https://en.sputniknews.africa/20230817/safaricom-expands-m-pesa-mobile-money-service-to-ethiopia-to-replicate-success-in-region-1061403796.html
Safaricom Expands M-Pesa Mobile Money Service to Ethiopia to Replicate Success in Region
Safaricom Expands M-Pesa Mobile Money Service to Ethiopia to Replicate Success in Region
Sputnik Africa
M-Pesa is a mobile phone-based money transfer, payment, and microfinance service launched in 2007 by Vodafone and Kenya's largest mobile operator, Safaricom... 17.08.2023, Sputnik Africa
2023-08-17T15:34+0200
2023-08-17T15:34+0200
2023-08-17T17:09+0200
east africa
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Kenyan telecoms operator Safaricom has boldly launched its M-Pesa operations in Ethiopia, three months after receiving a mobile money license. Safaricom Ethiopia's Mobile Financial Services, the unit responsible for operating M-Pesa, was officially announced on Wednesday in an attempt to replicate the unprecedented success experienced in other East African countries.Stanley Njoroge, the interim CEO of Safaricom Ethiopia, expressed his excitement at the launch, saying that "M-Pesa is known to be a game-changer for financial inclusion."Safaricom paid an investment fee of $150 million to acquire the mobile money license in Ethiopia on May 11. Safaricom aims to recoup its estimated $2 billion investment in Ethiopia over five years through revenues generated from mobile money operations, combined with the telecommunications service launched nationwide in October last year.The official launch of M-Pesa follows an intensive three-month pilot phase and rigorous testing to ensure technical readiness, establish key bank partnerships, as well as recruit, train, and onboard M-Pesa agents.In the current fiscal year, Safaricom, which became Ethiopia's first private telecom operator in 2019, plans to invest between $277.3 million and $312 million in its Ethiopian unit, compared to $385.6 million spent in the previous fiscal year ending March 2023, according to The East African.Between October 2022 and the end of March 2023, Safaricom Ethiopia attracted about three million customers, established a distribution network of more than 114 outlets, and expanded coverage to 22 regions through about 1,300 network sites.
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Safaricom Expands M-Pesa Mobile Money Service to Ethiopia to Replicate Success in Region
15:34 17.08.2023 (Updated: 17:09 17.08.2023) Muhammad Nooh Osman
Writer/Editor
M-Pesa is a mobile phone-based money transfer, payment, and microfinance service launched in 2007 by Vodafone and Kenya's largest mobile operator, Safaricom. M-Pesa has since expanded to several other African countries, including Tanzania, Mozambique, DRC, Lesotho, Ghana, Egypt, and South Africa, as well as Afghanistan, India, Romania, and Albania.
Kenyan telecoms operator Safaricom has boldly launched its M-Pesa operations in Ethiopia, three months after receiving a mobile money license. Safaricom Ethiopia's Mobile Financial Services, the unit responsible for operating M-Pesa, was officially announced on Wednesday in an attempt to replicate the unprecedented success experienced in other
East African countries.
Stanley Njoroge, the interim CEO of Safaricom Ethiopia, expressed his excitement at the launch, saying that "M-Pesa is known to be a game-changer for financial inclusion."
"We are excited to go live with M-Pesa in Ethiopia and start providing mobile financial services to our customers," said Njoroge. "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."
Safaricom paid an investment fee of $150 million to acquire the mobile money license in Ethiopia on May 11. Safaricom aims to recoup its estimated $2 billion investment in Ethiopia over five years through revenues generated from mobile money operations, combined with the
telecommunications service launched nationwide in October last year.
The official launch of M-Pesa follows an intensive three-month pilot phase and rigorous testing to ensure technical readiness, establish key bank partnerships, as well as recruit, train, and onboard M-Pesa agents.
Ethiopian M-Pesa users can now conveniently send and receive money domestically and internationally, deposit and withdraw money, pay for goods and services, access credit and savings, all using a mobile device. They will also be able to transfer funds between their bank accounts and mobile money wallets.
In the current fiscal year, Safaricom, which became Ethiopia's
first private telecom operator in 2019, plans to invest between $277.3 million and $312 million in its Ethiopian unit, compared to $385.6 million spent in the previous fiscal year ending March 2023, according to The East African.
Between October 2022 and the end of March 2023, Safaricom Ethiopia attracted about three million customers, established a distribution network of more than 114 outlets, and expanded coverage to 22 regions through about 1,300 network sites.
