Leading telecommunications firm Safaricom could earn billions of shillings in annual revenue from installing smart water meters. The firm is seeking to install the smart water meters on behalf of water companies across the country in a bid to cut losses that come with poor billing.

According to a report that appeared in a local daily, Safaricom chief executive officer Peter Ndegwa said that the firm already has the technology to offer digital and secure installations. “We do have the technology that we believe can help utility companies of which Kenya Power is one of them and also water companies to be able to reduce the level of losses by creating transparency in distribution,” Ndegwa said.

The report said that Safaricom will build, operate and then transfer the smart grids to the water firms after an agreed period. It will make the initial investment required. “Safaricom reckons it can help the water companies collect a significant share of the lost revenues through smart metering for a fee. The firm is seeking to step up its diversification outside its core telecoms market,” the report said.

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Safaricom is also expected to make Sh. 53.5 billion for installing smart electricity meters. The new smart meters will be installed for Kenya Power to large power consumers. The meters are aimed at curbing power theft and leakages, as well as fixing Kenya Power’s transmission network weaknesses. The new smart meters will be connected to homes and businesses that consume more than 200 kilowatt hour (kWh) monthly.

Safaricom will  install a Sh. 31 billion intelligent system that will connect 330,300 electricity meters to a central location and track electricity use, power outages and load on transformers as well as read meters remotely. In a preliminary report, Martin Mutuku, the Kenya Power general manager for business strategy affirmed that Safaricom will have recouped its investment in four years.