Safaricom has expanded its M-PESA Global service to Ethiopia, enabling customers to make mobile money transactions from Kenya to Ethiopia.
This collaboration aims to increase mobile money usage and penetration in Ethiopia, boosting local economies and creating opportunities for individuals and businesses in the region.
Safaricom Kenya’s Chief Financial Services Officer, Esther Waititu stated, “This collaboration aligns with our commitment to providing innovative financial solutions that meet our customers’ evolving needs. By making cross-border transfers more accessible, efficient, and cost-effective, we are empowering individuals and businesses across the region.”
M-PESA Kenya customers can now send mobile money transfers to M-PESA Ethiopia through the M-PESA International Remittance service.
This collaboration only requires customers in both countries to use their M-PESA wallets.
During the signing ceremony held in Nairobi, Safaricom Ethiopia’s Chief Financial Services Officer, Elsa Muzzolini said, “We are excited to partner with M-PESA Kenya, especially during a time of foreign exchange policy reforms by the National Bank of Ethiopia (NBE). These reforms encourage a growing number of Ethiopian diaspora and business owners to embrace digital payments for sending money to loved ones and funding their operations.”
“Our M-PESA Ethiopia customers can now receive safe and affordable transfers from M-PESA Kenya thanks to this collaboration, which will further promote the region’s adoption of digital payments. We look forward to a successful partnership,” she added.
The expansion of M-PESA Global to Ethiopia is a significant step towards strengthening financial integration in East Africa and promoting economic growth.
Key beneficiaries of this development include Ethiopians living and working in Kenya and Kenyans living and working in Ethiopia.
In addition to Ethiopia, M-PESA customers can also send and receive money to over 190 countries, making it the preferred mobile money solution for both individual and corporate transactions.
This unfolds as Kenyan lawmakers revives the motion to split Safaricom from its M-Pesa mobile money service. This renewed effort comes with the reintroduction of the 2022 Information and Communications (Amendment) Bill which aims to separate the two entities, with the goal of increasing regulatory control and reducing Safaricom’s monopoly in the market.
