M-Pesa, Africa's largest financial technology (fintech) platform, has gained 1.2 million members in Ethiopia within the first two months of launching its mobile money service. The telecommunications company confirmed this achievement in its 2023/2024 half-year results announcement.
M-PESA commenced operations in Ethiopia on August 16th following approval from the National Bank of Ethiopia.
Jointly operated by Vodacom Group and Safaricom, M-Pesa stands out as the continent's most successful mobile money platform, proving to be a key revenue source for both telecom companies. The introduction of M-Pesa in Ethiopia marked a significant stride for Safaricom, which aims to expand its services in one of Africa's most populous nations.
Safaricom reported a substantial increase in transaction values, reaching $288 million since the start of the service. The platform has gained traction with 23,000 M-Pesa agents and 12,000 businesses adopting the service.
Safaricom CEO Peter Ndegwa expressed optimism about Ethiopia's role in supporting future growth, emphasizing the intention to sustain momentum in the year’s second half. Safaricom's strategic goal in Ethiopia is to promote financial inclusion and establish a cashless economy.
With a population exceeding 100 million, Ethiopia presents a highly prospective market for M-Pesa. Safaricom disclosed that its client base had expanded to 4.1 million people, with a presence in 22 cities across the country.
