Safaricom Ethiopia has joined forces with Onafriq, Africa’s leading digital payments network, to simplify sending money to Ethiopia. This partnership, authorized by the National Bank of Ethiopia, allows Ethiopians to receive remittances directly into their M-PESA mobile money wallets starting July 2024.
Leveraging a Powerful Network
This collaboration allows M-PESA to tap into Onafriq’s expansive network, reaching over 500 million mobile money wallets and 200 million bank accounts. This extensive infrastructure facilitates domestic and international money transfers, card services, agency banking, and treasury solutions.
A Boon for the Ethiopian Diaspora
“Our aim is to make payments effortless,” said Paul Kavavu, General Manager at Safaricom Ethiopia. “Integrating international money transfers into M-PESA aligns perfectly with this goal. With Ethiopia receiving over $5 billion in remittances annually, this partnership offers the Ethiopian diaspora a convenient and secure way to support their loved ones back home.”
Supporting Ethiopia’s Digital Transformation
Nika Naghavi, Group Head of Growth at Onafriq, emphasizes the partnership’s role in supporting Ethiopia’s “Digital Ethiopia 2025” strategy. This strategy prioritizes digital transformation initiatives, with digital payments playing a critical role. The program focuses on financial inclusion, banking system innovation, and adopting cutting-edge solutions.
“We’ve always believed that payments should be as simple as a phone call, connecting people through accessibility,” Naghavi added. “This agreement with M-PESA Safaricom broadens our reach across Africa, solidifying our position as the continent’s largest payment network. We’re confident this partnership will have a positive impact on economic growth and achieving sustainable development goals.”
Leave a comment