Safaricom Revenue Hits Ksh 310.9 Billion As Ethiopia Gives Greenlight For M-Pesa

By Soko Directory Team / Published May 11, 2023 | 3:45 pm




KEY POINTS

Safaricom increased its Group Service Revenue by 5.2 percent to 295.7 billion shillings while the Group net income excluding minority interest declined by 10.6 percent attributable to expected start-up costs and investment in rolling out operations in Ethiopia within the year.




Safaricom Ethiopia has officially been granted the license to operate mobile money services in Ethiopia. The M-PESA license will open the country to the world’s largest mobile payment system and Africa’s largest Fintech, and the world’s first mobile money transfer system.

“We are excited that this is a great milestone following our entry into Ethiopia. This positions us to provide essential financial services to the Ethiopian population. We are looking forward to launching and rolling out the service over the next few months,” Peter Ndegwa, Safaricom PLC CEO said.

M-PESA empowers over 30 million customers to transact, save or borrow money through their mobile phones. M-PESA catalyzed financial inclusion in Kenya to 84 percent from a low of 26.7 percent in 2006 according to the 2021 FinAccess Survey and generated over KES 117.2 billion ($886 million) in revenue in FY23.

“Since the commercial launch in October, the brand is visible, deeply rooted in Ethiopia, and quickly becoming in every sense fabric of the society. The potential for Ethiopia is immense and we look forward to the future with optimism and excitement,” he added.

In the period under review, Safaricom Telecommunications Ethiopia added close to 3 million customers and built a distributor network of over 114 outlets, delivered an award-winning premium quality network in 22 cities and regions; with close to 1300 network sites, and over 900 staff, 81% of whom are Ethiopians.

Related Content: Safaricom Rolls Out MyCounty App, Makueni Pioneers

Mr. Ndegwa spoke during the announcement of the Full Year 2022/2023 results, which saw net income increase by 3.0 percent to 74.5 billion shillings for Safaricom Kenya.

Safaricom

Safaricom increased its Group Service Revenue by 5.2 percent to 295.7 billion shillings while the Group net income excluding minority interest declined by 10.6 percent attributable to expected start-up costs and investment in rolling out operations in Ethiopia within the year.

Voice service revenue declined by 2.6 percent to 81.1 billion shillings; mobile data revenue grew by 11.4 percent to 54.0 billion shillings, while M-PESA revenue grew by 8.8 percent to 117.2 billion shillings.

“We have delivered a solid set of results despite the tough operating environment occasioned by the slowdown in business activity in an election year in Kenya, tough macro environment as well as change in mobile termination rates which impacted our voice revenues significantly. The business is stable and regained a strong positive momentum in the second half of the year. Looking into the future, we passionately believe that our business is well-positioned to support our customers and provide technology solutions as we transition into a purpose-led technology organization in line with our 5 YR strategy,” Mr. Ndegwa added.

Related Content: Safaricom Unveils Fuliza For Businesses Of Up To Ksh 400,000




About Soko Directory Team

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system.Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

View other posts by Soko Directory Team


More Articles From This Author








Trending Stories










Other Related Articles










SOKO DIRECTORY & FINANCIAL GUIDE



ARCHIVES

2024
  • January 2024 (238)
  • February 2024 (227)
  • March 2024 (190)
  • April 2024 (133)
  • May 2024 (157)
  • June 2024 (109)
  • 2023
  • January 2023 (182)
  • February 2023 (203)
  • March 2023 (322)
  • April 2023 (298)
  • May 2023 (268)
  • June 2023 (214)
  • July 2023 (212)
  • August 2023 (257)
  • September 2023 (237)
  • October 2023 (266)
  • November 2023 (286)
  • December 2023 (177)
  • 2022
  • January 2022 (293)
  • February 2022 (329)
  • March 2022 (358)
  • April 2022 (292)
  • May 2022 (271)
  • June 2022 (232)
  • July 2022 (278)
  • August 2022 (253)
  • September 2022 (246)
  • October 2022 (196)
  • November 2022 (232)
  • December 2022 (167)
  • 2021
  • January 2021 (182)
  • February 2021 (227)
  • March 2021 (325)
  • April 2021 (259)
  • May 2021 (285)
  • June 2021 (272)
  • July 2021 (277)
  • August 2021 (232)
  • September 2021 (271)
  • October 2021 (305)
  • November 2021 (364)
  • December 2021 (249)
  • 2020
  • January 2020 (272)
  • February 2020 (310)
  • March 2020 (390)
  • April 2020 (321)
  • May 2020 (335)
  • June 2020 (327)
  • July 2020 (333)
  • August 2020 (276)
  • September 2020 (214)
  • October 2020 (233)
  • November 2020 (242)
  • December 2020 (187)
  • 2019
  • January 2019 (251)
  • February 2019 (215)
  • March 2019 (283)
  • April 2019 (254)
  • May 2019 (269)
  • June 2019 (249)
  • July 2019 (335)
  • August 2019 (293)
  • September 2019 (306)
  • October 2019 (313)
  • November 2019 (362)
  • December 2019 (318)
  • 2018
  • January 2018 (291)
  • February 2018 (213)
  • March 2018 (275)
  • April 2018 (223)
  • May 2018 (235)
  • June 2018 (176)
  • July 2018 (256)
  • August 2018 (247)
  • September 2018 (255)
  • October 2018 (282)
  • November 2018 (282)
  • December 2018 (184)
  • 2017
  • January 2017 (183)
  • February 2017 (194)
  • March 2017 (207)
  • April 2017 (104)
  • May 2017 (169)
  • June 2017 (205)
  • July 2017 (189)
  • August 2017 (195)
  • September 2017 (186)
  • October 2017 (235)
  • November 2017 (253)
  • December 2017 (266)
  • 2016
  • January 2016 (164)
  • February 2016 (165)
  • March 2016 (189)
  • April 2016 (143)
  • May 2016 (245)
  • June 2016 (182)
  • July 2016 (271)
  • August 2016 (247)
  • September 2016 (233)
  • October 2016 (191)
  • November 2016 (243)
  • December 2016 (153)
  • 2015
  • January 2015 (1)
  • February 2015 (4)
  • March 2015 (164)
  • April 2015 (107)
  • May 2015 (116)
  • June 2015 (119)
  • July 2015 (145)
  • August 2015 (157)
  • September 2015 (186)
  • October 2015 (169)
  • November 2015 (173)
  • December 2015 (205)
  • 2014
  • March 2014 (2)
  • 2013
  • March 2013 (10)
  • June 2013 (1)
  • 2012
  • March 2012 (7)
  • April 2012 (15)
  • May 2012 (1)
  • July 2012 (1)
  • August 2012 (4)
  • October 2012 (2)
  • November 2012 (2)
  • December 2012 (1)
  • 2011
    2010
    2009
    2008
    2007
    2006
    2005
    2004
    2003
    2002
    2001
    2000
    1999
    1998
    1997
    1996
    1995
    1994
    1993
    1992
    1991
    1990
    1989
    1988
    1987
    1986
    1985
    1984
    1983
    1982
    1981
    1980
    1979
    1978
    1977
    1976
    1975
    1974
    1973
    1972
    1971
    1970
    1969
    1968
    1967
    1966
    1965
    1964
    1963
    1962
    1961
    1960
    1959
    1958
    1957
    1956
    1955
    1954
    1953
    1952
    1951
    1950