Safaricom Ethiopia wants to make its business in Ethiopia profitable by the end of 2026. They aim to have 15-20 million active customers and over 4,000 network sites in Ethiopia to achieve this.
Currently, after a year, Safaricom Ethiopia has 4.4 million active customers who have been using their services for at least 90 days. Additionally, they have 4.5 million M-Pesa users who completed 31.5 million transactions worth KES 24.5 billion (56 billion birr) in total value during that period.
They have also rolled out services through 2,806 network sites, supported by a network of 62,700 active merchants.
Moreover, Safaricom Ethiopia has a plan to expand its network in rural and urban areas of Ethiopia. Safaricom wants to install more network towers to grab more customers.
In its first year, which ended in March 2024, Safaricom Ethiopia spent a lot of money to set up its business. This meant that even though it made KES 5.4 billion (12.3 billion birr) in revenue, which is 6.2% more than the previous year, it still lost a huge amount of KES 42.09 billion (96.2 billion birr).
The CEO, Peter Ndegwa, was happy about the progress they made in getting more customers and building a good network. He said they were able to double the number of active customers and create a high-quality network.
The CFO, Dilip Pal, explained that they expected to lose a lot of money because they were starting from scratch in a new market in Ethiopia.
Safari com said “We expect Ethiopia to be a significant growth contributor from 2025,”
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