Ethiopians living in the diaspora can now send money directly to M-Pesa digital wallets after the entity signed a deal with money transfer firm, Dahabshiil, in Addis Ababa.
- The partnership will enable Ethiopians living abroad to simplify their remittance process, by providing a convenient and reliable option of sending money instantly.
- Dahabshiil has enabled money transfer across borders for almost five decades, consolidating its presence in more than 100 countries around the world.
- By leveraging on M-Pesa’s financial system, the company seeks to strengthen its position in Ethiopia as a valuable go-to option for remittances.
“We are delighted we have partnered with Safaricom’s M-Pesa Ethiopia, giving our diaspora customers another channel to send money there, further enabling them to support their loved ones,” Musse Mohamed, Ethiopia’s country representative in Dahabshiil said in a statement.
Since its inception in Ethiopia, M-Pesa has raked in more than 3 million subscribers; landmark deals with money transfer giants like Dahabshiil are slated to improve the country’s financial inclusion.
“We are delighted to partner with Dahabshiil, a leading player in international money transfers. Together, we share a vision of financial inclusion and driving economic development,” said M-Pesa’s acting Chief Digital Finance Officer, Anthony Kang’ethe.
The World Bank reports that remittance inflows in Africa stood at more than US$ 50 billion last year, with those figures set to rise by 4.2% this year. Ethiopia’s figure stands at US$ 5 billion annually due to its high diaspora population. The two companies are looking forward to exploiting this market segment to competitively position themselves against more formidable rivals.
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