Safaricom has extended its M-PESA Global service to Ethiopia, enabling customers to send and receive money between Kenya and Ethiopia.
This expansion aims to increase mobile money usage and promote economic growth in the region.
Elsa Muzzolini, Chief Financial Services Officer of Safaricom Ethiopia, highlighted the collaboration’s significance in facilitating safe and affordable cross-border transfers.
She noted that the move aligns with the National Bank of Ethiopia’s recent foreign exchange policy reforms and the growing demand for digital payments among the Ethiopian diaspora and businesses.
“Our M-PESA Ethiopia customers should now be able to receive safe and affordable transfers from M-PESA Kenya thanks to this collaboration, which will further promote the region’s adoption of digital payments,” Elsa Mussolini said during the deal’s signing ceremony.
Esther Waititu, Chief Financial Services Officer of Safaricom Kenya, emphasized the service’s benefits in empowering individuals and businesses across East Africa. She highlighted the increased accessibility, efficiency, and cost-effectiveness of cross-border transactions.
This expansion marks a significant milestone for Safaricom and reinforces its commitment to providing innovative financial services and promoting regional integration in East Africa.
Safaricom’s popular mobile money service, M-PESA went live in Ethiopia in August 2023.
By May 2024, Safaricom Ethiopia had 4.4 million 90-day active mobile customers, with a network covering 40% of the population, and M-PESA had 4.5 million total registered mobile money users in the country.
M-PESA Revolutionizes Financial Inclusion in Ethiopia, Boosting Economic Growth
