Safaricom Ethiopia has appointed Kenyan finance executive Samuel Munyua as its new Chief Finance Officer (CFO), effective November 1.
The company announced the appointment in a statement issued on Tuesday, November 3, saying Munyua would bring more than 20 years of experience in financial management, strategy, corporate governance, treasury, and business performance to the position.
“We are pleased to announce the appointment of Samuel Munyua as Chief Finance Officer (CFO) of Safaricom Ethiopia, effective 1 November 2026,” Safaricom Ethiopia said.
His appointment follows his tenure as Safaricom PLC’s Group Financial Controller, a role he assumed in 2021 after joining the Kenyan telecommunications company.
Who is Samuel Munyua?
Munyua is a finance professional with more than two decades of experience in the banking and telecommunications industries.
He joined Safaricom Kenya in 2021 as Group Financial Controller, where he has managed the company’s financial reporting, controls, and funding activities.
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During his time at the telecommunications firm, Munyua played a role in major financing initiatives, including the company’s inaugural KSh20 billion Green Bond, which was issued under its domestic medium-term note programme.
Before joining Safaricom, he held senior finance leadership positions at KCB Bank Kenya and Barclays Bank Kenya, which later became Absa Bank Kenya.
Academically, Munyua holds a Bachelor of Commerce degree in Finance from the University of Nairobi. He is also a Certified Public Accountant (CPA) and has completed the Senior Executive Program for Africa at Harvard Business School.
About Safaricom Ethiopia Telecommunications
According to Safaricom Ethiopia, the company was established in 2021 after the Ethiopian government awarded a telecommunications licence to an international consortium known as Global Partnership for Ethiopia.
The consortium initially comprised Safaricom PLC, Vodafone Group, Vodacom Group, Sumitomo Corporation and British International Investment. The International Finance Corporation later joined the investment partnership.
The government issued the nationwide unified telecommunications licence on July 9, 2021, paving the way for the entry of the country’s first privately owned telecommunications operator.
Safaricom Ethiopia launched commercial services in October 2022, offering mobile voice calls, text messages and internet connectivity in a market previously dominated by state-owned operator Ethio Telecom.
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The company later expanded into mobile financial services after securing a mobile money licence and it launched M-PESA in August 2023, allowing customers to access digital financial services through their mobile phones.
Safaricom Ethiopia’s Growth and Investment
The Ethiopian operation has expanded its network and customer base since entering the market.
In September, the company announced it had surpassed 15 million customers active on its network within a 90-day period.
It also reported having more than 3,500 network sites, with its infrastructure reaching approximately 60 per cent of Ethiopia’s population.
The expansion has been supported by substantial investment in telecommunications infrastructure, technology, distribution and mobile financial services.
For the financial year ended March 31, 2026, Safaricom Ethiopia reported service revenue of ETB15.9 billion, representing a 130.9 per cent increase from the previous financial year.
Its 90-day active customer base reached 13.6 million during the financial year, while M-PESA customers increased to 5.2 million.
The company also reported total funding of approximately US$2.6 billion in the Ethiopian business by March 2026.
Safaricom has been expanding its presence in Ethiopia as part of its regional growth strategy, with the market becoming an increasingly important contributor to the group’s operations.
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