Safaricom PLC has extended its M-PESA global service to Ethiopia, allowing cross-border money transfers between Kenya and Ethiopia. This follows Safaricom Ethiopia's launch of M-PESA services in August 2023, after getting a license from Ethiopia's National Bank.
M-PESA users in Kenya can now send money directly to M-PESA wallets in Ethiopia, improving financial links between the two countries.
This move is significant for Ethiopia's remittance market, which brings in over $5 billion yearly. Safaricom aims to tap into this market by offering an easy way for Ethiopians abroad to send money home. It fits with Ethiopia's 'Digital Ethiopia 2025' plan for financial inclusion and banking innovation.
This expansion could shake up Ethiopia's remittance scene, bringing competition and possibly lower costs for users. It's also a key step in Safaricom's growth in Ethiopia, where it's already built over 3,500 mobile sites and covered nearly half the country with 4G signals.
