Safaricom Telecommunications Ethiopia (STE) experienced a 64.3% decline in M-PESA revenue between September 2024 and November 2025.
Last year, when Safaricom Group released its unaudited results for the six months ending on September 30, 2024, M-Pesa’s revenue in Ethiopia was KES 24.4 million.
Today, the group announced M-Pesa revenue in Ethiopia, East Africa’s largest country by size and population, has fallen to 8.7 million.
While revenue declined, the number of active M-Pesa merchants in Ethiopia surged by approximately 358%, representing a remarkable increase of more than four times the original figure.
Based on Safaricom’s report, this number grew from 6,700 to 30,700. One statistic that is missing in the latest report is the number of M-Pesa agents in Ethiopia.
Overall, Safaricom Ethiopia saw service revenue jump to KES 6.19 billion. The revenue growth was directly linked to strong customer acquisition, which saw the number of 90-day active customers surge by 83.7%, growing from 6.07 million to 11.15 million over the last year.
READ: Safaricom Ethiopia Celebrates Big Win with 10 Million Customers
Of the total revenue from Ethiopia, mobile data generated the largest share at 66.7% (KES 4.12 billion). Voice accounted for 22.1% (KES 1.36 billion), leaving the remaining 11.2% to be split among M-PESA, messaging, fixed service, and incoming sources.
Despite the fall in Safaricom Ethiopia M-Pesa revenue, Safaricom Group M-PESA revenue grew by approximately 14.0% from September 2024 to November 2025. This was a growth from KES 77.2 billion to KES 88.06 billion.
