Safaricom has announced the expansion of its M-PESA Global service to Ethiopia, enabling cross-border mobile money transactions between the two East African nations. The move, announced on Monday, aims to boost financial inclusion and economic growth in the region.
The expansion allows M-PESA users in Kenya to send money directly to M-PESA wallets in Ethiopia, streamlining international remittances and potentially transforming how individuals and businesses manage their finances across borders.
Esther Waititu, Safaricom Kenya’s Chief Financial Services Officer, highlighted the significance of the expansion: “This collaboration resonates with our commitment to deliver innovative financial solutions that cater to the evolving needs of our customers. By making cross-border transfers more accessible, efficient and cost effective, we are empowering individuals and businesses across the region.”
The service capitalises on recent foreign exchange policy reforms by the National Bank of Ethiopia (NBE), which have encouraged increased adoption of digital payments among Ethiopian diaspora and business owners for remittances and operations funding.
Elsa Muzzolini, Safaricom Ethiopia’s Chief Financial Services Officer, expressed enthusiasm about the collaboration: “We are thrilled to work with M-PESA Kenya especially at a time of foreign exchange policy reforms made by the National Bank of Ethiopia that encourages a growing number of Ethiopian diaspora and business owners are embracing digital payments to send money to their loved ones and fund their operations.”
The expansion is expected to benefit various groups, including Ethiopians living and working in Kenya, as well as Kenyans residing and employed in Ethiopia. By simplifying cross-border transactions, the service aims to foster stronger economic ties between the two nations and promote regional financial integration.
M-PESA, which has become synonymous with mobile money in East Africa since its launch in 2007, has been steadily expanding its global reach. With this latest addition, M-PESA users can now send and receive money to and from over 190 countries, solidifying its position as a leading mobile money platform for both individual and corporate transactions.
