Safaricom Company Annual Profits Drop to Ksh68.7 Billion, Courtesy of the Covid-19 Pandemic
Safaricom has remained among the most enviable companies that have been recording high profits year in year out.
Justin Nzioka 
Giant Telco firm Safaricom has announced a 6.8% drop in its annual profits for the year 2020. Releasing the report, Safaricom revealed a profit of Ksh68.7 billion, compared to Ksh73.6 billion in 2019.
Safaricom attributed the shortfall to the current Covid-19 pandemic, which has dealt a blow to businesses and livelihoods as well.
To cushion Kenyans from the pandemic financial effects, Safaricom temporarily announced Zero charges to M-PESA cash transfers below Ksh1,000.
By announcing Zero transaction charges, Safaricom reportedly estimated having registered about 1.7 billion transactions, amounting to close to Ksh4.4 trillion.
"Perhaps the most impactful was facilitating reduced cash handling through temporary zero-rating all transactions below Sh1,000," stated Safaricom CEO Peter Ndegwa on Thursday.
However, the relief has since lapsed but still, the firm reduced transaction charges as a way of walking with its clients.
