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Safaricom

Vision 2030, FY26 to FY30

To become Africa’s leading purpose-led technology company by 2030
Safaricom’s vision

Vision 2030

Safaricom runs a mobile network in Kenya and M-PESA, the mobile money service more than 40 million Kenyans use each month, and it has built a second network in Ethiopia. Vision 2030 sets out to turn it from a telecoms company into a technology company.

Protect and grow the core

FY26 to FY30

Kenya’s mobile network, broadband, and M-PESA, which earn most of the group’s money.

  • ConsumerBring more Kenyans onto 4G and newer phones, on an always-on, safe network, with bundles for each kind of customer.
  • M-PESAAdd new ways to pay, merchant services, wealth, insurance, and credit to M-PESA, in an AI-driven super app.
  • Fixed broadbandConnect more than 1.5 million homes and businesses with always-on broadband over fibre, wireless, and satellite.
  • FY26Kenya service revenue rose 10.0% to KShs 400.8 billion in FY26, its third year in a row of double-digit growth.
  • FY26M-PESA revenue rose 13.4% to KShs 182.7 billion, 3.1 million businesses took payments through it, and 5G reached 30% of Kenya.

Payments brought most of M-PESA’s growth

M-PESA’s revenue grew 13.4% to KShs 182.7 billion in FY26. Paying people and businesses brought most of the growth, while revenue from taking cash out at agents fell 1.3%, as more of the money stays digital.

+18.4%74.5+16.5%56.7−1.3%36.8104.8

  • Consumer payments

    KShs 74.5 billion, +18.4%

    Sending money and paying, person to person.

  • Business payments

    KShs 56.7 billion, +16.5%

    Lipa na M-PESA tills, Pochi la Biashara, and payments to and from firms.

  • Withdrawals

    KShs 36.8 billion, −1.3%

    Cash taken out at agents, falling as more is paid digitally.

  • Financial services

    KShs 10 billion, +19.1%

    Credit such as Fuliza, wealth such as Ziidi, and insurance.

  • Global payments

    KShs 4.8 billion, +22.3%

    Money sent across borders, virtual cards, and app store payments.

Each note is KShs 1 billion; the dashed outline is the other year. FY25 is FY26 less each stream’s change, as the annual report gives it.

Safaricom Ethiopia’s loss is narrowing

Safaricom Ethiopia’s EBIT loss narrowed from KShs 54.2 billion to KShs 37.7 billion in FY26 with hyperinflation accounting, as its revenue grew 86.6%. Without it the loss was KShs 30.1 billion, and Safaricom guides it to between KShs 12 billion and KShs 15 billion in FY27.

Break-even−10−20−30−40FY26 guidanceFY26 resultFY27 guidance

KShs 30.1 billion loss

Ethiopia’s EBIT loss in FY26, wider than the guidance, as revenue grew 86.6%.

Safaricom Ethiopia, FY26

Customers
13.6mFY25 8.8m
M-PESA customers
5.2mFY25 2.4m
Sites
3,504FY25 3,141
Population covered
59.2%

EBIT excludes hyperinflation accounting (IAS 29), as Safaricom’s guidance does. Customers are 90-day active.

  1. Give a new market its own pillar and its own date.

    Ethiopia is one of Safaricom’s four pillars, with its own targets: scale, sustainable funding, and positive EBITDA by FY27. We recommend giving an early-stage business its own part of the plan and a dated milestone, so its losses are managed as a plan and not explained away each year.

  2. Put the strategy in the operating rhythm.

    Safaricom tracks KPIs for each pillar monthly, quarterly, and yearly, and calls a “situation room” when a priority goes off track. We recommend deciding in advance what happens when a measure slips, and who is in the room, so a missed number starts a fix and not a debate.

  3. Guide the numbers, then show them against the guidance.

    Safaricom’s annual report sets each year’s EBIT and capex results beside the guidance it gave, including Ethiopia’s wider loss, and then gives next year’s. We recommend publishing the range you expect and reporting against it, so everyone reads results the same way.

Sources

  1. 1. Safaricom PLC (2026). Annual Report and Financial Statements 2026. Safaricom, Year to 31 March 2026. safaricom.co.ke

Headwater is not connected with Safaricom. Safaricom, M-PESA, Fuliza, and Ziidi are trade marks of their owners. Updated 29 September 2026.

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