M-PESA Transacts $287 Million in Three Months Since Launch in Ethiopia

Safaricom announced today its M-PESA services in Ethiopia have transacted $287 million (16 billion birr) within three months of its launch. The telecom company disclosed this information during the release of its 2023/2024 Half-Year Results.

The mobile money service has garnered 1.16 million active customers, established 22,000 agents, and onboarded 12,400 businesses. Additionally, the platform has facilitated 2 million transactions so far.

“This validates our belief in Ethiopia’s potential to significantly bolster our future growth. We are committed to sustaining this momentum in the second half of the year,” said Safaricom CEO Peter Ndegwa.

M-PESA was introduced in Ethiopia on August 16, following the issuance of the Payment Instrument Issuer License by the National Bank of Ethiopia. The app is currently available in five languages for Android devices on the Play Store and will soon be accessible on iOS devices.

Safaricom Ethiopia Telecommunications…

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Safaricom Ethiopia Launches M-PESA – Shega

Safaricom has launched its mobile money platform, M-PESA, in Ethiopia. With M-PESA, customers can send money, make merchant and bill payments, purchase airtime and data bundles, monitor airtime usage, and withdraw funds.

The launch comes on the heels of Safaricom Ethiopia being granted the Payment Instrument Issuer License by the National Bank of Ethiopia, a milestone achieved just three months ago after the telecom operator paid 150 million dollars.

M-PESA boasts an innovative offline mode, expenditure tracking feature, and security of biometric authentication for transactions. M-PESA is also a super app, encompassing various mini-apps such as Guzo Go and Tikus to enhance user experience.

How to use M-PESA in Ethiopia?

All Safaricom Ethiopia customers are automatically entitled to access the comprehensive range of services offered by M-PESA. To initiate the service or register, customers can dial *733# on their Safaricom line, regardless of whether they are…

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Safaricom to Invest Over $300 Million in Ethiopia Operations in First Year of M-Pesa Rollout

Safaricom has announced its plans to invest $300 to $350 million in its Ethiopia operations for the financial year 2024 (FY24), which will include the launch of its mobile money platform, M-Pesa. The telecom operator, having paid $150 million to secure the mobile money license, expects the M-Pesa launch to take place in the coming weeks.

“Safaricom Ethiopia is the biggest investment Safaricom Plc has made. We are the majority shareholder, and we have other minority shareholders. And every one of us is committed to ensuring the long-term success of Safaricom Ethiopia,” said Peter Ndegwa, CEO of Safaricom Plc, during a press briefing held today in Kenya. “That’s why we are promising...

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Safaricom Secures Mpesa License in Ethiopia

Safaricom M-Pesa Mobile Financial Service Plc, a subsidiary of Safaricom Telecommunication Ethiopia Plc, has been granted a payment instrument issuer license by the National Bank of Ethiopia (NBE). This marks the first time a foreign investor has been granted a mobile money license in Ethiopia.

“The issuance of this license is in line with the NBE’s ongoing efforts to promote financial innovation and inclusion in the Ethiopian market. Over the years, NBE has supported the expansion of digital finance offerings such as mobile banking, mobile wallets, internet banking, and card banking, due to the strong public demand for such services. The shift towards digital financial services is...

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Ethiopia Proposes $150 Million Entry Fee for M-Pesa, Other Foreign Mobile Money Operators

A draft directive aimed at opening up Ethiopia’s mobile money market for foreign operators proposes a license fee of $150 million.

Signed by Solomon Damtew, the Payment and Settlement System Director at the National Bank of Ethiopia, the draft was made public on February 14, 2023.

The draft directive, which is intended to replace the 2020 directive that opened the sector to non-financial players and led to the birth of Telebirr, is subject to public consultation, and a consultative meeting on the draft directive is scheduled for February 21, 2023.

The new bill follows the amendment of the National Payment System Proclamation, which was revised in the same spirit in December 2022.

The...

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