Safaricom Achieves Rapid Growth in Ethiopian Market, Surpasses 5 Million Subscribers

In an impressive feat, Safaricom has reached a milestone of over five million subscribers within its Ethiopian subsidiary. This achievement comes less than a year after the telecom giant’s entry into Ethiopia, a market with immense growth potential. Safaricom is determined to capture a substantial market share and aims to acquire a total of 10 million customers by March of next year.

Stephen Kiptinness, Chief Corporate Affairs Officer at Safaricom, confirmed the substantial subscriber count, highlighting the rapid success of the Ethiopian venture.

Safaricom embarked on its Ethiopian journey on October 6, 2022, gaining strong traction right from the start. By the end of its first month, it had amassed 740,000 subscribers and generated revenue of Sh98.3 million. The company’s momentum continued, crossing the one million customer mark by mid-November and accumulating 2.8 million customers by mid-March the following year.

Safaricom’s success in Ethiopia positions it in direct competition with Ethio Telecom, a state-owned telecom provider in the country. Ethio Telecom reported a total of 72 million subscribers in its annual report, making it the largest single-country subscriber base on the African continent.

With its recent introduction of M-Pesa operations in Ethiopia, Safaricom aims to replicate its success in Kenya’s mobile money market. The company is optimistic about expanding its customer base by offering quality telecom and mobile money services.

Safaricom’s aggressive marketing strategy and commitment to innovation set the stage for a promising future in Ethiopia’s dynamic telecom landscape.