Introduction

In a landmark collaboration set to redefine remittance services in Ethiopia, M-PESA Safaricom has teamed up with Onafriq, Africa's premier digital payments network. This strategic alliance aims to streamline international money transfers to Ethiopia, leveraging cutting-edge technology to facilitate seamless transactions.

Empowering Financial Inclusion

M-PESA Safaricom's renowned mobile financial platform has revolutionized access to financial services, transcending traditional banking systems. With its ubiquitous presence across Kenya, M-PESA extends its reach to Ethiopia, offering individuals a convenient and efficient means of receiving remittances without the need for a bank account.

Seizing Opportunities in Remittance Flows

Against the backdrop of a burgeoning remittance market in sub-Saharan Africa, Ethiopia emerges as a key player poised for exponential growth. Despite its relatively modest share of remittances, collaborations like M-PESA Safaricom and Onafriq hold immense potential to bolster Ethiopia's economic landscape and enhance its GDP contributions.

Catalyzing Digital Transformation

By integrating international money transfer capabilities, M-PESA expands its footprint in Ethiopia, tapping into Onafriq's extensive network spanning 40 countries. This synergy not only facilitates cross-border transactions but also propels Ethiopia's digital transformation agenda, in line with the country's 'Digital Ethiopia 2025' vision.

Driving Financial Innovation

Paul Kavavu, General Manager at Safaricom Ethiopia, underscores the partnership's commitment to simplifying payments and enhancing financial accessibility. With remittances amounting to billions annually, this collaboration offers the Ethiopian diaspora a secure and expedient channel to support their loved ones back home.

Fostering Economic Growth

Nika Naghavi, Group Head of Growth at Onafriq, emphasizes the partnership's alignment with Ethiopia's strategic objectives to boost foreign currency inflows through formal channels. By offering a reliable and inclusive remittance service, M-PESA and Onafriq pave the way for sustained economic prosperity and financial empowerment in Ethiopia.