Safaricom Ethiopia’s M-Pesa Soars Past 10 Million Users

February 8, 2025

(3 Minutes Read)

Safaricom Ethiopia’s M-Pesa customer base has more than tripled in the year leading up to December 2024, increasing from 3.1 million to 10.8 million users. This remarkable growth is largely due to a rise in the platform’s use for purchasing airtime and data, alongside the launch of cross-border money transfer services, which have greatly enhanced M-Pesa’s reach and functionality in Ethiopia.

The increase in M-Pesa users underscores the rising demand for mobile financial services in a country characterized by high mobile penetration but historically low financial inclusion. By offering a secure, fast, and cost-effective transaction method, M-Pesa has quickly gained popularity as a digital payment solution, facilitating daily transactions and promoting economic participation.

The addition of cross-border remittances has further propelled M-Pesa’s growth, enabling Ethiopians to easily receive funds from abroad. This is particularly important for Ethiopia’s large diaspora community, which relies on remittances to support their families and businesses at home. This development also establishes Safaricom Ethiopia as a competitor in the country’s fintech sector, challenging traditional banking services.

Safaricom Ethiopia is poised to continue its aggressive growth strategy, capitalizing on M-Pesa’s scalability and integration with other digital financial services. As Ethiopia increasingly adopts mobile and digital payments, the company’s growth suggests that M-Pesa could soon become the leading player in the mobile money market, further enhancing financial inclusion and driving digital transformation in the economy.