May 24, 2024

Safaricom Ethiopia FY 24 Service Revenue Hits KShs 5.76Bn

Safaricom Ethiopia FY 24 Service Revenue Hits KShs 5.76Bn

Safaricom Ethiopia has grown its service revenue to KShs 5.76 billion, marking a significant milestone in its first full year of operation. This was driven by strong performances in both mobile data and voice sectors. Mobile data revenue reached KShs 4.17 billion, while voice revenue reached KShs 1.03 billion.

Safaricom Ethiopia has achieved impressive customer acquisition rates, with a gross addition of 9.4 million subscribers. This growth is supported by a robust network infrastructure with 2,806 base stations, covering 38% of the Ethiopian population. Data usage has also witnessed a significant rise, with average usage reaching 4.3GB per user.

A major highlight of the year was the launch of M-PESA in mid-August 2023. By the end of FY24, the mobile money platform had registered a remarkable 4.51 million customers, supported by a network of 25,800 M-PESA agents. The value of transactions conducted via M-PESA reached KShs 24.52 billion, with a transaction volume of 31.48 million.

Safaricom Ethiopia aims to leverage Safaricom’s extensive experience in mobile financial services to revolutionize financial inclusion for Ethiopians, residing in Africa’s second-most populous nation.

Safaricom Ethiopia boasts a strong active customer base with 4.35 million users active on the network for at least 90 days. The average revenue per user for this group sits at KShs 122.85. When looking at monthly active users, the number dips slightly to 3.06 million, with an Average Revenue Per User of KShs 183.12.

Voice services remain a significant revenue stream for Safaricom Ethiopia. There are 3.53 million users who have made calls within the last 90 days, with 2.28 million being active on a monthly basis. The Average Revenue Per User for monthly active voice users is KShs 41.04.

Mobile data usage in Ethiopia is particularly noteworthy. There are 2.79 million users actively using mobile data over a 90-day period. Looking at monthly active users, the number climbs to 1.99 million.

Notably, all these users are actively using chargeable data plans, averaging a consumption of 4,321.08 MBs per user each month. This translates to a healthy Average Revenue Per User of KShs 215.20 for monthly active chargeable data users.

Messaging services, while not the primary driver of revenue, still hold some relevance. There are 1.83 million users who have used messaging services in the last 90 days, with 1.1 million being active on a monthly basis. The Average Revenue Per User for monthly active messaging users is KShs 4.0.

Safaricom Ethiopia expresses immense pride in its achievements during its first year and a half of operations. The company’s focus on network expansion and service quality has been instrumental in driving its growth. Safaricom Ethiopia remains committed to leveraging its expertise and resources to solidify its position as a major player in the Ethiopian telecom landscape.

Safaricom’s CEO, Peter Ndegwa, highlighted the exceptionally high mobile data usage recorded in Ethiopia, attributing it to the country’s youthful population. He reaffirmed Safaricom’s belief in Ethiopia’s vast potential for growth.