In a move that has left many Ethiopians excited about the future of their country’s financial sector, the Ethiopian government has issued a mobile money license to Kenya’s leading telecommunications company, Safaricom.
For years, Ethiopians have been unable to access mobile money services due to strict regulations and government restrictions. However, with the issuance of the license, Safaricom is now set to revolutionize the country’s financial landscape and bring mobile money services to the masses.
Speaking about the license, Safaricom’s CEO, Peter Ndegwa, expressed his delight at the opportunity to bring M-PESA, Safaricom’s mobile money platform, to Ethiopia. He said, “We are thrilled to be partnering with the Ethiopian government to bring our innovative and convenient mobile money services to millions of Ethiopians. This is an exciting time for us, and we look forward to working closely with the government and other stakeholders to ensure that our services are accessible and beneficial to everyone.”
The National Bank of Ethiopia has today issued a mobile money service license to Safaricom M-Pesa Mobile Financial Service Plc. pic.twitter.com/9gDlJHHIR0
— National Bank of Ethiopia (@NBEthiopia) May 11, 2023
The news has been met with great enthusiasm by Ethiopians, many of whom have long been eager to access mobile money services. “This is fantastic news for Ethiopia,” said Tsegaye, a small business owner in Addis Ababa. “Mobile money will make it so much easier for me to manage my finances and do business. I can’t wait to start using it.”
The license comes as part of Ethiopia’s broader efforts to liberalize its economy and attract foreign investment. According to the Ethiopian government, the move will help boost financial inclusion, increase access to finance for small and medium-sized enterprises, and support the country’s overall economic growth.
With Safaricom’s proven track record of success in the mobile money space, Ethiopians are hopeful that the company’s entry into the market will bring much-needed innovation and competition, leading to lower costs and improved services.
As Ethiopia prepares to embrace mobile money, many are optimistic about the future of the country’s financial sector. With Safaricom leading the way, Ethiopians can look forward to a brighter, more inclusive financial future.