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
April 30th, 2020
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