Kenyan telecom giants Safaricom has announced a 14.7% increase in net profits and 7% top-line growth during their 2019 full year results.
Safaricom has attributed the revenue growth to Mpesa which has grown by 19.2% every year accounting for 75% of the yearly growth.
Mpesa currently accounts for 31.2% of its service revenue with the increase driven by the increased number of users, higher velocity of funds and adoption of new cases.
Savings and lending have also been growing a fast pace of 25% yearly contributing to the biggest portion of revenue.
During the year, Safaricom announced to have added 2.1 million active Mpesa users to close at 22.6M.
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When it comes to mobile data, Safaricom has witnessed a slowdown in growth rate at 6.4% against 24% growth last year.
The slow-down growth was brought about by a decision by Safaricom CEO Bob Collymore who called on rationalization of data pricing in order to address to underlying customers issues.