Safaricom Limited Demonstrates Exceptional Performance, Exceeding Market Expectations and Revising EBIT Guidance

Published On: November 14, 2023Company: Safaricom PLC (
What is the strategic goal of Safaricom?
Safaricom's strategic goal is to become a purpose-led technology company by 2025, focusing on leveraging technology and driving customer innovation to provide relevant products, services and solutions. The company also aims to promote a cash-lite economy, deepen financial inclusion, and contribute to digital evolution in Kenya and Ethiopia. The company also places significant focus on social investment, diversity and sustainability initiatives.

Operating Environment Summary:

  • The period under review was challenging due to economic headwinds such as increased taxation, fuel price hikes, and currency depreciation.
  • Safaricom demonstrated exceptional performance despite these challenges, due to a strong governance, excellent strategy execution, and supportive regulatory environment.
  • The company engaged with government and regulators on matters related to the digitization of the economy and reducing digital exclusion.
  • In Ethiopia, Safaricom is closely working with regulators for increasing their coverage and product rollout.
  • A conducive regulatory environment is paramount to the success of the digitization ambitions of both countries.

Financial Performance Overview:

  • Strong performance in Kenya with results exceeding market expectations and FY24 guidance.
  • Key drivers of the strong performance include M-PESA and Mobile Data.
  • In Ethiopia, Safaricom achieved milestones like the commercial launch of M-PESA services and attained over 4 million three-month active customers.
  • The company is focused on promoting a cash-lite economy and financial inclusion in Ethiopia.

Social and Technological Contributions:

  • Safaricom is working with public sector and industry stakeholders to advance connectivity, fintech, and infrastructure development.
  • The company has launched a smartphone device assembly in Kenya to promote affordable 4G devices.
  • Healthcare partnerships with the National Government are aimed at strengthening Community Health Services.
  • The company invested in social projects through the Safaricom Foundation and the M-PESA Foundation, impacting millions of Kenyans over the years.

Concern on ESG Priorities, Diversity and Inclusion:

  • The company announced a KShs 15 billion Sustainability Linked Loan for supporting investments that manage ESG footprints.
  • Gender and disability inclusion form part of their strategic goals, with 55% women representation on board and 45% in senior leadership. They aim for 5% differently-abled workforce in the next two years.
  • In procurement, 5.1% is now allocated to local marginalized groups including women, youth, and persons with disabilities.

Outlook and FY24 Guidance Revision:

  • The strong performance seen leads to a revision of EBIT guidance for Kenya.
  • Safaricom is on track to achieve their strategic goal to be a purpose-led technology company by 2025.
  • Regardless of current challenging times, the company strives to offer relevant products, services and solutions to meet the needs of customers.
  • They look forward to driving value for shareholders, solving societal issues and deepening digital and financial inclusion in Kenya and Ethiopia.

Useful links

About Safaricom Limited (

Safaricom Limited is an integrated telecommunications company in Kenya providing mobile, fixed voice, data, SMS, Internet and M-PESA services. The company sells mobile phones and tablets as well as broadband modems and routers. It also offers its customers data bundles for pre- and post-paid customers; pre- and post-paid voice plans and SMS services for national and international roaming; Okoa Jahazi for emergency top-up credit; and Flex plans for browsing, calling and SMSing. Bonga Points is a customer loyalty programme and M-PESA is a mobile telephone service to deposit, transfer and withdraw money as well as pay for goods and services. Other services offered include website and email, calling and cloud and hosting services. Safaricom Limited’s head office is in Nairobi, Kenya. Safaricom Limited is listed on the Nairobi Securities Exchange

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