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Safaricom sets about sweating Ethiopian assets as startup drag fades

2026-11-06T17:05:00

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Source: Safaricom

Safaricom’s Ethiopian gamble is beginning to look less painful, with service revenue surging, EBITDA losses collapsing, and capital requirements falling sharply — but forex benefits flatter the improvement, and true profitability remains some distance away.

This article includes:

  • Themes: EBITDA break-even; Greenfield telecoms; M-PESA; Mobile network investment; Pricing rationalisation; Telecoms investment.
  • People: Adil Khawaja; Dilip Pal; Peter Ndegwa; Wim Vanhelleputte.
  • Geographic: Africa; Ethiopia; Kenya; Tigray.
  • Organisations: M-PESA; Safaricom; Safaricom Ethiopia.

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