Safaricom has reported another strong growth period, driven by continued expansion in Kenya and rapid operational scaling in Ethiopia. The company’s Kenyan business crossed a major milestone as service revenue exceeded KSh400 billion for the first time, while its Ethiopian operations posted sharp subscriber and M-PESA growth.
Safaricom also highlighted the expansion of its digital financial services ecosystem, with billions of free M-PESA transactions processed under its Kadogo initiative and more than two million customers joining the Ziidi Money Market Fund.
At the same time, the company announced plans to transition toward an AI-first operational model as it seeks to strengthen efficiency, improve customer experience, and accelerate its long-term ambition of becoming Africa’s leading technology company by 2030.
Key Overview
Safaricom’s Kenyan business remained the Group’s largest revenue contributor, with service revenue surpassing KSh400 billion for the first time. Earnings before interest and taxes in Kenya rose 15.3% to KSh182 billion.
The company also reported major growth in Ethiopia, where its subscriber base reached 13.6 million users while active M-PESA users surged nearly 120% year-on-year.
Safaricom further announced plans to adopt an AI-first strategy focused on operational efficiency, digital innovation, and customer experience enhancement across its 72 million users in multiple markets.
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Safaricom Crosses a Major Revenue Milestone in Kenya
The latest results reinforce the dominant role of Safaricom within Kenya’s telecommunications and digital finance sectors.
For the first time in the company’s history, service revenue in Kenya surpassed KSh400 billion, marking a significant financial milestone.
The achievement reflects the continued expansion of Safaricom’s ecosystem beyond traditional telecommunications services into mobile money, digital finance, enterprise solutions, and technology-driven platforms.
Over the past decade, the company has transformed itself from a telecom operator into one of Africa’s most influential digital infrastructure and financial services businesses.
Crossing the KSh400 billion revenue threshold demonstrates both the scale of Safaricom’s operations and the depth of its integration into Kenya’s economy.
Kenya Remains the Core Profit Engine
Despite Safaricom’s aggressive regional expansion strategy, Kenya continues to generate the majority of the company’s earnings.
Earnings before interest and taxes in the Kenyan market increased by 15.3% to KSh182 billion, underlining the strong profitability of the domestic operation.
This level of earnings growth is particularly notable given the increasingly competitive nature of telecommunications and digital financial services markets.
The Kenyan business benefits from strong market penetration, extensive network infrastructure, and the continued dominance of M-PESA within the country’s mobile money ecosystem.
Safaricom’s ability to integrate connectivity, payments, savings, transfers, and investment products into a unified digital platform has helped maintain strong customer engagement and recurring revenue growth.
M-PESA Continues to Expand Financial Inclusion
One of the most important components of Safaricom’s growth strategy remains its financial services ecosystem.
The company revealed that more than 17 billion transactions were processed free of charge through the M-PESA Kadogo initiative.
The Kadogo initiative was introduced to support low-value digital payments and improve financial accessibility for smaller transactions and low-income users.
This strategy reflects a broader effort by Safaricom to deepen financial inclusion while simultaneously increasing the overall scale and frequency of M-PESA usage.
By reducing barriers for smaller transactions, the company encourages more individuals and businesses to adopt digital payments as part of everyday economic activity.
The initiative also strengthens M-PESA’s role as an essential payments infrastructure within Kenya’s economy.
Ziidi Money Market Fund Attracts Millions of Investors
Safaricom also highlighted strong momentum in mobile-based investment products.
The Ziidi Money Market Fund attracted more than two million customers, reflecting increasing interest in accessible retail investment solutions integrated directly into mobile financial platforms.
This development is particularly significant because it demonstrates how mobile money ecosystems are increasingly evolving into broader digital financial marketplaces.
Traditionally, many retail investors faced barriers to accessing investment products due to account minimums, documentation requirements, or limited financial infrastructure.
By embedding investment capabilities within the M-PESA ecosystem, Safaricom has significantly lowered access barriers for retail users.
The growth of the Ziidi Money Market Fund also reflects rising public awareness of savings and investment opportunities in Kenya’s digital finance market.
Ethiopia Emerges as a Critical Growth Market
While Kenya remains the company’s primary profit center, Ethiopia is rapidly becoming one of Safaricom’s most strategically important expansion markets.
The company reported that its Ethiopian subscriber base reached 13.6 million users, marking a major operational milestone.
Ethiopia represents one of Africa’s largest telecommunications growth opportunities due to its population size and historically limited market liberalization.
Safaricom’s entry into Ethiopia was widely viewed as one of the most significant telecom expansion projects on the continent in recent years.
Although the Ethiopian operation is still in a relatively early stage compared to Kenya, rapid subscriber growth indicates strong market demand for connectivity and digital services.
M-PESA Growth in Ethiopia Accelerates Rapidly
One of the most important developments within Safaricom’s Ethiopian operation is the rapid adoption of M-PESA.
The company said active M-PESA users in Ethiopia increased by nearly 120% year-on-year.
This sharp growth demonstrates increasing demand for digital financial services in a market where traditional banking access remains relatively limited for many users.
Safaricom appears to be applying a similar strategy to the one that helped transform Kenya’s financial landscape through mobile money adoption.
In many emerging economies, mobile financial platforms can significantly expand financial inclusion by enabling payments, transfers, savings, and transactional access without requiring conventional banking infrastructure.
The acceleration of M-PESA adoption in Ethiopia suggests the company is beginning to establish a meaningful foothold within the country’s digital financial ecosystem.
Infrastructure Deployment Nears a New Phase
Safaricom also noted that infrastructure deployment in Ethiopia is approaching 4,000 sites.
Infrastructure expansion is one of the most capital-intensive aspects of telecommunications market entry, requiring substantial investment in towers, connectivity, power systems, and network technology.
The company indicated that capital expenditure is beginning to stabilize as the Ethiopian business transitions from a heavy investment phase toward a more sustainable operational model.
This transition is significant because it suggests the operation may gradually move closer toward operational efficiency and eventual profitability.
As infrastructure rollout matures, telecom operators typically shift focus toward monetization, customer retention, service diversification, and margin improvement.
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Ethiopia Central to Safaricom’s Long-Term Vision
Safaricom stated that the Ethiopian business remains central to its ambition of becoming Africa’s leading technology company by 2030.
This statement highlights how the company increasingly views itself as more than a telecommunications operator.
Safaricom is positioning itself as a broader technology and digital infrastructure platform operating across multiple sectors including finance, connectivity, enterprise technology, and digital services.
Expansion into Ethiopia significantly increases the company’s long-term addressable market and regional scale.
Success in Ethiopia could transform Safaricom into one of Africa’s most influential cross-border technology companies.
However, the market also presents challenges tied to competition, regulation, infrastructure costs, and operational complexity.
Safaricom Announces AI-First Strategy
Another major development from the company involves its planned transition toward an AI-first strategy.
Safaricom said it intends to leverage artificial intelligence and digital technologies to improve operational efficiency and customer experience.
AI integration could impact multiple parts of the business including customer support, fraud detection, predictive analytics, network optimization, product personalization, and operational automation.
For digital finance and telecommunications companies, AI is becoming increasingly important because of the vast amounts of customer and transactional data generated through operations.
By adopting AI-driven systems, Safaricom aims to streamline internal processes while delivering more affordable and innovative services to its growing customer base.
Safaricom Evolves Beyond Traditional Telecommunications
The latest developments demonstrate how Safaricom continues evolving beyond traditional telecom services.
The company now operates across payments, financial services, investment products, digital commerce, enterprise technology, and connectivity infrastructure.
This mirrors broader global trends where telecom operators increasingly seek to transform into integrated digital ecosystems rather than remaining solely network providers.
Safaricom’s success with M-PESA has given it a particularly strong advantage in this transition because it already controls one of the most influential digital financial platforms in Africa.
The company’s ability to combine telecommunications infrastructure with financial technology services continues differentiating it from many traditional telecom competitors.
Financial Inclusion Remains a Core Strategy
A recurring theme throughout Safaricom’s expansion strategy is financial inclusion.
Initiatives such as M-PESA Kadogo and the Ziidi Money Market Fund are designed to make financial services more accessible to broader segments of the population.
In emerging markets, mobile financial services often provide first-time access to formal financial tools for millions of users.
Safaricom’s ecosystem increasingly positions the company as both a technology provider and a financial inclusion platform.
As digital adoption accelerates across Africa, this role may become even more important within regional economic development.
Challenges Still Remain
Despite strong growth, Safaricom still faces several important challenges.
The Ethiopian market remains highly competitive and operationally complex. Continued infrastructure investment, regulatory developments, and market dynamics will influence long-term profitability.
In Kenya, the company must continue balancing growth with increasing competition and regulatory oversight.
Additionally, implementing an AI-first strategy introduces challenges tied to data governance, cybersecurity, operational integration, and workforce transformation.
Successfully managing these transitions will be critical to achieving the company’s broader ambitions.
Safaricom’s Growing Regional Influence
Safaricom’s expansion increasingly positions the company as one of Africa’s most influential digital infrastructure businesses.
Its operations now extend far beyond mobile connectivity into digital payments, investment products, enterprise technology, and financial inclusion platforms.
The company’s expansion into Ethiopia significantly increases its regional footprint while creating new opportunities for long-term growth.
Combined with its AI-first strategy, Safaricom appears to be positioning itself at the center of Africa’s broader digital transformation.
Final Takeaway
Safaricom’s latest performance highlights a company undergoing rapid transformation and regional expansion.
The Kenyan operation continues delivering strong profitability, with service revenue surpassing KSh400 billion and EBIT rising to KSh182 billion.
Meanwhile, Ethiopia is emerging as a major long-term growth market, with subscriber numbers and M-PESA adoption accelerating rapidly.
The expansion of Safaricom’s financial services ecosystem, combined with its planned AI-first strategy, demonstrates how the company is evolving into a broader technology and digital finance platform.
As it pursues its ambition of becoming Africa’s leading technology company by 2030, Safaricom’s ability to scale innovation, financial inclusion, and operational efficiency across multiple markets will remain central to its future success.
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