Safaricom has launched a new stock trading service on its M-Pesa mobile money platform, a development that could signal future opportunities for Ethiopia’s emerging digital finance and capital markets.
In an effort to venture into the Ethiopian market, Safaricom has opened talks with undisclosed investors to form a consortium. The consortium, Safaricom hopes, will bid for one of two Ethiopian telecoms licenses expected to be made available in April this year.
The National Bank of Ethiopia (NBE) issued a mobile money service license to Safaricom M-Pesa Mobile Financial Service PLC, a subsidiary of Safaricom Telecommunication Ethiopia PLC, making the company the first foreign investor to be granted the license in Ethiopia.
Safaricom has formally made inquiries about the possibility of launching its mobile-based money transfer services, M-Pesa, in Ethiopia and the additional license fee that will be required.
Safaricom Ethiopia has signed a three-year pole lease agreement with Ethiopian Electric Utility (EEU) to enable aerial fiber installation through the existing poles infrastructure in Addis Ababa and across the country. Aerial cabling is easier to repair and deploy across the country, Safaricom Ethiopia noted.
