Safaricom Ethiopia has achieved a notable milestone by garnering 5 million subscribers within a year of its launch in the densely populated East African nation. The company aspires to double this count by March.
Upon commencing operations in October, Safaricom Ethiopia made a strong debut by acquiring close to three-quarters of a million (740,000) subscribers and generating revenue of US$1.8 million in its inaugural month. The company further crossed the one million subscriber mark by November and experienced a rapid increase to 2.8 million subscribers by March.
Despite this impressive growth, Safaricom Ethiopia's subscriber base remains considerably smaller when compared to the state-owned Ethio Telecom, which reported a subscriber count of 72 million in its year-end results for June 2023.
Ethiopia, with a population exceeding 120 million, was perceived as a lucrative opportunity for the telecommunications market due to its historically closed economy. The country's decision to open its borders garnered significant interest from international operators.
Safaricom, in collaboration with Vodacom, Vodafone Group, Sumitomo Corporation and British International Investment, formed Safaricom Ethiopia to capitalize on this new opportunity.