M-PESA, Abay Bank Ethiopia In A Mobile Banking Deal

Safaricom M-PESA Mobile Financial Services PLC and Abay Bank Ethiopia have inked a deal that will allow all M-PESA customers in Ethiopia to deposit and withdraw cash at all Abay Bank branches.

Through the partnership, customers of Abay Bank will enjoy the convenience of keeping track of their finances via Abay Bank’s mobile banking through USSD *811# and mobile app using their Safaricom 07 line.

They will be able to transfer money from their Abay bank account to their M-PESA wallet and vice versa, pay bills, check account balances, purchase airtime, and access other mobile banking services from the bank.

Customers with a Safaricom line are required to visit the nearest Abay Bank Branch with a valid ID card to facilitate integration of their Abay Bank account into their Safaricom lines.

“As we continue to explore strategic partnerships, we are keen to collaborate with all financial sector players to provide digital payment solutions to our customers, allowing them to do more with their Safaricom line,” said Paul Kavavu, General Manager of Safaricom M-PESA.

“We are excited to collaborate with Abay Bank to enable our customers to deposit and withdraw cash at any of the bank’s branches and use the Bank’s digital channels to transfer money into their wallet and vice versa,” he added.

Abay Bank Chief Executive Officer (CEO) Yehuala Gessesse noted that the deal is in line with the lender’s digitization strategic pillar even as it seeks to bridge the gap between traditional and digital banking aided by technology.

He further said that the collaboration will help redefine the future of financial services in the Horn of Africa Country, ushering in a new era of digital banking that seeks to empower individuals and transform communities.

“This collaboration shows our commitment to bring new services to our customers. With this partnership, we aim to bridge the gap between traditional banking and the digital age, empowering our customers with seamless access to financial services anytime, anywhere,” said Gessesse.

“By investing more on our digital banking system and leveraging our joint expertise, we will continue to innovate and enhance the way people manage their finances, making banking more convenient, secure, and inclusive,” he added.

Read: Safaricom Kicks Off M-PESA Services In Ethiopia

The deal comes after M-PESA services officially kicked off in Ethiopia on August 16 2023 after Safaricom Ethiopia got a nod from the National Bank of Ethiopia (NBE).

This is after mobile financial service had undergone a three-month pilot and testing in the country as it made strides to secure partnerships with banks in addition to training and recruiting M-PESA agents.

As of June 30 2023, Abay Bank enjoyed a total of over 487 branches with more than 2,509,638 account holders.

The bank was officially established on July 14 2010 and kicked off its full-fledged banking operations on November 3 2010 after fulfilling the regulatory requirements of the National Bank of Ethiopia.