Awash Bank and Safaricom Telecommunications Ethiopia PLC have teamed up to introduce a new overdraft service called Errif by M-PESA through Safaricom’s mobile money platform M-PESA Ethiopia to increase credit availability and strengthen financial inclusion.
Customers using M-PESA regularly for at least 90 days are eligible for the service.
Through the partnership, which was announced on Monday, two of Ethiopia’s top financial institutions will be able to provide digital credit straight to consumers’ phones, allowing them to buy even when their wallet balance is low.
This covers services like paying bills, purchasing airtime, and conducting business with merchants.
Safaricom—Awash Bank partnership
One of the oldest private banks in Ethiopia, Awash Bank, contributes its knowledge of digital banking to the collaboration.
As it develops a digital financial ecosystem in the nation, Safaricom Ethiopia, which introduced M-PESA in 2023, keeps expanding its product line.
M-PESA Ethiopia emphasised the strategic nature of the partnership in a statement, pointing out that it reflects the institutions’ shared goal of providing more inclusive, safe, and accessible financial services.
By implementing this rollout, M-PESA Ethiopia and Awash Bank contribute to Ethiopia’s larger drive for a digitally empowered economy by enhancing liquidity and microloan accessibility for marginalised and unbanked communities.
About Safaricom
In October 2022, Safaricom began commercial operations in Ethiopia, bringing dependable and quick 4G services to the nation’s cities and communities.
With over 3,000 active sites and a $2.6 billion investment, its network has reached 50 per cent of the population by March 31, 2025.
By building strong foundations, implementing infrastructure, deploying technology, and developing local talent, the company has attracted 8.8 million users (90 days active) to its mobile services, and more than 2.3 million are actively using M-PESA for their financial needs.
It continues to significantly contribute to creating a more connected and inclusive future through community engagement and its CSR pillars, Empowering Education (Digital) and Solidarity Support. It aims to uplift and serve Ethiopia, enabling it to realise its full digital potential for future generations.
About Awash Bank
The first private bank in Ethiopia, Awash Bank, was founded on November 10, 1994, following the fall of the socialist government.
On February 13, 1995, the Bank began banking operations after being founded by 486 founding shareholders with a paid-up capital of Birr 24.2 million.
Since opening for business, the Bank has experienced impressive growth.
Awash Bank has demonstrated better operational and financial results than other private banks in Ethiopia despite both domestic and international challenges.
It is working to improve its customer base, human resources, technology, and capital base.
With a vast branch network, it is currently the most accessible private bank in the nation.
In addition to branch networks, it offers its clients round-the-clock convenience via agency banking, internet, mobile, ATMs, and point-of-sale terminals.