Safaricom made Ksh98 million in revenue in 30 days since launching operations in Ethiopia on Friday, October 7.
In a statement by the telecommunication company on November 11, the Ksh98 revenue was attributed to its service operations, including the sale of handsets.
"Safaricom Ethiopia Service Revenue for the period ended September 30, 2022, was Ksh9.1 million while total revenue including handsets sales was Kshs 98.3 million," the telco giant announced.
Since beginning its operations in the country of the Horn of Africa country, the telecommunication company has registered 740,000 customers, with the numbers projected to rise in the coming months.
"Most importantly, we are enthusiastic about the growth opportunity in Ethiopia, with 20,000 new customers joining the network daily.
"We are also encouraged by data and voice usage levels with 711 MBs average usage per active data customers and 30 Minutes of Use per active voice customers for October,” CEO Peter Ndegwa added.
Safaricom indicated that it had invested close to Ksh72 billion in launching operations in Ethiopia, adding that it sought to make inroads in the mobile money industry.
The government of Ethiopia was yet to issue the company a licence on the same, as of November 11.
"This will boost commercial efforts, with a greater focus on driving financial inclusion and digital acceleration for the people of Ethiopia," Safaricom stated.
Back in the country, the company noted that it had made a net income of Ksh37.5 billion.
Additionally, Safaricom will introduce new products to boost its services across the country in the coming months.
'Safaricom will soon be launching new products and services in the second half of the financial year, including the M-Pesa Go product to enhance child safety and sound financial knowledge to children below 18 years as well as the anticipated return to charging on banking transactions," read the statement in part.
