When Safaricom Ethiopia launched in 2022, it promised to change the way millions of Ethiopians connect, pay, and communicate. But just three years later, the telecom giant is facing serious challenges—from billions in financial losses and a weakening currency to worker protests and security problems in conflict-hit regions. What was once seen as a bright future is now clouded with uncertainty.

Billions Lost in Just One Year

Safaricom Ethiopia has grown fast, signing up nearly 9 million customers and rolling out its popular mobile money service, M-PESA. However, growth has come at a significant cost. In the last financial year alone, the company reported a staggering 42 billion birr loss. The biggest reason is Ethiopia’s currency crisis. Since most of Safaricom’s costs—such as purchasing equipment and paying international partners—are denominated in dollars, the declining value of the birr has resulted in significant losses.

Conflict Disrupts Services

The company is also struggling to keep its network running in some areas. In the Amhara region, for example, hundreds of Safaricom towers cannot operate properly because of conflict and state restrictions. In Oromia, poor transport and security problems are making it hard for engineers to expand or repair the network. For customers, this means patchy service and frustration.

Workers Raise Their Voices

Safaricom’s troubles aren’t just financial. Many of its call center workers, hired through a contractor, say they are underpaid and treated unfairly. Some claim they receive only a fraction of the salary promised for their roles, and others say they’ve been punished or even fired for speaking out. These complaints are drawing attention and putting more pressure on the company.

Hope for the Future?

Still, Safaricom hasn’t given up. The company says it believes Ethiopia’s young population and fast-growing economy will make the investment worthwhile. It hopes to turn a profit by 2027, especially if M-PESA continues to expand. But with currency problems, security risks, and angry workers, the road to success looks tougher than ever.