Safaricom nears $5.5 billion valuation, holds position as East Africa’s most valuable firm

At a Glance

Safaricom’s market cap surged to Ksh711 billion ($5.48 billion), driven by a stock rally and a stronger shilling, reinforcing its position as East Africa’s most valuable firm.
Under CEO Peter Ndegwa, annual revenue grew to Ksh349.45 billion ($2.7 billion), though profit fell to Ksh42.66 billion ($329.78 million) in 2024 amid regional expansion efforts.
Safaricom Ethiopia now serves over 52 million subscribers, including 4.5 million M-PESA users, with key banking and retail partnerships accelerating digital financial adoption.

Safaricom Group, East Africa’s telecom giant, has reinforced its position as the most valuable company on the Nairobi Securities Exchange (NSE) and across the region.

Its market capitalization surged from $3.54 billion in January 2024 to Ksh711 billion ($5.48 billion) as of March 21, 2025, fueled by a stock price rally and the Kenyan shilling’s appreciation.

Shares climbed from Ksh13.85 ($0.0884) to Ksh17.75 ($0.137), reflecting investor confidence in Safaricom’s sustained growth under CEO Peter Ndegwa.

Safaricom share price chart

Since his appointment in April 2020, annual revenue has grown from Ksh262.56 billion ($2.03 billion) to Ksh349.45 billion ($2.7 billion), though annual profit declined from Ksh73.66 billion ($569.43 million) to Ksh42.66 billion ($329.78 million) in 2024.

Founded in 1993, Safaricom has evolved from a telecom provider into a fintech powerhouse, with M-PESA reshaping Kenya’s financial landscape.

The company’s regional expansion is gaining traction, particularly in Ethiopia, where its subscriber base has surpassed 52 million, including 4.5 million M-PESA users.

Safaricom Ethiopia has secured partnerships with 12 banks, three e-commerce platforms, and major retail outlets, accelerating its commercial momentum.

Recent milestones include:

M-PESA’s partnership with LakiPay: Enhancing digital payments for Ethiopian merchants and consumers.
Network Expansion in Somali Region: Extending coverage to key towns, including Gode, Kebridehar, and Degehabur.
Strong first-half 2025 Performance: Rapid adoption of mobile and M-PESA services driving growth in Ethiopia.

With its dominance in Kenya and aggressive regional expansion, Safaricom remains a key force in Africa’s telecom and financial services landscape.

Feyisayo Ajayi

Feyisayo Ajayi is the Publisher and Co-founder of Shore Africa, the flagship media brand under the Travel Shore umbrella. He brings over a decade of multidisciplinary experience across media, finance, and technology. Feyisayo holds a bachelor’s degree in Geology from the University of Ibadan, Nigeria.