Safaricom is looking to expand M-PESA beyond money transfers, with CEO Peter Ndegwa saying the platform will increasingly focus on helping customers save, invest, access insurance and run businesses.
Ndegwa spoke about the company’s changing business model and the future of its mobile money service in an interview with CNN International’s Victoria Rubadiri for Marketplace Africa, which is scheduled to air on Saturday, October 24, 2026.
Reflecting on his six years at the helm of Safaricom, Ndegwa discussed the company’s expansion into Ethiopia, investment in network infrastructure and plans to grow into a technology business beyond traditional telecommunications.
He said Safaricom’s ambition was to become “Africa’s leading purpose-led technology company”, using innovation to respond to customers’ needs.
A key part of that plan is the expansion of M-PESA into a wider financial services platform.
“We want to broaden and democratise access so you can either pay, you can save, you can invest, you can insure using M-PESA,” Ndegwa said.
It is also being designed to cater to business needs, from individuals carrying out small scale transactions to merchants who are already established in their businesses. The platform offers various services that enable businesses to carry out their financial transactions in terms of receiving money and paying their creditors and employees.
According to Ndegwa, the company is focused on plugging financial inclusion gaps through meeting the demands of the individual customers and the business.
AI Comes into Play in Preventing Fraud
With the rising number of customers using its digital financial services, Safaricom is now using artificial intelligence (AI) and data for identifying fraudulent activities.
Safaricom processes about 150 million transactions every day.
“We can’t manually be able to prevent fraud if we didn’t have AI and we have a data layer,” Ndegwa said.
He also addressed competition from banks and fintech companies, noting that Safaricom’s relationship with financial institutions involves both competition and partnerships.
“Financial institutions like banks and insurance companies are competitors, but they’re also partners,” he said.
Safaricom Plans More Investment in Connectivity
Beyond financial services, Ndegwa said network infrastructure remained a major area of investment as demand for data continues to grow.
He put Safaricom’s annual infrastructure spending in Kenya at between $400 million and $500 million.
The company is also looking to bring more of its services together through a “one app” super app that has already launched in Kenya.
The platform is intended to give individuals access to different services in one place while helping businesses manage their operations. AI is expected to play a role in personalising the experience for users.
Ndegwa said Safaricom’s growth must go hand in hand with its wider social responsibilities, with the company and M-PESA seeking to balance commercial performance with their impact on society.
Marketplace Africa airs on CNN International, with the next broadcast scheduled for Saturday, October 24, at 6:30am East Africa Time. Other scheduled broadcasts include Sunday, October 25, at 9:30am and 8:30pm; Monday, October 26, at 5:30am; Friday, October 30, and Saturday, October 31, at 7:45pm; and Sunday, November 1, at 6:45am and 9:45am. A further broadcast is scheduled for Monday, November 2, at 5:45am.