Safaricom PLC Reaffirms Commitment to Ethiopia at Investor Day

Safaricom PLC today hosted its second Investor Day in Addis Ababa, showcasing what it says are the company’s accomplishments and future strategy for its Ethiopian operations. The event, titled “Scaling Operations for Ethiopia’s Digital Future,” drew 150 participants, including analysts, regulators, government officials, board members from Safaricom PLC Kenya and Ethiopia, and senior company executives.

Board Chairman of Safaricom PLC, Adil Khawaja, underscored Safaricom’s dedication to the Ethiopian market: “Ethiopia represents a key growth market for Safaricom PLC. As we continue our journey of growth and transformation, I am confident that we will remain at the forefront of driving digital innovation and delivering exceptional value to our customers, shareholders, and the communities we serve.”

Safaricom Group CEO Peter Ndegwa added, “We are proud of the success that Safaricom Ethiopia has achieved in a relatively short span of time. Our focus on scaling operations for Ethiopia’s digital future has been instrumental in driving our growth, and we remain committed to leveraging our expertise and resources to continue establishing ourselves as a key player in the Ethiopian telecommunications landscape.”

The company revealed growth figures. As of December 31st, 2023, Safaricom Ethiopia operates over 2,200 base stations across 33 cities, covering more than 30% of the population. Their mobile financial platform, M-PESA, has already garnered over 3 million customers with rapid growth.

Michael Joseph, Chairman of the Safaricom Telecommunications Ethiopia Board, highlighted the company’s potential: “I am excited about the vast opportunities that lie ahead for our company’s growth in Ethiopia. Leveraging innovation and our commitment to delivering high-quality services, including reliable internet connectivity, we are poised to empower individuals, businesses, and communities across Ethiopia.”

Safaricom Telecommunications Ethiopia PLC CEO, Wim Vanhelleputte, emphasized the company’s remarkable trajectory since its October 2022 launch: “We will continue to establish an innovative brand loved by our customers and build a world-class network that delivers superior customer experience. We also look forward to the transformation M-PESA will bring to financial inclusion in Ethiopia.

This investor day follows the success of their inaugural event in Nairobi (February 2023) and demonstrates Safaricom’s commitment to engaging with its stakeholders and highlighting its strategies.

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