EP.01 | S2 | Safaricom’s CEO Dr. Peter Ndegwa on 25 Years, $800M Daily on M-Pesa, and What’s Next

A Legacy of Transformation

Safaricom is marking 25 years in 2025, and the celebrations are more than symbolic. The company has grown from a small department within Telkom Kenya into a multi-billion-dollar enterprise with deep influence across East Africa. Alongside this milestone, M-Pesa —Safaricom’s most defining innovation— turns 18. For Dr. Peter Ndegwa, CEO of Safaricom Group, the anniversary is not just about longevity. It is about celebrating two decades of reshaping lives and industries.

 “When you think about Safaricom as a group, you think about impact, inclusion, and really transforming lives.” 

– Dr. Peter Ndegwa, CEO, Safaricom

From pioneering financial inclusion with M-Pesa to expanding connectivity to over 95% of Kenya, the company has consistently positioned itself as more than a telecom operator.

M-Pesa: Powering Economies, Building Resilience

M-Pesa is Safaricom’s crown jewel, serving 36 million users each month and processing $800 million daily. Once a payments tool, it now extends to credit, savings, and insurance through products like Fuliza and Zidisha—shifting focus from access to financial health. “Accumulating wealth is not about richness; it is just about savings,” noted Ndegwa. AI is also driving its future, from credit scoring to fraud prevention, helping tailor services and protect customers.

Satellites as Partners, Not Rivals

The rise of satellite services, particularly Starlink, has sparked debate about their role in Africa’s connectivity. Safaricom views satellite not as a threat but as a complement to terrestrial networks. It holds promise for rural coverage, backhaul capacity, and healthcare delivery in underserved regions.

“The terrestrial network is now established, and there has been a lot of investment that has been put there. Satellite, we see it as an opportunity to come and complement the terrestrial network, especially since there are still so many rural areas. We will see satellite supporting terrestrial networks to ensure that coverage is achieved. Africa will probably be the biggest beneficiary of satellite because it reduces the need for heavy infrastructure investment. This also means the cost of delivering connectivity becomes lower. I fully agree that in Africa, satellite will likely play a bigger role than in the West.”

– Dr. Peter Ndegwa, CEO, Safaricom

 

Ethiopia: Safaricom’s Growth Frontier

Safaricom’s boldest move in recent years has been its expansion into Ethiopia. Since launching operations in October 2022, the company has signed up more than 10 million customers and invested $2.3 billion in infrastructure. 

With a population of 125 million and a rapidly liberalizing economy, Ethiopia has the potential to become a larger market than Kenya in subscriber terms. Beyond the commercial opportunity, Safaricom has replicated its community model by creating the Safaricom Ethiopia Foundation, ensuring that social impact remains a core part of its presence.

Looking Ahead: Africa’s Digital Leap

Dr. Ndegwa closed on an optimistic note. With one of the youngest populations in the world and growing digital infrastructure, Africa has the potential to leapfrog global peers. “We have shown in mobile money that we can actually do much better than any country in the West,” he said. By leveraging digital tools and AI, Safaricom envisions unlocking employment opportunities, empowering small businesses, and ensuring no one is left behind in Africa’s digital transformation.