Safaricom’s net income up by 8 billion shillings.

Telco giant Safaricom Limited has announced 8 billion shillings increase in its net income to Kshs. 63.4 billion up from Kshs. 55.4 billion in their financial year ended in March 2019. This represented a 14.7% growth.

The service revenue for the firm grew by 7% to Ksh. 240.3 billion during the same financial year. Safaricom CEO Bob Collymore attributed the results to strong growth in Mpesa revenue.

“We are pleased with strong results we have delivered for this year,” Collymore said.

Collymore said Safaricom had added 2.3 million customers this year to its Safaricom family.

“We added 2.3 million customers this year to the Safaricom family, a 58% increase compared to the 1.4 million added the previous year,” noted Collymore.

While announcing the results, CEO Bob Collymore said the telco’s earnings before income tax grew to Sh89.6 billion even as the firm faced a number of challenges ranging from increased taxes and the need for control and affordability.

“To effectively respond to some of the challenges identified, we readjusted our voice and data pricing and gave our customers more control over their data usage and premium rate service subscriptions,” noted Collymore.

Collymore said the firm’s Fuliza na Mpesa has had an incredible uptake since its launch three months ago with customers having borrowed Sh45 billion.

“We launched Fuliza: the world’s first contextual mobile money overdraft facility. We did this after realizing that customers were canceling millions of M-PESA transactions every day due to insufficient funds in their mobile wallets,” said Collymore.

The firm said that it aims to fulfill the dreams of 500 Kenyans who would like to make a difference in their communities through the Ndoto Zetu campaign.

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