Safaricom expands M-PESA platform to Ethiopia, boosting regional financial inclusion

Timilehin Adejumobi -
Key Points
  • Safaricom has launched M-PESA Global in Ethiopia, aiming to boost financial inclusion and economic activity across the region.
  • The platform offers seamless money transfers between Kenya and Ethiopia, promoting digital adoption for individuals and businesses.
  • Under Peter Ndegwa, Safaricom strengthens its presence in Ethiopia, aligning with its broader mission to enhance financial integration in Africa.

Safaricom, East Africa’s largest telecom operator, led by Kenyan tycoon Peter Ndegwa, announced on Monday the launch of M-PESA Global, expanding its renowned mobile money platform into Ethiopia. The move aims to strengthen regional financial inclusion and boost economic activity across borders.

The service will allow seamless cross-border money transfers between Kenya and Ethiopia, providing critical financial solutions to individuals and businesses on both sides. This initiative is part of Safaricom’s broader strategy to solidify its position as a regional telecom leader.

Esther Waititu, chief financial services officer at Safaricom Kenya, emphasized the company’s dedication to providing accessible financial solutions. “This collaboration aligns with our mission to deliver efficient and cost-effective cross-border transfers, empowering individuals and businesses throughout the region,” Waititu said.

M-PESA facilitates cross-border payments

The M-PESA International Remittance feature will allow customers to perform secure transactions directly from their digital wallets. The partnership between Safaricom Kenya and Safaricom Ethiopia makes financial transfers affordable and secure for users in both countries, further encouraging digital adoption.

Elsa Muzzolini, chief financial services officer at Safaricom Ethiopia, noted that the service aligns with Ethiopia's evolving financial policies. "We are excited to partner with M-PESA Kenya as the Ethiopian diaspora and local businesses increasingly embrace digital payments," Muzzolini said. “Our customers can now receive affordable and safe transfers, accelerating the region’s digital payment adoption.”

Beyond Kenya and Ethiopia, M-PESA users will also gain access to international transfers, with the ability to send and receive funds across 190 countries, solidifying the platform’s role in supporting both personal and corporate transactions.

Safaricom’s growth strategy under Peter Ndegwa

Safaricom, founded in 1993 and headquartered in Nairobi, has grown into a telecom giant offering services ranging from mobile connectivity to cloud hosting and M-PESA payments.

Under the leadership of Peter Ndegwa, Safaricom has expanded beyond its home market, advancing financial inclusion through strategic initiatives. The company’s recent $116 million Sustainability Linked Loan demonstrates its commitment to environmental, social, and governance (ESG) principles.

Safaricom's partnerships, including a collaboration with Mastercard, further position it as a leader in digital payments and cross-border remittances in Africa. The company’s growing influence in Ethiopia marks another milestone in its strategy to drive financial integration and inclusion across the continent.