Safaricom, Vodacom and Vodafone form partnership to bid for service telecommunication licenses in Ethiopia

Safaricom, Vodacom and Vodafone have formed Global Partnership for Ethiopia to bid to two of the new full-service telecommunication licenses in Ethiopia.

Global Partnership for Ethiopia will be looking to expand its global footprint with an appetite for the over 100 million Ethiopians even as the government liberalizes the economy.

The International Finance Corporation is acting as adviser.

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KENGEN has been welcomed with open hands

To drill wells, not own anything.

Ethiopia is changing and opening up.

Safaricom is promising to retain its annual capital spending in rolling out new products and services to address evolving needs of society. This as it aims to build on its Ksh73.66 billion net profit.

The telco is preparing for its virtual annual general meeting (AGM) on July 31, when shareholders will get an opportunity to know the plans for the current financial year.
The telco has been automating internal and customer-facing operations and enhancing use of artificial intelligence, all which Mr Ndegwa will be taking to the next level.

Safaricom has been consistently growing profits for the last eight years, with the net earnings having grown nearly six times when compared with Sh12.63 billion profit in 2012.

The company’s capital expenditure has been averaging Sh36 billion to Sh40 billion, giving room for the company to roll out new products to deliver fresh revenue streams and retain an edge over its competitors.
Safaricom will be seeking to amend its articles of association to allow for electronic AGM or a hybrid of electronic and physical meetings going forward.

This will eliminate the need for getting a special window to hold virtual meetings if it opts to. The current company Act does not have a clause on virtual meetings. Listed firms have to seek a special window for such meetings.

Shareholders will use the meeting to approve a final dividend of Sh1.40 per share, up from Sh1.25 per share paid in the previous year. The pay-out will amount to Sh56.09 billion, and will be disbursed by end of August.

“The board is committed to investing in the business and maintaining our strong record of paying progressive dividends each year,” states outgoing CEO Michael Joseph.
Mr Joseph handed the management reins to Mr Ndegwa in April, having launched a new customer proposition – “For You” – that promises “simple, transparent and honest” service.

He reckons that the proposition has already delivered improved customer sentiment, greater brand consideration and a gain in market share for the first time since 2017.

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