This archive report was first published on 28 September 2021.
Published on September 28, 2021, Safaricom's plan to install smart water meters on behalf of water companies nationwide could yield significant revenue for the firm.
The technology, already in place, enables digital and secure installations, according to Safaricom CEO Peter Ndegwa. "We do have the technology that we believe can help utility companies... and also water companies to be able to reduce the level of losses by creating transparency in distribution," Ndegwa said.
Under the proposed arrangement, Safaricom will build, operate, and transfer the smart grids to water firms after a set period, making the initial investment required. The firm will collect a fee for its services, helping water companies recover lost revenues through smart metering.
Additionally, Safaricom is expected to earn Sh. 53.5 billion from installing smart electricity meters for Kenya Power, targeting large power consumers to curb power theft and leakages. The new smart meters will be connected to homes and businesses consuming over 200 kilowatt hours monthly.
The installation of a Sh. 31 billion intelligent system will connect 330,300 electricity meters to a central location, tracking electricity use, power outages, and load on transformers, as well as reading meters remotely. According to a preliminary report, Kenya Power's general manager for business strategy, Martin Mutuku, affirmed that Safaricom will recoup its investment in four years.
