Safaricon Hits 52 Million Subscribers In Abyssinia

News & Politics
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Kenya’s telco, Safaricom Plc now covers 46 per cent of Ethiopia’s population, just two years after entering the market.

This means that the network has reached at least 52 million of the country’s 112 million population.

This was revealed to investors when the firm unveiled its financial performance for the first six months in Nairobi on Thursday.

According to Safaricom’s Group chairman, Adil Khawaja, the firm is working to meet its license obligation of 55 per cent cover by June 2025.

The Kenyan firm became the first private operator in one of Africa’s largest telecoms markets in early October 2022 after placing a bid worth $850 million close to (Sh110 billion) to bag the license.

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Tunajua Nabii is biggest shareholder

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Safaricom should make sure that they don’t lose control of that joint venture. I see they have already been diluted to 51% by international investors such as IFC after they took all the risk. I believe that they should have sold those shares to IFC and other late investors at a bigger premium. If Safaricom loses control over that Ethiopian venture, Safaricom Ethiopia will become a direct competitor to Safaricom Kenya instead of a subsidiary.

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