“The National Bank of Ethiopia has today issued a mobile money service license to Safaricom M-Pesa Mobile Financial Service Plc, a subsidiary of Safaricom Telecommunication Ethiopia Plc,” the National Bank of Ethiopia said in a statement. “This is the first mobile money license granted to a foreign investor in Ethiopia,” it added. With the new licence, the telco will now be able to offer services such as mobile banking, mobile wallets, internet banking, and card banking. “The issuance of the mobile money license reflects the NBE’s on-going objective of fostering financial inovation and inclusion in the Ethiopian market,” it said. “We welcome this shift to the use of digital financial services so as to bring greater efficiency, safety, and transparency to the country’s rapidly growing financial system.”Only in October last year, Safaricom Ethiopia received a nod from the Ethiopian government to roll out M-Pesa.

Source: Daily Nation May 11, 2023 05:50 UTC