In a Profit Point interview, CNN journalist Victoria Rubadiri spoke with Peter Ndegwa, chief executive of Safaricom, about the group’s shift toward a technology-focused model.
Ndegwa said Safaricom’s ambition is to become “Africa’s leading purpose-led technology company”, moving beyond traditional telecommunications.
He explained that M-PESA is being transformed from a money-transfer service into a full financial ecosystem that lets users pay, save, invest and insure.
“We want to broaden and democratise access so you can either pay, you can save, you can invest, you can insure using M-PESA,” the CEO said.
Safaricom processes roughly 150 million transactions each day, and AI and data are central to fraud prevention, Ndegwa noted: “We can’t manually be able to prevent fraud if we didn’t have AI and we have a data layer.”
He added that banks and insurers act as both competitors and partners, stating: “Financial institutions like banks and insurance companies are competitors, but they’re also partners.”
The company has launched a “one app” super app in Kenya that uses AI to personalise services for individuals and to help businesses manage operations.
Ndegwa said Safaricom spends approximately $400 million to $500 million a year on network infrastructure in Kenya to meet rising data demand.
Reflecting on six years as CEO, he cited past moves such as expansion into Ethiopia and the development of M-PESA’s broader offerings.
The interview underscored Safaricom’s focus on leveraging technology and innovation to meet customer needs and address gaps in financial inclusion.
