With over 120 million people, Ethiopia has struggled with low banking penetration, as only 46% of Ethiopians have financial accounts, according to the World Bank. In 2022, the National Bank of Ethiopia reported that just 35% of adults accessed formal financial services. M-Pesa’s rapid growth is reshaping digital finance, giving millions of unbanked Ethiopians access to essential financial tools.
Safaricom Ethiopia’s mobile money service, M-Pesa, has grown exponentially, tripling its customer base to 10.8 million in less than a year since launch. This milestone marks a significant achievement in the Kenyan telecom giant’s expansion into the Ethiopian market.
Safaricom Ethiopia’s M-Pesa has hit 10.8M users in under a year, reshaping digital finance and boosting financial inclusion in one of Africa’s largest markets.
Addis Ababa, Ethiopia – February 2024
📈 M-Pesa Ethiopia Surpasses 10.8M Users in Under a Year
Safaricom Ethiopia has hit a major milestone less than 12 months after launching M-Pesa — the mobile money service now boasts 10.8 million registered users, tripling its base and redefining digital finance access in Ethiopia, a country historically underserved by formal banking systems.
🚀 Explosive Growth Since August 2023 Launch
After receiving regulatory approval in May 2023, Safaricom went live with M-Pesa in August 2023. The adoption curve has been sharp:
4.6 million users by February 2024
10.8 million by June 2024
“The adoption of M-Pesa in Ethiopia has exceeded our expectations,” said Peter Ndegwa, CEO of Safaricom PLC. “It demonstrates the critical role of mobile financial services in bridging the financial access gap.”
💳 Driving Financial Inclusion in an Unbanked Market
With only 46% of Ethiopians holding a financial account (World Bank, 2022) and just 35% with access to formal services (National Bank of Ethiopia), M-Pesa is changing the equation by offering:
Person-to-person transfers
Bill payments
Merchant payments
Cash-in and cash-out services
“We are excited to see Ethiopians embrace M-Pesa as a reliable alternative to traditional banking,” said Stanley Njoroge, Interim CEO of Safaricom Ethiopia.
💰 Early Revenue Wins and Agent Network Growth
Within the first five months, M-Pesa Ethiopia generated KSh 2.1 billion ($15 million) in revenue. Its agent network of over 55,000 is powering financial access from Addis Ababa to remote regions.
Safaricom’s fintech model mirrors its successful rollout in Kenya, where M-Pesa now contributes over 40% of total service revenue.
🔄 What’s Next: Interoperability & Innovation
Safaricom Ethiopia is negotiating interoperability with local banks, and future plans include:
International remittances
Merchant payment gateways
Credit and savings products tailored for Ethiopia
“Ethiopia’s mobile money landscape is just beginning,” Ndegwa noted. “We’re ready to innovate and scale further.”
🌍 Safaricom’s Pan-African Fintech Strategy
Ethiopia now anchors Safaricom’s regional fintech ambition, alongside operations in:
Safaricom Ethiopia’s record-setting M-Pesa rollout is reshaping digital finance in the Horn of Africa. With over 10.8 million users in less than a year and a 15 million user goal by end-2024, M-Pesa is no longer just a service — it’s a symbol of financial inclusion and digital transformation.
