Safaricom CEO Peter Ndegwa has blamed the company’s Sh15 billion loss in the fiscal year ending March 31, 2023 to Ethiopia entry.
According to Ndegwa, a company must invest in order to speed future growth.
He claims that if the telco had not invested in M-Pesa 16 years ago, the company would not be where it is now.
“The re-decline in the profits of Safaricom is purely because of the startup losses in Ethiopia. A new business has to invest for us to be able to accelerate the growth of these shares in the future,” he added.
The telecoms company began its services in the Horn of Africa nation in October of last year, creating a massive market opportunity for Safaricom’s Kenyan unit.
The telecommunications company began its services in the country in October of last year, creating a massive market opportunity for Safaricom’s Kenyan business.
