Kenya: Safaricom Ethiopia Generates Sh98.3 Million in First Month

11 November 2022
Capital FM (Nairobi)
By Kevin Rotich

Nairobi — Safaricom Ethiopia generated a Sh98.3 million in first month of operation, coming just one month after it officially launched its telecommunication services in the horn of African country.Safaricom Ethiopia Service Revenue for the period ended September 30th 2022 was Sh9.1 million while total revenue, including handsets sales was Sh98.3 million.

Last month, Safaricom's Ethiopia unit was launched by Safaricom Chief Executive Officer (CEO) Peter Ndegwa with his Ethiopian counterpart Anwar Soussa as well as President William Ruto and Ethiopia Prime Minister Abiy Ahmed, opening a huge market opportunity for the telco."We are pleased with the commercial progress made in Ethiopia since launch of operations early last month. Most importantly we are enthusiatic on the growth opportunity in Ethiopia, with over 740,000 customers so far and 20,000 new customers joining the network daily," Safaricom PLC CEO Ndegwa said.A Safaricom consortia last year got license to enter the Ethiopian market after bidding Sh91.8 billion.

The consortium included British development finance agency CDC Group, Vodafone and Vodacom, and Japan's Sumitomo Corporation.

This was followed by a massive investment in building infrastructure and networks.

Safaricom Ethiopia signed infrastructure sharing and interconnection agreements with Ethio Telecom, allowing the former to use its infrastructures.

Read the original article on Capital FM.

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