Safaricom Chief Executive Officer Peter Ndegwa has outlined the telecommunications company’s ambition to expand M-PESA into a broader financial services platform, highlighting artificial intelligence (AI), connectivity and digital innovation as key drivers of its growth across Africa.
Speaking to CNN International’s Victoria Rubadiri on Marketplace Africa, Ndegwa discussed Safaricom’s transformation from a traditional telecommunications operator into a technology company, reflecting on six years of leadership and the strategic decisions that have shaped its growth.
The interview, featured in the programme’s Profit Point segment, explored Safaricom’s expansion into Ethiopia, the evolution of M-PESA beyond mobile money transfers and continued investment in connectivity infrastructure.
Ndegwa said the company aims to become Africa’s leading purpose-led technology company by using innovation to meet customer needs and expand access to essential services.
A key focus of the discussion was M-PESA’s evolution into a financial ecosystem that offers customers opportunities to pay, save, invest, and access 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 platform also supports businesses, including small-scale traders and established merchants, through services that facilitate customer payments, supplier transactions and employee payments.
According to Ndegwa, expanding these services will strengthen M-PESA’s role in supporting businesses while addressing gaps in financial inclusion across the region.
He also highlighted the growing importance of artificial intelligence in securing digital transactions as mobile financial services expand.
Safaricom processes approximately 150 million transactions daily, making fraud prevention a significant operational priority.
“We can’t manually be able to prevent fraud if we didn’t have AI and we have a data layer,” Ndegwa said, explaining how artificial intelligence and data help identify and prevent fraudulent activities.
The interview also examined competition from banks and fintech companies as Safaricom expands its financial services portfolio.
Ndegwa said financial institutions were both competitors and partners, highlighting the need for continued innovation to respond to changing customer expectations and developments in the digital economy.
Connectivity remains central to the company’s strategy, with Ndegwa revealing that Safaricom spends approximately $400 million to $500 million annually on infrastructure in Kenya.
The investment supports efforts to expand network capacity and meet rising demand for data and digital services.
Looking ahead, Ndegwa highlighted Safaricom’s newly launched OneApp platform in Kenya, which aims to bring multiple services together in one place.
The platform is expected to use artificial intelligence to personalise customer experiences while helping businesses manage their operations more efficiently.
He said the company’s approach seeks to balance commercial performance with societal impact, positioning technology as a tool for expanding access to services and supporting economic activity.
Marketplace Africa first aired the interview on Saturday, October 24, 2026, at 6:30 a.m. East Africa Time on CNN International.
Additional broadcasts were scheduled for October 25, 26, 30 and 31, and November 1 and 2, 2026, offering viewers further opportunities to watch the discussion on Safaricom’s technology strategy and M-PESA’s future.