Safaricom Telecommunications Ethiopia (STEP) has secured a major boost as Standard Bank agreed to invest $138 million, acting as sole arranger, lender and advisor to support the rollout of digital infrastructure and services across the country. The partnership strengthens Safaricom’s mission to expand connectivity and digital inclusion as Ethiopia’s telecom sector enters a new phase of growth.
This development follows Vodacom Group’s announcement of its plan to acquire an additional 20% stake in Safaricom for $2.10 billion, raising its total holding to 55%. With Safaricom now serving around 62 million customers—more than Vodacom’s combined user base in South Africa and Egypt—the momentum behind regional digital leadership continues to rise.
Stanbic Kenya’s Executive VP for Telecoms, Media & Technology, Anthony Ndegwa, said the bank is committed to supporting innovations shaped for local needs. Safaricom CEO Peter Ndegwa highlighted that strategic partnerships are central to empowering youth, entrepreneurs and underserved communities to fully participate in Ethiopia’s digital economy and achieve shared prosperity by 2030.
Since entering Ethiopia in 2021, Safaricom has expanded rapidly. World Bank estimates show internet coverage rising from 15% to 19% between 2020 and 2024, adding at least 4 million new users. STEP has now grown to 10.1 million active customers in just four years.
Taitu Wondwosen, head of Standard Bank in Ethiopia, said the partnership aims to accelerate infrastructure development and unlock economic opportunities by expanding digital and financial inclusion. Combined financial strength, technical expertise and strategic alignment position Ethiopia as one of Africa’s emerging digital powerhouses.
