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Safaricom granted approval to launch mobile money service in Ethiopia.

Safaricom Ethiopia has reportedly been granted a license to operate mobile money services in the country following successful negotiations with the Ethiopian government. This development comes as a major breakthrough for the telecom giant, which had been seeking to expand its financial services offerings in the Ethiopian market.

The news was confirmed by Peter Ndegwa, Safaricom CEO, who stated, “As of this morning, Safaricom Ethiopia has officially been granted the license to operate mobile money. We look forward to launching M-Pesa in the coming weeks.”

The telecommunications giant, has announced plans to establish a new entity named Safaricom ET MFS in order to expand their financial services offerings. This new entity will operate under the popular MPESA brand, which has already garnered a significant following in the mobile payments market.

With the granting of the license, Safaricom can now bring its innovative mobile money services to Ethiopia, a country with a population of over 123 million people. The move is expected to provide a much-needed boost to Ethiopia’s financial sector and promote financial inclusion among its citizens.

The move comes as the company seeks to capitalize on the growing demand for mobile financial services in the region and solidify its position as a key player in the industry. Customers can look forward to a wider range of financial services, all accessible through the trusted and user-friendly MPESA platform.

According to Ndegwa, the Ethiopian subsidiary has achieved a record of 2.1 million active customers within just three months. The company has expanded its network coverage to include 22 cities and 1,272 network sites.

Related Post:   Banking-as-a-Platform (BaaP) Market to Witness 1,125% Revenue Increase by 2028.

Safaricom Ethiopia Plc Numbers since launch in October 2022

– 2.1 million Active Voice Customers

– 1.4 Million Data Customers

– 0.7 Million Messaging Customers

– Total Revenue of Ksh 1.8 Billion

This development marks a significant milestone for Safaricom, as the company expands its footprint in the East African region. M-Pesa, Safaricom’s mobile money platform, is widely recognized as a game-changer in the financial services industry. The service has transformed the way people in Kenya conduct financial transactions and has been adopted by millions of people across the country.

With Safaricom’s proven track record in providing mobile financial services in Kenya through its popular M-Pesa platform, the company is poised to bring its expertise and experience to the Ethiopian market.

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