Ethiopian Authorities Approve Safaricom’s Launch of M-Pesa

The Kenyan mobile money service M-Pesa, launched in 2007, is expanding to Ethiopia. A company’s CEO Peter Ndegwa described Ethiopia as an opportunistic market where M-Pesa will be offered as soon as regulatory approval is granted.

  • M-Pesa, which operates via SMS phone messaging and offers the capability of making deposits and sending and receiving payments, is expected to compete with state-owned Ethio Telecom service “Telebirr” which attracted up to 4 million users in just a few months after launching its mobile financial services last year.
  • During an August interview with PYMNTS, Safaricom’s CEO Peter Ndegwa said the company sees Ethiopia as an opportunity for M-Pesa to be offered once it has received regulatory approval for it.
  • The Safaricom license was acquired in July 2021, but it did not include mobile money services, partly because Ethiopian law prohibited foreign investors from operating in Ethiopia’s financial sector. As of April 2022, the NBE will amend financial laws to permit foreign investors to offer The Safaricom license was acquired in July 2021, but it did not include mobile money services, mobile money services to Ethiopians.

Can you use M-Pesa in Ethiopia?

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NOW THEN DIGITAL publishes via https://nowthendigital.com all kinds of news, ranging from politics to entertainment, food to finance to world news.