Many Kenyans first met M-PESA as a simple way to send money from one phone to another. Now Safaricom wants the same service to help people do much more with their money. In a new episode of CNN’s Profit Point, host Victoria Rubadiri asked CEO Peter Ndegwa what comes next after six years in the job. He said Safaricom wants to become “Africa’s leading purpose-led technology company,” and M-PESA financial services are part of that journey.
How M-PESA Financial Services are Growing
Ndegwa said Safaricom wants to move M-PESA from a money transfer service into a wider financial ecosystem. He said, “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 company also wants to serve businesses, from small traders to established merchants, through tools that accept payments and pay suppliers and employees. That wider reach shows how M-PESA financial services can help close gaps in financial inclusion.
AI Keeps Money Safe at Huge Scale
Safaricom handles about 150 million transactions a day, which works out to roughly 1,700 every second. At that scale, preventing fraud becomes a major priority as digital financial services keep expanding. Ndegwa said Safaricom could not prevent fraud manually, and that AI and a strong data layer are essential to spotting and stopping suspicious activity. This quiet technology helps protect customers each time they use M-PESA financial services to send, pay or save.
Competition is growing as banks and fintechs enter, but Ndegwa sees plenty of room for cooperation. He said, “Financial institutions like banks and insurance companies are competitors, but they’re also partners.” On connectivity, he said Safaricom spends roughly between $400 and $500 million on infrastructure in Kenya to meet rising demand for data. Looking ahead, the company’s “one app” super app has launched in Kenya and uses AI to personalise services for individuals and help businesses run more smoothly. Ndegwa said Safaricom and M-PESA embody a commitment to both commercial results and social impact, which will keep shaping M-PESA financial services.
