Kenya’s Safaricom Plc seeks to raise up to $150 million for refinancing and infrastructure projects

Kenya's premier company, Safaricom Plc, has disclosed plans to secure as much as $150 million in debt to fund the refinancing of loans and infrastructure development. The announcement was made by the company's Chief Finance Officer, Dilip Pal.

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Kenyan mobile network operator Safaricom PLC

During the company’s financial results reveal in Nairobi on May 11th, 2023, CEO Peter Ndegwa stated that Standard Chartered Bank Plc is one of the advisers orchestrating the financing. The funds raised are set to be deployed in Kenya, Safaricom’s home country, as well as in Ethiopia where it is currently launching operations, including its profitable M-Pesa mobile money service.

“We are in the market” currently for the financing, revealed Pal, opting not to provide further details regarding the ongoing financial activities.

For over a decade, Safaricom has been a formidable force in the Kenyan market, leading in voice, data and mobile finance products. However, recently, the company has boosted its spending to facilitate expansion. This move has seen its net income for the year ending in March decrease by 10.6% as costs associated with the expansion into Ethiopia impacted earnings.

Safaricom is also engaging with several lenders, including the Commercial Bank of Ethiopia, to support its proposed mobile credit and savings services in Ethiopia, according to CEO Ndegwa. The company’s entry into Ethiopia signals a significant move as it continues to diversify its operations beyond the Kenyan borders.

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