Banking & Finance
M-Pesa Ethiopia Surpasses 10.8M Users
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 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
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.
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.”
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.
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.
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.”
Ethiopia now anchors Safaricom’s regional fintech ambition, alongside operations in:
This expansion aligns with Ethiopia’s telecom liberalization and strengthens Kenya’s regional tech leadership.
| Metric | Value |
|---|---|
| Registered Users | 10.8 million |
| Revenue (First 5 Months) | KSh 2.1B ($15M) |
| Agent Network | 55,000+ |
| Service Launch | August 2023 |
| Projected End-2024 Users | 15 million |
- M-Pesa Hits 60M Users Globally
- Ethiopia’s Telecom Market Opens to Foreign Investors
- Fintech in Africa: Driving Economic Growth
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.