Safaricom is positioning M-PESA for a broader role in financial and technology services, with plans to expand into investments, wealth management, merchant solutions and AI-powered digital services. Speaking in an interview with CNN journalist Victoria Rubadiri, CEO Peter Ndegwa outlined how the company intends to use its existing platforms to serve consumers and businesses beyond traditional telecommunications. Since becoming CEO on 1 April 2020, Ndegwa identified the expansion of M-PESA beyond payments, Safaricom’s entry into Ethiopia and wider 4G coverage as some of the major decisions shaping the company’s direction.
The strategy will give M-PESA customers access to more financial services through a platform they already use. Safaricom has progressively introduced investment products, including Ziidi Money Market Fund in January 2025, Ziidi Trader in February 2026 for trading shares listed on the Nairobi Securities Exchange, and Ziidi Shari’ah in October 2026. The Sharia-compliant fund allows customers to begin investing with KSh100 and make additional contributions from KSh10. By March 2026, the company had 2.2 million active wealth management customers, with KSh21.1 billion in assets under management.
M-PESA’s existing scale provides a foundation for expanding these services. During the financial year ended 31 March 2026, the platform processed 46.4 billion transactions valued at KSh41.68 trillion and supported 3.13 million merchants. Its revenue increased by 13.4% to KSh182.7 billion, accounting for 45.6% of Safaricom’s service revenue in Kenya. The company is also strengthening its merchant services through a partnership with Pesapal, introduced in October, to provide tap-to-pay and dynamic QR payment options at participating tills. Meanwhile, Fuliza Ya Pochi offers eligible Pochi La Biashara users overdraft support for managing cash-flow needs, purchasing stock and paying suppliers. Safaricom and the Kenya Revenue Authority have also discussed a proposal to enable businesses to generate electronic tax invoices through M-PESA.
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Safaricom is also bringing its services together through My OneApp, launched in April 2026. The application combines M-PESA and MySafaricom, while allowing room for third-party mini-applications, giving users access to multiple services within one platform. According to Ndegwa, artificial intelligence will support more personalised experiences for individuals and businesses. However, the rollout initially faced user complaints about access and reliability, prompting updates and expanded support for Wi-Fi, other mobile networks and roaming.
Supporting this expansion requires continued investment in digital infrastructure. Safaricom spends approximately $400 million to $500 million annually in Kenya, with about half allocated to its network. Ndegwa noted that data traffic is increasing by around 30% each year, making further investment in mobile networks, fibre and satellite connectivity necessary to support growing demand.
The broader strategy reflects Safaricom’s ambition to evolve from a traditional telecommunications operator into a technology company. The direction was outlined at Decode 4.0 in March and April 2026, where discussions focused on fintech, artificial intelligence, developer infrastructure and services that other businesses could build upon. This was followed by Decode 5.0, which placed African AI infrastructure at the center of the company’s plans across eight markets.
Safaricom’s expansion into Ethiopia also forms part of this wider transformation. In 2026, Safaricom Ethiopia surpassed 15 million active subscribers over a 90-day period, while its losses narrowed to KSh21.2 billion in the financial year ended March. Together, these developments reflect the company’s efforts to expand its telecommunications footprint while building a broader financial and digital services business around M-PESA.
