Kenyan-based telco Safaricom has posted the first drop in full year profit in nine years weighed down by reduced voice, messaging and M-Pesa revenues on the back of free mobile money transfers of Ksh1,000 ($9) and below.
The telco’s net profit for the financial year ended March 2021 dropped by 6.8 percent to Ksh68.67 billion ($641 million) from Ksh73.65 billion ($687.9 million) the previous year.
