In a bid to simplify financial transactions for Ethiopians abroad, Safaricom’s M-PESA has joined forces with Dahabshiil, a prominent money transfer service.
This strategic partnership marks a significant milestone in international money transfers, providing a seamless and efficient avenue for individuals to send funds directly to M-PESA mobile wallets in Ethiopia.
The agreement signed in Addis Ababa will simplify sending money to Ethiopia from the diaspora, streamline the remittance process for faster transfers, and increase security.
The collaboration between M-PESA and Dahabshiil aims to revolutionize the way the Ethiopian diaspora supports their families back home. By offering a secure and convenient platform for remittances, this partnership is set to streamline the process, making it faster and more reliable for users.
Safaricom Ethiopia’s announcement of the partnership with Dahabshiil signifies a breakthrough in enhancing financial services for Ethiopians. The integration of M-PESA’s mobile money platform with Dahabshiil’s international money transfer expertise promises to empower individuals and families with a more accessible way to send and receive funds.
Musse Mohamed, the Ethiopia representative for Dahabshiil, commented: “We are excited to collaborate with M-PESA Safaricom to deliver accessible and reliable financial services, leveraging M-PESA’s expanding customer base to support Ethiopians abroad in helping their families back home.”
With more than $5 billion in remittances generated annually in Ethiopia, the collaboration between Dahabshiil and M-PESA is poised to have a significant impact on the country’s economy. The increased security and convenience offered by M-PESA’s mobile wallet system and Dahabshiil’s global reach will provide the Ethiopian diaspora with a formal channel to support their loved ones at home.
We're delighted we've partnered with @SafaricomET M-PESA in Ethiopia, giving our Diaspora customers another channel to send money there, further enabling them to support their loved one's. We're a leading provider of foreign currency to all major banks in the country. pic.twitter.com/EuNdOwDwlZ
— Dahabshiil (@Dahabshil) June 28, 2024
Dahabshiil expressed in a statement: “Partnering with Safaricom’s M-PESA in Ethiopia is exciting as it provides our diaspora customers with another channel to send money, enabling further support for their loved ones. We are a leading provider of foreign currency to major banks in the country.”
While specific technical details of the partnership are not disclosed, businesses seeking to integrate similar services typically focus on developing secure API endpoints, robust authentication mechanisms, and seamless payment gateways. These practices ensure data security, compliance with regulations, and a smooth user experience.
Anthony Kangethe, Acting Chief Digital Financial Services Officer of M-PESA Safaricom, stated: “We are thrilled to partner with Dahabshiil, a major player in international money transfers, sharing a vision of financial inclusion and driving economic development. This new service will provide a secure and convenient way for Ethiopians to send and receive money, empowering individuals and families.”
Great news for all sending and receiving money from abroad. M-PESA Safaricom has forged a partnership with @Dahabshil. The partnership enables the Ethiopian Diaspora to send money directly to the M-PESA mobile wallets of their family and friends. pic.twitter.com/4FqVZvtquh
— Safaricom Ethiopia (@SafaricomET) June 28, 2024
As leaders in the industry, M-PESA Safaricom and Dahabshiil are committed to promoting financial inclusion and economic growth in Ethiopia. By leveraging their combined strengths and resources, they aim to offer comprehensive financial solutions that cater to the diverse needs of individuals and businesses across the country.
Dahabshiil, Somaliland, and Safaricom Ethiopia both highlighted their shared vision of promoting financial inclusion and economic growth in Ethiopia, showcasing a commitment to innovation and exceptional customer service.
With operations in over 100 countries globally, Dahabshiil has been pivotal in African remittances, offering a platform for the diaspora, while MPESA provides quick and easy financial services through mobile phones for individuals.
The collaboration between M-PESA Safaricom and Dahabshiil signifies a significant advancement in facilitating cross-border money transfers, particularly for the Ethiopian diaspora. Through this partnership, users can look forward to more secure, efficient, and accessible financial services, ultimately contributing to economic growth and improving the quality of life for families in Ethiopia.
