Safaricom Ethiopia through its newly established and wholly owned subsidiary; Safaricom M-PESA Mobile Financial Services PLC on Wednesday received the Payment Instrument Issuer License from the National Bank of Ethiopia enabling it to avail mobile financial services to its customers under the trademark M-PESA.
Prior to issuing the license, The National Bank of Ethiopia amended the National Payment Systems Proclamation to provide the necessary regulatory framework for foreign-owned telecom operators to provide Mobile Financial Services (MFS) in Ethiopia, done in consultation with the industry players in the country.
Safaricom Ethiopia has settled the requested investment protection fee, a payment to be paid by all foreign investors for entering a sector that is protected only for local investors.
“We are delighted to receive the license to establish M-Pesa and start providing Mobile Financial Services to our customers. M-Pesa comes with a tested and proven track record of enabling financial inclusion in Africa, provides services to more than 51 million customers across seven countries in Africa with a safe, secure and affordable ways to send and receive money, top-up airtime, make bill payments, get short-term loans and much more,” said Safaricom Ethiopia CEO Anwar Soussa.
Safaricom Ethiopia was set up with a 50million Birr initial capital and will offer mobile financial services under the brand M-PESA by mid of 2023.
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