Soon Ethiopians will be able to experience the popular M-Pesa mobile payment service offered by Safaricom in Kenya. According to Reuters, negotiations with local authorities reached advanced stages.
For the Vodacom subsidiary, the guarantee of sustained financial growth for the coming years would be to successfully enter the Ethiopian market, with a population of 100 million and facing a low rate of financial inclusion.
Currently, Safaricom, which already dominates the Kenyan market, in the segments of voice, data and Mobile Money is looking for new markets to conquer. For a long time, Ethiopia has remained a tightly closed market for telecom investors and value-added service providers. But with the opening promoted by Prime Minister Abiy Ahmed, business opportunities are on the horizon.
Safaricom is not the only company that is eyeing the Ethiopian telecom market. MTN and Vodafone, who were waiting for the slightest opportunity to rush into it, clearly expressed their intention on June 5, 2018, after the government announced its intention to open Ethio Telecom's capital to private investors.