Safaricom’s M-PESA Grows to 3.1 Million Users, Expands Interoperability with Nine Banks

As of December 31, 2023, Safaricom reports 3.1 million registered customers, 26.2k M-PESA Agents, and 43.1k Merchants. The mobile financial service is now interoperable with nine banks, expanding its reach in the market.

For M-PESA to Bank transactions, Safaricom is interoperable with Commercial Bank of Ethiopia, Dashen Bank, Bank of Abyssinia, Awash International Bank, Co-operative Bank of Oromia, Abay Bank, Hibret Bank, Berhan Bank, and Bunna Bank. In the Bank to M-PESA services, interoperability extends to seven banks, including Commercial Bank of Ethiopia, Dashen Bank, Bank of Abyssinia, Awash International Bank, Co-operative Bank of Oromia, Abay Bank, and Bunna Bank.

Our purpose in Ethiopia is to transform lives for a digital future and our vision is to establish an innovative brand loved by its customers. We are building a world-class network focused on earning customer loyalty and are experimenting and learning from the lessons and challenges as the business evolves to create a digital future for our customers. Thus far, we have established the fastest data network in Ethiopia, offering our customers superior customer experience. We have made initial steps in establishing inclusive digital financial services for the people of Ethiopia by launching a robust and secure M-PESA network in Ethiopia.

Peter Ndegwa, Chief Executive Officer, Safaricom Plc

These figures are expected to grow as the network expands and M-PESA continues to penetrate the market. According to International Trade Administration Market Intelligence on Ethiopia’s Banking Sector Opportunities, there are 30 banks operating in the country, consisting of 8,250 branches, serving the country’s population.