Dr Peter Ndegwa Leads East Africa’s Top Company by Market Value

: Discover how Safaricom, East Africa’s top company by market cap at $5.5 billion, continues to lead the region’s telecom sector under visionary CEO Dr. Peter Ndegwa.

Since taking the helm at Safaricom PLC in April 2020, Dr Peter Ndegwa has steered the telecommunications giant into a new era of growth and transformation.

 Safaricom, best known for M-PESA, its groundbreaking mobile payment platform, has continued to evolve under Ndegwa’s leadership, further cementing its position as a key player in Africa’s digital economy.

 Known for his strategic focus and innovative mindset, Ndegwa has achieved a series of significant milestones that reflect both his dedication to Safaricom’s mission and his responsiveness to the demands of a fast-changing industry.

In 2024, Safaricom made headlines by reducing Ndegwa’s annual bonus by KSh62 million.

 This decision, though surprising, aligns with the company’s broader strategy of reinvesting in expansion, especially in Ethiopia.

 Safaricom’s entry into Ethiopia, one of Africa’s most untapped telecom markets, is a major achievement under Dr. Ndegwa’s leadership, requiring substantial capital and adept navigation of regulatory hurdles.

 By 2024, Safaricom Ethiopia had attracted 4.6 million subscribers, a feat that not only signals the potential of this market but also demonstrates the resilience and agility that Ndegwa has instilled within Safaricom.

 The bold decision to channel resources into this high-stakes venture underscores the company’s commitment to long-term growth over immediate executive rewards, signalling a strategic shift towards sustainable development.

Central to Dr Ndegwa’s vision has been the continued evolution of M-PESA, which he expanded into a comprehensive financial ecosystem through integrations with global platforms and the introduction of the M-PESA Super App.

 This app, with a variety of mini-apps catering to different services, has strengthened M-PESA’s position as a pillar of financial inclusion across East Africa. 

Safaricom’s commitment to enhancing digital financial services has driven up transaction volumes and revenue, making M-PESA a vital part of Kenya’s economic framework and a model for other markets looking to bridge financial access gaps.

Ndegwa has also championed digital transformation through products that respond directly to customer needs.

 The Safaricom MyCounty app, launched in partnership with county governments, is one of these innovations. By offering essential services through mobile, the app represents Dr Ndegwa’s commitment to customer-centric innovation, further reinforcing Safaricom as a digital solutions leader.

Beyond consumer services, Dr Ndegwa has prioritised the expansion of Safaricom’s enterprise segment, offering technology solutions such as cloud services, cybersecurity, and IoT to various sectors including healthcare and education.

 This growth in enterprise offerings reflects Safaricom’s role as an enabler of Kenya’s digital economy, diversifying revenue streams while positioning itself as a trusted partner for businesses.

On the technology front, Ndegwa oversaw the rollout of Kenya’s first 5G network in 2021, expanding its reach to multiple cities.

 This advancement not only offers faster, more reliable internet but also lays the foundation for future innovations across sectors, reinforcing Safaricom’s competitive edge in data services.

Social responsibility is a key component of Dr Ndegwa’s approach. Safaricom, under his leadership, has committed to becoming a net-zero carbon emitter by 2050, setting a new standard for corporate sustainability in Kenya.

 Safaricom’s programs in education, healthcare, and economic empowerment have further cemented its brand as a socially responsible organisation that contributes meaningfully to society.

Despite challenging economic conditions, Dr Ndegwa has maintained Safaricom’s strong financial performance by focusing on operational efficiency and product innovation. 

His resilience and adaptability have enabled Safaricom to thrive amid inflation and currency fluctuations, with M-PESA and data services driving revenue growth.

In recognition of his accomplishments, Ndegwa received an Honourary Doctorate in Business Management from Meru University in October 2024, where he also serves as Chancellor.

 This accolade reflects his contributions not only to Safaricom but also to Kenya’s business landscape, underscoring his commitment to inspiring future leaders.

Dr.Ndegwa’s appointment as Safaricom’s first Kenyan CEO was a pivotal moment, as previous CEOs were expatriates.

 Following the passing of his predecessor Bob Collymore, both the board and the government showed strong support for appointing a local leader.

 Michael Joseph, Safaricom’s former CEO and interim head during the transition, highlighted the desire for a Kenyan to lead the company, a sentiment echoed by former 

By aligning executive rewards with Safaricom’s evolving performance goals and reinvesting resources into expansion, Ndegwa demonstrates a long-term commitment to growth.

 His journey as CEO showcases how he has successfully balanced local roots with a global outlook, driving Safaricom’s mission to transform lives across Kenya and beyond.