Safaricom Ethiopia Generates Ksh 98.3 Million Revenue In First Month Of Operation

Safaricom has registered its first revenue from its Ethiopia operations in its first reporting cycle since launch of its commercial operations.

Safaricom Ethiopia’s service revenue for the period that ended on September 30th 2022 was KES 9.1 million, while the company’s overall revenue, which includes sales of handsets, was KES 98.3 million.

“We are pleased with the commercial progress made in Ethiopia since launch of operations early last month. Most importantly we are enthusiatic on the growth opportunity in Ethiopia, with over 740,000 customers so far and 20,000 new customers joining the network daily,” Safaricom PLC CEO Peter Ndegwa said.

“We are also encouraged by data and voice usage levels with 711 MBs average usage per active data customers and 30 Minutes of Use per active voice
customers for the month of October,” he added.

Ndegwa, noted that, Safaricom had invested over USD 598 million (KES 72.8 billion) in Ethiopia operations and was encouraged by the early uptake of our services, great customer feedback on the quality of their data experience and the revenue contribution by the Ethiopia unit.

Ndegwa continued by stating that the Ethiopian government has also committed to giving Safaricom the mobile money license, which will advance business endeavors with a stronger emphasis on promoting financial inclusion and digital acceleration for Ethiopians.

Safaricom Ethiopia’s journey started in May 2021 when the Global Partnership for Ethiopia, a multinational consortium made up of Safaricom Plc, Vodafone Group, Vodacom Group, Sumitomo Corporation, and British International Investment, was named the successful applicant for a license to run telecommunication services in Ethiopia.

On July 9, 2021, the telecommunications provider received a full-service, national Unified Telecommunications Service License. Safaricom Telecommunications Ethiopia Plc was then formally registered in July 2021.

It’s official launch was on October 6, 2022.