• Home
  • Business News
  • Weekly Reviews
  • Market Reports
Sunday, June 8, 2025
  • Login
  • Home
  • Business News
  • Weekly Reviews
  • Market Reports
  • Global Markets
  • Commodities
  • Corporate News
No Result
View All Result
The Trading Room
  • Home
  • Business News
  • Weekly Reviews
  • Market Reports
  • Global Markets
  • Commodities
  • Corporate News
No Result
View All Result
The Trading Room
No Result
View All Result
Home Corporate News

M-pesa to Begin Operations In Ethiopia in One Year

Leah Wamugu by Leah Wamugu
in Corporate News
Reading Time: 2 mins read
A A
0
M-pesa Ethiopia
Share on FacebookShare on Twitter

Safaricom Plc, Kenya’s telecommunication giant that runs M-Pesa, was on Saturday awarded a license to operate telecommunication services in Ethiopia in a consortium that comprises of its parent firms Vodafone and Vodacom, British development finance agency CDC Group and Japan’s Sumitomo Corporation.

RELATED POSTS

Equity Group Leads Trade and Investment Mission to Uganda and Tanzania

Equity Group Q1 Profit Falls 4pc to KES 15.4bn

Safaricom to Invest KES 500Mn in Bid to Bolster AI Infrastructure

The consortium which was dubbed “Global Partnership for Ethiopia”  was worth $850 million which the telecommunication giant won in the two licenses that were on offer in Ethiopia.

In a press briefing on Tuesday, Peter Ndegwa Safaricom CEO  shared more details about the expansion details into Ethiopia, saying Safaricom has a stake of 55.7% in the consortium. He added that United States Government-owned International Development Finance Corporation (DFC) has committed to support Safaricom in form debt.

“There is a real commitment from the Ethiopian Communications Authority and also from the government from Ethiopia, that they will facilitate an environment in which the new licensees will be allowed to operate in the right way and the right regulations will be put in place.” Safaricom CEO Peter Ndegwa.

Safaricom has expressed hope in the market currently boasting over 50 million mobile phone users. Peter Ndegwa said the telco is keen on creating a social-economic transformation that will deliver at least a million jobs created in the first few years of operation in Ethiopia and support three to four million small scale businesses.

M-pesa Services in Ethiopia

Early this month, Ethio Telecom launched a mobile money transfer service similar to M-Pesa dubbed telebirr, a move aimed at going ahead of  Safaricom’s M-Pesa.

According to the state-owned mobile phone operator, telebirr will mark a shift for Ethiopia, where the banking system is seen as inefficient with 19 commercial banks serving a population of about 115 million. The company aims to attract 21 million users for the service in its first year of operations, rising to 33 million in five years

However, commenting on the matter Peter Ndegwa said that although Ethio Telecom has a head start for voice and recently launched mobile money services, Safaricom and its partners have a wealth of experience through the M-Pesa brand in their respective spaces that up service delivery in the market.

Buy JNews
ADVERTISEMENT

“We are happy and delighted that the government has actually committed that the new licensees will be allowed to operate mobile money within a relatively short period of time which is one year,” Safaricom CEO Peter Ndegwa

Last year, the National Bank of Ethiopia issued a directive allowing residents and non-residents to open and operate foreign currency accounts in the country. The directive was one of many reforms in the country’s financial sector aimed at liberalizing the sector.

Speaking on Ethiopia’s policies on foreign currency repatriation, Peter Ndegwa said that it was an area that they were aware of during their deliberations with the state Authorities.

 

 

Post Views: 1,014
Previous Post

Asian Markets Mixed on China’s Industrial Data

Next Post

Market Report; 27 May, 2021

Leah Wamugu

Leah Wamugu

Related Posts

Part of the delegates who participated in the 2025 Tanzania – Uganda Trade and Investment roadshow, during a site visit to GALCO LIMITED, a member of GSM Group Of Companies, in Dar es Salaam.
Corporate News

Equity Group Leads Trade and Investment Mission to Uganda and Tanzania

by The Trading Room
Equity Group
Earnings Update

Equity Group Q1 Profit Falls 4pc to KES 15.4bn

by Felix Ochieng
Cynthia Kropac(R) Chief Enterprise Business Officer Safaricom PLC receives H.E. Minister of Communications and Technology in Somalia - Mohamed Adam to the Safaricom Business Booth. Looking on is H.E. Hon. William Kabogo, Cabinet Secretary, Ministry of Information Communication and Digital Economy in Kenya - during the ongoing Connected Africa Summit 2025 Launch.
Corporate News

Safaricom to Invest KES 500Mn in Bid to Bolster AI Infrastructure

by Rennie Odek
HF Group Plc CEO Robert Kibaara
Earnings Update

HF Group Posts Solid Growth as Q1 Pre-tax Profit Soar 112%

by Githere Eddie
Next Post
NSE Market Report

Market Report; 27 May, 2021

Wall Street Dow Nasdaq

Wall Street Flat as Jobless Claims Falls to 14-month Low.

Brent Crude Oil price wti

Oil Prices Rise on Global Economy Optimism; Brent Gains 0.2% as

Advertisement Banner Advertisement Banner Advertisement Banner
ADVERTISEMENT

Most Viewed Posts

  • Tea Farmers Set to Receive Kes 28 Billion as Final Bonus Payment (4,121)
  • 4 Things You Can Do With the Cashlet App to Achieve Your Financial Goals (2,212)
  • Hilda Njeru Takes over at CDSC (2,083)
  • Safaricom Finally Launches eSIM: Here’s What You Need to Know (1,935)
  • KenGen Gets Nod to Sell 4 Million Tonnes of Carbon Credits (1,818)

Follow Twitter

About Us

Follow Us

Popular Tag

Africa Asian - Pacific Stocks Asian Stock Markets Australian Stocks Bitcoin Bonds Kenya Bonds Trading in Kenya Brent Brent Crude Capital Markets Authority Central Bank of Kenya Corona Virus Pandemic Crude Oil Cryptocurrencies Derivatives NSE Derivatives Trading in Kenya Dow Jones Industrial Average Ethereum European Stock Markets Global Economy Global Markets Hang Seng Index Investing in Kenya Investor Briefing Jakarta Stock Exchange Kenya Economy Kospi index MSCI Index Nairobi Securities Exchange NASDAQ New York Stock Exchange Nikkei N225 NSE Oil Futures S&P 500 Index Safaricom Plc Shanghai Composite Shenzhen component spotlight Stock Market Report Stock Market Review U.S. Stock markets US oil Wall Street WTI Oil Index

Recent News

Part of the delegates who participated in the 2025 Tanzania – Uganda Trade and Investment roadshow, during a site visit to GALCO LIMITED, a member of GSM Group Of Companies, in Dar es Salaam.

Equity Group Leads Trade and Investment Mission to Uganda and Tanzania

HF Group Plc CEO Robert Kibaara

Opinion: HF Group Delivering Transformation and Strategic Growth

  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2025 The Trading Room Limited.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
TSLA 
$295.14  3.67%  
GME 
$29.58  0.44%  
MSFT 
$470.38  0.58%  
AAPL 
$203.92  1.64%  
AMC 
$3.40  0.00%  
ABNB 
$140.64  2.44%  
GOOGL 
$173.68  3.25%  
AMZN 
$213.57  2.72%  
No Result
View All Result
  • Home
  • Business News
  • Weekly Reviews
  • Market Reports

© 2025 The Trading Room Limited.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?