Safaricom PLC releases full year results for 2020/2021 including details on Fuliza

How much Kenyans borrowed on Fuliza in 2020

Mwangi Gathanwa

May 13, 2021 2:48 PM

Safaricom has also revealed how much cash it has in the bank.

Peter Ndegwa CEO Safaricom, speaking at a media showcase for the launch of the company's 5G service in Kenya, March 26, 2021.

Safaricom PLC has released its full year results for the year ending March 2021, declaring a profit of Sh68.7 billion.

According to a press release by the telco, the profit was a 6% dip from the previous year’s Sh73.6 billion.

Service revenue fell 0.3% to Sh250.35 billion, owing to double-digit growth in the mobile data market, which increased by 11.5 percent year on year to Sh44.79 billion.

In terms of current assets held by the company, the press release revealed that Safaricom had Sh26.7 billion held as cash or its equivalent.

The financial documents also show that Kenyans borrowed Sh351 billion on Fuliza, an increase from Sh244 billion the previous year.

M-Pesa and voice revenue also fell slightly, with M-Pesa falling 2.1%to Sh82.64 billion and voice falling 4.6% to Sh82.55 billion.

The firm spent a staggering Sh28.2 billion to pay M-Pesa agent commissions with the sales and marketing efforts reaching Sh4 billion.

For the year ending March 2021, Kenyans sent a total of Sh.63 trillion to one another via M-Pesa, as deposits hit Sh3.7 trillion.

“We remained resilient in a disruptive year, demonstrating strong operational capacity, diligence and commitment in supporting the country, our customers and shareholders through this uncertain time.

“Our immediate focus in the year has been to ensure that network capacity, operations and financial services are prioritized to limit disruptions,” said Peter Ndegwa, Safaricom CEO.

Mwangi Gathanwa