Safaricom’s biggest year.
Four shifts that matter
Group service revenue grew 11.5% to KES 414.1 billion. Net income jumped 24.7%. But the headline numbers hide a deeper change in what Safaricom actually is. Pick a tab below.
M-PESA is now 45.6% of Kenya revenue.
M-PESA hit KES 182.7 billion in FY26. Connectivity is just KES 15.2 billion ahead. On these growth rates, M-PESA becomes the largest revenue line before FY28.
Mobile data finally overtook voice.
For the first time, data is the biggest slice of connectivity revenue. Voice has fallen below 42%. Safaricom is calling itself a Tech-Co. The label deserves a closer look.
Ethiopia losses halved. Break-even is in sight.
The Ethiopian operation is still loss-making, but the trajectory has turned. Service revenue grew 130.9% in local currency. Safaricom is targeting EBITDA break-even by the end of FY27.
M-PESA Ethiopia more than doubled its active customer base. EBITDA break-even target: FY27.
READ THE ETHIOPIA STORYA record dividend. A new owner.
Safaricom is paying KES 80.13 billion to shareholders, its biggest dividend ever. In the same year, Treasury halved its stake. Vodacom now controls 55%.
