M-PESA Safaricom has entered into an International Money Transfer Agreement with Onafriq, Africa’s largest digital payments network spanning 40 countries, aimed at streamlining remittance flows to Ethiopia. M‑PESA offers convenient financial services via mobile phones, requiring only a Safaricom sim card, without the need for a bank account.
M‑PESA offers convenient financial services via mobile phones, requiring only a Safaricom sim card, without the need for a bank account. Through this collaboration, individuals in Ethiopia can receive remittances from around the world via M-PESA, following authorization from the National Bank of Ethiopia to commence remittance services in July 2023.
Ethiopia’s Director General of Ethiopian Diaspora, Mohammed Endris, previously highlighted the significance of remittances, which account for up to 40-50% of GDP in some countries, contrasting withThe integration of International Money Transfer capability expands M-PESA’s reach by leveraging Onafriq’s extensive network, linking 500 million mobile money wallets and 200 million bank accounts.
Nika Naghavi, Group Head of Growth at Onafriq, believes the partnership will drive Ethiopia’s digital transformation strategy, aligning with ‘Digital Ethiopia 2025’ to promote financial inclusion, banking innovation, and adoption of digital solutions. The service aligns with Ethiopia’s efforts to boost foreign currency inflows through formal channels, offering a secure, inclusive, and reliable service to customers through M-PESA.© IT News Africa | All rights reserved. Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features. Analytical cookies are used to understand how visitors interact with the website.
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