Safaricom Ethiopia is betting on the East African country's digital future, which the business feels will be critical to generating growth.

This is according to Safaricom Group CEO Peter Ndegwa, who spoke at Safaricom's second ‘Investor Day’ in Addis Ababa, last week.

The investor day, themed "Scaling Operations for Ethiopia's Digital Future," attracted 150 delegates, including analysts, regulators, government representatives, Safaricom Kenya and Safaricom Ethiopia board members and senior management.

"Our focus on scaling operations for Ethiopia's digital future has been instrumental in driving our growth, and we remain committed to leveraging our expertise and resources to continue establishing ourselves as a key player in the Ethiopian telecommunications landscape," Ndengwa said.

Adil Khawaja, board chairman of Safaricom, said: "Ethiopia represents a significant growth market for Safaricom.”

Safaricom Telecoms Ethiopia CEO, Wim Vanhelleputte, stated that the company has made significant progress since beginning commercial operations in October 2022.

As of December 31, 2023, Safaricom Ethiopia had approximately 2,200 base stations serving 33 cities, including big and medium towns, accounting for more over 30% of total population coverage.

Vanhelleputte said: "We will continue to establish an innovative brand beloved by our customers and build a network that provides a superior customer experience. We also look forward to seeing how M-PESA can improve financial inclusion in Ethiopia."

Safaricom Ethiopia currently has over three million M-PESA customers.