Safaricom has expanded its money transfer service, M-PESA Global, to Ethiopia, allowing M-PESA Kenya customers to send mobile money to M-PESA Ethiopia using the M-PESA Global Money Transfer Response.
This expansion aims to increase the use and penetration of mobile money in Ethiopia, with M-PESA customers now able to send and receive money to over 190 countries in addition to Ethiopia.
Moreover, the expansion will focus on meeting the needs, preferences and requirements of customers and consumers in the changing business world, with important procedures implemented that are also compliant with local business rules and regulations.
“This collaboration resonates with our commitment to deliver innovative financial solutions that cater to the evolving needs of our customers,” Safaricom Kenya Chief Financial Services Officer Esther Waititu said.
“By making cross-border transfers more accessible, efficient and cost-effective, we are empowering individuals and businesses across the region.”
The service, which will be available on the M-Pesa wallet, will also be available for all Safaricom customers in Ethiopia via the M-Pesa International Remittance.
Safaricom launched its M-PESA mobile money service in Ethiopia 14 months ago in August 2023, after receiving a payment license from the National Bank of Ethiopia.
Throughout the program, both companies focused on developing their strategies to provide security and financial solutions that meet the needs of businesses. The partnership is designed to provide better opportunities for individuals and companies in the region by making cross-border payments easier and more efficient.
M-PESA Kenya customers can send mobile money to M-PESA Ethiopia via M-PESA Global Money Transfer. Users in both countries also only need an M-PESA wallet to complete the transaction. The partnership comes as the National Bank of Ethiopia (NBE) is revising its foreign exchange policy to encourage more Ethiopian expatriates and business owners to accept digital payments.
