Zemen Inks Integration Deal With Safaricom


Zemen Inks Integration Deal With Safaricom

An interoperability and integration partnership was inked between Safaricom Ethiopia and Zemen Bank executives allowing the bank to work as a super agent for the M-Pesa mobile money platform last week. Safaricom has signed similar agreements with 10 commercial banks such as Hibret, Bank of Abyssinia and Abay as it establishes itself in the mobile money landscape that went live last month. While Safaricom has been operating in Ethiopia for about a year, it received its payment instrument issuer license from the central bank in May, setting the stage for the launch of its mobile money service. Zemen has managed to reach a total subscribed capital of 14 billion Br and passed the central bank's minimum paid-up capital requirement by 2 billion Br ahead of the 2026 deadline. A prior agreement between the two institutions had allowed Zemen to provide cash services for Safaricom agents. The Bank President Dereje Zenebe said they plan to remain at the forefront of digital solutions in banking during the ceremony at the recently inaugurated headquarters last week.

[ssba-buttons]

Radar

Ethiopia, IFAD Sign 69.2m Dollar Deal to Promote Lowland Resilience

The Ethiopian Government and the International Fund for Agricultural Development (IFAD) have signed a 69.2 million dollar grant agreement to implement Phase II of the Lowland Livelihoods Resilience Project (LLRP II). The grant agreement was signed by Finance Minister Ahmed Shide and IFAD President Alvaro Lario. The project targets climate resilience and improved livelihoods for three million people in pastoral and agro-pastoral communities. Co-financed by the World Bank, LLRP II covers eight reg...


Radar

NBE Expands Diaspora Warning Over Unlicensed Remittance Firms

The National Bank of Ethiopia (NBE) has issued an expanded public warning targeting unlicensed remittance operators abroad, flagging four U.S.-based companies it says are undermining Ethiopia's financial regulations. The warning includes newly disclosed findings and specific cases that underscore growing concerns about illicit cross-border financial activity. Remittance flows remain a vital lifeline for Ethiopia's economy, supporting households and supplying critical foreign currency. But as...


Radar

Stricter Standards Unveiled for Public Auditors, Accounting Firms

The Accounting & Auditing Board of Ethiopia (AABE) has issued a new directive aimed at strengthening oversight and professional standards in the accounting and auditing sector. Grounded in the Financial Reporting Proclamation, the directive addresses long-standing regulatory gaps while preparing the sector for the country's emerging capital market. Key provisions introduce stricter licensing standards for public auditors, professionals permitted to audit public interest entities. Applican...