Safaricom’s Mobile Data Business Is Now Bigger than Voice Calls

Why It Matters

The pivot from voice to data signals a fundamental revenue transformation for African telcos, where higher‑margin digital services can offset flattening voice earnings. Safaricom's success sets a benchmark for competitors chasing mobile internet and fintech growth.

Key Takeaways

• Data revenue rose 14.4% to $646 million, surpassing voice.
• Voice revenue grew 1.3% to $634 million, lagging behind data.
• Messaging revenue fell 11.8% to $85 million as OTT apps rise.
• Average monthly data use hit 4.92 GB, 22.4% more users >1 GB.
• 5G devices grew 55.5% to 1.64 million, boosting internet adoption.

Pulse Analysis

Safaricom’s data‑first milestone reflects a broader digital migration across Sub‑Saharan Africa, where mobile broadband is becoming the primary conduit for entertainment, commerce, and financial services. By lowering per‑megabyte rates and expanding 4G/5G footprints, the operator spurred a 16.6% rise in average data consumption, translating into $646 million in revenue despite price compression. This strategy mirrors global trends where telcos leverage network upgrades to drive usage‑based income, offsetting the long‑standing decline in voice ARPU.

The shift also reshapes competitive dynamics. Traditional voice‑centric rivals now face pressure from broadband providers and over‑the‑top platforms that capture messaging and content demand. Safaricom’s 22.4% increase in subscribers using more than 1 GB per month underscores the growing appetite for high‑speed data, prompting rivals to accelerate 5G rollouts and bundle digital services. Moreover, the company’s dual‑track model—pairing data growth with its M‑PESA fintech platform—creates cross‑selling opportunities that can deepen customer stickiness and diversify earnings.

For investors and industry analysts, Safaricom’s results highlight the revenue upside embedded in data‑centric ecosystems, especially when paired with affordable smartphones and aggressive pricing promotions. As African economies digitize, operators that can scale data volumes while maintaining cost efficiency are likely to capture the next wave of profitability. The company’s net income jump of 24.7% to $922 million signals that the data transition is already delivering tangible financial benefits, setting a template for peers seeking sustainable growth in a market where voice revenue is nearing saturation.