Safaricom Group has announced a robust 13.1% year-on-year (YoY) increase in net revenue, reaching Ksh 179.9 billion for the six months ending 30 September 2024. This growth was largely driven by M-PESA, mobile data, and fixed data services. Overall, the Group saw a 7.8% YoY increase in customers, bringing the total to 52.01 million, while one-month active customers grew 10.8% YoY to 39.75 million.
In the report, Safaricom highlights its market dominance, with Safaricom Kenya holding a 65.4% market share as of June 2024, according to the Communication Authority of Kenya. The company also notes a significant depreciation of the Ethiopian Birr, which dropped by 106% against the US Dollar, impacting the Group’s financials in Ethiopia.
Capital expenditure for the period surged by 40.1% YoY to Ksh 58.68 billion, with a significant portion, Ksh 27.91 billion, invested in expanding operations in Ethiopia. In Kenya, voice and messaging revenue grew by 4% YoY to Ksh 40.55 billion, with minutes of use per subscriber rising by 7.6% to 198.31 minutes.
M-PESA continued its impressive performance, recording a 16.6% YoY growth in revenue, reaching Ksh 77.22 billion. This was driven by a 13.1% increase in average revenue per user (ARPU), which now stands at Ksh 389.27. The growth was also reflected in chargeable transactions per active customer, which rose 25.6% YoY.
The company also saw significant growth in new products aimed at SMEs, with Pochi la Biashara and Merchant overdraft products gaining traction. M-PESA’s total transaction value reached Ksh 20.84 trillion, an increase of 10.8% YoY, while transaction volumes grew by 30.6% YoY.
Mobile data revenue also showed strong performance, with a 20.2% YoY growth to Ksh 35.55 billion. This was driven by an increase in ARPU and a growing base of active mobile data customers, which reached 28.83 million, up 10.5% YoY. Data usage per chargeable subscriber also rose by 9.8% YoY.
Safaricom continues to leverage its Customer Value Management (CVM) initiatives to drive affordability and enhance customer experience, ensuring strong growth across all key service segments.
