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Safaricom Launches M-Pesa Mobile Money Service in Ethiopia

Safaricom has launched its groundbreaking M-Pesa mobile money service in Ethiopia, after securing a payment instrument issuer license from the National Bank of Ethiopia.

All Safaricom Ethiopia customers can now download the app and send and receive money within the country.

Users can also receive funds from abroad, pay merchants, buy airtime, and transfer to their bank accounts.

Paul Kavavu, interim GM, Safaricom M-Pesa Mobile Financial Services, says: “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.”

The service, which was originally launched in 2007, currently has a customer base of over 51 million people, across seven nations on the African continent.

The platform was even part-funded by the UK Department for International Development, in partnership with Vodafone, upon its inception 16 years ago.

In other FinTech news from the continent, esteemed venture capital firm Beyond Capital Ventures (BCV), has made a strategic investment in Zanifu, an innovative financial services platform that champions small retailers across Africa.

The exact investment amount remains undisclosed, but it’s clear that BCV sees great potential in Zanifu. This venture is a reflection of BCV’s enduring commitment to generating robust financial returns while also effecting positive social change in East Africa.

Source: Fintech Global