Safaricom Chief Executive Officer Peter Ndegwa has outlined the company’s ambition to expand M-PESA beyond mobile money transfers into a broader financial services ecosystem, as the telecommunications firm accelerates its transformation into a technology-driven business.
In an interview with CNN International’s Victoria Rubadiri on Marketplace Africa, Ndegwa discussed Safaricom’s expansion into Ethiopia, investments in connectivity infrastructure, the growing role of artificial intelligence in fraud prevention and efforts to deepen financial inclusion across Africa.
Reflecting on his six years at the helm, Ndegwa said Safaricom’s long-term ambition was to become “Africa’s leading purpose-led technology company”, moving beyond traditional telecommunications to develop technology-driven solutions for consumers and businesses.
A key focus is M-PESA, which the company is seeking to develop into a platform offering payments, savings, investments and insurance services.
“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.
The strategy also targets businesses ranging from small-scale traders to established merchants through services that facilitate payments, supplier transactions and employee payments.
Ndegwa said the platform’s role extends beyond individual money transfers to supporting business growth and addressing gaps in access to financial services.
The interview also examined the growing importance of artificial intelligence in securing digital transactions, with Safaricom processing approximately 150 million transactions daily.
Ndegwa said AI and data analytics had become essential in identifying and preventing fraud as digital financial services expanded.
“We can’t manually be able to prevent fraud if we didn’t have AI and we have a data layer,” he said.
On competition, Ndegwa acknowledged the changing relationship between Safaricom, banks and fintech companies as M-PESA expands into services traditionally associated with financial institutions.
“Financial institutions like banks and insurance companies are competitors, but they’re also partners,” he said.
Safaricom is also investing in network infrastructure to accommodate rising demand for connectivity and data services.
“We spend approximately between $400 and $500 million in Kenya on our infrastructure,” Ndegwa said, highlighting the scale of investment required to expand network capacity.
The company is also seeking to integrate services through its recently launched super app in Kenya, bringing multiple offerings into one platform. Ndegwa said artificial intelligence could help personalise services for consumers while enabling businesses to manage their operations more efficiently.
The interview will air on CNN International on Saturday, October 24, 2026, at 6:30 a.m. East Africa Time, with additional broadcasts scheduled for October 25, October 26, October 30 and 31, and November 1 and 2.
The programme examines Safaricom’s evolving business model and the role of digital financial services, connectivity and emerging technologies in expanding access to financial products across Africa.
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