M-Pesa Safaricom Ethiopia has sealed a deal with African money transfer company, Dahabshiil, that will facilitate smooth and seamless diaspora remittance.

The partnership which was signed in Addis Ababa will enable the Ethiopian diaspora to send money to their family members or friends directly to M-Pesa mobile wallets.

In a joint statement by the companies, the two said that the collaboration will streamline the remittance process translating to faster transfers and increased security.

“We are thrilled to partner with M-PESA Safaricom,” Musse Mohamed, Ethiopia Representative for Dahabshiil, said.

“This partnership allows us to fulfill our mission of delivering accessible and reliable financial services by leveraging M-PESA’s growing customer base. Together, we’re making it easier and safer for Ethiopians abroad to support their families back home.”

Anthony Kangethe, Acting Chief Digital Financial Services Officer for M-PESA Safaricom said the new partnership with Dahabshiil will offer Ethiopians a secure and convenient way to send and receive money

“We are delighted to partner with Dahabshiil, a leading player in international money transfers. Together, we share a vision of financial inclusion and driving economic development.

“This new service will offer Ethiopians a secure and convenient way to send and receive money, empowering individuals and families.

‘’Dahabshiil and Safaricom Ethiopia share a vision of promoting financial inclusion and economic growth in Ethiopia.

“This partnership signifies our commitment to innovation and exceptional customer service.’’

Founded in 1970, Dahabshiil is a renowned global money transfer company that specializes in providing remittance services, with its roots in Somalia and has since expanded its services to reach customers worldwide.

The company primarily focuses on facilitating money transfers to and from various countries, with a strong emphasis on serving the African diaspora and supporting communities in Africa.

Organizers of the annual “Future of Capitalism” competition have invited African startups to pitch for the 2024 edition which carries a $1m prize tag.

In a press release issued by the competition’s founder, Leo Lion, the “Future of Capitalism” competition “allows founders to accelerate their startups with an investment of up to $1 million.”

The global startup competition is looking for innovative tech that will help businesses work smarter, the release said.

The release said the Leo Lion Foundation is committed to using business success and commercial acumen as a platform to support social projects across the world.

A statement posted on the website of the Leo Lion Foundation said:

“Do you want to realise your ambitions and use your business success to make a difference? The Future of Capitalism Tech Startup Competition is the right choice for you.

“The competition aims to invest in tech startups that want to make both a commercial and a social impact.

“Either by using business profits to support social causes or through providing a technology that could positively impact the people’s lives.

“​The “Future of Capitalism” competition is on the lookout for tech startups that will transform how businesses operate, and founders who want to improve the world we live in.

“If your technology can transform how businesses operate – from improving productivity, security, logistics or sustainability to streamlining financial processes and enhancing customer experience, or perhaps something else – then this is the competition for you.”

Applications for the competition are now open and will close on Monday, September 30, 2024.

Eight shortlisted finalists will be invited to London for the chance to pitch their innovation in front of a prestigious panel of judges, including tech investment professionals, experienced entrepreneurs and angel investors, the statement said.