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Safaricom Ethiopia has achieved a significant milestone, with its M-Pesa customer base tripling to 10.8 million users as of December 2024.
Customer Base Expansion: From 3.1 Million to 10.8 Million
In just twelve months, Safaricom Ethiopia’s M-Pesa users surged from 3.1 million to 10.8 million, driven by the increasing adoption of mobile money services in the country.
Cross-Border Money Transfers and Digital Services
The growth in customer numbers was largely fueled by cross-border money transfer services, data, and airtime purchases. The introduction of M-Pesa Global service in October 2024 enabled seamless cross-border transactions between Kenya and Ethiopia.
Impact on Financial Inclusion: Empowering Ethiopian Users
Safaricom Ethiopia’s CEO, Peter Ndegwa, highlighted the positive impact of M-Pesa on financial inclusion in Ethiopia, particularly among the youthful population. The service has evoked optimism and is expected to transform financial access in the country.
Significant Financial Milestones
The increased usage of M-Pesa has also led to a substantial rise in transaction values, with the Ethiopia unit recording Sh18.5 billion worth of transactions by the end of December 2024. This marks a significant increase from Sh3 billion recorded earlier in the year.
Expanding Services and Enhancing Connectivity
Safaricom Ethiopia plans to continue expanding its services and improving connectivity to reach more customers. The company aims to densify its network coverage and introduce new use cases to drive higher usage of M-Pesa.
A Milestone for Safaricom Ethiopia
The tripling of M-Pesa customers to 10.8 million is a major milestone for Safaricom Ethiopia, reflecting the growing acceptance and usage of mobile money services in the country. This achievement underscores the potential for further growth and the positive impact on financial inclusion in Ethiopia.