UPDATE 2-Kenya's Safaricom FY earnings jump on M-Pesa growth [Reuters]
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Source: Reuters
UPDATE 2-Kenya's Safaricom FY earnings jump on M-Pesa growth - Reuters 3 Min Read (Adds detail) By Duncan Miriri NAIROBI, May 3 (Reuters) - Safaricom, Kenya’s biggest telecoms operator, said on Friday its core earnings for the full year rose 13.1 percent to 89.6 billion shillings ($889.33 million), driven by growth in its M-Pesa digital financial business. Safaricom, which is partly owned by South Africa’s Vodacom and Britain’s Vodafone, said rapid growth in M-Pesa had offset a sharp slowdown in the growth of its internet access provision, data, business. M-Pesa revenue jumped 19.2 percent to account for 31.2 percent of the company’s revenue of 240.3 billion shillings, Chief Financial Officer Sateesh Kamath told investors at a briefing. It accounted for just 23.3 percent of annual revenue three years earlier and it is likely to account for more than half of revenue soon, said CEO Bob Collymore. “We expect it to go past the 50 percent mark, probably in about three or four years but we
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