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Safaricom

Safaricom PLC
Safaricom (SCOM)
IndustryTelecommunications
HeadquartersSafaricom House, along Waiyaki Way, Westlands, Nairobi, Kenya
Key people
Peter Ndegwa, CEO
ProductsG.S.M related products and Mobile Money Transfer
Brands
Services
RevenueIncrease KSh.264.02 billion/= (2021)
Increase KSh.96.16 billion/= (2021)
Decrease KSh.68.6 billion/= (2021)[
Number of employees
6,616+ (2023)[1]
SubsidiariesSafaricom Telecommunications Ethiopia
Websitewww.safaricom.co.ke

Safaricom PLC is a listed Kenyan mobile network operator headquartered at Safaricom House in Nairobi, Kenya.[2] It is the largest telecommunications provider in Kenya, and one of the most profitable companies in the East and Central Africa region.[3] The company offers mobile telephony, mobile money transfer, consumer electronics, ecommerce, cloud computing, data, music streaming, and fibre optic services. It is most renowned as the home of M-PESA, a mobile banking SMS-based service.

Safaricom controls approximately 65.7% percent of the Kenyan market as of 2024 with a subscriber base estimated at approximately 47 million.[4][5][6][7][8]

In terms of voice market and SMS market share Safaricom controls 69.2% and 92.2% respectively.[5][9]

Safaricom was formed in 1997 as a fully owned subsidiary of Telkom Kenya. In May 2000, Vodafone Group PLC of the United Kingdom acquired a 40% stake and management responsibility for the company.[10] In 2008, the government offered 25% of its shares to the public through the Nairobi Securities Exchange.

Safaricom was ranked as Africa's Best Employer, 67th in the World by the Forbes Global 200 list of the World's Best Employers. In March 2018, Safaricom was ranked as the #1 company to work for in the annual BrighterMonday Best 100 Companies to Work for in Kenya according to career professionals and job seekers.[11]

In 2019 Safaricom partnered with Shared Value Africa Initiative to host the Africa Shared Value Summit.[12]

As of 2020, Safaricom employed over 4,500 people permanently and over 1,900 people on contract. 75 percent of the company's employees were based in Nairobi, the Headquarters, with the remainder based in other big cities like Mombasa, Kisumu, Nakuru and Eldoret, in which it operates retail outlets. It has nationwide dealerships to ensure customers across the country have access to its products and services.

In November 2012, Safaricom partnered NCBA Bank and came up with a "revolutionary" banking product, M-Shwari, which allows M-Pesa customers to save and borrow money through mobile phone while earning interest on money saved tapping into an underdeveloped financial services market.[13][14]

Michael Joseph served as the founding CEO between July 2000 and November 2010. He transformed the telecom from a subscriber base of less than 20,000 to over 16.71 million during his previous tenure. In his last full year as CEO, Safaricom posted a 37 percent rise in pretax profit.[15]

Bob Collymore took over at Safaricom in November 2010, replacing Michael Joseph who went on to serve in the telco giant's board as the Chairman.[16] Collymore oversaw the introduction into the market of various mobile money products that have given the company leverage among its competitors. Collymore was also at the forefront in leading the charge against regulatory efforts to clip the company's wings due to its size and dominance. After a two-year battle with cancer, Bob, the longest-serving executive died on July 1, 2019, leaving behind a company with doubled user base and profits increased by 380%.[16] Michael was appointed as interim chief.

Peter Ndegwa was appointed as CEO effective April 1, 2020.[17]

In January 2023, Safaricom made Adil Khawaja its of chairman of the board of directors.[18]

In May 2024, Safaricom was affected by communication disruptions following the severing of submarine cables across East Africa.[19][20]

  1. ^ Rotich, Kevin (11 July 2023). "Safaricom's Workforce Increases By 675 After Ethiopia's Entry". Capital FM. Retrieved 15 March 2024.
  2. ^ "Mobile Phones, Tablets, Mobile Money Solutions & Telecommunication Services - Safaricom". www.safaricom.co.ke. Retrieved 2018-12-07.
  3. ^ Wafula, Paul. "Safaricom: Kenya's most amazing money maker". The Standard. Retrieved 2018-12-07.
  4. ^ "2020 Sustainability Businesses Report" (PDF).
  5. ^ a b Sector Statistics Report 2019 go.ke
  6. ^ "Mobile Money Transfers Hit Ksh. 2 Trillion As Penetration Shoots To 100 Per Cent - Communications Authority of Kenya - Communications Authority of Kenya". Archived from the original on 2018-12-21.
  7. ^ CNBC Africa (16 January 2016). "What you should know about East Africa's largest listed company". Johannesburg: CNBC Africa. Retrieved 15 December 2017.
  8. ^ Riaga (23 May 2016). "Safaricom Numbers 2016 – How big is Safaricom?" (PDF). Nairobi: Kachwanya.com. Retrieved 15 December 2017.
  9. ^ "Communication Authority of Kenya Sector Statistics Report Q2 2020-2021" (PDF).
  10. ^ Majithia, Kavit (17 November 2011). "Safaricom: Investing in Africa". London: Capacity Media. Retrieved 15 December 2017.
  11. ^ "Safaricom". Forbes.
  12. ^ "Safari.com Sustainavble Business Report". p. 67. Retrieved 20 Feb 2024.
  13. ^ "M-Shwari".
  14. ^ Mwanza, Kevin (27 November 2012). "Kenya's Safaricom revamps mobile phone banking with CBA". Reuters. Retrieved 15 December 2017.
  15. ^ "Safaricom appoints former CEO". 2 July 2019.
  16. ^ a b "Safaricom Board Chairman". 20 September 2020.
  17. ^ "Safaricom Appoints Peter Ndegwa as CEO". 24 October 2019.
  18. ^ "Kenya: Adil Khawaja nouveau PCA de Safaricom". Financial Afrik (in French). January 30, 2023. Retrieved January 30, 2023.
  19. ^ "Kenya, Tanzania, Uganda and Rwanda experience internet outages". www.bbc.com. Retrieved 2024-05-15.
  20. ^ "Safaricom explains why internet outage affected customers". The Star. Retrieved 2024-05-15.

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