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Kenyan Telecommunications giant Safaricom’s half-yearly (Mar-Sep) net income grew to Ksh.41.6 billion, a 10.9% growth compared to the previous period. Safaricom’s Ethiopian operations also recorded a positive net income growth of 2.1% to Ksh.34.2 billion.
Kenyan Telecommunications giant Safaricom’s half-yearly (Mar-Sep) net income grew to Ksh.41.6 billion, a 10.9% growth compared to the previous period. Safaricom’s Ethiopian operations also recorded a positive net income growth of 2.1% to Ksh.34.2 billion. The strong performance, Safaricom says, is attributed to the introduction of more customer-friendly products like youth-specific products, Safaricom Hook, and the rolling out of accelerated 5G. The recalibration of prices in their products has greatly aided the skyrocketing profit margins as customers have been able to enjoy flexibility. The reduced prices have seen its customers use more of its services hence resulting in exemplary growth in profit and revenue, stated Safaricom CEO Peter Ndegwa.
In Ethiopia, operations were boosted by an accelerated commercial momentum including rolling out M-PESA which has seen the company register over 1.2million customers in less than two months. The company envisages deepening financial inclusion in Ethiopia and promoting a cash-lite economy in the nation as only 35% of Ethiopians have been onboarded.
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https://trendsnafrica.com/safaricom-to-widen-its-base-in-ethiopia/
Safaricom sees more opportunities with M-PESA and mobile data, though coming off from a small base it is impressed with the usage levels in mobile data. Such levels were only realized in Kenya after nearly 10 years of operations.
