Safaricom, Kenya’s largest mobile phone operator, is following up its plan to enter the Ethiopian market, its outgoing chief executive disclosed. The telecom company, listed on the Nairobi Securities Exchange (NSE), is "betting" on privatization plans Ethiopia has announced for the state monopolized sole telecom provider in Ethiopia, Ethio Telecom, and sale of additional two telecom licenses.

Noting that Ethiopia had planned to award the two telecom licenses after the national elections originally scheduled to be held in August 2020, Safaricom's outgoing chief executive Michael Joseph told the East African the move have been "postponed...until after the elections." Ethiopia has postponed the elections due to the coronavirus pandemic.

Ethiopia has recently postponed the drafting of directives that invite telecom companies to take part in the bidding from April 28 to May 11.

Safaricom's net earnings for the year ended March 31 has seen a rise of 19.5 percent to $747 million (Ksh74.7 billion), from $624.9 million (Ksh62.49 billion). Its stock on the NSE jumped 4.69 percent to $0.29 (Ksh29) per share on April 29.

Source: The East African