Safaricom Welcomes First Kenyan CEO
Yesterday Peter Ndegwa began his journey take as Chief Executive Officer at Safaricom, succeeding Bob Collymore, who died of cancer last year.
Ndegwa is the first-ever Kenyan to run the giant telco.
He takes over from the founding CEO Michael Joseph, who had been the acting CEO since Collymore’s death.
The incoming CEO comes on board at a time when businesses have been hit hard by the coronavirus global pandemic, but he said that he is upbeat about the task ahead of him and that he believes the pandemic has presented both challenges and opportunities for Safaricom.
In the long-term, Ndegwa will have to present his strategy for the telco’s offerings, such as M-Pesa, which has turned out to be Safaricom’s profit and sales driver in recent years.
The CEO told the Business Daily that his strategy would hinge on M-Pesa and on deepening the data business.
Safaricom plans to upgrade the capabilities of M-Pesa also to include investing in wealth management and buying insurance, a move that would put the company in direct competition with Insurers.
Currently, M-Pesa allows its users to send money, borrow, save and pay for services and goods via their mobile phone.
Safaricom’s mobile money segment is likely to grow and rake in more than half of the firm’s revenue in the foreseeable future. This is why Mr Ndegwa has set his sights on strengthening the M-Pesa offering.
Credit: This article originated from www.businessdailyafrica.com