Safaricom reports record profit growth as Kenya and Ethiopia operations drive expansion

By:  Nana Appiah Acquaye

Safaricom PLC has reported record financial results for the year ended March 31, 2026, as the telecommunications and digital services provider marked 25 years of operations with strong growth across its Kenya and Ethiopia businesses.

Group Chief Executive Officer Peter Ndegwa said the company recorded a net income of 100 billion Kenyan shillings, representing a 67.3 percent increase compared to the previous year. Following the performance, the Safaricom Board recommended a dividend of 2.00 shillings per share, up 66.7 percent year-on-year.

According to the company, the performance reflects Safaricom’s continued transition into a technology-driven organisation focused on digital and financial inclusion across Africa.

The Kenyan business remained the Group’s largest revenue contributor, with service revenue surpassing 400 billion shillings for the first time. Earnings before interest and taxes (EBIT) in Kenya rose by 15.3 percent to 182 billion shillings.

Safaricom also highlighted the continued expansion of its financial services ecosystem. More than 17 billion transactions were processed free of charge under the M-PESA Kadogo initiative, while the Ziidi Money Market Fund attracted over two million customers into investment products.

In Ethiopia, Safaricom said its operations reached a significant growth milestone, with the customer base increasing to 13.6 million subscribers. M-PESA active users in the market grew by nearly 120 percent year-on-year as the company accelerated digital financial service adoption.

The company noted that infrastructure deployment in Ethiopia is approaching 4,000 sites, with capital expenditure beginning to stabilize as the business transitions from a heavy investment phase toward a more sustainable operational model.

Safaricom said the Ethiopia business remains central to its ambition of becoming Africa’s leading technology company by 2030.

Looking ahead, the Group announced plans to adopt an AI-first strategy aimed at improving operational efficiency and enhancing customer experience. The company said it intends to leverage artificial intelligence and digital technologies to streamline operations while delivering more affordable and innovative services to its customer base of 72 million users across its markets.

Safaricom added that it remains focused on driving digital transformation, expanding financial inclusion, and creating shared value through technology-led innovation across Africa.