Market Watch
February 16, 2023
3 minutes read

Safaricom To Transform To A Full Tech Company By 2025

Safaricom is set to become a purpose-led technology firm by 2025. This was revealed during the first-ever investor day held…

Safaricom is set to become a purpose-led technology firm by 2025. This was revealed during the first-ever investor day held on Wednesday.

During the forum, executives from Safaricom gave a presentation on the company’s vision and strategic opportunities concerning its main business sectors.

The presentation focused on big data, technology, sustainable business, social impact, and enterprise business opportunities. There were experiential demonstrations that showcased different products across all the business segments.

Themed Driving Purpose-Led Growth, the forum brought together the investor community, analysts, and regulatory bodies, from the Nairobi Securities Exchange (NSE) and the Capital Markets Authority (CMA) with an attendance of over 100 investors in-person.

Updating investors on Safaricom’s growth in Ethiopia, Safaricom Telecommunications Ethiopia PLC CEO, Anwar Soussa, shared insights on the opportunities for the company’s growth in expansive Ethiopia.

“With a population of approximately 120 million people and financial inclusion at about 35 percent, 57 percent mobile penetration, and annual inward remittance of about $4.2 billion, Ethiopia offers a great opportunity to grow the business to the Kenya level in 10 years,” he said.

As of February 2023, Safaricom Telecommunications Ethiopia PLC had penetrated around 10 percent of the population. This translates to over 11 million people, 847 network sites in 25 cities, onboarded 28,000 retailers, 103 distributor shops, and 5,000 acquisition agents. The company had also crossed the 2 million mark in customer gross additions.

“Our growth trajectory is even more exciting for us as we look forward to offering financial services through M-PESA. We are finalizing our commercial and technical readiness and we expect to launch operations within the upcoming financial year,” he added.