The National Bank of Ethiopia, the country’s industry regulator is proposing a $150 million license fee from M-Pesa and other mobile operators who want to set up shop in the country. In a draft proposal signed by Solomon Damtew, the Payment and Settlement System Director at the National Bank of Ethiopia, the regulator is referring to the $150 million fee as an investment protection fee. This draft law opens the way for discussion on the progress of Safaricom’s application to launch mobile money services in Ethiopia. Since entering the Ethiopian market, Safaricom had indicated it was looking to introduce its mobile money services M-Pesa into the country. In April of that same year, however, Ethiopia’s Central Bank drafted a Bill that opened the door for foreign investors such as Safaricom to offer mobile money services.

Source: Ethiopian News February 20, 2023 23:32 UTC