Ethiopians living in the diaspora can now send money directly to M-Pesa digital wallets after the entity signed a deal with money transfer firm, Dahabshiil, in Addis Ababa.
- •The partnership will enable Ethiopians living abroad to simplify their remittance process, by providing a convenient and reliable option of sending money instantly.
- •Dahabshiil has enabled money transfer across borders for almost five decades, consolidating its presence in more than 100 countries around the world.
- •By leveraging on M-Pesa’s financial system, the company seeks to strengthen its position in Ethiopia as a valuable go-to option for remittances.
“We are delighted we have partnered with Safaricom’s M-Pesa Ethiopia, giving our diaspora customers another channel to send money there, further enabling them to support their loved ones,” Musse Mohamed, Ethiopia’s country representative in Dahabshiil said in a statement.
Since its inception in Ethiopia, M-Pesa has raked in more than 3 million subscribers; landmark deals with money transfer giants like Dahabshiil are slated to improve the country’s financial inclusion.
“We are delighted to partner with Dahabshiil, a leading player in international money transfers. Together, we share a vision of financial inclusion and driving economic development,” said M-Pesa’s acting Chief Digital Finance Officer, Anthony Kang’ethe.
The World Bank reports that remittance inflows in Africa stood at more than US$ 50 billion last year, with those figures set to rise by 4.2% this year. Ethiopia’s figure stands at US$ 5 billion annually due to its high diaspora population. The two companies are looking forward to exploiting this market segment to competitively position themselves against more formidable rivals.
Since 2022, Ethiopia has sought to liberalize its economy with telecoms being the initial experiment of this revolution. Moreover, Ethiopia has a huge unbanked population which could be an opportunity for digital wallets and Fintechs to capitalize on.
See Also:
