The Chief Executive Officer of Safaricom, Peter Ndegwa, shared key insights on how the company is navigating market challenges, expanding M-PESA, targeting new markets, supporting local startups, and its focus on sustainability.
Ndegwa acknowledged that Safaricom faces economic challenges, including inflation, geopolitical shocks, and complex regulatory environments. He emphasized the company’s commitment to innovation, which helps cushion customers from these difficulties. Safaricom also maintains strong relationships with regulators and governments, focusing on inclusive economic development to navigate regulatory pressures.
M-PESA, a mobile payment system pioneered by Safaricom, is evolving beyond payments. Ndegwa revealed plans to introduce wealth management, credit, and savings services through the platform. The M-PESA Super App now offers access to over 80 mini-apps, expanding services across various sectors like transport, public services, and events. The company is also collaborating with banks and fintechs to continue driving innovation.
Safaricom is accelerating its shift from a telecom company to a technology company, with significant progress in Ethiopia. Currently, Safaricom’s services cover 40% of Ethiopia’s population, with over 4.4 million active customers. In Kenya, Ndegwa plans to focus on expanding smartphone access and internet connectivity and driving financial health in mobile financial services.
Safaricom is committed to nurturing local tech startups through its Spark Accelerator Program. This initiative offers startups access to technology, market opportunities, and capital. The company’s Daraja platform, which supports 88,000 developers, is also helping businesses integrate seamlessly with M-PESA.
Sustainability remains a priority for Safaricom. To achieve its Net Zero target for 2050, the company has planted 1.5 million trees and converted 23% of its sites to solar power.
Additionally, Safaricom supports communities through initiatives like the Chapa Dimba football tournament and its foundations, which focus on education, healthcare, and employment. The company’s sustainability efforts extend to Ethiopia, where Safaricom plans to power 40% of its sites with solar energy by 2030.
