Mobile Money Accounts Distribution in Ethiopia (As of June 2024)

Ethiopia has seen significant growth in the adoption of digital payments in recent years, driven by the expansion of mobile money services. By the end of the 2024 fiscal year, the total number of mobile money accounts surged to 107 million. However, despite the existence of over a dozen mobile money platforms, the sector is dominated by a few. A 2019 study by CGAP, a think tank, states that DFS markets are prone to concentration —a challenge not unique to Ethiopia. Many DFS markets in emerging economies lack sufficient competition. Two often-cited examples are M-PESA in Kenya and bKash in Bangladesh, which commanded upwards of 90% market share in their respective markets.