Safaricom M-PESA partners with Zemen Bank for mobile banking and agency services

Safaricom M-PESA Mobile Financial Services PLC, a subsidiary of Safaricom Ethiopia, and Zemen Bank have announced a new partnership for a super agency, retail agency, and mobile banking services.

The collaboration according to a statement is aimed at bringing better financial services to customers in Ethiopia by establishing a strong network of agencies and offering advanced mobile banking solutions.

Since the beginning of M-PESA mobile money operations in early August 2023, Safaricom M-PESA is collaborating with various government agencies and financial institutions to provide digital financial services. Going forward all M-PESA agents and customers across Ethiopia will be able to deposit and withdraw cash at any Zemen Bank branch. In addition, Zemen Bank customers can easily manage their finances using Zemen Bank's mobile banking services through USSD (*844#) and mobile app with their Safaricom 07 line; allowing them to transfer money between their bank account and M-PESA wallet, pay bills, check balances, buy airtime, and access other mobile banking services.

Safaricom customers can visit any Zemen Bank branch with their valid ID card to integrate their Zemen account.

“We are excited to partner with Zemen bank, combining forces to redefine banking across the country, revolutionizing traditional banking practices and paving the way for a more interconnected future that will enhance financial services in Ethiopia. By leveraging the Bank’s experiences and understanding of the financial sector, we will contribute our share; empowering our customers with seamless access to banking and mobile financial solutions, driving digital inclusion, and transforming lives." - Paul Kavavu, Chief Digital Financial Services Officer of Safaricom Ethiopia.

“Zemen Bank is known for its technologically innovative services and unmatched customer service in the industry. Our bank will continue embarking on innovative financial services as it has done in the past with the aim of benefiting its customers and play a key role in providing digital services in the financial sector. The bank has also been giving services backed by state-of-the-art technology and multi-channel platforms to customer in a bundled digital channel called Omni- channel which includes ATM, PoS, Internet banking, Mobile Banking and E-Commerce. We believe this agreement will contribute to a significant value to the realization of Digitalizing Ethiopia”, said Mr.Dereje Zenebe- CEO of Zemen Bank.

This partnership will improve customer accessibility and convenience while also serving as a foundation for future collaboration. The agreement opens the way for the development of Safaricom M-PESA and Zemen Bank's digitization initiatives, thereby contributing to the country's digital financial inclusion agenda.