Safaricom, Kenya’s largest telecommunications company, has reported a 1.7 percent reduction in net profit to Sh67.49 billion.
The loss is the company’s second in a row, following a 6.8% profit dip last year, the first in nine years.
The telco’s M-Pesa income has also surpassed Sh100 billion for the first time.
Revenue for the fiscal year 2022/21 was Sh107.7 billion, up from Sh82.6 billion the previous year.
Safaricom’s service income now comprises 38.3 percent of mobile money revenue.
Safaricom Chief Executive Officer Peter Ndegwa said that the firm was in talks with regulator for the launch of M-Pesa Junior
“This would suggest for once, those without IDs may be able to have M-Pesa accounts,” he said.
Safaricom’s net profit (excluding Ethiopia) also increased 12.2% year over year to Sh77 billion, returning to pre-Covid-19 levels.
Its net profit increased by 1.1 percent to Sh69.45 billion (including Ethiopia).
