Safaricom Ethiopia has received mobile money licence from the National Bank of Ethiopia to expand M-Pesa in Ethiopia. Safaricom has received a a payment instrument issuer licence from the National Bank of Ethiopia to expand its mobile money offering, M-Pesa into the country—after paying a fee of $150 million. With this licence, the leading East African telco will be competing with the state-owned mobile money provider, telebirr. During the launch, Kenyan President, William Ruto and Prime Minister of Ethiopia Abiy Ahmed Ali reached a deal on behalf of Safaricom and the Ethiopian government to issue a mobile money licence to the telco. Safaricom Ethiopia is owned by an international consortium including Vodafone Group; Safaricom PLC; Vodacom Group; Sumitomo Corporation – one of the largest international trading and business investment companies; and British International Investment (BII) – the UK’s development finance institution and impact investor.

Source: Ethiopian News May 11, 2023 12:59 UTC