- Telco giant Safaricom has reported a 2.1% increase in net profit, reaching $225 million (KES34.2 billion) for the six months ending on September 30.
- Company CEO says there was heightened pressure on consumers’ finances due to both global influences and domestic inflation.
- Money transfer service M-PESA was the firm’s biggest source of revenue at 42% in the period.
Kenya’s telecommunications giant, Safaricom, has reported a 2.1 percent increase in net profit, reaching $225 million (KES34.2 billion) for the six months ending on September 30. During this period, earnings from the cash transfer service, M-PESA, which constitutes approximately 42 per cent of the total service revenue, saw a 16 per cent surge compared to the same period in the previous year.
Safaricom CEO, Peter Ndegwa, pointed out that during the six months, there was heightened pressure on consumers’ finances due to both international influences and domestic factors such as inflation. Furthermore, …
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