Close Menu
Innovation Village | Technology, Product Reviews, Business
    Facebook X (Twitter) Instagram
    Sunday, July 20
    • About us
      • Authors
    • Contact us
    • Privacy policy
    • Terms of use
    • Advertise
    • Newsletter
    • Post a Job
    • Partners
    Facebook X (Twitter) LinkedIn YouTube WhatsApp
    Innovation Village | Technology, Product Reviews, Business
    • Home
    • Innovation
      • Products
      • Technology
      • Internet of Things
    • Business
      • Agritech
      • Fintech
      • Healthtech
      • Investments
        • Cryptocurrency
      • People
      • Startups
      • Women In Tech
    • Media
      • Entertainment
      • Gaming
    • Reviews
      • Gadgets
      • Apps
      • How To
    • Giveaways
    • Jobs
    Innovation Village | Technology, Product Reviews, Business
    You are at:Home»Africa»Safaricom launches M-Pesa mobile money service in Ethiopia
    M-Pesa
    M-Pesa

    Safaricom launches M-Pesa mobile money service in Ethiopia

    0
    By Tapiwa Matthew Mutisi on August 16, 2023 Africa, Financial Inclusion, Financial Services, Mobile Money, News, Telecoms

    Safaricom’s M-Pesa mobile money service went live in Ethiopia on Wednesday, in a boost to the Kenyan telecoms operator as it seeks to kickstart growth in one of Africa’s biggest economies.

    Safaricom, which is partly owned by South Africa’s Vodacom and Britain’s Vodafone, launched its voice and data network in the Horn of Africa country last year and has signed up more than 2 million active users.

    Safaricom introduced M-Pesa in Kenya in 2007. The service has grown to become the company’s biggest moneymaker and is also offered in the Democratic Republic of Congo, Egypt, Ghana, Kenya, Lesotho, Mozambique, and Tanzania.

    M-Pesa is known to be a game-changer for financial inclusion. We will continue to broaden the services our customers receive from the M-Pesa platform.

    Stanley Njoroge, Safaricom Ethiopia’s interim CEO

    Safaricom became the first private telecom provider in Ethiopia after the government in 2019 liberalized a sector that had long been dominated by the state-controlled Ethio Telecom. The company is betting that Ethiopia, which has around 120 million people and one of Africa’s youngest populations, will power growth for years to come.

    Analysts said the market offers enormous opportunities but also requires huge investments that will put Safaricom under pressure to deliver quick results. Safaricom’s core earnings fell by a fifth in the year to March 31, hit by the cost of starting operations in Ethiopia.

    The company also faces stiff competition from Ethio Telecom, whose profits more than doubled in its latest financial year. In July, Ethio Telecom reported having more than 34 million subscribers to its mobile money service Telebirr.

    Mobile money services are common in East Africa, allowing customers to send and receive money and pay for goods and services.

    Related

    Africa ethiopia Financial Inclusion M-pesa Mobile Money Mobile Network Safaricom Technology Telecommunication
    Share. Facebook Twitter Pinterest LinkedIn Email
    Tapiwa Matthew Mutisi
    • Facebook
    • X (Twitter)
    • LinkedIn

    Tapiwa Matthew Mutisi has been covering blockchain technology, intelligent technologies, cryptocurrency, cybersecurity, telecommunications technology, sustainability, autonomous vehicles, and other topics for Innovation Village since 2017. In the years since, he has published over 4,000 articles — a mix of breaking news, reviews, helpful how-tos, industry analysis, and more. | Open DM on Twitter @TapiwaMutisi

    Related Posts

    Maziv deal restructured amid regulatory push

    Global Innovation Fund backs Keep It Cool to revolutionize cold chain logistics in East Africa

    AfCFTA Credit Fund launches with $10M investment in Telecel Global Services

    Leave A Reply Cancel Reply

    You must be logged in to post a comment.

    Copyright ©, 2013-2024 Innovation-Village.com. All Rights Reserved

    Type above and press Enter to search. Press Esc to cancel.