Plan had faced challenges in getting approval and that this forced the firm to seek alternative strategic options. Kibati said confidence in a new direction was further bolstered by the accelerated digital transformation brought about by the recent dynamics of the Covid-19 pandemic, including increased demand for data and broadband.
Serving more than 14 million Kenyan customers, a number that is growing month on month, and in the last quarter our revenue numbers were up double digit in constant currency in Kenya. Strategy to focus on winning more customers, invest in a best in class voice and data network and progressively expand our mobile money business will continue to build on these results in order to deliver against the opportunities the Kenyan market has to offer.
The deal, whose terms have never been disclosed, would have created a stronger challenger for the industry leader, but reduced the Kenyan market to only two network operators. While competition authorities approved the merger last December, the decision included numerous conditions restricting the operators’ ability to combine activities.