Peter Ndegwa, CEO of Safaricom PLC, recently hosted a delegation from the Commercial Bank of Ethiopia (CBE) led by their president, Abie Sano. The visit aimed to provide the CBE team with an in-depth understanding of Safaricom’s successful mobile money platform, M-PESA, and its strategic partnerships with Kenyan banks.
Established in 1942 as a State Bank, the Commercial Bank of Ethiopia is renowned as one of the largest and most reputable commercial banks in the country. Recognizing the potential for collaboration, Safaricom and CBE have joined forces to expand access to digital financial services and co-create innovative solutions to further drive financial inclusion in Ethiopia.
Safaricom’s entry into the Ethiopian market through Safaricom Telecommunications Ethiopia PLC marks a significant milestone. With the introduction of M-PESA, there is a great anticipation of a substantial increase in financial inclusion, which currently stands at approximately 35% in the country. The partnership aims to leverage the expertise of both organizations in mobile money and banking to introduce new technologies and deliver mobile financial services that cater to the needs of the Ethiopian population.
Safaricom has a strong history of forging strategic partnerships geared towards collaborative innovation, addressing societal needs, and driving positive change. The collaboration with CBE presents endless possibilities for growth and aligns with the shared vision of transforming lives and empowering communities.
Peter Ndegwa expressed his gratitude to CBE for embarking on this exciting journey and expressed confidence in the ability of both organizations to provide significant value to customers while tackling important societal challenges.
The partnership between Safaricom and CBE represents a promising step forward in promoting financial inclusion in Ethiopia, harnessing the power of mobile money and banking to drive economic empowerment and improve the lives of people across the country.