Safaricom, the leading telecommunications provider in Kenya, has released its financial report for the fiscal year ending on March 31, 2023. The report highlights a profit after tax of 52.4 billion Kenyan Shillings, indicating a 22.2% decrease compared to the 67.4 billion Shillings recorded in March 2022.

Additionally, the audited financial results reveal a substantial decline in net income, which dropped from 67.4 billion shillings in the 2022 fiscal year to 62.3 billion shillings, marking a decline of 10.6%.

Despite experiencing a decline in profit, Safaricom demonstrated remarkable revenue growth, with revenues increasing from 298.1 billion shillings in 2022 to 310.9 billion shillings in 2023. This represents a notable growth rate of 4.3%.

During the company’s annual general meeting, the Chief executive officer, Peter Ndegwa explained that the company experienced such significant loss due to difficult economic conditions during this period.

This year, we all experienced tough headwinds, including high inflation, a depreciating shilling, severe drought, and failed rain seasons among others.

Here's a breakdown of the report

Total revenue 

• 2022 FY: KSh 298.1 billion
• 2023 FY: KSh 310.9 billion
• Change: +4.3%

Operating Profit

• 2022 FY: KSh 109.1 billion
• 2023 FY: KSh 84.9 billion
• Change: -22.1%

Profit before income tax

• 2022 FY: KSh 102.2 billion
• 2023 FY: KSh 88.3 billion
• Change: -13.6%

Profit after income tax

• 2022 FY: KSh 67.4 billion
• 2023 FY: KSh 52.4 billion
• Change: -22.2%

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Safaricom Secures License to Introduce M-Pesa in Ethiopia

Safaricom CEO, Peter Ndegwa, shared exciting news regarding the expansion of M-Pesa services. Following a thorough review of the financial results, it was announced that Safaricom has been granted a license to launch M-Pesa in Ethiopia.

Ndegwa expressed his delight in announcing that Safaricom has officially received the license to operate mobile money services in Ethiopia. This significant development opens the door for Safaricom to introduce M-Pesa in the country, marking a new chapter in the expansion of this widely recognized mobile payment platform.

With the license in place, Safaricom is now eagerly preparing for the launch of M-Pesa in Ethiopia in the coming months. The company is committed to leveraging its expertise and experience gained from successfully operating M-Pesa in Kenya and other markets to bring the benefits of mobile money services to the Ethiopian population.

The introduction of M-Pesa in Ethiopia is expected to revolutionize the financial landscape by offering convenient and secure mobile payment solutions to millions of people. Safaricom's track record and reputation in the mobile money industry position them well to provide transformative financial services and contribute to the economic development of Ethiopia.

As preparations for the launch of M-Pesa progress, Safaricom aims to ensure a seamless and user-friendly experience for customers in Ethiopia. The company is excited about the potential impact that M-Pesa will have on driving financial inclusion and empowering individuals, businesses, and communities in the Ethiopian market.

The introduction of M-Pesa in Ethiopia marks another significant milestone for Safaricom, expanding its reach and solidifying its position as a leading provider of innovative mobile financial solutions in Africa.