Safaricom Telecommunications Ethiopia has witnessed a surge in M-PESA users and transactions since launching the mobile money service on August 15, 2023.
According to its latest quarterly update, the number of M-PESA users had reached 3.1 million by the end of December 2023, up from 1.2 million in September 2023.
The value of transactions also increased from Ksh3 billion ($18.7 million) to Ksh18.5 billion ($115.3 million) in the same period.
Safaricom chief executive Peter Ndegwa expressed his satisfaction with the performance of M-PESA in Ethiopia, saying that it has generated optimism among the young population and will contribute to financial inclusion in the country.
The Ethiopian unit has also expanded its network of active M-PESA merchants from 12,400 to 43,100 and the volume of transactions from two million to 9.2 million.
As a result, the unit earned Ksh44.9 million ($279,750) in revenue from M-PESA in four and a half months, surpassing the revenue from the messaging service, which was Ksh28.2 million ($175,700) in nine months.
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