Safaricom’s mobile money service, M-Pesa, went live in Ethiopia on Wednesday, marking a significant step for the Kenyan telecoms operator in one of Africa’s largest economies. M-Pesa was first introduced in Kenya in 2007 and has since become Safaricom’s most profitable service. Ethiopia, with a population of approximately 120 million people and a young demographic, is seen as a promising market for Safaricom’s growth. The company also faces formidable competition from Ethio Telecom, which reported a significant increase in profits and over 34 million subscribers to its mobile money service, Telebirr, in July. The introduction of M-Pesa in Ethiopia further promotes the convenience of mobile money services in East Africa, allowing users to send and receive money, as well as make payments for goods and services.

Source: Ethiopian News August 16, 2023 14:35 UTC