Safaricom Ethiopia, a subsidiary of Kenya’s largest telecom operator, has announced the launch of M-PESA, a mobile financial service that allows customers to send and receive money, pay bills, buy airtime, and access bank accounts using their mobile phones.
M-PESA, which means “money” in Swahili, went live today after receiving the Payment Instrument Issuer License from the National Bank of Ethiopia three months ago. The service has undergone a rigorous pilot and testing phase, secured key partnerships with banks, and recruited and trained M-PESA agents across the country.
All Safaricom Ethiopia customers can dial *733# on their Safaricom line or download the M-PESA app on their android devices to access the service. The app is currently available in five languages and will be available for IOS devices in the coming weeks.
“We are excited to go live with M-PESA in Ethiopia and start providing Mobile Financial Services to our customers. M-PESA is known to be a game-changer for financial inclusion and provides services to more than 51 million customers across seven countries in Africa offering a safe and secure platform for transactions. We will continue to broaden the services our customers receive from the M-PESA platform that will improve the quality of life for our customers. M-PESA will play its part in fast tracking Digital Inclusion and promote innovation outlined in the Digital payments Strategy 2025.” said Stanley Njoroge, Interim CEO of Safaricom Ethiopia.
“M-PESA is Africa’s most successful mobile money service and the region’s largest fintech platform both for the banked and unbanked due to its safety and convenience. It also provides financial services to millions of people who have mobile phones, but do not have bank accounts, or only have limited access to banking services. In Kenya, it has enabled the growth of financial inclusion that over 90% of the adult population has access to mobile banking. We look forward to replicating this success in Ethiopia and excited to go live with the services. In the coming months we will continue to add more functions and work with all Ethiopians to jointly realize the transformative power of M-PESA.” said Paul Kavavu, Interim General Manager of Safaricom M-PESA Mobile Financial Services PLC.
Safaricom M-PESA Mobile Financial Services PLC is Safaricom Ethiopia’s licensed and wholly owned subsidiary. The company aims to leverage its experience and expertise in mobile technology to offer innovative solutions that meet the needs and aspirations of Ethiopian customers.