Safaricom has today announced the expansion of its International Money Transfer (IMT) to Ethiopia. With this, M-Pesa customers in Kenya will now be able to send money to Ethiopia through M-PESA Global. Customers in both countries will only require their M-PESA wallets.
Safaricom says this move seeks to increase mobile money use and penetration across Ethiopia. Safaricom was granted the license to roll out M-Pesa in Ethiopia back in May 2023. Uptake was quick reaching over 3 million M-Pesa users out of over 5 million total subscribers. Ethiopia still has a long way to go as reliance on cash is seen as one of the major reasons hindering adoption of mobile money services in the country.
Safaricom is optimistic though. Commenting on this development, Safaricom Kenya’s Chief Financial Services Officer, Esther Waititu said: “This collaboration resonates with our commitment to deliver innovative financial solutions that cater to the evolving needs of our customers. By making cross-border transfers more accessible, efficient and cost effective, we are empowering individuals and businesses across the region.”
Speaking during the signing ceremony, Elsa Muzzolini – Safaricom Ethiopia’s Chief Financial Services Officer stated, “We are thrilled to work with M-PESA Kenya especially at a time of foreign exchange policy reforms made by the National Bank of Ethiopia (NBE) that encourages a growing number of Ethiopian diaspora and business owners are embracing digital payments to send money to their loved ones and fund their operations
“Our M-PESA Ethiopia customers should now be able to 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 collaboration,” she added.
Key beneficiaries of the latest development include, Ethiopians living and working in Kenya, Kenyans living and working in Ethiopia.
