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    Report: Kenyan millennials and Gen Zs want more media coverage on money and empowerment

    Report: Kenyan millennials and Gen Zs want more media coverage on money and empowerment

    Former Head of Public Service Joseph Kinyua takes over as KCB Group Chairman

    Former Head of Public Service Joseph Kinyua takes over as KCB Group Chairman

    Isuzu East Africa launches special edition D-Max in honor of Eliud Kipchoge

    Isuzu East Africa launches special edition D-Max in honor of Eliud Kipchoge

    KCB Group shareholders to pocket KES 3.2 billion final dividend

    KCB Group shareholders to pocket KES 3.2 billion final dividend

    KCB Group PLC reports KES 9.8 billion profit after tax in Q1 2023

    KCB Group PLC reports KES 9.8 billion profit after tax in Q1 2023

    Kenyan students win global tech prize with hearing app

    Kenyan students win global tech prize with hearing app

    OpenAI leaders call for coordination and safety in superintelligence development

    OpenAI leaders call for coordination and safety in superintelligence development

    Google adds 8 new African countries to its Flood Hub platform

    Google adds 8 new African countries to its Flood Hub platform

    Safaricom to carry out system maintenance for 5 hours on Saturday night

    Safaricom to carry out system maintenance for 5 hours on Saturday night

  • Laptops
    Apple launches 15-inch MacBook Air with M2 Chip

    Apple launches 15-inch MacBook Air with M2 Chip

    Apple unveils 14-inch and 16-inch MacBook Pro with M2 Pro and M2 Max chips

    Apple unveils 14-inch and 16-inch MacBook Pro with M2 Pro and M2 Max chips

    Complete list of Macs that will run macOS Ventura

    Complete list of Macs that will run macOS Ventura

    Apple unleashes new MacBook Pros with powerful chips, more ports and a notch

    Apple unleashes new MacBook Pros with powerful chips, more ports and a notch

    Laptop buying mistakes you should avoid

    Laptop buying mistakes you should avoid

    Lenovo X1 Carbon 5th Generation Review: just good enough

    Lenovo X1 Carbon 5th Generation Review: just good enough

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    Google unveils new Pixel devices with foldable phone and tablet

    Google unveils new Pixel devices with foldable phone and tablet

    Samsung launches affordable Galaxy A-series in Kenya with flexible payment options

    Samsung launches affordable Galaxy A-series in Kenya with flexible payment options

    Xiaomi launches Redmi Note 12 Series in Kenya, starts at KES 21,999

    Xiaomi launches Redmi Note 12 Series in Kenya, starts at KES 21,999

    TECNO announces pre-orders for its first foldable smartphone in Kenya

    TECNO announces pre-orders for its first foldable smartphone in Kenya

    Oppo Reno 8T 5G launched in Kenya for KES 49,999

    Oppo Reno 8T 5G launched in Kenya for KES 49,999

    Samsung’s Galaxy S23 Unpacked event: All you need to know

    Samsung’s Galaxy S23 Unpacked event: All you need to know

    TECNO launches PHANTOM X2 Series with retractable portrait lens in Kenya

    TECNO launches PHANTOM X2 Series with retractable portrait lens in Kenya

    Samsung’s first 2023 Galaxy A series phone comes with 5G, and it’s cheap

    Samsung’s first 2023 Galaxy A series phone comes with 5G, and it’s cheap

    Tecno announces Eliud Kipchoge as brand ambassador for PHANTOM X2 Series

    Tecno announces Eliud Kipchoge as brand ambassador for PHANTOM X2 Series

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    Safaricom, NCBA, and KCB restructure Fuliza – all you need to know

    Safaricom slashes prices of 4G Wi-Fi routers by 40%

    How to apply for the new generation number plates in Kenya

    How to apply for the new generation number plates in Kenya

    How to write prompts for Midjourney, from text to image

    How to write prompts for Midjourney, from text to image

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    How to use ChatGPT and get the most out of it

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    How to make and upload YouTube Shorts with ease

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    Samsung’s Freestyle Projector now available to purchase in Kenya

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    WhatsApp introduces Chat Lock feature to protect private conversations

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Safaricom Ethiopia gets green light to offer M-Pesa services

Brian Murimi by Brian Murimi
May 11, 2023
in News
Reading Time: 3 mins read
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Safaricom Ethiopia gets green light to offer M-Pesa services
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Safaricom M-Pesa to launch mobile money services in Ethiopia

Safaricom Ethiopia has received a license from the National Bank of Ethiopia to offer mobile money services in the country under the M-Pesa brand.

This is the first mobile money license granted to a foreign investor in Ethiopia and it will enable Safaricom to expand its lucrative mobile financial service to the untapped Horn of Africa nation with over 100 million people.

Safaricom Ethiopia is a subsidiary of Safaricom Telecommunication Ethiopia Plc, which is part of a consortium led by Safaricom PLC that won one of the two private telecommunication licenses in Ethiopia last year.

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The consortium offered $850 million and promised to invest $8.5 billion over 10 years. Safaricom Ethiopia launched its GSM services in October 2021 and has since added close to 3 million customers and built a network of over 114 outlets and 1300 sites.

Safaricom PLC CEO Peter Ndegwa said: “We are excited that this is a great milestone following our entry into Ethiopia. This positions us to provide essential financial services to the Ethiopian population. We are looking forward to launch and roll out the service over the next few months.”

M-Pesa is the world’s largest mobile payment system and Africa’s largest Fintech, and the world’s first mobile money transfer system. It empowers over 30 million customers to transact, save or borrow money through their mobile phone. M-Pesa catalysed financial inclusion in Kenya to 84% from a low of 26.7% in 2006 according to the 2021 FinAccess Survey and generated over KES 117.2 billion ($886 million) in revenue in FY23.

The National Bank of Ethiopia said: “The issuance of the mobile money license reflects the NBE’s on-going objective of fostering financial innovation and inclusion in the Ethiopian market. We welcome this shift to the use of digital financial services so as to bring greater efficiency, safety, and transparency to the country’s rapidly growing financial system.”

The bank also said it will strongly support the spread of digital payment systems as a substitute for cash-based transactions within the economy and welcome the introduction of diverse forms of digital financial services so that they become a tool to help citizens transact, save, borrow, invest, and more as Ethiopia’s financial system is modernized over the coming years.

Safaricom PLC also announced its full-year results for FY23, which saw its net income increase by 3.0% to KES 74.5 billion for Safaricom Kenya. However, its group net income excluding minority interest declined by 10.6% due to expected start-up costs and investment in rolling out operations in Ethiopia within the year.

Ndegwa said: “We have delivered a solid set of results despite the tough operating environment occasioned by slowdown in business activity in an election year in Kenya, tough macro environment as well as change in mobile termination rates which impacted our voice revenues significantly. The business is stable and regained a strong positive momentum in the second half of the year. Looking into the future, we passionately believe that our business is well-positioned to support our customers and provide technology solutions as we transition into a purpose-led technology organization in line with our 5 YR strategy.”

Tags: EthiopiaSafaricom
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Brian Murimi

Brian Murimi

Brian is the founding geek at the Netick. A tech enthusiast skilled in journalism, media relations, multi-platform broadcasting, and social media. Write to him via bryanmurimi@gmail.com

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