Safaricom approves a record $621 million dividend payout as its expansion unit in Ethiopia nears financial break-even.

Safaricom PLC shareholders approved a historic KES 80.13 billion ($621 million) dividend at its 18th AGM, following a three-year flat payout during its Ethiopia expansion.

The dividend bump comes as the Safaricom Ethiopia unit is projected to break even in the current financial year, recovering from heavy capital expenditure and foreign exchange headwinds.

The telco's M-Pesa platform processed KES 41.68 trillion ($323 billion) in transactions, underpinning its planned transition into a broader technology and AI company under Vision 2030.

This record payout and the recovery of the Ethiopian unit signal a major milestone for Safaricom, which has spent years absorbing high capital expenditures and foreign exchange losses from the Ethiopian Birr's flotation.

For East African tech builders, Safaricom's successful navigation of the Ethiopian market proves that cross-border expansion is viable despite steep regulatory and macroeconomic hurdles.

Furthermore, Safaricom's explicit pivot to AI and digital infrastructure under Vision 2030 means local developers and fintechs should expect deeper API integrations and platform play opportunities beyond basic mobile money.