M-PESA Ethiopia Connects with EthSwitch, Boosting Financial Inclusion
Addis Ababa, Ethiopia witnesses a significant advancement in its financial technology sector as M-PESA Ethiopia successfully integrates with EthSwitch, the country’s national payment network. This collaboration marks a pivotal moment in expanding financial access throughout Ethiopia, promising greater ease and security for transactions across the country. This initiative is particularly impactful in a market where mobile money platforms play a crucial role in economic activity.
Seamless Transactions and Enhanced Interoperability
The integration facilitates complete interoperability between M-PESA and fifteen banks and mobile wallets within the EthSwitch network, with further institutions set to join soon. This seamless connectivity allows M-PESA users to directly transfer funds from their mobile wallets to any bank account connected to EthSwitch. Moreover, they can now make payments to merchants utilizing bank-issued EthQR codes. Conversely, bank customers without M-PESA accounts gain the ability to transfer funds to M-PESA wallets or pay M-PESA merchants by simply scanning M-PESA EthQR codes via their respective mobile banking applications. M-PESA emphasized that this development brings Ethiopia closer to a “connected, inclusive financial ecosystem”, where everyone can transact easily and securely. The system uses EthSwitch’s dependable national infrastructure, guaranteeing real-time transaction processing.
This integration represents a critical step towards digital financial inclusion in Ethiopia. By fostering interconnectivity between mobile money and traditional banking, M-PESA and EthSwitch are simplifying transactions and improving the financial landscape for both individuals and businesses. The promise of easier and safer transactions using mobile financial tools is a strong benefit for the Ethiopian populace.
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