Safaricom to spend US$500 million on first year in Ethiopia

Safaricom to spend US$500 million on first year in Ethiopia

Safaricom Ethiopia has plans to invest around US$500 million into its operations during its first year of commercial activity.

Peter Ndegwa, CEO of the unit’s parent firm Safaricom, shared this expectation in an interview with news outlet Business Daily Africa. Ndegwa noted that the Ethiopian unit had thus far “put in CAPEX of approximately US$300 million”, although factoring in the cost of its licence, its investment to date in Ethiopia totals around US$1.2 billion.

Since its launch earlier this month, Ndegwa claimed that Safaricom Ethiopia has accrued “about 300,000 customers” and is aiming to meet its coverage obligations by providing services to a quarter of Ethiopia’s population by April 2023.

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