Safaricom lost Sh400m due to elections

Safaricom lost approximately Sh400 million due to disruption of business during the elections last month.

Safaricom chief executive officer Bob Collymore on Friday attributed the loss to the closure of a number of M-Pesa outlets in areas regarded as violence hotspots across the country during the period.

He said despite the loss of M-Pesa revenue, there were some gains from the extensive use of the internet when Kenyans stayed away from work.

“What happened is that in slums, there were a number of businesses that closed and this had a negative impact on M-Pesa performance,” Mr Collymore told a media briefing on the sidelines of the firm’s annual general meeting,

He, however, said uncertainty looms ahead of the upcoming repeat presidential election that is scheduled for October 17.

M-Pesa is the firm’s largest revenue growth driver.

It generated revenue of Sh55 billion in the year ending March, rising by a third from Sh41.5 billion the previous year.

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