Safaricom reports 12.6% increase in M-pesa revenue.

Telecommunication giant Safaricom has reported a 12.6% increase in M-pesa revenue up to Ksh84.44bn in the last financial year as it marks its AGM 2020. Meanwhile, messaging revenue shrunk by 1.4% to Ksh94.45bn within the same period. The loss in messaging revenue could be attributed to change in consumer habits which has seen a growth in mobile data customers by 10.2% to 19.62million.

Safaricom has also pledged its continued support to the country during the Coronavirus pandemic, having contributed Ksh10 million worth of thermal cameras to the Ministry of Health, two times more internet bandwith to homes, a toll free emergency line to deal with Covid-19. Overall, the company indicated that the contribution so far in fighting the pandemic stands at Ksh6.5bn. The outgoing chairman Nicholas Nganga also indicated that the company remains committed to ‘keeping Kenyans connected’ and the continued ‘support to the Government of Kenya and Kenyans at large during this unprecedented pandemic’.

The company has also announced the appointment of former CEO Michael Joseph as the new board chair following the retirement of Nicholas Nganga who had served for 16 years. The appointment has been announced at a time when the company is celebrating its Annual General Meeting 2020. The company reported a 19.5% increase in net profits which has guaranteed a payout of Sh56.09 billion in dividends to shareholders.