Safaricom has secured a $138 million loan from Standard Bank to support the expansion of its Ethiopian unit, the operator said on Thursday.
The funding will be used by Safaricom Telecommunications Ethiopia PLC to continue rolling out network infrastructure and digital services in the Horn of Africa nation.
Standard Bank said the facility is aimed at improving regional connectivity. “By supporting the expansion of digital connectivity in Ethiopia, we are strengthening economic linkages and opening new opportunities,” said Joshua Oigara, Standard Bank Group’s regional chief executive for East Africa.
Safaricom, which entered Ethiopia in 2021, has been scaling its network with support from financiers including Standard Bank, which acted as an advisor during the company’s market entry.
Ethiopia has been pushing digital reforms to spur economic growth. A World Bank report shows the share of people with internet access rose to 19% in 2024, from 15% in 2020, adding at least 4 million new users.
Safaricom CEO Peter Ndegwa said the partnership will support the company’s long-term investment plans in the country.
Safaricom Ethiopia reported 10.1 million three-month active users this year, four years after launching commercial operations.