{"id":2956,"date":"2022-02-09T12:30:00","date_gmt":"2022-02-09T11:30:00","guid":{"rendered":"https:\/\/ancstockinvestments.com\/blog\/?p=2956"},"modified":"2022-02-09T10:15:19","modified_gmt":"2022-02-09T09:15:19","slug":"safaricoms-entry-into-ethiopia-will-shake-up-mobile-money","status":"publish","type":"post","link":"https:\/\/ancstockinvestments.com\/blog\/2022\/02\/09\/safaricoms-entry-into-ethiopia-will-shake-up-mobile-money\/","title":{"rendered":"Safaricom’s Entry into Ethiopia Will Shake up Mobile Money"},"content":{"rendered":"\n
\n

Safaricom opened an office in Ethiopia last month, as Kenya\u2019s largest mobile operator aims to take on one of Africa\u2019s most sought-after telecoms markets, with a population of around 120 million people<\/a>.<\/p>\n

The company has hired local employees and built a multi-story office in downtown Addis Ababa after warding off competition from other telecommunication companies to secure a $850 million operating license in May<\/a>.<\/p>\n

Ethiopia\u2019s telecoms market was closed to foreign investors for decades, but the government has recently embarked on a series of liberalizing reforms in the banking and telecoms sectors.<\/p>\n

Safaricom, the Nairobi-based telcom giant, earned global recognition as one of the earliest pioneers of mobile money, introducing its flagship M-Pesa product to Kenya in 2007. This is the success that it hopes to replicate in Africa\u2019s second most populous country.<\/p>\n

But while Safaricom will only have to contend with one competitor\u2014government-owned Ethio Telecom with over 56.2 million subscribers and its mobile money service provider<\/a>, Telebirr, with over 13 million subscribers\u2014there will be significant hurdles along the way.<\/p>\n

This is the last big unopened teleco market in Africa and probably one of the very few in the world.<\/p>\n

The main challenge in the immediate term is that the earliest Safaricom can hope to launch M-Pesa will be in May<\/a> while Telebirr will have had a head start of one year. Telebirr is also using its first mover advantage well, having recently signed an agreement with a Ghanaian fintech company, Zeepay, to facilitate cross-border payments<\/a>. This is a bold move to tap into Ethiopia\u2019s large, influential diaspora market.<\/p>\n

\u201cThis is the last big unopened telco market in Africa and probably one of the very few in the world,\u201d says Ethiopian-American Zemedeneh Negatu, the global chairman of the Fairfax African Fund, a US based investment firm. \u201cIt was closed off until last year, so I think for investors this is an excellent opportunity\u201d.<\/p>\n

Ethiopia is a promising but difficult market for Safaricom<\/b><\/h2>\n

Analysts expect Safaricom to target aggressive expansion in the local market based on a suite of products that includes data, voice, SMS, and mobile money<\/a>.<\/p>\n

Safaricom leads a consortium that includes Vodacom Group (South Africa), Vodafone Group (UK), Sumitomo Corporation (Japan) and the UK\u2019s development finance agency, CDC Group. The group, operating under the name the Global Partnership for Ethiopia, beat off a rival-bid from South African telecoms giant MTN Group which made an offer of $600 million<\/a>.<\/p>\n

Though Safaricom\u2019s original agreement with the government did not include mobile money, Ethiopia said the contract will be upgraded when a second telecoms license is issued, but has now offered hope that this might come sooner for Safaricom<\/a> \u2013 as early as May. Though the government has declined to give a reason for the delay of issuance of licenses, experts believe that foreign telcos were concerned about the war in Ethiopia\u2019s Tigray region.<\/p>\n

\u201cI fully suppose the reason behind the postponement is because of the conflict, because, at the time, there were announcements by western embassies to withdraw staff,\u201d says Patrick Heinisch, an emerging markets economist at Helaba commercial bank.<\/p>\n

The 15-month conflict gutted Ethiopia\u2019s economy and left thousands dead<\/a>, though there are recent signs of a tentative peace. However, reports of indiscriminate government drone strikes, and heated tensions between the Amhara, Afar, and Tigray regional governments over land in Western Tigray suggest that the crisis isn\u2019t over just yet.<\/p>\n

The war has battered Ethiopia\u2019s economy \u2013 the IMF predicts growth of only 2% this year<\/a>. The\u00a0 second license is expected to be issued in the coming months, with Safaricom likely having a small head start.<\/p>\n

Challenges that Safaricom might face in Ethiopia<\/b><\/h2>\n

Despite the advantage Safaricom has over other operators due to a strong track-record in the region, the household Kenyan company faces several additional challenges. One key difference between the two countries, is that Ethiopia\u2019s population is not as digitally-savvy nor as wealthy as Kenya\u2019s. However, most analysts believe there will be strong demand for Safaricom\u2019s services as Ethiopia\u2019s population has been underserved for decades.<\/p>\n

\u201cProduct adoption should be relatively easy, I don\u2019t see resistance for consumers using their phones for banking like in mobile money,\u201d says Negatu.<\/p>\n

Safaricom\u2019s main competitor is Ethio Telecom, a state-owned enterprise. Although the Kenya-based firm enters the market as the more dynamic player, Ethio Telecom is set to offer serious competition after the government proposed selling a 40% stake to a foreign entity<\/a> \u2013 most likely French operator Orange.<\/p>\n

An early sign of discord comes as Safaricom and Ethio Telecom have failed to agree on an infrastructure sharing agreement for telcoms towers. Ethio Telecom currently has around 7,500 telecoms towers but Ethiopia needs double that figure to cover 95% of the vast and mountainous country, Negatu says.<\/p>\n

Safaricom will look at sharing masts with Ethio Telecom and building new ones to extend services to hard-to-reach customers, he says, though this will be more problematic than in Kenya which is far less mountainous.<\/p>\n

Another immediate priority for Safaricom is extending the 4G network outside Addis Ababa where it is currently limited. Safaricom announced in January that it will build a prefabricated data center in Ethiopia\u2019s capital city for $100 million<\/a>.<\/p>\n

The much-needed foreign investment has reignited hopes that Ethiopia will soon turn a page on its period of instability and conflict. Ethiopia\u2019s Communication Authority (ECA) director general believes the Safaricom-led consortium will invest $8 billion on critical infrastructure and services<\/a> in Ethiopia over the next decade. Safaricom will officially launch commercial services in Ethiopia in April.<\/p>\n

S<\/strong><\/em>ign up to\u00a0<\/strong><\/em>the Quartz Africa Weekly Brief here<\/em><\/a><\/strong>\u00a0for news and analysis on African business, tech, and innovation in your inbox.<\/strong><\/em><\/p>\n<\/div>\n\n

Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Ethiopia\u2019s telecoms market was closed to foreign investors for decades. Safaricom is now looking to shake up the mobile money in the East African country.<\/p>\n","protected":false},"author":5,"featured_media":2957,"comment_status":"open","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"content-type":"","inline_featured_image":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5,3,4],"tags":[155,175,346,402],"series":[],"ppma_author":[533],"class_list":["post-2956","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-investments","category-startup","tag-africa","tag-mobile-money","tag-mobile-payments","tag-safaricom"],"yoast_head":"\nSafaricom's Entry into Ethiopia Will Shake up Mobile Money - ANC Blog<\/title>\n<meta name=\"description\" content=\"Ethiopia\u2019s telecoms market was closed to foreign investors for decades. 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