Nairobi, May 13 -- Ethiopia Wednesday made a U-turn and allowed foreign telecommunications companies to launch mobile phone-based financial services, setting the stage for Safaricom to introduce its popular M-Pesa in the market of 110 million people.
Ethiopian Prime Minister Abiy Ahmed said the mobile financial services in the country will be opened to competition from next May, with foreign firms free to battle with State-run Ethio Telecom.
This marks a departure from last year's directive that only allowed locally-owned non-financial institutions to offer mobile money service, dimming the hopes of foreign firms like Safaricom that are seeking a presence in Kenya's neighbouring country.
Prime Minister Abiy Ahmed said at a launch ceremon...