Safaricom Ethiopia obtained a cellular cash license a few months in the past, but official operations have gone live immediately.
While Safaricom formally launched in Ethiopia in October 2022, the massive query was when it would launch M-PESA, its in style cellular cash product. The reply got here three months in the past when Ethiopia granted a cellular cash license to Safaricom. Starting immediately, M-PESA will turn into instantly obtainable to 4 million Ethiopians.
Stanley Njoroge, interim CEO of Safaricom Ethiopia, stated, “We are excited to go live with M-PESA in Ethiopia and start providing Mobile Financial Services to our customers. M-Pesa is known to be a game-changer for financial inclusion and provides services to more than 51 million customers across seven countries in Africa offering a safe and secure platform for transactions.”
The service could be accessed through USSD code *733# or the M-PESA Safaricom Ethiopia smartphone app, obtainable for each iOS and Android. However, in accordance to a Safaricom Ethiopia’s X account put up, the app will solely be accessible to prospects in the approaching weeks.
Safaricom has additionally not disclosed whether or not a devoted M-PESA tremendous app will complement the service. Safaricom launched a separate tremendous app for M-PESA for Kenyan prospects that bundles all M-PESA providers, together with credit score amenities and mini apps that leverage the M-PESA cost ecosystem. Based on traits in Kenya, complementary M-PESA merchandise in Ethiopia will ultimately be replicated in the market, but that may solely occur after the service efficiently scales.
Paul Kavavu, Interim General Manager of Safaricom M-PESA Mobile Financial Services PLC, stated, “M-Pesa is Africa’s most successful mobile money service and the region’s largest fintech platform both for the banked and unbanked due to its safety and convenience. It also provides financial services to millions of people who have mobile phones, but do not have bank accounts, or only have limited access to banking services. In Kenya, it has enabled the growth of financial inclusion that over 90% of the adult population has access to mobile banking. We look forward to replicating this success in Ethiopia and excited to go live with the services. In the coming months we will continue to add more functions and work with all Ethiopians to jointly realize the transformative power of M-PESA.”
M-PESA will compete with Ethio Telecom’s Telebirr, which has been in operation since 2021. Telebirr has gained recognition in Ethiopia’s finance sector, serving 34.3 million prospects and with transactions valued at $12.3 billion. It supplies key digital monetary providers, together with Telebirr Sanduq and Endekise. These providers have prolonged microloans including up to $74.4 million, 2.4 million prospects, and facilitated over $3.6 billion in micro-savings. Alongside the Commercial Bank of Ethiopia, Telebirr plans to enhance its choices, related to M-PESA, by introducing mortgage and financial savings merchandise. Its community consists of 615 service facilities, 136 grasp brokers, and 107,300 brokers.
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