Sat. Jun 15th, 2024

Govt to Grant Safaricom Licence to Launch M-Pesa in Ethiopia

The government of Ethiopia is set to grant Safaricom a licence to launch the M-Pesa mobile money services in the country.

MPESA Mobile Money

Peter Ndegwa, CEO of Safaricom Plc, said he was “elated to announce an agreement” with the Federal Government of Ethiopia for roll out of mobile financial services.

The announcement was made at the national launch of Safaricom in Ethiopia in the presence of Prime Minister Abiy Ahmed and Kenyan President William Ruto.

“We congratulate Safaricom for being authorised to run mobile money in Ethiopia,” said President Ruto.

Ethiopia amended its laws to allow foreign investments in mobile money services, said Finance minister Ahmed Shide.

The license will make Safaricom the first foreign company to start mobile money services in Ethiopia.

Safaricom PLC runs Africa’s largest Fintech – M-PESA mobile money transfer system.

MPESA Mobile Money
MPESA Mobile Money

M-PESA allows over 28 million of its customers to transact, save or borrow money through their mobile phone, and generates over $826 Million annual revenue.

By Chala Dandessa

I am Lecturer, Researcher and Freelancer. I am the founder and Editor at ETHIOPIANS TODAY website. If you have any comment use caalaadd2@gmail.com as email contact. Additionally you can contact us through the contact page of www.ethiopianstoday.com.

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