In its latest financial report, Safaricom, a Kenyan mobile operator company, has made over US$423.8-million profit before tax from its M-Pesa mobile money service in the year ending in March 2022.
According to media reports, the performance statement reveals that M-Pesa business contributed 49 per cent towards the telecom’s revenue before tax of US$14.7 billion, and its revenue of US$15.5 billion accounted for 36 per cent of the company’s total revenue of US$ 43 billion.
The telecom operator indicated that the mobile money unit brings more money for Safaricom than other business units such as voice and data.
“The increase of mobile money services continued to our growth, as with its convenience and cashless nature it was perceived as helping decrease the spread of Covid-19,” Safaricom highlighted.
“The Kenyan ICT sector has experienced exponential growth as a result of the pandemic having impelled consumers to adopt online ways of conducting business and mobile money payments,” the telecom operator added.
Furthermore, revenue growth for the mobile money sector stood at US$3.6-billion in the year to March 2022.