Safaricom has been granted a license to operate mobile money services in Ethiopia, allowing them to introduce M-PESA, the world’s largest mobile payment system and Africa’s largest fintech, to the country.
Facts
- Safaricom has officially obtained the license to operate mobile money services in Ethiopia, enabling the introduction of M-PESA.
- M-PESA is the world’s largest mobile payment system and Africa’s largest fintech.
- The license opens up opportunities to provide essential financial services to the Ethiopian population.
- M-PESA has played a significant role in financial inclusion in Kenya, raising the percentage from 26.7% to 84% according to the 2021 FinAccess Survey.
- Safaricom Telecommunications Ethiopia has gained close to 3 million customers, built a network of over 114 outlets, and established a strong presence in 22 cities and regions.
- Safaricom Kenya’s net income increased by 3.0% to KES 74.5 billion in the Full Year 2022/2023 results.
- Safaricom Group’s service revenue reached KES 295.7 billion, while M-PESA revenue grew by 8.8% to KES 117.2 billion.
