Browsing: Kenya’s foreign exchange market

Safaricom CEO Peter Ndegwa said the card will link their customers using funds on M-PESA to global e-commerce.https://theexchange.africa/
  • Safaricom partnered with Visa Kenya to launch the virtual visa card, which is accessible to over 30 million M-Pesa users
  • The card enables payments across 61 visa markets, charging Sh 121.92 to the dollar, a lower rate compared to commercial banks
  • Safaricom chief executive officer (CEO) Peter Ndegwa said the card would enable its customers to make payments across the world without worry
  • Besides Kenya, the service has been rolled out in Tanzania, while Mozambique, Congo, Lesotho and Ghana are target markets

Safaricom’s virtual visa card has stormed the foreign exchange market with lower rates threatening established Kenyan banks.

The giant telco partnered with Visa Kenya to launch the virtual visa card, which is accessible to over 30 million M-Pesa users.

The card enables payments across 61 visa markets, charging Sh 121.92 to the dollar, a lower rate compared to commercial banks.

With the lower charges, the telecommunications company could