M-PESA, Safaricom Ethiopia in joint effort to boost financial inclusion

An economic outlook published by Mastercard has highlighted digital adoption and advances made by the East African country, which are helping to support strong economic growth.

The telco says M-PESA is now available in over 170 countries and serves over 70 million customers.

The M-PESA Jr. NBA initiative will offer basketball development and financial literacy training to over 10,000 boys and girls in Kenya.

The mobile money platform provides more than $55 million in loans each day, with a nonperforming loan level of less than 2%.

The telco remains confident that the conflict in DRC will be resolved, and its immediate aim is to protect its people and extend help through the company's foundation.

The telco reported significant commercial momentum in Egypt, with a 40.7% growth in financial service subscribers to 10.5 million and a 25.6% increase in data traffic.

The telco says the offering enables customers to control, grow, and manage their assets and wealth through free deposits and withdrawals from their M-PESA wallet.

The deal allows Nyala Insurance customers to pay premiums, renew policies, and conduct other insurance-related transactions directly through M-PESA.

In the current reporting period, M-PESA contributed 42.9% of Safaricom's service revenue, totalling $600.09 million.

The company promises to provide a single, simple payment solution for cross-border online merchants looking at Africa as their next growth opportunity.

The company boosted its investments in new spectrum in the Democratic Republic of the Congo, Mozambique, and Tanzania, as well as the number of 4G sites across the portfolio.