In a groundbreaking move that promises to reshape the financial landscape of Ethiopia, M-PESA, the renowned mobile money service, is set to launch in the country this September. This is following the May 2023 granting of licence to operate M-PESA by the Ethiopia Government. This development is expected to significantly boost financial inclusion and economic growth in the region.
M-PESA, a service provided by Safaricom, Kenya’s largest mobile network operator, has been a game-changer in the realm of mobile banking and financial services. Since its inception in 2007, M-PESA has transformed the way people in Kenya and other parts of Africa conduct financial transactions, offering a convenient, secure, and affordable means of transferring money, paying bills, and saving.
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“We are thrilled to bring M-PESA to Ethiopia, a country with a vibrant economy and a population eager for digital financial services. Our goal is to replicate the success we’ve had in Kenya and other African countries, driving financial inclusion and fostering economic growth.”
Peter Ndegwa, CEO of Safaricom, expressed his excitement about the expansion.
The launch of M-PESA in Ethiopia is a significant milestone, considering the country’s large population and relatively low levels of financial inclusion. According to the World Bank, only about 35% of adults in Ethiopia have a bank account, leaving a vast majority of the population unbanked.
“M-PESA’s entry into the Ethiopian market is a game-changer,” said Dr. Eyob Tekalign Tolina, State Minister of Finance in Ethiopia. “This move will not only provide millions of Ethiopians with access to financial services but also stimulate economic activities by enabling seamless transactions.”
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M-PESA’s success in Kenya and its ‘copycats’ in other African countries has been largely attributed to its simplicity, affordability, and accessibility. With just a basic feature phone, users can send and receive money, pay bills, and access other financial services. This has made it particularly popular among the unbanked population, who often lack access to traditional banking services.
“M-PESA has been a catalyst for financial inclusion in Africa. Its launch in Ethiopia is a testament to its success and a step forward in our mission to provide access to financial services for everyone.”
Michael Joseph, the man credited with pioneering M-PESA.
As Ethiopia prepares for the arrival of M-PESA, there is a palpable sense of anticipation. The service’s launch is expected to spur a wave of innovation and growth in the country’s digital financial services sector, providing a much-needed boost to the economy.
The launch of M-PESA in Ethiopia this September is a significant step towards financial inclusion and economic growth. As the country gears up for this exciting development, the world watches with keen interest, eager to witness the transformative power of digital financial services in action.
