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Peter Ndegwa Structures Safaricom Into Greater Heights as It Turns 25
As Safaricomhttps://www.safaricom.co.ke/ prepares to celebrate its 25th anniversary next month, CEO Peter Ndegwa reflected on the company’s transformation from a Telkom Kenya subsidiary into the country’s largest and most valuable enterprise.
Speaking in London at Vodafone UK’s headquarters, Ndegwa looked back on his five years at the helm, highlighting record milestones and setting the stage for future growth. Before joining Safaricom, he spent 15 years in the food and drinks industry with Diageo, overseeing global brands like Guinness.
Today, he leads a company generating over US$3 billion in annual revenue, US$1.2 billion in operating profit, and serving more than 50 million Kenyans. Safaricom’s mobile network now covers 95% of the population, while its M-Pesa platform has 36 million monthly active users.
Strengthening Growth in Kenya
Despite market dominance, Ndegwa insists Safaricom still has room to grow. In Kenya, fewer than half of customers own 4G or 5G devices, with affordability being the main barrier.
To address this, the company has championed locally assembled smartphones through the Neon brand, produced by East African Device Assembly Kenya. Today, 23 million 4G devices are active on its network, with annual uptake rising by up to 30%.
The company is also accelerating its broadband rollout, having connected about 500,000 premises with plans to reach 2 million more via fibre or satellite.
On 5G, a third of its sites currently support the technology, with all set to be 5G-ready by 2029. As of March 2025, Safaricom had 1.1 million 5G users.
Peter Ndegwa Structures Safaricom Into Greater Heights as It Turns 25
Ethiopia: A Bold Bet
Under Ndegwa’s leadership, Safaricom expanded into Ethiopia, one of Africa’s largest untapped telecom markets. Since entering in 2021, the operator has grown to 10 million customers and 3,000 sites.
While the business remains loss-making due to heavy start-up costs and Ethiopia’s currency reforms, the group expects to break even by 2027.
With Ethiopia’s population of 125 million and mobile penetration still around 50%, Ndegwa sees immense opportunity. Safaricom is targeting 15 million customers by year-end and aims for nearly 50 million within the next decade.
Looking Ahead
Back in Kenya, Safaricom remains the country’s most valuable enterprise, briefly touching US$3 billion in market capitalisation this year. While some officials have suggested splitting its core units, Ndegwa dismissed the idea as unnecessary.
Reflecting on Safaricom’s 25-year journey, he credits its success to a purpose-driven mission. “The financial benefits we’ve gained came from our purpose. We started with purpose, then customer focus, and then pushed innovation. We are doing the right things, driven by our desire to create impact,” he said.
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