Mobile operator Safaricom has published positive financial results for the 2020 financial year, which ended on 31 March. Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose by 13.5% to KSh101.5 billion ($947 million). The Mobile Data and Mobile Money (M-Pesa) segments, which were under heavy pressure from the spread of Covid-19, recorded considerable growth, and enabled the company to end the year with more money.
While the revenues of Voice and SMS segments declined by 1.41% and 12.34% respectively to Sh94.45 billion ($881 million) and KSh17.19 billion ($160 million), the revenues of the Mobile Data and Mobile Money segments increased. Data revenue increased by 12.13% to KSh40.67 billion ($379 million). M-Pesa's revenue increased by 12.60% to KSh84.44 billion ($788 million), driven by a 9.5% growth in its subscriber base to 28.6 million users.
“The COVID-19 pandemic presents an opportunity for Safaricom to leverage its digital and data capability to support customers and community during this period and through the recovery process. We will focus on developing a range of digital products and services that will provide sustainable solutions to challenges in sectors like agriculture, health, education, and essential services,” said Peter Ndegwa, CEO of Safaricom.
Despite the uncertainty of the coming months, however, Safaricom's CEO remains optimistic that the company will be able to hold its ground in this situation. The company, which wants to make the most of data opportunities, has announced the launch of a low-cost 4G smartphone package to enable customers currently on 2G devices to upgrade and switch to broadband. The pack will be launched in partnership with Google.
• Inflation within the West African Economic and Monetary Union (UEMOA) fell to a two-year low of 0....
• Interbank volumes rose 18.7% in May, while rates declined across the market• The BCEAO cut its mai...
• The U.S. imposed a 20% tariff on cashew exports from Vietnam and a 40% tax on suspected transshipm...
Cauri Money launches Gajo Money, an e-wallet for the Cameroonian diaspora, targeting €120 mil...
• Qatar Airways and Kenya Airways establish strategic agreement, introducing a third daily flight be...
• CMOC increased cobalt production by 13% to 61,073 tonnes in the first half of 2025.• The DRC extended its cobalt export ban, forcing CMOC to stockpile...
• IMF extends Niger’s Extended Credit Facility (ECF) program by one year through December 2026.• IMF approves a $41 million disbursement tied to...
Kenya plans to import 1.05 million tonnes of palm oil in 2025/2026, near its highest ever level. Malaysia supplies 90% of Kenya’s palm oil, sharply...
EBRD grants $100 million loan to Banque Misr to expand credit access for SMEs and women-led businesses. Loan supports Egypt’s green finance...
The Emerald Sea is a vast turquoise lagoon located in the northern part of Madagascar, just a few kilometers from the town of Antsiranana (formerly Diego...
Malawi’s Mount Mulanje and Cameroon’s Diy-Gid-Biy added to UNESCO World Heritage List Africa still holds 25% of endangered sites, despite recent...