Safaricom still retains its dominance in the telecommunication industry despite its market share drop to 63.6 per cent over the past decade.
The Telco company posted a 1.7 per cent drop in net profit to Sh67.49 billion for the year ending March 31,2022, this was partly attributed to the intensive infrastructural investments in Ethiopia.
“We are firmly on course towards our journey of transitioning into a purpose led technology company by 2022 guided by our purpose of transforming lives,” Peter Ndegwa, the telco’s CEO said during the release of financial results.
The mobile money and the reliable customer services is what has been holding the Kenyan market that have driven the sustainable growth.
Competitors like Airtel and Telcom continue to accuse the telco for dominance, claiming that their dominance is hurting other players in the sector with led to the picking of audit firm Analysis Mason to undertake telecommunication competition market study between 2016 and May 2017.
With 97 per cent of the population covering usage the 4G network, Safaricom is now targeting offices and homes with high-speed 5G internet as it seeks to exploit the huge technology penetration, especially among youths. It has handled 2.4 million new 4G devices in the latest year.