We are Transitioning to Become a Digital Financial Services Provider, Says CEO, Safaricom (M-PESA)

At Safaricom’s Fintech Innovation Week, the leading East African telco brought together stakeholders from across the continent as it explores solutions that will lead it to to the next big idea – part of the telco’s search for ‘The next M-PESA.’

In a guest post with a local newspaper, Safaricom CEO, Peter Ndegwa, revealed the new vision underpinning the firm’s growth for the next decade, saying they ‘are transitioning to be a digital financial services provider connecting customers and businesses in a digital world.’

“Fintech is one of the fastest-growing and most exciting tech adventures of our time.” – CEO, Safaricom

Highlights of the Innovation week included a hackathon challenge where 62 teams faced off as the company tries to keep the innovation spirit burning. According to the CEO, each of the teams had an innovative digital technology idea that can be applied to optimize operations around financial services and banking.

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The top innovation at the challenge was by team M-Subscriptions. They came up with a proposal for the company to create a mini app that would allow users to manage and pay for various subscription services. Other top innovations provided solutions for improving the customer experience on the M-PESA super-app.

*M-PESA Super App with third party services*

Launched in June 2021, The M-PESA super-app, besides providing the financials services that the firm has become renowned for, also has third-party ‘mini-apps.’ Third-party services on-board include ticket booking, deliveries, shopping, license applications, insurance, etc. from businesses, government agencies, utilities and other firms.

“We shall continue to open the M-Pesa ecosystem – which already serves FinTechs including more than 40,000 developers – to enable this community to unleash their potential and to build a digital Kenya.”

– CEO, Safaricom