[Image]Safaricom is set to take its mobile money services to Ethiopia in the short-run on the granting of a license for its M-Pesa platform.On Thursday, Safaricom Ethiopia disclosed that Ethiopian Prime Minister Aby Ahmed and Kenya’s President Willian Ruto had announced the reaching of an agreement to grant a mobile financial services license.The granting of the license is expected to give impetus to the acceleration of Safaricom Ethiopia network rollout and the introduction of new products and services.ALSO READTala, Branch among 40 digital lenders flagged for personal data breachesKenya Power scales self-meter reading to address billing complaintsTransport, services sectors expect decline in jobsEarlier on, Safaricom Plc Chief Executive Officer Peter Ndegwa said the company had been edging closer to the receipt of the mobile money services license.“We believe a lot of effort has been taken to make progress. In the meantime, we are having informal conversations with government about the ability of the (Safaricom Ethiopia) consortium to operate mobile money,” he said.The grant of license will meanwhile see the expansion of the mobile money service under M-PESA Africa to its eighth country after Kenya, South Africa, Mozambique, DRC, Lesotho and Ghana.With Ethiopia’s addition, M-Pesa could multiply the number of subscribers who are currently estimated at 52 million people, with Ethiopia’s population standing at 110 million people at present.M-Pesa has over 590,000 active agents operating across the region.According to Safaricom’s full year results to March 2022, Ksh.29.5 trillion worth of transactions happened on the M-Pesa platform.During the 12 months, M-Pesa revenues stood at Ksh.107.7 billion including Ksh72.4 billion from personal payments.M-Pesa supports services beyond just personal payments to cover business & global payments and financial services such as lending and savings.
posted by Breaking Kenya news at 14:19 on 7 Oct 2022
"Safaricom Awaiting License To Set Up M-Pesa In Ethiopia"
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