Safaricom Plc

Safaricom PLC is Kenya's largest and most dominant telecommunications provider and one of the most profitable companies across East and Central Africa. Headquartered at Safaricom House in Nairobi, Kenya, the company operates as a listed entity on the Nairobi Securities Exchange under the ticker symbol SCOM. It is widely regarded as a national institution — not merely a telecom operator — given the depth to which its services have been woven into the economic and social fabric of Kenyan life.

The company offers a broad and diversified portfolio spanning mobile telephony, mobile money transfer (M-PESA), consumer electronics, e-commerce, cloud computing, data services, music streaming, and fibre optic connectivity. Its mission is to transform lives by connecting people to people, people to opportunities, and people to information. This mission has guided Safaricom's evolution from a traditional telecom into an integrated communications and technology solutions company, with ambitions to become Africa's leading purpose-led technology company by 2030.

As of mid-2025, Safaricom controls approximately 65.7% of the Kenyan telecommunications market, commanding an active customer base that surpassed 50 million subscribers in July 2025 — a historic milestone achieved just ahead of the company's 25th anniversary. Beyond Kenya, Safaricom has made a significant strategic push into Ethiopia, Africa's second-most populous nation, where it now serves over 10 million active customers.

Key Corporate Facts

History & Evolution

Safaricom's story begins in 1997, when it was established as a wholly owned subsidiary of Telkom Kenya, the state-owned telecommunications company. The early years were modest, with the company operating as a small mobile operator in a nascent Kenyan telecoms market. The transformative moment came in May 2000, when Vodafone Group PLC of the United Kingdom acquired a 40% stake in Safaricom and assumed management responsibility. This partnership brought with it world-class expertise in network management, branding, and innovation — elements that would prove critical to Safaricom's meteoric rise.

Under the leadership of founding CEO Michael Joseph, who served from July 2000 to November 2010, Safaricom grew from fewer than 20,000 subscribers to over 16.7 million. Joseph's tenure marked the period during which Safaricom transformed itself from a small operator into Kenya's dominant telecoms force, posting a 37% rise in pretax profit in his final full year as CEO.

In 2008, the Kenyan government offered 25% of its shares to the public through an Initial Public Offering (IPO) on the Nairobi Securities Exchange. The IPO was a landmark event in the country's capital markets and raised significant investor interest, further cementing Safaricom's role as a cornerstone of the Kenyan economy.

Bob Collymore succeeded Joseph in November 2010 and steered the company through a period of profound innovation. It was under Collymore's watch that mobile money products such as M-PESA were expanded and diversified, giving the company a formidable competitive moat that no rival could easily replicate. Collymore led the charge against regulatory efforts to curb the company's market dominance, arguing that Safaricom's scale was essential to delivering affordable services across Kenya.

The most recent chapter in Safaricom's evolution involves its bold expansion into Ethiopia, where it secured the country's first private telecoms license in 2021 and launched commercial operations in October 2022. The current CEO, Peter Ndegwa, has overseen this geographic diversification while continuing to strengthen the core Kenyan business. In July 2025, Safaricom surpassed 50 million customer subscriptions — a historic milestone ahead of its 25th anniversary in October 2025.

Timeline of Key Milestones

Corporate Structure & Ownership

Safaricom PLC is a publicly listed company on the Nairobi Securities Exchange, meaning a significant portion of its shares are traded by retail and institutional investors on the open market. However, the ownership structure is shaped by a handful of strategic stakeholders who collectively hold majority control.

The Kenyan Government, through its various holdings, retains approximately 35% of Safaricom's shares, underscoring the company's importance as a strategic national asset. This government stake also gives Safaricom political significance — the state has a vested interest in the company's performance and its ability to deliver affordable, widespread connectivity.

Vodafone Group PLC, the British multinational, holds its stake indirectly through its South African subsidiary, Vodacom Group. Vodacom has historically owned over 40% of Safaricom and has been the company's strategic technology and operational partner since 2000. In a significant structural shift, Vodacom acquired additional stakes from both the Kenyan government and Vodafone, positioning itself to hold approximately 55% of Safaricom — making it the single largest shareholder.

The remainder of Safaricom's shares are held by public investors on the Nairobi Stock Exchange, where the stock trades under the symbol SCOM. As of mid-2025, Safaricom's market capitalisation crossed the KES 1 trillion mark, reinforcing its position as one of the most valuable listed entities in the region.

For the Ethiopian operations specifically, the consortium that owns Safaricom Ethiopia is broader. It includes Vodafone Group, Safaricom PLC, Vodacom Group, Sumitomo Corporation of Japan, and British International Investment (BII) — a reflection of the scale of capital required to build telecoms infrastructure from scratch in Africa's second-most populous nation.

Products & Services

Safaricom's product and service portfolio has expanded significantly over the years, moving well beyond traditional voice and SMS into a comprehensive ecosystem of digital, financial, and enterprise solutions. This diversification is central to the company's strategic identity as a technology company, not just a telecoms operator.

Mobile Voice & Data

At its core, Safaricom remains Kenya's premier provider of mobile voice and data services. The company offers both prepaid and postpaid plans across a wide range of price points, designed to serve Kenya's diverse socioeconomic segments. Its 4G LTE-A network — launched in stages from 2014 across Nairobi, Mombasa, and other cities — is among the most extensive in East Africa. Safaricom has also begun rolling out 5G technology in select locations, laying the groundwork for the next generation of connectivity.

Mobile data has become one of the company's fastest-growing revenue streams. In FY2025, mobile data revenue grew by 15.2% year-on-year, driven by increasing smartphone penetration and rising data consumption across the country. The company continues to invest in 4G device affordability, recognising that expanding smartphone access is a key lever for driving data revenue growth.

Financial Services — M-PESA

M-PESA is by far Safaricom's most iconic product and a cornerstone of its business model. Accounting for over 44% of Kenya's service revenue in FY2025, M-PESA is not just a product — it is a financial ecosystem. See Section 5 for a detailed exploration of M-PESA's history, impact, and evolution.

Enterprise & Public Sector Solutions

Safaricom serves a large and growing enterprise customer base through its corporate postpay services, managed ICT solutions, cloud computing, and Internet of Things (IoT) platforms. The company positions itself as a key partner for public sector digital transformation projects, helping government agencies modernise their operations and service delivery. Cloud solutions and enterprise connectivity are increasingly important as Kenya's economy digitalises.

Fixed Broadband (Fibre)

Recognising the growing demand for high-speed home and business internet, Safaricom has invested in its fixed broadband business. Through its fibre-to-the-home (FTTH) offerings, the company aims to connect over 2 million homes and businesses by 2030, as outlined in its Vision 2030 strategy. Fixed broadband represents a significant growth opportunity as Kenya's urban middle class demands faster, more reliable connectivity.

Value-Added Services

Safaricom offers a broad range of value-added services designed to enhance customer engagement and generate incremental revenue. These include Skiza Tunes (a ringback tunes service), Bonga Points (a loyalty programme), Stori Ibambe (a platform for mobile content creators), and various device products. The company has also expanded into insurance (Bima) and money market funds (Ziidi MMF), further deepening its relationship with customers beyond traditional telecoms.

M-PESA: Africa's Mobile Money Revolution

If there is one product that has defined Safaricom's legacy and shaped East Africa's economic landscape, it is M-PESA. Launched in March 2007 by Safaricom and Vodafone, M-PESA — where 'M' stands for mobile and 'PESA' is Swahili for money — is widely regarded as one of the most successful and impactful commercial innovations in the history of developing economies. It is, in many respects, the reason Safaricom exists as the dominant force it is today.

Origins & Early Development

The genesis of M-PESA can be traced back to the early 2000s. Researchers at Gamos and the Commonwealth Telecommunications Organisation, funded by the UK's Department for International Development (DFID), observed that people in Kenya, Uganda, Botswana, and Ghana were already using mobile phone airtime as a proxy for money transfers — sending airtime credit to relatives or reselling it. This organic behaviour revealed a latent demand for mobile-based financial services in markets with limited traditional banking infrastructure.

In 2005, Vodafone piloted M-PESA in Kenya with funding from DFID's Financial Deepening Challenge Fund. The initial concept was to support microfinance providers by reducing the costs of cash handling. However, pilot testing quickly revealed that users wanted to use the service for far more than microfinance — for paying bills, transferring money to family, and even as a safe overnight deposit. When Vodafone introduced the ability to buy airtime using M-PESA and offered a 5% discount, transaction volumes surged. The service was formally launched to the public in March 2007.

How M-PESA Works

M-PESA is fundamentally an SMS-based mobile money transfer and payments platform. Users deposit cash at one of Safaricom's vast network of agents (now numbering over 160,000 across Kenya), which converts it into electronic money ('e-float') stored on their mobile account. They can then send money to other users via PIN-secured SMS, pay for goods and services through 'Lipa na M-PESA' (Pay with M-PESA), pay utility bills, access credit and savings products, and withdraw cash at any agent location. The system was designed to work on the most basic feature phones — a critical design choice given that smartphones were a rarity in Kenya in 2007.

Impact on Kenya's Economy & Financial Inclusion

The impact of M-PESA on Kenya's economy has been nothing short of transformative. Before its launch, a survey by Financial Sector Deepening Kenya found that less than 20% of Kenyans had a bank account. Kenya had an estimated 500 bank branches, 500 post office branches, and just 352 ATMs — infrastructure wholly inadequate for a population of over 40 million. M-PESA changed this equation entirely. By providing bank-like functionality through a mobile phone, it brought millions of previously unbanked Kenyans into the formal financial system.

Financial inclusion in Kenya rose from approximately 26% in 2006 to 84% by 2021. Today, when mobile money is removed from the equation, financial inclusion in Kenya drops to just 23% — a stark illustration of how deeply M-PESA has become embedded in the country's financial infrastructure. Researchers from MIT and Georgetown University found that the adoption of M-PESA lifted approximately 2% of Kenyan households out of poverty.

The macroeconomic impact is equally staggering. Mobile money networks, led by M-PESA, cumulatively contributed up to 8.6% of Kenya's GDP in 2023, amounting to roughly USD 24 billion — comparable to the total output of Kenya's manufacturing and real estate sectors combined. At one point, transactions flowing through M-PESA represented nearly half of Kenya's GDP. The platform now processes over a billion transactions per month across its markets and has generated over USD 320 million in excise duty tax revenue for the Kenyan government.

Evolution of the M-PESA Ecosystem

M-PESA has long since outgrown its origins as a simple peer-to-peer money transfer tool. Today it is a comprehensive financial services platform that includes savings and credit (M-Shwari, launched in 2012 with NCBA Bank), overdraft services (Fuliza), rent payments (Lipa Kodi), international remittances (M-PESA Global), insurance products (Bima), and money market funds (Ziidi MMF). Safaricom has also launched a consumer super app and a business super app for merchants, positioning M-PESA as a one-stop financial services destination.

In FY2025, M-PESA revenue grew by 15.1% year-on-year to KShs 161.1 billion, driven by increased usage and chargeable transactions. The company continues to innovate, undertaking a deep technological overhaul of M-PESA's architecture to make it faster, more resilient, and future-ready. Safaricom is also expanding M-PESA's presence internationally, with the platform now operational in seven countries across Africa.

M-PESA in Ethiopia

One of the most closely watched developments in M-PESA's story is its expansion into Ethiopia. Launched in August 2023 after receiving regulatory approval, M-PESA is steadily gaining traction in a market that remains heavily cash-dominated. By December 2024, the service had attracted 10.8 million cumulative customers. M-PESA Ethiopia has already begun partnering with local merchants, fuel stations, and utilities to expand its payment acceptance network — a crucial step in building the user base and frequency of transactions that will ultimately drive profitability.

Financial Performance

Safaricom's financial performance in FY2025 (the year ended 31 March 2025) marked a significant milestone in the company's history, as it crossed the USD 3 billion total revenue threshold for the first time. This achievement reflects the resilience and momentum of both the Kenyan core business and the maturing Ethiopian operations. The results also concluded a successful five-year strategic cycle under the Vision 2025 framework, during which the company achieved a cumulative Group revenue growth of 48.6%, translating to a compounded annual growth rate of 8.2%.

FY2025 Key Financial Highlights

Growth was broad-based across most revenue lines, with M-PESA and mobile data serving as the two primary engines of expansion. M-PESA alone accounted for 44.2% of Kenya's service revenue, underscoring its centrality to the business model. The company's operating profit surged by nearly 30%, a reflection of both top-line growth and improving operational efficiency.

Half-Year Results (H1 FY2026)

In November 2025, Safaricom reported a 52% jump in half-year profit, with Group net income rising to KShs 42.8 billion (approximately USD 331.3 million) in the six months through September 2025. This was up significantly from KShs 28.1 billion in the same period a year earlier. The result was driven by continued strong performance in Kenya and a meaningful narrowing of losses in Ethiopia, signalling that the Ethiopian venture is on track toward profitability.

Dividends & Shareholder Returns

Safaricom has maintained a consistent and generous dividend policy. For FY2025, the total dividend stood at KShs 1.20 per share — comprising an interim dividend of KShs 0.55 per share (paid in March 2025) and a final dividend of KShs 0.65 per share (approved at the July 2025 AGM). Over the past five years, Safaricom shareholders have received cumulative dividends totalling KShs 255 billion. The company's share price rose 68.7% compared to the prior year, reflecting strong investor confidence. As of mid-2025, Safaricom's market capitalisation crossed the KES 1 trillion mark.

Capital Expenditure

Safaricom's capital expenditure has been directed primarily at network expansion and technology investments. In Kenya, radio access network upgrades represent the largest share of capex, while in Ethiopia, the bulk of spending has gone towards building out the 4G network from scratch. Over four years, Safaricom has invested over ETB 300 billion (approximately USD 2.27 billion) in Ethiopia's telecoms and digital financial services infrastructure. Capex intensity has been trending downward as the Ethiopian network matures, which will be a key driver of profitability improvement in the coming years.

Ethiopia Expansion

Safaricom's entry into Ethiopia represents the most ambitious and consequential strategic move in the company's history. Ethiopia, with a population exceeding 120 million people — the second largest in Africa — had been served exclusively by the state-owned Ethio Telecom for decades, which held an absolute monopoly on the nation's telecoms market. When the Ethiopian government decided to liberalise the sector, Safaricom, backed by an international consortium, won the country's first private telecoms license in 2021 for approximately USD 1 billion.

Launch & Early Challenges

Safaricom Ethiopia switched on its mobile network in October 2022, signing up 740,000 customers in its first month of operations — a signal of pent-up demand. However, the early years were marked by significant headwinds. A shortage of foreign currency made it difficult to procure telecommunications equipment. The Ethiopian birr underwent severe devaluation, falling from approximately 55 to 138 per US dollar between 2024 and 2025, which slashed dollar-equivalent revenues. Security challenges, including the 2020–2022 Tigray conflict and an ongoing insurgency in the Oromia region, further complicated the rollout. Regulatory delays in granting a full M-PESA licence — which was only approved in August 2023 — meant the company could not launch its most powerful revenue product for nearly a year after opening.

Growth & Investment

Despite these obstacles, Safaricom Ethiopia has delivered impressive growth. By July 2025, the operation had reached 10 million 90-day active customers, with an average of 31,000 new customers joining daily. Of these, 7.1 million use mobile data services, with per-user consumption rising to 6.5 GB per month — a 53% increase year-on-year. M-PESA in Ethiopia has attracted 2.4 million active wallets, facilitating ETB 15.8 billion in transactions annually.

The 4G network now covers more than half of Ethiopia's population through over 3,141 live sites across more than 150 towns and cities. Safaricom plans to more than double its base stations to over 6,000 (and eventually 10,000) by 2030. The World Bank has estimated that Safaricom's entry into Ethiopia has added approximately USD 3.1 billion to the country's GDP and supported roughly 900,000 jobs.

Path to Profitability

Ethiopia has been a loss-making operation since launch, but the trajectory is clearly improving. Losses in Ethiopia narrowed significantly in FY2025 to approximately USD 165.7 million, down from USD 472.4 million the year before — a reduction of over 50%. The company targets achieving positive EBITDA and breakeven in Ethiopia by FY2027. Management has expressed confidence that within five years, Ethiopian operations will deliver more than half of the Safaricom Group's incremental growth.

Competitive & Regulatory Context

Safaricom faces formidable competition from Ethio Telecom, which retains 83 million subscribers and deep ties to the national telecoms regulator. Ethio Telecom benefits from the ability to cross-subsidise data services with voice profits — an advantage Safaricom does not currently enjoy. A World Bank report has flagged that incomplete regulatory reforms, including the absence of licensed Tower Companies and Mobile Virtual Network Operators, create a tilted playing field that structurally favours the state-owned incumbent. Safaricom continues to engage actively with regulators to promote a level playing field.

Vision 2030 & Strategic Priorities

Having concluded its five-year Vision 2025 strategic cycle, Safaricom has now turned its attention to Vision 2030 — a bold roadmap designed to position the company as Africa's leading purpose-led technology company. The strategy represents a deliberate pivot from Safaricom's identity as a traditional telecoms operator toward that of a diversified technology and financial services platform, often referred to internally as 'TechCo' status.

Six Strategic Pillars of Vision 2030

• Accelerating 4G Device Acquisitions & Affordability — Expanding smartphone penetration remains central to driving data revenue and unlocking further digital services. Safaricom aims to make 4G devices accessible and affordable across all income segments.
• Customer Segmentation through Gen AI & Hyper-Personalisation — Leveraging generative artificial intelligence to understand and serve customers at an individual level, delivering highly personalised product and service experiences.
• Growing Mobile Financial Services Beyond Payments — Building on M-PESA's dominant position in payments to expand into credit, savings, insurance, and investment products, creating a comprehensive mobile financial services superstore.
• Achieving Positive EBITDA & Sustainable Funding for Ethiopia — Driving Ethiopia toward profitability while ensuring the operation is sustainably funded, positioning it as a major long-term growth contributor to the Group.
• Africa's Digitisation — Playing a leadership role in the broader digital transformation of Africa, particularly in East Africa, by building the infrastructure and services that enable digital commerce, governance, and inclusion.
• Connecting 2 Million Homes & Businesses Through Fixed Broadband — Aggressively expanding Safaricom's fibre-to-the-home and fixed internet offerings to capture the growing demand for high-speed connectivity among consumers and enterprises.

Management has framed Vision 2030 as a strategy that balances growth today with innovation for tomorrow. The company aims to reach 70 million subscribers across the Group by 2030, up from approximately 60 million currently. The strategy also places significant emphasis on corporate social responsibility, sustainability, and the company's role as a force for social good across the communities it serves.

Corporate Social Responsibility

Safaricom integrates environmental, social, and governance (ESG) principles throughout its operations, reflecting a deep organisational commitment to being more than just a profitable business. The company's CSR efforts are channelled primarily through the Safaricom Foundation, which has been a vehicle for impactful social investment across Kenya and Ethiopia.

In Kenya, the Foundation's flagship initiative, Ndoto Zetu (Our Dreams), has entered its seventh phase as of 2025, with KES 600 million invested in the latest round. The programme focuses on empowering youth and communities through education, skills development, and entrepreneurship. Safaricom also runs programmes such as the 'Grow with Safaricom' Business Forum, which equips entrepreneurs with training and resources to build sustainable businesses. The company's women-focused initiatives, including the Safaricom Women First 5K, have drawn tens of thousands of participants.

In Ethiopia, Safaricom has allocated over 100 million ETB to community initiatives. These include donating laptops, routers, and free internet access to schools across the country, providing assistance to businesses and communities affected by fires and natural disasters, and contributing to humanitarian efforts through partnerships with organisations such as the Mekedonia Humanitarian Association.

Safaricom was ranked as Africa's Best Employer and 67th in the world by the Forbes Global 200 list of the World's Best Employers. In 2018, it was ranked the #1 company to work for in Kenya by BrighterMonday. The company also partnered with the Shared Value Africa Initiative in 2019 to host the Africa Shared Value Summit, further signalling its commitment to creating shared value for business and society alike.

Workforce & Culture

Safaricom employs 6,777 people across its operations in Kenya and Ethiopia, maintaining an equitable gender split of 49% women — a figure that reflects the company's commitment to inclusive workplace practices. The company has invested heavily in continuous learning and digital upskilling, with 99.9% of staff completing certifications in artificial intelligence and digital courses during FY2025.

75% of Safaricom's workforce is based in Nairobi, the company's headquarters, with the remainder distributed across major cities including Mombasa, Kisumu, Nakuru, and Eldoret. In Ethiopia, 95% of the company's 898 direct employees are Ethiopian nationals, a deliberate choice that builds local capacity and aligns with the company's long-term commitment to the country.

Safaricom's workplace culture has been widely recognised externally. The company has consistently appeared on Forbes' Global Best Employers list and has topped domestic rankings for employee satisfaction. The organisation places a strong emphasis on innovation, encouraging employees to develop and test new ideas that align with the company's mission of connecting people and transforming lives.

Risk Factors & Challenges

Safaricom operates in dynamic and sometimes volatile markets, and the company has identified a range of material risks that it actively manages through its Enterprise Risk Management (ERM) framework, which is aligned with the ISO 31000 standard.

Key Risk Areas

• Economic Volatility — Macroeconomic pressures, including high interest rates and shrinking consumer wallets in Kenya, as well as the significant currency instability in Ethiopia (where the birr has undergone multiple devaluations), pose ongoing challenges to revenue and profitability.
• Regulatory Risk — The telecoms and financial services sectors in both Kenya and Ethiopia are subject to evolving regulatory frameworks. Changes in excise duties, spectrum allocation policies, interconnection rules, or data protection regulations could materially affect the company's cost structure and competitive positioning.
• Cybersecurity Threats — As Safaricom increasingly becomes the backbone of Kenya's digital and financial infrastructure, it becomes a more attractive target for cyber attacks. Protecting the integrity of M-PESA and other digital platforms is a top priority.
• Competitive Pressure — While Safaricom dominates Kenya, increased competition from regional players and potential new entrants remains a risk. In Ethiopia, competition from the well-established Ethio Telecom is a significant factor.
• Concentration Risk — Safaricom's heavy reliance on M-PESA (which accounts for over 44% of Kenya's service revenue) creates a structural dependency. A prolonged outage of M-PESA — as was demonstrated during a five-hour disruption in 2019 that was estimated to have cost the economy billions — would have far-reaching consequences.
• Ethiopia Execution Risk — Building a telecoms business from scratch in a complex, politically volatile environment carries inherent execution risk. Currency depreciation, security challenges, and regulatory delays have all tested Safaricom's resilience in Ethiopia.
• Foreign Exchange Risk — Safaricom's consolidated results are denominated in Kenyan shillings, but a significant portion of its capital expenditure and debt is denominated in US dollars. Movements in the KES/USD and ETB/USD exchange rates can significantly impact reported results.

Competitive Landscape

In Kenya, Safaricom's dominance is substantial and well-entrenched. With a market share of approximately 65.7% and a subscriber base that dwarfs its competitors, the company enjoys a position that is difficult for rivals to challenge. Its competitive moat is built on three pillars: the largest and most reliable network in the country, the M-PESA financial services ecosystem (which has become deeply embedded in daily Kenyan life), and significant brand loyalty built over more than two decades.

Nationally, Safaricom's main competitors include Airtel Kenya and Telkom Kenya, both of which operate at a fraction of Safaricom's scale. Neither has been able to match M-PESA's depth or Safaricom's network coverage, though both compete on price — particularly in the prepaid voice segment.

At the regional and continental level, Safaricom's key competitors include MTN Group (South Africa), Airtel Africa, and Orange. These companies have shown renewed interest in East African markets, particularly as mobile financial services become an increasingly important revenue driver across the continent. The competitive dynamics in Ethiopia are particularly noteworthy, as Ethio Telecom retains 83 million subscribers and benefits from regulatory proximity and the ability to cross-subsidise its data offerings.

Safaricom differentiates itself through superior customer experience, the breadth of its integrated service offerings, and its continuous investment in network quality and innovation. The company's stated ambition to become a 'TechCo' — a technology and financial services platform rather than a pure telecoms operator — is a strategic response to the evolving competitive environment, designed to create new revenue streams and deepen customer relationships beyond connectivity alone.

Conclusion

Safaricom PLC stands as one of Africa's most remarkable corporate stories — a company that has grown from a small telecoms subsidiary into a national institution and one of the continent's most profitable and innovative enterprises. At its heart, Safaricom's success is inseparable from the story of M-PESA, a mobile money platform that has reshaped Kenya's financial landscape and become a model for financial inclusion across the developing world.

As the company enters its next strategic chapter under Vision 2030, it faces both significant opportunities and material challenges. In Kenya, the core business continues to grow, underpinned by rising data consumption, expanding financial services, and a loyal customer base of over 50 million. In Ethiopia, Safaricom is navigating a complex but potentially transformative market, one that could deliver outsized returns if execution remains disciplined and the regulatory environment matures.

The company's ambition to transition into a purpose-led technology company — one that harnesses innovation for social good — reflects a broader trend among Africa's leading corporations to pursue growth strategies that are not only commercially sound but also socially meaningful. With a market capitalisation exceeding KES 1 trillion, a revenue base surpassing USD 3 billion, and a workforce committed to digital transformation, Safaricom is well-positioned to play a leading role in shaping the digital future of East Africa and beyond.

Safaricom's journey is far from over. The next decade will test whether the company can successfully execute its Vision 2030 roadmap, achieve profitability in Ethiopia, and cement its position as Africa's premier technology company. But based on its track record of innovation, resilience, and adaptability, there is strong reason for confidence that Safaricom will rise to meet the challenge.