Safaricom interim CEO Michael Joseph to focus on expanding M-Pesa beyond Kenya

Safaricom interim Chief Executive Officer Michael Joseph has said his immediate focus is to expand M-Pesa beyond Kenya, Reuters has reported.

Joseph, who took over the helm of the telco after the death of Bob Collymore in July, said he is working with staff to roll out M-Pesa in other markets, particularly in Africa.

Collymore had in May this year said Safaricom and Vodacom (which has operations in 32 African countries) are willing to buy the intellectual property rights of M-Pesa from Vodafone.

Ad

“I’m particularly keen to work closely with the team to take M-Pesa beyond Kenya,” Joseph said in a statement, adding he would lead the company while the board found a permanent CEO.

M-pesa and mobile data have been key revenue growth areas for Safaricom with the mobile money service generating Sh74 billion in the year March 2019 from a subscriber base of 30 million users.  

The product has evolved from just a mobile money transfer service over a decade to an integrated mobile financial service offering mobile savings and loans (M-Shwari), payment for businesses (Lipa na M-Pesa) and overdraft facilities (Fuliza).

Joseph told Reuters is also keen on the data business to attain a better balance between consumption and revenue growth.