News

Safaricom plans $8bn investment in Ethiopia

Peter Ndegwa Safaricom.jpg

Safaricom says it plans to invest US$300 million a year into Ethiopia over the next ten years, having already invested US1.2 billion in the country.

Peter Ndegwa, the company’s chief executive said the investment will allow the operator to develop its infrastructure across the country to meet market requirements.

The move comes two weeks after Safaricom launched its operations in Ethiopia and a little over a year since it acquired the country’s first private telecoms license.

This was done as part of a government-initiated project to liberalise the domestic telecoms market in the country.

Safaricom has since multiplied its investments in Ethiopia as it hopes to lay a solid foundation for the development of the country. This includes the construction of data centres, the signing of infrastructure agreements with local companies, the recruitment of staff and the continued development of its network.

The firm adds that its investments will gradually extend the coverage of its network throughout Ethiopia.

Safaricom’s network is currently available in a dozen cities including the capital Addis Ababa and it plans to cover 25 cities and 25% of the population by April 2023.