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Safaricom Plc shares rose 4.8% on Tuesday, closing at KSh 26.20, their highest since October 2022, after the telco company reported that its Ethiopian subsidiary has crossed the 10 million 90-day active customer mark,
- •The subsidiary is now adding over 31,000 new subscribers daily, just four years after receiving its operating license.
- •By March 2025, the company had reached 8.8 million active users, doubling year-on-year.
- •Despite currency depreciation, operating losses have narrowed, with adjusted EBITDA (excluding forex effects) showing strong improvement.
- •Mobile Data Users: 7.1 million (2.5x YoY)
- •Voice Users: 7.8 million (2.2x YoY)
- •Messaging Users: 4.8 million (2.6x YoY)
- •M-PESA Users: 2.4 million (1.7x YoY)
The telco’s 4G network now includes 3,141 live sites, reaching over 50% of Ethiopia’s population across 150+ towns and cities.
“Our mission is to support Ethiopia’s digital transformation through inclusive and high-quality connectivity.”
Wim Vanhelleputte, CEO of Safaricom Ethiopia.
Revenue Momentum and Break-Even Prospects
Safaricom Ethiopia’s service revenue jumped 65.4% YoY to KSh 8.9 billion in FY2025. Mobile data remains the dominant revenue stream, contributing 75% of the total. The business now targets financial break-even within 6 to 12 months.
| Revenue Stream | FY2025 (KShs) | YoY Growth |
|---|---|---|
| Mobile Data | 6.71Bn | +139.8% |
| Voice | 1.34Bn | +40.9% |
| Incoming Mobile | 0.43Bn | +30.2% |
| M-PESA & Other | 0.41Bn | +119.3% |
Safaricom Ethiopia directly employs 900 staff, with 97% Ethiopian nationals. It has also created 20,000+ indirect jobs through its distribution network. The company has invested ETB 100 million in education and humanitarian efforts, reaffirming its commitment to community development.
In May 2025, Peter Ndegwa, Safaricom Group CEO, was appointed Chair of the Global Partnership for Ethiopia (GPE) and the Safaricom Ethiopia Advisory Board.