ADDIS ABABA – The government of Ethiopia is set to grant Safaricom a licence to launch the M-Pesa mobile money services in the country.
Peter Ndegwa, CEO of Safaricom Plc, said he was “elated to announce an agreement” with the Federal Government of Ethiopia for roll out of mobile financial services.
The announcement was made at the national launch of Safaricom in Ethiopia in the presence of Prime Minister Abiy Ahmed and Kenyan President William Ruto.
“We congratulate Safaricom for being authorised to run mobile money in Ethiopia,” said President Ruto.
Ethiopia amended its laws to allow foreign investments in mobile money services, said Finance minister Ahmed Shide.
The license will make Safaricom the first foreign company to start mobile money services in Ethiopia.
Safaricom PLC runs Africa’s largest Fintech – M-PESA mobile money transfer system.
M-PESA allows over 28 million of its customers to transact, save or borrow money through their mobile phone, and generates over $826 Million annual revenue.
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