Browsing: M-PESA in Ethiopia

• Cash transfer service M-PESA is eyeing a chunk of the remittances to Ethiopia which are estimated at $5 billion annually.
• Last year, the World Bank stated that the remittances flow to countries in sub-Saharan Africa reached $54 billion.
• Through a new M-PESA-Onafriq agreement, friends and relatives from 40 countries will now be able to send money directly to Safaricom Ethiopia M-PESA subscribers.

Safaricom Ethiopia is betting on remittances to grow cash transfer service M-PESA uptake in Ethiopia following an agreement with one of Africa’s largest digital payments network Onafriq. Through the deal, friends and relatives from 40 countries where Onafriq has a presence will now be able to send money directly to M-PESA subscribers in Africa’s second most populous country.

Through the agreement, individuals within Ethiopia will receive remittances from different parts of the world through M-PESA, based on the authorisation received from the National Bank of Ethiopia to start …

• Safaricom Ethiopia Service Revenue for the first month of operations was KSh 9.1 million, while Total Revenue, including handsets sales, was KSh 98.3 million
• Safaricom Kenya delivered a solid set of results despite the prevailing macroeconomic challenges leading to a tough operating environment in Kenya and elevated pressure on consumer spending
• In Kenya, voice service revenue dropped by 3.8% to KSh 39.88 Billion; Mobile Data revenue grew by 11.3% to KSh 26.30 Billion, while M-PESA revenue grew by 8.7% to KSh 56.86 Billion

Safaricom has registered its first revenue from its Ethiopia operations in its first reporting cycle since the launch of its commercial operations.

Safaricom Ethiopia Service Revenue for the period ended September 30th 2022, was KSh 9.1M, while Total Revenue, including handsets sales, was KSh 98.3 million.

Safaricom Kenya’s net income grew by 0.6% year on year, supported by a 4.6% growth in revenue.

Safaricom Kenya delivered a …