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Kenya: Safaricom hosts an investor day for its Ethiopian business in Addis Ababa

Safaricom has hosted its second Investor Day in Addis Ababa, offering investors insights into the company’s accomplishments, future strategies, and the progress made in Safaricom Ethiopia.

The theme “Scaling Operations for Ethiopia’s Digital Future,” the investor day convened 150 participants including analysts, regulators, government representatives, Safaricom PLC Kenya and Ethiopia board members, and senior management.

By December 31, 2023, Safaricom Ethiopia boasted more than 2,200 base stations spanning 33 cities, encompassing large and medium towns, achieving over 30% population coverage. Moreover, M-PESA already served over 3 million customers, with rapid growth underway.

Safaricom Group CEO Peter Ndegwa said, “We are proud of the success that Safaricom Ethiopia has achieved in a relatively short span of time. Our focus on scaling operations for Ethiopia’s digital future has been instrumental in driving our growth, and we remain committed to leveraging our expertise and resources to continue establishing ourselves as a key player in the Ethiopian telecommunications landscape.”

Michael Joseph, Chairman of the Safaricom Telecommunications Ethiopia Ethiopia Board, shared his sentiments on opportunities for the company’s growth in Ethiopia, saying: “I am excited about the vast opportunities that lie ahead for our company’s growth in Ethiopia. Leveraging innovation and our commitment to delivering high-quality services, including reliable internet connectivity, we are poised to empower individuals, businesses, and communities across Ethiopia.”

Safaricom Telecommunications Ethiopia PLC CEO, Wim Vanhelleputte, noted that the company has witnessed remarkable progress since launching commercial operations in October 2022. “We will continue to establish an innovative brand loved by our customers and build a world-class network that delivers superior customer experience. We also look forward to the transformation M-PESA will bring to financial inclusion in Ethiopia,” he said.

The investor day serves as a key initiative for Safaricom Group to engage with its business partners and stakeholders, discussing operations, strategies, and impact. Following a successful event in Nairobi in February 2023, this year’s edition in Addis Ababa continues the tradition of fostering meaningful dialogue and collaboration.

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