customers in Sub-Saharan Africa overcome hurdles to global trade”.

Benefits of the M-Pesa GlobalPay Visa Virtual Card Upgrade:

  • With Geo-restriction bridged, the upgrade provides ease and efficiency to consumers.
  • The virtual card provides safe and reliable transactions to consumers who are petrified of using their credit cards for fear of being defrauded.
  • A handful of mobile and/or international transactions accept only Visa cards and Mastercards – both of which M-Pesa was not aligned with – and study have shown that a vast majority of Kenyans use M-Pesa. Hence, before now, all international transactions were unattainable yet now, the world is more of a global village.

What Happens Next?
Mbiaketcha also assured that, “Visa is committed to expanding the payments ecosystem across Africa by opening up the global marketplace for every single consumer. This partnership with Safaricom is an important step in helping to achieve this”.

With this collaboration, the future only looks brighter for both companies and their consumers as their climb toward the future begins. As hinted by the Vice President of Visa in East Africa, we shall be expecting a wider expansion of more Virtual upgrades such as this, all around Africa in the not so distant future.

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