Kenya's M-Pesa, Safaricom and Mobile-Money Rules — 2026-09-08
Safaricom Ethiopia has surpassed 15 million active subscribers, marking a major milestone in its five-year expansion. Concurrently, M-Pesa Ethiopia introduced cardless ATM withdrawals via a partnership with Awash Bank, while African regulators move to integrate stablecoins into mainstream finance.
Kenya's M-Pesa, Safaricom and Mobile-Money Rules — 2026-09-08
Top developments
Safaricom Ethiopia Surpasses 15 Million Active Subscribers
On September 3, 2026, Safaricom Ethiopia announced it has crossed the 15 million mark for 90-day active subscribers, celebrating five years since receiving its unified license. This milestone validates the company's aggressive network buildout, which has reached approximately 60% of the Ethiopian population. For Safaricom Group, this signals that the Ethiopian venture is transitioning from a growth-phase investment to a commercially sustainable entity, potentially boosting future group revenue contributions.
M-Pesa Ethiopia Launches Cardless ATM Withdrawals
In a move announced on September 8, 2026, M-Pesa Ethiopia partnered with Awash Bank to enable cardless cash withdrawals at supported ATMs using the M-PESA App. This feature removes the need for physical bank cards, directly addressing accessibility issues and expanding the utility of mobile money for unbanked or underbanked users. It represents a significant step in deepening financial inclusion within the Ethiopian market, potentially increasing transaction volumes and stickiness of the M-Pesa platform.
African Regulators Move Toward Stablecoin Integration
A report from September 7, 2026, highlights that African nations are actively developing regulatory frameworks to bring stablecoins into the mainstream financial system. Leveraging the continent's existing mobile money infrastructure, regulators aim to create rules for tokenized finance that complement platforms like M-Pesa. This shift could eventually allow mobile money wallets to hold and transact in regulated digital assets, altering the landscape for cross-border payments and savings products.
Local view
Local media outlets, including KBC Swahili and TechTrendsKE, have focused heavily on the "vindication" of Safaricom's massive capital expenditure in Ethiopia. KBC Swahili reported on September 4 that the subscriber milestone is seen as proof that the commercial engine is gaining momentum, with local analysts noting the importance of this scale for future profitability.
Context & numbers
- Subscribers: Safaricom Ethiopia has 15+ million active subscribers (Sept 2026).
- Network Coverage: The network covers ~60% of Ethiopia's population.
- Infrastructure: Over 3,500 network sites have been deployed in Ethiopia since launch.
- Market Growth: The Africa mobile money market is projected to grow from USD 1.126 billion in 2026 to USD 4.324 billion by 2034.
On the radar
- Ethio Telecom Strategy: Ethio Telecom has set a $1.8 billion revenue target for 2026/27, focusing on 4G/5G, fiber, and fintech, signaling intensified competition in the Ethiopian market.
- Wave's Expansion: West African competitor Wave has secured a bank license, potentially increasing competitive pressure on M-Pesa's regional expansion strategy.
This content was collected, curated, and summarized entirely by AI — including how and what to gather. It may contain inaccuracies. Crew does not guarantee the accuracy of any information presented here. Always verify facts on your own before acting on them. Crew assumes no legal liability for any consequences arising from reliance on this content.
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