Safaricom PLC has hit a historic milestone, becoming the first East African company to surpass $3 billion (KES 388.7 billion) in annual revenue. This landmark achievement underscores the success of the company’s five-year journey from a traditional telecom provider to a purpose-led technology powerhouse.
The impressive financial year ending March 31, 2025, saw total revenue rise by 11.2% and net income increase by 10.8% to KES 69.8 billion, reflecting solid execution across its core markets, especially Kenya and Ethiopia.
A New Era of Growth Rooted in Innovation
At the heart of Safaricom’s success is a bold transition strategy that prioritized digital innovation, regional expansion, and purpose-driven impact. The company’s evolution into a technology company—what it calls a “TechCo”—has paid off, driving results not only in financial metrics but also in customer growth and community transformation.
In Kenya, Safaricom’s home market, service revenue rose by 10.5% to KES 364.3 billion. The company’s flagship mobile money platform, M-PESA, continues to lead the way, growing 15.2% to contribute KES 161.1 billion—accounting for 44.2% of Kenya’s service revenue. More than just a payment tool, M-PESA now offers customers investment, savings, and credit services, making it a key enabler of financial inclusion.
Connectivity remains strong, with mobile data revenue increasing by 15.2% to KES 72.9 billion, driven by growing 4G usage. Even traditional voice services defied global decline trends, posting a 1.6% growth to KES 80.8 billion.
Ethiopia: A Promising Growth Frontier
Safaricom’s entry into Ethiopia has been another critical piece of its growth strategy. In under two years, the company has built a network of over 3,141 sites, doubled its subscriber base to 8.8 million, and brought 2.8 million users onto M-PESA, with transactions exceeding KES 20.6 billion.
Ethiopia now contributes close to 10% of the group’s revenue, and while still in its investment phase, the market is showing strong signs of becoming profitable by 2027. Plans are already in place to introduce services like Fuliza, a micro-loan product that has seen great success in Kenya.
Related Story: Safaricom M-PESA and LakiPay join forces to boost digital payments in Ethiopia
Community Impact and Purpose-Driven Strategy
More than numbers, Safaricom’s vision is anchored in impact. Over the past five years, the company has invested KES 18 billion in community development, focusing on education, health, the environment, and economic empowerment. These efforts have touched over 13 million lives, reinforcing Safaricom’s ambition to use technology for social good.
Safaricom CEO Dr. Peter Ndegwa captured the spirit of the moment:
“Our transformation into a technology company is not just about revenue. It’s about creating long-term value for our customers, investors, and communities. We’re building Africa’s most meaningful tech brand—one that leads with purpose.”
Looking Ahead to 2030
With the successful conclusion of its five-year strategy, Safaricom is poised for a new phase of growth. The company has laid a strong foundation to achieve its ambitious goal of becoming Africa’s leading purpose-led tech company by 2030. Whether through innovation in fintech, investment in connectivity, or expansion into new markets, Safaricom is redefining what it means to be a technology company in Africa.
