Invest in infrastructure for Nigerians to enjoy shared prosperity, experts task FG

Nigerian Tribune

Double exposure business man with social media and digital technology. Getty Images Image used for illustrative purpose.

Experts across different sectors of the country have urged the Federal Government to invest in infrastructure in order for the citizens to enjoy shared prosperity.

An Information and Communications Technology Expert, Ayoola Oke tasked the Federal Government on eliminating taxes and levies in ICT in order to enhance the nation’s prosperity.

Oke, who spoke to Nigerian Tribune, also advised the government to regulate the ICT industry to encourage innovators to emerge especially in the fintech area which will encourage SME access to capital and boost production in various sectors.

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According to him, ICT is the engine of economic development and expansion and both mean different things.

“Therefore if possible eliminate taxes and levies in ICTs specifically to grow Nigeria’s market share in the international BPO market.

“Regulate the ICT industry to encourage innovators to emerge especially in the fintech area which will encourage SME access to capital and boost production in various sectors.

“Development includes growth but goes beyond mere growth of population and therefore volumes of trade and production.

“True development must include quality depth and efficiency in production that can only be driven by ICTs

“ICT is the engine of economic development and expansion and both mean different things,” he said.

Speaking also, Head, Corporate Communications and Investor Relations, Sovereign Trust Insurance, Mr Segun Bankole said the government should invest in sustainable infrastructure.

Bankole stated that good roads, electricity, etc. will drive development in the country.

According to him, the unavailability of sustainable infrastructure contributes to the brain drain in the country.

Segun said these infrastructures are readily available to the populace over there.

He urged that government should stop paying lip service to all the promises during electioneering campaign.

The Head, however, complained that the cost of governance is very high; Hence, they should reduce it.

“The government should invest in sustainable infrastructure for shared prosperity.

“Good roads, electricity, transportation and the likes will drive development in the country.

“The unavailability of the sustainable infrastructure contributes to the brain drain in the country.

“These infrastructures are readily available to the populace over there.

“The government should stop paying lip service to all the promises during electioneering campaign.” He said.

Educational Expert and Former Special Adviser on Education to the Governor of Ogun State, Mrs. Ronke Soyombo said the government should have education on its front-burner for socio-economic development of the country.

Soyombo emphasised on education at all stages, including the early years children and that the curriculum should be revamped.

She said that they should look at literacy skills so that every Nigerian will understand the basic rudiments of English language.

“The Federal Government should have education on their front burner for socio-economic development.

“I am talking about education at all stages. Early years children should be looked into. They should revamp our curriculum.

“We should look at our literacy skills so that in every nook and cranny of the country, Nigerians will understand basic English,” she said.

Nigeria’s digital economy: Stakeholders highlight challenges, success factors

Nigerian Tribune

Photo Taken In Lagos, Nigeria. Getty Images

Telecommunications stakeholders have stressed the advantage of collaboration in limiting barriers to national broadband penetration and promoting digital economy.

The telecommunications stakeholders spoke at the annual Telecoms Executives and Regulators Forum (TERF) 2023 organised by the Association of Telecoms Companies of Nigeria (ATCON) in Lagos, recently.

The Executive Vice Chairman, Nigeria Communications Commission (NCC), Professor Umar Danbatta, in his keynote presentation at the event with the theme, ‘Success Factors and Barriers to National Broadband and Digital Economy Aspiration,’ said nobody should be excluded digitally due to barriers.

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Danbatta said inclusiveness should be taken into consideration when it came to provision of Information and Communication Technology (ICT) services.

He said that it is important for ICT to be made available to people regardless of circumstances, adding that the barriers should be removed and ICT services provided.

According to him, the commission is promoting the telecoms industry through the expansion of broadband infrastructure.

“Broadband infrastructure has helped in digital readiness, development, accessibilities to education, medical services, transportation system, finance, commerce and maintenance of the Sustainable Development Goals (SDGs).

“The broadband penetration for the year 2020 was 30 percent, 50 percent in 2023 and it is projected to be 70 percent in 2025.

“The sector has contributed 16 percent to the national Gross Domestic Product (GDP), now second after agriculture,” Danbatta said.

He stressed that the challenge in the deployment of broadband infrastructure, particularly in remote, rugged and swampy terrains is a major obstacle.

The NCC boss noted that cybersecurity could become a concern, saying that as digital adoption increased, so do the risk of cyber attacks and data breaches.

“Strengthening our cybersecurity measures will protect our citizens’ data, boost consumer trust and secure digital infrastructure,” he said.

Danbatta highlighted multiple taxation as a challenge that should be looked into, especially in the area of excise duty placed on luxury goods.

He stressed that telcos infrastructure should be treated as essential and not a luxury good.

“Frequent power outages and unreliable power infrastructure are also challenges, which can disrupt digital services.

“However, addressing this challenge will be key to maintaining uninterrupted connectivity,” the NCC boss noted.

Also, the National Commissioner, Nigeria Data Protection Commision (NDPC), Dr Vincent Olatunji, said at the forum that the industry trends and growth has brought about mobile technology dominance and revolution in digital payment.

He added that it had also resulted in e-commerce surge, startup ecosystem, among others.

Speaking on the topic, ‘Landscape of Nigeria’s Digital Economy,’ Olatunji highlighted specific trends and growth of internet penetration.

He said that the industry challenges are funding, digital literacy, cybersecurity threats, attitudinal change and infrastructural gap.

According to him, data protection has positively impacted the digital economy by improving data security, global recognition, data localisation and innovation in tech start-ups.

ATCON President, Mr Tony Emoekpere, in his welcome address, said that if issues discussed at the forum could be addressed, the sector’s contribution to the economy would improve.

Emoekpere said that the forum would also help address the salient challenges facing the industry.

“ATCON is essentially committed to promoting ICT growth in Nigeria.

“I appreciate the regulators and all the organisations that supported and contributed to the success of this event,” he said

Also speaking, President, Association of Licensed Telecoms Operators of Nigeria (ALTON), Mr Gbenga Adebayo, stressed the need for the independence of the industry.

Adebayo said that ALTON, as an advocacy group, had been talking about issues as it affected the industry but nothing seemed to be changing.

He urged the industry stakeholders to look at what should be addressed, own the problem and solve it themselves.

The ALTON president said the issue of the national tariff should be reconsidered as well as the repatriation of the nation’s young brains.

On his part, Mr Yemi Oshodi, Managing Director, Information Connectivity Solutions Ltd., said challenges to universal broadband and digital services in Nigeria included the issue of cost.

Oshodi added that it also included creating more infrastructure to initiate connectivity to rural areas.

Head, Enterprise Sales, Fibre One Broadband Limited, suggested that special and deliberate commitment to indigenous content, freedom from multiple taxation and protection of infrastructure could help to reduce the industry’s challenges.

Call for female-owned SMEs to enter Women in Tech Experience: SA

Bizcommunity.com

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The Innovator Trust has announced the eighth instalment of the Women in Tech (Wit) Appreciation Experience, a women in technology platform dedicated to celebrating and empowering women ICT small business entrepreneurs.

Set to take place on Thursday, 16 November 2023 at the Vodacom World venue in Midrand. Wit 2023 will recognise and award the outstanding achievements of female-owned SMMEs in the ICT sector of South Africa.

This year, the unique event calls on women from all corners of the tech world to unite and join the Shevolution movement, envisioning a world where technology is not only powered by women but where women power technology.

A brainchild of the Innovator Trust, the Shevolution message presents a challenge to women and society at large, to harnesses the power of technology as a mechanism for driving gender equality, economic freedom and innovation for African women through entrepreneurship.

Addressing the key issues of the underrepresentation of women in technology and the economy, as well as seeking to write a new narrative about the role and potential of the African woman in the modern age, the Wit event provides a one-day programme of robust conversation, insightful keynotes and curated activities to celebrate the diversity of women and challenge the status quo.

The event will take place in hybrid format with a live audience of invited guests as well virtually, encouraging viewers from across the world to tune in via live stream.

Virtual registrations open 16 September 2023 and close on 16 November 2023.

Google Africa Internet Academy to focus on AI for Africa

Bizcommunity.com

The Google logo is seen during the Google I/O annual developers conference at Shoreline Amphitheatre in Mountain View, California on May 10, 2023. (Photo by Josh Edelson / AFP)

The University of Johannesburg’s (UJ) Centre for Data and Digital Communication and the Artificial Institute of Intelligence, in collaboration with the UJ Business School (JBS) will host the fifth edition of Google Africa Internet Academy this year.

Taking place next week from 11 to 12 September, this annual event on the continent is a two-day workshop that brings together business and technology leaders from across Africa to discuss the latest trends in technology policy and regulation and provide valuable content and opportunities for emerging entrepreneurs and other target groups in technology and related fields.

Focus on AI

This year’s discussions will include Google’s focus on artificial intelligence (AI) and how AI works and what it does.

But most importantly, the workshops will examine what economic opportunities AI presents for the continent to enable current and future generations to live in a more prosperous, healthy, secure and sustainable world.

Or conversely, how can the spread of illegal and harmful content with unfair bias and abuse be curbed.

“The increased focus on artificial intelligence (AI) has fast-tracked the need for conversations between all stakeholders to look at the benefits of AI as well as the policy guardrails to mitigate risks,” says Google SA country director, Dr Alistair Mokoena.

Other topics include collection and use of personal information, people’s ability to understand and control how their data is used, as well as the impact of data-driven technologies on people and society.

Collaborative initiatives

“Our university has been at the cutting edge of technology and has, on many instances, been driving innovative advancements,” says UJ’s Vice-Chancellor and Principal, Professor Letlhokwa Mpedi.

“As a leading company in AI, Google’s strategy is closely aligned with UJ’s strategic objective of innovation for societal impact and sustainability. We are thrilled to be hosting the fifth edition of this event, and we hope it will provide valuable insights and opportunities in the field,” adds Mpedi.

“The University of Johannesburg’s pioneering work and agility in the fourth industrial revolution (4IR) space makes the institution a valuable partner for collaborative initiatives in this field. The Google Africa Internet Academy is one such collaboration, and we look forward to this event at UJ,” says Mokoena.

The first Google Africa Internet Academy was held at Wits University in 2016. Strathmore University in Mauritius and US International University (USIU-Africa) hosted the second and third events in 2017 and 2021, respectively.

The fourth was recently held in Kenya in May this year.

Kenya signs $13mln green hydrogen pact with EU

The East African

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President William Ruto and European Commission President Ursula von der Leyen have inked a deal that will see the European Union (EU) provide nearly Ksh1.9 billion ($13 million) in grants for investment in Kenya’s green hydrogen industry.

Speaking at the launch of the Green Hydrogen Strategy and Roadmap for Kenya, Ms Leyen said Kenya is a key ally in the fight against climate change.“Kenya’s ambitious target of 100 per cent clean energy by 2030 is an inspiration to other countries. The green hydrogen roadmap will help Kenya achieve this goal. It will help reduce emissions, support a strategic industry for the country’s future and boost its export capacity to partners like the EU,” she said.

Read: EU makes offer to Africa’s climate change fightThe roadmap sets out Kenya’s ambitions for developing its green hydrogen industry through to 2032 and beyond. It focuses on domestic market development and growth, exports, and includes specific targets for emissions reduction, job creation and direct investment.

President Ruto said that the roadmap prioritises economic expansion, creation of employment opportunities and promotion of environmental stewardship and charts a course for the country to harness the potential of green hydrogen as a key driver of energy transformation.“The green hydrogen economy will enhance food security, including the expansion of Kenya’s green production of tea, coffee, horticulture, floriculture and cereals. It will also facilitate the decarbonisation of our industries and indeed the economy,” he said.

EU Commissioner for International Partnerships Jutta Urpilainen told delegates that green hydrogen is the energy of the future.“Africa has great potential to become the leading continent in the development of this green energy source. Our support for Kenya’s green transition is part of the Global Gateway, a positive and sustainable investment strategy that will mobilise $161 billion for Africa,” Ms Urpilainen said.

Read: Big potential for green hydrogen in North Africa, report saysThomas Östros, the vice-president of the European Investment Bank, said Kenya’s adoption of the visionary roadmap will strengthen the country’s role as a global leader in clean energy.“As a leading financier of renewable energy in Africa and globally, the European Investment Bank stands ready to strengthen technical and financial cooperation with Kenya, Team Europe and international partners to enable Kenya to fully exploit its geothermal, solar and wind resources,” he said.

Dr Baerbel Kofler, Parliamentary State Secretary at the German Federal Ministry for Economic Cooperation and Development, said: “Germany wants to continue to support Kenya on this innovative path. …

Green fertiliser produced in Kenya can contribute to sustainable food security for the people in Kenya. Germany will support this promising project with a loan of €60 million.”He added that his country will soon open a hydrogen diplomacy office in Nairobi to “intensify our dialogue and cooperation”.

Accelerating digital inclusion and sustainable transformation: Africa

Africa Business

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The 7th Edition Connected Banking Summit – East Africa will be held on the 7th of March in Nairobi, Kenya

The Connected Banking Series focuses on building future-oriented banking models by accelerating the pace of digital transformation and delivering a delightful customer experience in line with policy and regulations while ensuring the highest standards of privacy and security.

The Summit will host leaders and experts from across the region representing Banks, Insurance Companies, FinTechs and TechFins, Digital and NeoBanks, Non-Banking Financial Organizations, Cooperatives, Investments Funds, and Asset Management Companies to discuss and deliberate on how integrated solutions are shaping the future of banking.

The International Center for Strategic alliances (ICSA) is the Organisers of the Leading Banking Summit Connected Banking Summit 2022- (Formerly Africa’s Digital Banking Summit) is all set to go live with the 7th Edition Connected Banking Summit East Africa which is themed “Accelerating Digital Inclusion Through Sustainable Transformation”.

The Summit goes live on the 7th of March 2023 in Nairobi, Kenya with 250+ Delegates in attendance.

Summit Focus on:

  • Digital Ecosystem and Latest Innovations
  • Future of FIs in the Digital Era
  • Customer Experience and Digital Transformation
  • DeFi, Lending and Financial Inclusion
  • Strengthening Operational Resilience
  • Security – An all-pervasive model
  • Future of Money: Cash v/s digital currencies
  • Digital Identity and Financial Security
  • Synergies Between traditional FIs and Telecoms
  • Role of AI, ML and Robotics in Financial Services

The past Editions have inputs from:

  • Makabelo Malumane, Managing Director, Head of Transaction Banking, Kenya and East Africa, Standard Chartered Bank.
  • Mukwandi Chibesakunda, Chief Executive Officer, Zambia National Commercial Bank (Zanaco) PLC.
  • Karanja Gichiri, Vice President of Banking Capital Markets, and Advisory, Citi Bank.
  • Shaun Edmeston, Director of Customer experience, Absa Group Mauritius.
  • Obinna Ukwuani, Chief Digital Officer, Bank of Kigali.

The Connected Banking Series is an ideal platform for networking with industry players; senior managers, decision-makers, and practitioners operating in the industry and making the most of banking technologies.

About ICSA

International Centre for Strategic Alliances is a group of leading industry professionals and innovators. Our core actions comprise innovations and use case scenarios of industry leaders, by our research and from leading information sources for businesses and professionals all over the world.

Nigeria hosts 54 countries, others to Africa Internet Governance Forum 2023

Nigerian Tribune

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Nigeria is set to play host to 54 African nations and other continental internet governance stakeholder blocs at the 2023 Africa Internet Governance Forum (AfIGF) 2023 in Abuja from September 18 to 21.

This year’s event, being the 12th edition of the annual forum, is being hosted by the Nigerian Communications Commission (NCC) on behalf of the Federal Government and is scheduled to take place at the Transcorp Hilton Hotel, Abuja, with the theme, ‘Transforming Africa’s Digital Landscape: Empowering Inclusion, Security and Innovation.’

The forum will serve as a platform for meaningful dialogue and collaboration on internet governance among various sectors and regional initiatives to advance digital connectivity, address internet governance challenges and empower Africa through digital transformation.

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The event will be preceded by the African Youth Internet Governance Forum, which will take place from September 13 to 18.

The series of events at this year’s programme will commence with the parliamentarian symposium, scheduled to take place on September 18 and 19 during which members of the parliament from all participating countries will take the opportunity to consult and network with one another in a roundtable designed to better understanding of the roles of the legislature and nudge deeper synergy with parliaments on internet governance in Africa.

As a crucial gathering of stakeholders and investors in Africa’s digital future, the AfIGF 2023 promises to be a rare assemblage of key stakeholders from government, civil society, academia, the Information and Communications Technology (ICT) sector and a broad spectrum of actors in the private sector intentionally rallied to discuss important matters focused on the development, access and governance of the internet in Africa.

The forum, structured in a variety of gatherings, including dialogues, workshops, panel sessions, symposia and roundtables, is a vibrant and inclusive platform that brings together stakeholders from across the African continent and other international partners, to engage in discussions that will shape the future of internet governance.

Other focal sessions at the event will include plenary discussions, interactive workshops and expert panels focusing on digital inclusion and connectivity, cyber security and data protection, digital rights and freedom of expression, Artificial Intelligence (AI) and emerging technologies, e-commence and digital economy and data governance and trust, among others.

Participants are also expected to discuss the 17 Sustainable Development Goals in the context of digital literacy and internet access in a manner that can accelerate development for the continent.

The event will feature high-ranking speakers, policymakers, industry experts and thought leaders from across Africa and beyond. Through participants’ expertise and insights, the forum will generate actionable recommendations that can inform policymaking, drive investments and shape the future of internet governance in Africa, by reshaping the trajectory of the continent’s digital landscape and paving the way for a more inclusive and prosperous digital future.

Investing in Innovation Africa announces its second call for applications to support African startups in healthcare supply chains

 Africa Business

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Applications are open for early and growth-stage health tech innovators

Investing in Innovation Africa (i3), a pan-African initiative for start-ups building the future of healthcare supply chains, is calling for leading innovators to join its second cohort. Funded by the Bill & Melinda Gates Foundation and sponsored by AmerisourceBergen, Merck Sharpe & Dohme (MSD), Microsoft and Chemonics, i3 is supporting the commercialization of 60 promising early- and growth-stage companies. The programme connects African-led supply chain innovators to donors, industry, and government partners, to power start-ups’ growth and impact. Selected start-ups receive targeted introductions to customers to support commercialization and impact, a $50,000 grant, and tailored investment readiness support. i3 is particularly focused on selecting women-led companies and those operating in Francophone regions.

The first cohort, selected in September 2022, featured 31 innovators enhancing access to health products across more than 24,000 hospitals, clinics, and pharmacies in 26 African countries. To date, the i3 program has facilitated 200+ introductions between the cohort, the sponsors, and potential partners such as USAID, The Global Fund, Benshi.aI, i+Solutions, Chemonics, John Snow Inc., FHI360, Madiro Foundation, government representatives from Nigeria’s Federal Ministry of Health, representatives from Ekiti and Lagos state, and more. i3 has featured cohort companies on CNBC Africa, at the World Cup, the Africa Health Agenda International Conference, the forthcoming Africa CEO forum, and more. More than 17 innovators have secured partnerships and pilot projects to date.

Applications for the second cohort are open now until June 26th. Selected start-ups will be announced on September 14th. i3 continues to be inspired by the progress and potential of African innovators in healthcare supply chains, and is coordinated by Salient Advisory, Southbridge A&I and Solina Center for Research and Development (SCIDaR). Leading regional tech hubs – CcHUB (Co creation Hub), Startupbootcamp Afritech, Villgro Africa, and IMPACT Lab, spearhead cohort selection and investment readiness support.

For more information and to apply, please visit the programme’s website at innovationsinafrica.com. Join us in our mission to create a more inclusive and innovative ecosystem for health-tech start-ups in Africa.

Yusuf Rasool, Director, Sustainable Access Solutions, Global Market Access, at MSD commented:

“Expanding access to medicines requires a new way of thinking that taps into the incredible talent we have across the continent. We can find African solutions for African challenges by bringing together government, industry, and donors to create the scaffolding for entrepreneurs to succeed. MSD is proud to partner with i3 to find, meet and partner with the next generation of African health care companies that are finding innovative ways to solve tomorrow’s healthcare challenges today.”

Kieran Daly, Director, Global Health Agencies and Funds, at the Bill and Melinda Gates Foundation also commented:

“i3 intends to jump-start a new way of doing business across aid, industry, and government partners to support local innovation – starting with health care supply chains. With our partners, we’re building a network across the African continent to help structure commercialization support for start-ups, to accelerate their growth and public health impact. We believe local, data-driven innovators closest to the delivery challenges are critical to building the resilient, agile, and responsive supply chains we need.”

Africa chance to dominate global tech supply chain is here

This is according to the United Nations Conference on Trade and Development (UNCTAD)

Vincent Owino, The East African

Double exposure business man with social media and digital technology. Getty Images Image used for illustrative purpose.

The recent disruptions in the global supply chains has presented a unique opportunity for African countries to dominate the supply of finished high technology commodities, strengthening their economic resilience in the face of shocks.

This is according to the United Nations Conference on Trade and Development (UNCTAD), which says leaders must take action to ensure this opportunity does not slip Africa, which has for long been isolated from the global supply of finished goods.

In its latest Economic Development in Africa Report released this week, the UN agency says Africa’s riches in minerals crucial for the low-carbon transition and technology-intensive goods, especially, give it a competitive advantage in the supply of related commodities as countries seek to diversify supply chains.

Read: Is it time for energy transition in Africa? That’s the questionAccording to the report, Africa’s integration into the global supply chains has for long been low compared with other regions, slowing the continent’s economic progress as other countries dominate international supply of high-tech goods and services, made from African minerals.

But, with the recent trade turbulences, uncertainties, natural disasters and geopolitical tensions that have put supply chains under immense pressure, businesses across the globe have been seeking to diversify their source markets to stabilise their supply, presenting a unique opportunity for Africa, the report says.“Africa can become a major actor in the global supply chains by harnessing the vast resources and materials needed by high technology sectors and growing consumer market,” said Rebeca Grynspan, UNCTAD’s Secretary-General, during the launch of the report in Nairobi on Wednesday.

Ms Grynspan said Africa’s reliance on primary commodity exports, from the agricultural and extractive sectors is risky and “we have to get away from it” especially now that there’s a window of opportunity to export higher-tier commodities.

Read: IFAD head: Irrigation holds the master key to Africa’s food security“Diversifying trade builds resilience and enhances innovation because our wide based economy is key for private sector development and employment opportunities and that is what the demographic bonus of Africa really requires,” she said.

Apart from the supply chain disruptions that’s driving the need for diversification of supply, the report says, the growing transition to renewable energy sources also boosts this opportunity as Africa is rich in minerals needed for this.”The growing youthful population on the continent will also provide both the market for high-tech commodities and the needed technical skillset to accelerate production of more complex finished goods,” UNCTAD said.

According to the report, this unique mix of opportunities, if properly utilised, can propel Africa to be a leading exporter in the automotive industry, pharmaceuticals, and electronics like mobile phones and laptops, which have always been dominated by other countries.

Based on UNCTAD’s research, most of the mineral inputs used in the manufacture of these commodities come from different countries on the continent, yet these products are not made in Africa, and they still constitute a huge part of their imports.

Read: BUWEMBO: Africa’s lithium, cobalt shall not be thrown away!Paul Akiwumi, UNCTAD’s director for Africa and least developed countries, said that while not all African countries are endowed with these crucial minerals, they will all benefit from this opportunity as they trade more with one another to capitalise on the gains of increased export of finished goods.

Low levels of technology, insufficient human capital, and low financing for investment in these industries on the continent are, however, the key bottlenecks keeping Africa from fully seizing this opportunity, the report reveals. © Copyright 2022 Nation Media Group. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
 

Safaricom launches M-Pesa mobile money service in Ethiopia

By Dawit Endeshaw

A customer displays the package of a Safaricom Ethiopia sim card during the service launch in Addis Ababa, Ethiopia, October 6, 2022. REUTERS/Tiksa Negeri/File Photo Acquire Licensing Rights

ADDIS ABABA, Aug 16 (Reuters) – Safaricom’s (SCOM.NR) M-Pesa mobile money service went live in Ethiopia on Wednesday, in a boost to the Kenyan telecoms operator as it seeks to kickstart growth in one of Africa’s biggest economies.

Safaricom, which is part owned by South Africa’s Vodacom (VODJ.J) and Britain’s Vodafone (VOD.L), launched its voice and data network in the Horn of Africa country last year and has signed up more than 2 million active users.

Safaricom introduced M-Pesa in Kenya in 2007. The service has grown to become the company’s biggest moneymaker and is also offered in the Democratic Republic of Congo, Egypt, Ghana, Kenya, Lesotho, Mozambique and Tanzania.

“M-Pesa is known to be a game-changer for financial inclusion,” said Stanley Njoroge, Safaricom Ethiopia’s interim CEO. “We will continue to broaden the services our customers receive from the M-Pesa platform.”

Safaricom became the first private telecoms provider in Ethiopia after the government in 2019 liberalised a sector that had long been dominated by the state-controlled Ethio Telecom.

The company is betting that Ethiopia, which has around 120 million people and one of Africa’s youngest populations, will power growth for years to come.

Analysts said the market offers enormous opportunities, but also requires huge investments that will put Safaricom under pressure to deliver quick results.

Safaricom’s core earnings fell by a fifth in the year to March 31, hit by the cost of starting operations in Ethiopia.

The company also faces stiff competition from Ethio Telecom, whose profits more than doubled in its latest financial year. In July, Ethio Telecom reported having more than 34 million subscribers to its mobile money service Telebirr.

Mobile money services are common in East Africa, allowing customers to send and receive money and pay for goods and services.

Reporting by Dawit Endeshaw; editing by Elias Biryabarema, Aaron Ross and Jane Merriman

Our Standards: The Thomson Reuters Trust Principles.