Safaricom Statistics 2024: Revenue, Growth & Workforce

Saf stats 1

Safaricom is a leading telecommunication company in Kenya and Ethiopia, providing wireless and wireline services to individual, business, and government customers. 

The company started in 1997 as a subsidiary of Telkom Kenya but became partly owned by Vodafone Group PLC in May 2000, when it acquired 40 percent of the shares. In 2008, Safaricom went public and offered 25 percent of its shares through the Nairobi Securities Exchange (NSE). 

Since its inception, Safaricom has grown to become one of the most valuable companies in Kenya and East Africa, offering innovative products and services in wireless voice, text, internet, and mobile money solutions under the M-Pesa brand. It also sells various hardware products, such as phones, tablets, laptops, and internet devices.

On this page, we’ll present some key statistics about Safaricom.

Key Safaricom Statistics

  • Safaricom is the most valuable company in Kenya and East Africa with a market cap of 5.5 billion USD.
  • Safaricom controls 65.7% of the telecommunication market in Kenya.
  • Mpesa is the leading Safaricom revenue contributor accounting for 39.63% of service revenue.
  • Safaricom has a total workforce of 6,616 employees in both Kenya and Ethiopia.

Safaricom is the most valuable company in Kenya and East Africa.

Safaricom is the most valuable company in Kenya and East Africa. It has a market cap of $5.473 billion, which puts it ahead of other regional companies like Tanzania Breweries and Equity Group Limited.

most valuable companies in East Africa ranked.

Who are Safaricom’s Largest Shareholders?

The majority stake of Safaricom shares is owned by the Government of Kenya (GOK) with 35% ownership and Vodacom Group, (which is a subsidiary of Vodafone in sub-Saharan Africa) which also owns 35% of the company. Vodafone now owns 5% of the equity, and the remaining 25% is held by local investors.

Safaricom ownership

Safaricom Controls 65.7% of Mobile SIM Subscriptions in Kenya

Safaricom holds the largest market share of mobile SIM subscriptions in Kenya with a whopping 65.7%. Its biggest rival, Airtel KE, comes second with a market share of 28.20%. Telkom holds the third position with a market share of 3.1%, while Finserve (formerly Equitel) and Jamii Telecommunication control 2.90%.

Largest Telcoms in Kenya. Safaricom leads by 65.7%

Safaricom Financial Performance

Safaricom made a total revenue of KShs 310.9048 billion in its financial year 2023. This revenue was generated from various sources, including M-Pesa, voice, mobile data, handsets, and others. 

  • Service Revenue: Safaricom’s service revenue grew by 5.2% to KShs 295.69 billion, supported by M-PESA, Mobile Data, and Fixed Data.
  • M-PESA Revenue: M-PESA revenue grew by 8.8% to KShs 117.19 billion, with increased usage and growth of chargeable transactions per one-month active customer by 16.2% year-on-year to 23.54 transactions.
  • Mobile Data Revenue: Safaricom’s mobile data revenue grew by 10.6% year-on-year to KShs 53.60 billion.
  • Fixed Service and Wholesale Transit Revenue: This recorded a strong growth of 20.1% year-on-year to KShs 13.50 billion.
  • Other Income: The company’s other income increased by 42.7% to KShs 3.76 billion.

Taxation

Taxation: Safaricom remitted KShs 132.6 billion in duties, taxes, and license fees in the year ended March 31, 2023, increasing the total duties, taxes, and fees paid since the inception of Safaricom PLC to KShs 1.17 trillion.

Ethiopia Operations

Safaricom Telecommunications Ethiopia PLC (STE): Safaricom launched commercial operations for STE as a subsidiary of Safaricom PLC on October 6, 2022, covering 22 large and medium-sized cities representing a population coverage of 24% with 1,272 sites. The company added 3.0 million gross adds since launch, with 2.14 million customers being a three-month active base.

Network and Connectivity

Network Coverage: Safaricom achieved 97% 4G population coverage, with 20.3 million smartphones on its network.