Having launched just over a year ago, the team already has plenty of reasons to celebrate.

This year has been nothing short of fantastic, marked by achievements such as reaching major mobile subscriber milestones, launching mobile money service M-Pesa and laying the groundwork for a 5G future.

Five million mobile milestone

The company reached the milestone of five million subscribers in August, showing promising growth within a year of its launch into the region. After its debut in October 2022, the company needed just a month to gain 740 000 subscribers and generate more than $1.8 million in revenue.

The remarkable growth continued and by March 2023, the business had amassed more than 2.8 million subscribers. The goal is to reach 10 million subscribers by March 2024.

Promoting innovation with M-Pesa

Safaricom Ethiopia launched M-Pesa, the mobile money service, in August this year after receiving the Payment Instrument Issuer Licence from the National Bank of Ethiopia.

A three-month trial period included rigorous testing, technical readiness, securing key partnerships with banks, and onboarding M-Pesa agents.

All Safaricom Ethiopia customers have access to M-Pesa, which is available in five languages and supports both Android and iOS devices.

M-Pesa is a game-changer for financial inclusion in more than seven countries, where it services more than 51 million customers, says Stanley Njoroge, Interim CEO.​

“We will continue to broaden the services our customers receive from the M-Pesa platform, which will improve the quality of life for our customers,” he says. “M-Pesa will play its part in fast-tracking digital inclusion and promote innovation outlined in the Digital Payments Strategy 2025.”

Bringing 5G to Ethiopia

A major investment from the World Bank Group will support Safaricom in the construction and operation of its 4G and 5G mobile networks.

The funding will support the roll-out, launch and operation of 4G and 5G countrywide, covering rural and urban areas.

It’s an exciting new chapter for this committed team, who intend to bring consumer and business customers across the country more affordable internet, reliable connectivity and exciting digital services.​