Safaricom Ethiopia has reportedly hit five million subscribers less than a year since it launched in the populous East African nation, with ambitions to double that figure in March.
Business Daily reported that Safaricom chief of corporate affairs Stephen Kiptinness confirmed the figure was correct to the publication.
Safaricom only launched its operations in October gaining almost three-quarters of a million (740,000) in its first month and generating US$1.8 million in revenue. It hit the one million mark in November and amassed 2.8 million by March.
Safaricom Ethiopia’s subscriber base is still dwarfed by state-owned Ethio Telecom which has 72 million subscribers, according to its full-year results ending June 2023, reported Business Daily.
Ethiopia has a population of over 120 million and was seen as one of the last bastions of opportunity for the telecoms market, as its economy was closed off to international corporations.
Naturally, when the Ethiopian government opened its borders, international operators showed interest. Safaricom, Vodacom, Vodafone Group, Sumitomo Corporation and British International Investment, joined hands to form Safaricom Ethiopia.