Sunday, July 21, 2024

Report: Safaricom Still Winning The Telco Game in Ethiopia with tremedous Q3 profits

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Safaricom M-PESA Mobile Financial Services PLC, (Safaricom M-PESA ET) was incorporated specifically to deliver and provide mobile financial services in Ethiopia. On 10th May 2023, the National Bank of Ethiopia (NBE) granted the payment instrument issuer license to the Safaricom M-PESA Mobile Financial Services PLC (Safaricom M-PESA ET) upon fulfilling the set conditions i.e., incorporation of the subsidiary, proof of payment of USD 150M for the investment protection fee and the paid-up capital of ETB 50M.

The license allows the Safaricom M-PESA ET to issue payment instruments and use of agents in its mobile money business. Safaricom M-PESA ET is a wholly owned subsidiary of Safaricom Telecommunications Ethiopia PLC, apart from a nominal share held by the Consortium holding company, Global Partnership of Ethiopia BV

According to International Monetary Fund (IMF), Ethiopia economy is projected to grow by 6.2% in 2024 from an estimated growth of 6.1% in 2023 driven by the peace dividend, rebounding tourism, and prospect of liberalizing more sectors. To drive growth, the government is keen on reducing inflation, improving the performance of the agriculture sector, and increasing tax revenue and foreign direct investment inflow into
the country.


Samuel Musila
Samuel Musila
Passionate Software Developer and Tech content creator From Nairobi, Kenya

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