M-Pesa and Data Revenue Push Safaricom to First Profit Growth in Three Years
Kenya’s Safaricom, East Africa’s most profitable company, has posted a 1.2% increase in net profits to $480.84 million (KES62.99 billion) in the full year ending March 2024, driven by strong mobile money service and internet growth.
Revenues from M-Pesa grew 20% year-on-year, reaching $1 billion (KES140 billion) from $891.3 million (KES117.2 billion) in 2023 while mobile data revenues rose 18% to $1.4 billion (KES189.8 billion). Voice revenue declined 0.6 % to $608.4 million (KES80.5 billion).
Photo courtesy of Colin Charles.
Source: TechCabal (link opens in a new window)
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