NewsThe mobile money platform, the largest in Africa, will take on incumbent operator Ethio Telecom’s own fintech service, TelebirrThis week. Kenyan operator giant Safaricom has launched their M-Pesa mobile money platform in Ethiopia. However, the company was restricted from launching M-Pesa immediately, with the Ethiopian government forcing them to wait a year in order to give incumbent Ethio Telecom a chance to launch their mobile money platform first. With no local competition, TeleBirr quickly racked up customers in Ethiopia’s mobile money space, earlier this year reporting roughly 34 million active users of its platform. “M-Pesa is known to be a game-changer for financial inclusion,” said Stanley Njoroge, Safaricom Ethiopia’s interim CEO.

Source: Ethiopian News August 17, 2023 18:37 UTC