Safaricom's half-year results: M-Pesa crosses KSh100 billion, and what it means for you
Safaricom earned more in six months than ever, as M-Pesa revenue passed KSh100 billion for the first time and losses in Ethiopia shrank. Here are the numbers in plain language.
Latest updates to this explainer
- New explainer: Safaricom's half-year results.
On 5 November 2026, Safaricom released its results for the six months to 30 September 2026. It is Kenya's most valuable listed company, so its numbers matter for shareholders, pension funds and the taxman.
The numbers
KSh100.1bnM-Pesa revenue, up 13.6%: the first half-year above KSh100bn
KSh58.2bnnet income reported by the company, up 35.9%
KSh226.1bngroup service revenue
| Business | Six months to Sept 2026 |
|---|---|
| Kenya service revenue | KSh216.0bn, up 11.3% |
| Kenya operating profit (EBIT) | KSh101.8bn, first time above KSh100bn in six months |
| Ethiopia service revenue | KSh10.6bn, up 71.6% |
| Ethiopia net loss | KSh8.8bn, 43.2% smaller than a year earlier |
| Ethiopia active customers | 15.4 million (three-month active) |
Why M-Pesa keeps growing
- Free small payments pull people in. About 53% of all M-Pesa transactions are now free (zero-rated), including 63% of person-to-person and 81% of merchant payments through Lipa na M-Pesa and Pochi la Biashara.
- Money is made elsewhere: on larger transfers, withdrawals, loans such as Fuliza, and business payments.
- Next phase: CEO Peter Ndegwa says M-Pesa's next push is savings, investing and insurance.
What it means for you
- Shareholders can expect a stronger dividend outlook; watch for the interim dividend announcement.
- Pension savers: many pension funds hold Safaricom shares, so its profits feed into retirement savings.
- Taxpayers: the government is a major shareholder and earns both tax and dividends from Safaricom.
- Ethiopia: Safaricom aims for its Ethiopian business to break even on an operating basis (EBITDA) by the end of this financial year in March 2027.
Related: money market funds explained · Kenya's crypto law.
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