• Latest
  • All
  • How To
Bob Collymore

M-PESA is Safaricom’s Top Earner as Net Profits Hit KES 63.4 Billion Amid Poor One Tap Performance

May 3, 2019
Top 5 Platforms to Sell Bitcoin for Cash Without Stress

Top 5 Platforms to Sell Bitcoin for Cash Without Stress

June 29, 2025
Subscription Nuisance: Gmail's New Tool Arrives in Kenya

Declutter! Gmail Feature to Manage Influx of Subscriptions Arrives in Kenya

June 28, 2025
Togo Cracks Down on Social Media as Protests Demand Leader's Resignation

Togo Shuts Down Social Media Access

June 29, 2025
Windows Blue Screen of Death

Microsoft Is Retiring the Iconic Blue Screen of Death After Nearly 40 Years

June 27, 2025
DHgate Tablet Cases deals
xiaomi_ai_glasses

Xiaomi Enters Smart Glasses Market with Its First AI-Powered Pair

June 27, 2025
Google Ask Photos

Google Relaunches Ask Photos with Faster, Smarter AI Search

June 27, 2025
Hashtags on X

Musk Drops Hashtags From Paid Posts on X

June 27, 2025
YouTube

YouTube Creators Need to Be 16 or Older to Live Stream Alone

June 27, 2025
How to Install a VPN and the Best Options in Kenya

How to Install a VPN and the Best Options in Kenya

June 27, 2025
Internet router with fiber connection

Competition Authority Cracks Down on Kenyan Landlords Blocking Internet Providers

June 27, 2025
Iran cyberattacks

Cyber Attacks Soar After US Airstrikes on Iran Sites

June 27, 2025
Communications Authority ranked by ITU as best in Africa ICT regulations

Media Blackout: Communications Authority Orders Halt to Live Protest Coverage

June 25, 2025
Techweez | Tech News, Reviews, Deals, Tips and How To
  • News
  • Entertainment
  • Reviews
  • Features
  • Editorial
No Result
View All Result
Techweez | Tech News, Reviews, Deals, Tips and How To
  • News
  • Entertainment
  • Reviews
  • Features
  • Editorial
No Result
View All Result
Techweez | Tech News, Reviews, Deals, Tips and How To
No Result
View All Result

M-PESA is Safaricom’s Top Earner as Net Profits Hit KES 63.4 Billion Amid Poor One Tap Performance

Kenn Abuya by Kenn Abuya
May 3, 2019
in News
Reading Time: 2 mins read
264
0
Bob Collymore

Bob Collymore, CEO, Safaricom

Bob Collymore

Safaricom’s FY2019 earnings have been announced in an event held earlier today at the telco’s head office. The numbers are not surprising because the carrier has been reporting positive growth from year to year.

2019’s service revenues saw a 7% jump year on year, a development that was also supplemented by robust operating performance marked by a 13.1% growth in earnings before income tax. On the whole, Kenya’s biggest carrier net income rose by 14.1% to KES 63.4 billion shillings.

According to Safaricom Chief Financial Officer Sateesh Kamath, the mobile telecom’s campaigns and value propositions were attractive to its millions of customers that hit the 30-million mark a few weeks ago.

2.3 million new customers

In the past year, Safaricom registered 2.3 million new customers. This is a 58% jump over the 1.4 million it added in the preceding year. Mr. Sateesh added that new customers contributed up to 7% YoY growth in service revenue.

M-PESA

Safaricom’s mobile money product M-PESA is the telco’s biggest money-maker, followed by voice (outgoing) and mobile data. In fact, M-PESA accounted for 75 percent of the overall growth in the year after registering a 19.2% jump year on year.

To put these numbers into perspective, the financial product accounts for 31.2% of service revenues. What’s more, Safaricom says that M-PESA has seen that growth due to new businesses marked by payments, savings and lending (M-Shwari, Fuliza and KCB M-PESA) as well as money transfer such as PayPal services that were introduced about a year ago.

Speaking of Fuliza, the overdraft facility has so far seen the disbursement of KES 45 billion four months after launch.

Out of the new 2.3 million customers that Safaricom registered, 2.1 million are active M-PESA users. The product, as of this writing, has 22.6 million active customers.

M-PESA One Tap

The NFC-powered payments system was launched by the carrier in May 2017. More details regarding its operations can be read here. Either way, the performance of the solution has been deteriorating, and underwhelming growth was highlighted by CEO Bob Collymore’s remark that the idea was not great after all. Will it be axed? Probably.

Voice over LTE

Safaricom did not reveal any specifics regarding the official rollout of VoLTE. Earlier this year, the carrier said it was performing a series of tests using multiple devices from several vendors in the country. Our educated guess is that the tests are still in place.

Nevertheless, Safaricom has revealed that 4G services are now available in all major towns and urban centres in Kenya, which is not a small feat, to say the least.

CEO Bob Collymore Tenure

It has since been reported that there is a possibility Collymore’s tenure will not see further extension as the current CEO plans to retire quietly for health reasons. For this reason, the board has been conducting interviews for possible replacements. The government of Kenya, through ICT CS Joe Mucheru’s office insists that the incoming CEO should be Kenyan. However, that is a decision to be made by the Safaricom board, which, through its Chairman Nicholas Ng’ang’a, revealed that it had considered a local candidate. To this end, the board will communicate its ruling at a later date, which can also change if Mr. Collymore’s tenure is renewed as it was the case in 2015 and 2017.

Tags: Safaricom
SendShare146Tweet92
Kenn Abuya

Kenn Abuya

Kenn Abuya is a friend of technology, with bias in enterprise and mobile tech. Share your thoughts, tips and hate mail at [email protected]

Related Posts

Unified Payment Interface

CBK’s New Fast Payment System Plan Could Rival M-Pesa

June 24, 2025
Kenya Safaricom share sale

Kenya Plans Mega Sale of Safaricom Shares to Raise Over a Billion Dollars

May 26, 2025
Safaricom, Airtel, Telkom lawsuit

Safaricom, Airtel, Telkom and CA Sued in Data Rollover Lawsuit

May 28, 2025
Safaricom launches revamped business loans

Safaricom Unveils Business Credit via M-PESA and Pochi Wallets

May 21, 2025
Safaricom Quickmart partnership

Safaricom 4G and 5G Routers Now Available at Quickmart Stores

May 17, 2025
Safaricom 5G for Business

How Safaricom 5G is Revolutionizing Enterprise Connectivity

May 17, 2025

Latest

Top 5 Platforms to Sell Bitcoin for Cash Without Stress

Top 5 Platforms to Sell Bitcoin for Cash Without Stress

June 29, 2025
Subscription Nuisance: Gmail's New Tool Arrives in Kenya

Declutter! Gmail Feature to Manage Influx of Subscriptions Arrives in Kenya

June 28, 2025
Togo Cracks Down on Social Media as Protests Demand Leader's Resignation

Togo Shuts Down Social Media Access

June 29, 2025
Windows Blue Screen of Death

Microsoft Is Retiring the Iconic Blue Screen of Death After Nearly 40 Years

June 27, 2025
xiaomi_ai_glasses

Xiaomi Enters Smart Glasses Market with Its First AI-Powered Pair

June 27, 2025
Google Ask Photos

Google Relaunches Ask Photos with Faster, Smarter AI Search

June 27, 2025

Best devices

budget smartwatches 2025

Best Budget Smartwatches To Buy in Kenya 2025

February 13, 2025

Best Infinix Smartphones To Buy in Kenya 2024

February 13, 2025

Best Laptops for Battery Life in 2024

August 21, 2024

Best “Battery Warrior” Smartphones To Buy in 2024

August 22, 2024

Top 5 Platforms to Sell Bitcoin for Cash Without Stress

June 29, 2025

Declutter! Gmail Feature to Manage Influx of Subscriptions Arrives in Kenya

June 28, 2025

Techweez is a fast growing influential source of technology news, reviews and analysis by leading tech geeks in the industry.

Follow Us

Editorials

Abductions and Arrests! Kenyan Government’s Fear and Hate of X Users Makes No Sense

Actors and Film Crews Are Worried About Veo 3 Taking Their Jobs

Samsung QLED TVs Now Officially Certified for Real Quantum Dot Technology

Trump’s Tariffs Will Be the End of Affordable Tech

5 Ways to Prep Your Tech for Resale

The Weaponization of PDFs: How Cybercriminals Are Exploiting a Trusted Format

More News

Musk Drops Hashtags From Paid Posts on X

YouTube Creators Need to Be 16 or Older to Live Stream Alone

How to Install a VPN and the Best Options in Kenya

Competition Authority Cracks Down on Kenyan Landlords Blocking Internet Providers

Cyber Attacks Soar After US Airstrikes on Iran Sites

Media Blackout: Communications Authority Orders Halt to Live Protest Coverage

  • Terms Of Use
  • Techweez Brand
  • Privacy & Policy
  • Contact Us

© 2024 Techweez - Palahala Media Group may earn a commission when you buy through links on our sites.
A Palahala Media Group Brand. All rights reserved.
.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Techweez | Tech News, Reviews, Deals, Tips and How To
Crunchy Cookies 🍪 Ahead!

Hey there! Just a heads-up: we're big fans of cookies - both the digital and edible kind! 🍪 We use our cookies and some from third parties to ensure your browsing experience on our site is smooth sailing and secure.

 

But wait, there's more! We also use cookies to gather stats and insights on how you navigate our site. It's like getting a behind-the-scenes peek at your digital adventures!

 

Don't worry, you're in control. You can adjust your cookie settings anytime to suit your preferences. Feeling curious? Dive into our Privacy Policy for all the juicy details. Happy browsing! 🚀

Functional Always active
Listen, this legal stuff is about as exciting as watching paint dry. But it basically says we only use your stuff for what you asked us to do, and nobody else gets to peek!
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
It's those sneaky cookie crumbs websites leave behind to count visitors, like counting ants at a picnic! Totally harmless, just for fun facts. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
Hey there! Just letting you know we use some fancy gizmos to remember your preferences. This way, we can show you ads that are, well, not completely bananas.
Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
Make cookies
{title} {title} {title}
Techweez | Tech News, Reviews, Deals, Tips and How To
Crunchy Cookies 🍪 Ahead!
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
Listen, this legal stuff is about as exciting as watching paint dry. But it basically says we only use your stuff for what you asked us to do, and nobody else gets to peek!
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
It's those sneaky cookie crumbs websites leave behind to count visitors, like counting ants at a picnic! Totally harmless, just for fun facts. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
Hey there! Just letting you know we use some fancy gizmos to remember your preferences. This way, we can show you ads that are, well, not completely bananas.
Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
Make cookies
{title} {title} {title}
No Result
View All Result
  • News
  • Reviews
  • Features
  • Editorial
  • Automotive
  • Entertainment

© 2024 Techweez - Palahala Media Group may earn a commission when you buy through links on our sites.
A Palahala Media Group Brand. All rights reserved.
.