Following the generation of Sh77.22 billion in income during the first half of the year, Safaricom’s mobile money service platform M-Pesa has continued to see growth in its revenue projections.
All things considered, the data indicate an increase of 16.6 percent in unaudited earnings.
The telecommunications company claims that the year-over-year (YoY) average income per user, which has also increased by 13.1%, has made this possible.
In a statement, Safaricom said that the number of chargeable transactions per one-month active consumers climbed by 25.6% to 37.37.
When compared to the previous quarter, the overall amount of M-Pesa transactions increased by 10.7 percent, reaching Sh20.85 trillion.
While the number of M-PESA agents increased by 2.4% to 266,071 from the half-year unaudited statistics, the number of one-month active users increased by 4.1% to 33.46 million.
In contrast, the number of clients who have overdrafts from merchants increased by 72.9 percent to 52,272, while the number of pochi tills more than quadrupled to 869,023.
In his statement, Safaricom CEO Peter Ndegwa said, “We have witnessed outstanding success in new products such as pochi la biashara and merchant overdraft solutions as we continue to help our small and medium-sized enterprises (SMEs) in our ecosystem.”
The group service revenue increased by 14 percent to reach a half-year record of Sh181.4 billion, which was another significant development for Safaricom PLC, which reported a jump in net profitability of 21.7 percent for the first six months of the year.
Double-digit growth in the Kenyan business was the primary driver of the excellent performance.
Service revenue increased by 12.9 percent to Sh177 billion, which resulted in an increase of 18 percent in both EBIT and net income to Sh79.2 billion.
“This success, which comes at a time when we are recognizing 24 years of connecting with and altering the lives of Kenyans, illustrates the persistent execution of our plan,” said Peter Ndegwa, CEO of Safaricom.
“We are now celebrating 24 years of accomplishing these goals.”
“We are pleased with the value that we have provided to our clients through the use of technology, and we will continue to develop our core business while expanding into other services through our inventive spirit,” the company boss said.
Ndegwa also stated that, despite the firm’s current challenging phase, he finds inspiration in the staff members’ tenacity and dedication to meet consumer needs while maintaining the company’s value for the shareholders.
