Safaricom has attributed a Kes15 billion loss that the company made in the full year ending March 31, 2023, to startup losses in Ethiopia.

Chief Executive Officer (CEO) Peter Ndegwa said that a business has to invest in accelerating growth in the future.

 He noted that if the telecommunication company had not invested in M-Pesa 16 years ago, the company would not be where it is right now.

The telecommunications firm launched its services in the Horn of Africa in October last year, opening a huge market opportunity for the Kenyan unit Safaricom.

The event, held in Ethiopia’s capital Addis Ababa, was attended by Safaricom Chief Executive Officer (CEO) Peter Ndegwa and his Ethiopian counterpart Anwar Soussa.

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“And actually, the re-decline in the profits of Safaricom is because of the startup losses in Ethiopia. A new business has to invest for us to be able to accelerate the growth of these shares in the future,” he added.

“If we didn’t invest in M-Pesa 16 years ago we would not be the business we are in.”

In October last year, the telecommunications firm launched its services in the country, opening a huge market opportunity for the Kenyan unit of Safaricom.