In a significant move aimed at streamlining remittance flows to Ethiopia, M-PESA Safaricom has reportedly inked an International Money Transfer Agreement with Onafriq, Africa’s foremost digital payments network spanning 40 countries.
This partnership holds the potential to revolutionize remittance services for Ethiopians, offering them the convenience of receiving funds from various corners of the globe directly through M-PESA.
With a user base exceeding 30 million, M-PESA has been a key driver of financial inclusion in Kenya, elevating it to over 84% of the adult population, a remarkable rise from a mere 25% previously. Notably, the platform has also contributed significantly to Safaricom’s revenue, amounting to KES 107.6 Billion ($920 million) as of FY22.
