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Ethiopia Government Issues a License for Safaricom M-Pesa

Safaricom has been given permission by Ethiopia to introduce M-Pesa in the enormous, mainly unbanked country. Ethiopia Safaricom M-pesa

The telco anticipates launching the mobile money services before the end of the year, which will raise the service’s profile since its 2007 launch in Kenya.

As of this morning, Safaricom Ethiopia has officially been granted the licence to operate mobile money. We look forward to launching M-Pesa in the coming weeks.

Chief executive officer Peter Ndegwa said Thursday morning during an investor briefing.

For the full year ending March 2023, Safaricom reported a 22.2 percent decline in net profit to Sh52.48 billion, the third consecutive decline in profitability as a result of its capital commitments in Ethiopia.

Although the subsidiary reported a net loss of Sh21.7 billion, Safaricom anticipates that it would turn a profit in its fourth year of existence. Ethiopia Safaricom M-pesa

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License Fee

The National Bank of Ethiopia (NBE) has received $150 million (Sh20.5 billion at the current currency rates) in license fees from the Safaricom-led consortium in Ethiopia.

The first foreign-owned company to receive the license is Safaricom M-Pesa Mobile Financial Service, a new subsidiary that was granted the mobile money service authorization by the banking sector regulator on Thursday.

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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. Ethiopia Safaricom M-pesa

NBE said in a statement Thursday.

Seven months after entering the market, Safaricom Ethiopia increased its subscriber base to three million.

Voice, message, and data services, according to Mr. Ndegwa, have been implemented over 1,272 network points in 22 cities and regions.

909 people have worked for it so far.

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Jeremiah Maangi

A trusted igaming leader & author for articles bringing positive change in the African gambling industry. African gambling domains broker. Intelligent knowledge of customer acquisition and retention strategies. Available for new & existing gambling operations consulting and marketing services in Africa. Crypto enthusiast.

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