Kenya

Safaricom: Financial worries for customers offset lockdown benefits for M-Pesa and data

  • Safaricom FY 20 performance was great, boosted by M-Pesa, mobile data and opex efficiencies

  • FY 21 performance faces downside from arbitrage on M-Pesa, but this could be mitigated by higher data usage

  • Risks include sustained arbitrage on M-Pesa P2P transfers beyond June and constrained consumer wallets

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April 30th, 2020
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").

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