Standard Bank Group, trading as Stanbic Bank in Kenya, has partnered with Safaricom Telecommunications to provide USD138 million (KES 17.94 billion) in funding for Safaricom Telecommunications Ethiopia PLC (STEP), supporting the rollout of digital infrastructure and services in one of Africa’s fastest‑growing telecom markets
Standard Bank Group, trading as Stanbic Bank in Kenya and Africa’s largest bank by assets, has partnered with Safaricom Telecommunications, Kenya’s leading telecommunications provider, to deliver USD 138 million (KES 17.94 billion) in funding to Safaricom Telecommunications Ethiopia PLC (STEP).
The facility positions Standard Bank as the sole arranger, lender, and facility agent, while also providing advisory support. The financing underpins Safaricom’s ongoing rollout of digital infrastructure and services in Ethiopia, one of Africa’s fastest‑growing telecom markets.
Regional Impact
Dr. Joshua Oigara, Regional Chief Executive for East Africa, Standard Bank Group, stated:
“This partnership reflects our commitment to enabling sustainable growth across the region. By supporting the expansion of digital connectivity in Ethiopia, we are strengthening economic linkages, opening new opportunities for businesses and communities, and contributing to the advancement of East Africa’s digital economy.”
Anthony Ndegwa, Executive Vice President for Telecoms, Media and Technology at Stanbic Kenya, added:
“We are honoured to have partnered with Safaricom again in enabling and supporting their ongoing vision to drive digital transformation and inclusion in Ethiopia.”
Safaricom CEO Dr. Peter Ndegwa shares the strategic vision behind the Citizens of the Future initiative.
Safaricom’s Vision for Digital Inclusion
Safaricom Plc CEO, Peter Ndegwa, emphasised the company’s innovation‑driven approach:
“We aim to transform lives at scale, empowering youth, entrepreneurs, and underserved communities to fully participate in Ethiopia’s digital economy and realise the promise of shared prosperity by 2030. Through this partnership we are given the opportunity to pursue this goal and grow further to digitally enable Africa.”
Ethiopia’s government has advanced regulatory reforms to accelerate digital adoption.
According to the World Bank report, “Empowering Ethiopians by Laying the Digital Foundations for Economic Growth,” between 2020 and 2024, at least 4 million new users gained internet access, raising coverage from 15% to 19% of the population.
Safaricom now reports 10.1 million active customers in just four years, underscoring Ethiopia’s rapid uptake of mobile services.
Standard Bank’s Commitment
Taitu Wondwosen, Head of Standard Bank in Ethiopia, noted:
“As a bank we are dedicated to partnering with relevant parties to drive infrastructure development that will accelerate the continent’s economic growth. Digital and financial inclusion remain key objectives to break barriers and enable individuals, communities, and businesses to access affordable financial products and services.”
Dr. Oigara concluded:
“This partnership demonstrates the power of regional collaboration in unlocking long‑term value. Standard Bank remains committed to enabling growth across the region through sustainable investment.”
IK, a Masinde Muliro University grad, tackles social justice through journalism. He analyses news and writes on women's rights, politics, technology, law, and global affairs.
