Safaricom CEO Peter Ndegwa has addressed growing speculation about the possible separation of M-PESA from the company’s telecommunications business, amid the continued expansion of the mobile money platform.
Speaking to Julian Amboko, a public‑finance and capital‑markets expert on the issue, Peter Ndegwa said Safaricom has no plans to split the telco and mobile money operations, noting that the company’s Super App strategy is designed to further integrate the two businesses.
“There’s no intended split between the telco & mobile money. If anything, the Super app reinforces the extent to which the two businesses are conjoined,” Peter Ndegwa addressed.
Peter Ndegwa Highlights M-PESA Growth and New Merchant Services Push
According to Peter Ndegwa, M-PESA continues to grow rapidly, with the company now focusing on integrated digital solutions that combine payments with additional services for both individual users and businesses.
Additionally, he stated that Safaricom believes there is still significant untapped potential within the merchant segment, particularly in tools that support business operations.
“That said, MPesa is a growing force & the future of the business lies in converged solutions that combine payments with other services offering solutions to both individuals & merchants,” he stated.
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He noted that the company is exploring capabilities such as invoicing and payment reconciliation services as part of efforts to expand M-PESA’s role beyond basic mobile money transactions.
M-PESA Revenue Surge Raises Questions Over Safaricom Business Structure
From the financial results for the year ending on March 2026, M-PESA has grown from contributing 9.0% (KSh7.56 billion) of Safaricom’s service revenue in the financial year ending March 2010 to 45.59% (KSh182.73 billion) in the year ending March 2026.
The sharp increase in contribution has fuelled ongoing discussions on whether Safaricom could eventually separate its telecom and mobile money businesses.
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Despite these questions, M-PESA continues to expand its role within Safaricom’s integrated financial ecosystem.
The report details that the merchant base grew strongly during the period, closing FY2026 at 3.1 million, representing a 71.0% year-on-year increase.
Growth was largely driven by Pochi La Biashara tills, which expanded by 81.5% to 2.1 million merchants.
Lipa Na M-PESA merchants also recorded a strong performance, rising 54.2% year-on-year to 1.0 million.
Business Payments, which include C2B, B2C, B2B, Lipa Na M-PESA, and Pochi La Biashara transactions, generated KSh56.67 billion in FY2026.
This represented a 16.5% year-on-year increase, reflecting rising adoption of digital payments across both formal and informal business segments.
In the latest results, the company reported net income of KSh 99.7 billion, up 67.3%, driven by strong performance in its Kenya business, particularly in M-Pesa and data services.
