ETHIOPIA EXPERTS Safaricom launches M-Pesa mobile money service in Ethiopia 1 month ago Szarlot Post Views: 121 Safaricom’s (SCOM.NR) M-Pesa mobile money service went live in Ethiopia on Wednesday, in a boost to the Kenyan telecoms operator as it seeks to kickstart growth in one of Africa’s biggest economies. Safaricom, which is part owned by South Africa’s Vodacom (VODJ.J) and Britain’s Vodafone (VOD.L), launched its voice and data network in the Horn of Africa country last year and has signed up more than 2 million active users. Safaricom introduced M-Pesa in Kenya in 2007. The service has grown to become the company’s biggest moneymaker and is also offered in the Democratic Republic of Congo, Egypt, Ghana, Kenya, Lesotho, Mozambique and Tanzania. “M-Pesa is known to be a game-changer for financial inclusion. We will continue to broaden the services our customers receive from the M-Pesa platform.” – said Stanley Njoroge, Safaricom Ethiopia’s interim CEO. Safaricom became the first private telecoms provider in Ethiopia after the government in 2019 liberalised a sector that had long been dominated by the state-controlled Ethio Telecom. The company is betting that Ethiopia, which has around 120 million people and one of Africa’s youngest populations, will power growth for years to come. Analysts said the market offers enormous opportunities, but also requires huge investments that will put Safaricom under pressure to deliver quick results. Safaricom’s core earnings fell by a fifth in the year to March 31, hit by the cost of starting operations in Ethiopia. The company also faces stiff competition from Ethio Telecom, whose profits more than doubled in its latest financial year. In July, Ethio Telecom reported having more than 34 million subscribers to its mobile money service Telebirr. Mobile money services are common in East Africa, allowing customers to send and receive money and pay for goods and services. Source: reuters.com About Post Author Szarlot I am a fan of casino games especially roulette and blackjack. After that I analyze current events in the gambling industry. See author's posts SzarlotI am a fan of casino games especially roulette and blackjack. After that I analyze current events in the gambling industry. Facebook Twitter LinkedIn Email Print Tags: Ethiopia, mobile money, Safaricom, telecom Continue Reading Previous Who is leading innovation in Africa’s entertainment scene?Next Uganda policy rate cut to 9.5% offers hope amid shocks to the economy More Stories EXPERTS KENYA Digital wallets as an enabler for financial services in Africa 22 mins ago Szarlot EXPERTS NIGERIA Afreko Media Amplifies Its Betting Platform Portfolio With The Acquisition Of Gamblers.Africa 44 mins ago Szarlot EXPERTS KENYA Unlocking the power of mobile trading: A financial revolution in Kenya 22 hours ago Samuel EXPERTS SOUTH AFRICA Online gambling addiction is a pandemic in SA, sucking in children and adults 1 day ago Szarlot EXPERTS SOUTH AFRICA MultiChoice investors kiss R32 billion goodbye 1 day ago Samuel EXPERTS KENYA Flutterwave wants to invest $50 million in Kenya 4 days ago Samuel EXPERTS HOT NEWS KENYA GamStop and Responsible Gambling in Africa 4 days ago Szarlot EXPERTS KENYA National Treasury Drafts Strategy to Catch Tax Evaders 1 week ago Samuel CASINO EXPERTS Seven fun and interesting facts about slot machines 1 week ago Iwo Bulski EXPERTS ZAMBIA Crypto-Powered Cross-Border Payments in Africa 2 weeks ago Szarlot EXPERTS NIGERIA Nigeria is losing out on Blockchain Regulations 2 weeks ago Samuel EXPERTS HOT NEWS NIGERIA Responsible Gambling in Nigeria: The Role of GamStop 2 weeks ago Szarlot Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δ This site uses Akismet to reduce spam. Learn how your comment data is processed.