Standard Bank has entered into a strategic partnership with Kenyan telecommunications giant Safaricom, providing a substantial funding package of $138 million to support Safaricom Telecommunications Ethiopia. This investment underscores a shared commitment to accelerating digital connectivity and inclusion across one of Africa’s fastest-growing markets.
As part of the transaction, Standard Bank acted as the sole arranger, lender, and facility agent for the term loan facility, while also serving in an advisory capacity to ensure the successful execution of the deal.
“We are honoured to collaborate once again with Safaricom in advancing their vision of driving digital transformation and inclusion in Ethiopia,” said Anthony Ndegwa, Executive Vice President for Telecoms, Media, and Technology at Stanbic Kenya’s Corporate and Investment Banking division.
Safaricom’s Chief Executive Officer, Peter Ndegwa, emphasized the broader impact of the partnership:
Our business is guided by innovation and strategic partnerships that transform lives at scale. Through this initiative, we aim to empower youth, entrepreneurs, and underserved communities to fully participate in Ethiopia’s digital economy and unlock the promise of shared prosperity by 2030. This partnership gives us the opportunity to pursue that goal and further our mission to digitally enable Africa.
Safaricom entered the Ethiopian market in 2021, after securing a license to operate. Standard Bank played a pivotal role as one of the advisors and financiers during the initial network build and service rollout. In just four years, Safaricom has achieved remarkable growth, recently reporting 10.1 million three-month active customers—a testament to the strong demand for digital services in Ethiopia.
Taitu Wondwosen, Head of Standard Bank in Ethiopia, highlighted the bank’s broader vision:
We are committed to partnering with key stakeholders to drive infrastructure development that accelerates economic growth across the continent. Promoting digital and financial inclusion remains central to our mission—breaking barriers and enabling individuals, communities, and businesses to access affordable financial products and services tailored to their needs.
This collaboration between Standard Bank and Safaricom represents a significant milestone in Ethiopia’s digital journey, reinforcing the role of strategic partnerships in shaping Africa’s future economy.
