Safaricom Wants to Turn M-PESA Into More Than a Mobile Money Platform
From investment products and merchant payments to AI-powered services, Safaricom is expanding M-PESA into a wider financial ecosystem as it pursues growth beyond traditional telecommunications.
Safaricom is positioning M-PESA for a new phase of growth, with plans to expand the platform beyond money transfers into investments, wealth management, merchant services and AI-powered digital tools.
In an interview with CNN journalist Victoria Rubadiri, Safaricom CEO Peter Ndegwa outlined how the company intends to use its existing technology platforms to serve consumers and businesses beyond traditional telecommunications.
The ambition is to transform Safaricom into a broader technology and financial services company, with M-PESA remaining at the centre of its strategy.
Ndegwa, who became CEO on April 1, 2020, identified the expansion of M-PESA beyond payments, Safaricom's entry into Ethiopia and the extension of 4G coverage as some of the most significant decisions during his tenure.
The strategy builds on M-PESA's established customer base and growing role in Kenya's financial services market.
M-PESA Is Expanding Into Investments and Wealth Management
One of the biggest changes is the introduction of financial products that allow customers to do more than send and receive money.
Safaricom launched the Ziidi Money Market Fund in January 2025, giving eligible M-PESA customers a way to invest through the platform.
In February 2026, it introduced Ziidi Trader, allowing customers to buy and sell shares listed on the Nairobi Securities Exchange.
The company also introduced Ziidi Shari'ah in October 2026, a Sharia-compliant money market fund that allows eligible customers to begin investing with KSh100 and make subsequent contributions from KSh10.
These products are helping Safaricom build an investment ecosystem around a platform that millions of Kenyans already use.
The company's FY2026 results show that wealth management had reached 2.2 million active customers, with approximately KSh21 billion in assets under management by March 31, 2026.
The growth suggests that M-PESA is increasingly becoming a distribution channel for savings and investment products, rather than functioning only as a payment service.
Merchant Services Are Becoming Another Growth Driver
Safaricom is also looking to deepen its relationship with businesses that depend on M-PESA to receive payments and manage transactions.
During the financial year ended March 31, 2026, M-PESA processed approximately 46.4 billion transactions worth KSh41.68 trillion.
Its merchant network expanded to approximately 3.13 million businesses, while M-PESA revenue increased by 13.4% to KSh182.7 billion.
That revenue represented 45.6% of Safaricom's service revenue in Kenya, demonstrating how important the mobile money platform has become to the company's business.
In October 2026, Safaricom partnered with Pesapal to introduce additional payment options, including tap-to-pay and dynamic QR payments at participating merchant locations.
These services are designed to make it easier for businesses to accept digital payments through compatible point-of-sale infrastructure.
Safaricom is also expanding its small-business financial services through Fuliza Ya Pochi, an overdraft facility for eligible Pochi La Biashara users. The service is intended to help merchants manage short-term cash-flow needs, purchase stock and pay suppliers.
The company has also been discussing a proposal with the Kenya Revenue Authority to support electronic tax invoicing through M-PESA.
Together, these developments show how Safaricom wants to move further into the everyday operations of small businesses, not just the payments they receive.'
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My OneApp Brings More Services Into One Platform
Another important part of the strategy is My OneApp, launched in April 2026.
The application brings M-PESA and MySafaricom services together, giving customers access to financial and telecommunications services through a more unified digital experience.
It also provides room for third-party mini-apps, potentially allowing users to access additional services without switching between several applications.
Artificial intelligence is expected to play a role in making the experience more personalised.
According to Ndegwa, AI and data will help Safaricom understand customer needs, improve digital experiences and support businesses using its platforms.
However, bringing multiple services together in one application also creates operational challenges.
Some users reported access and reliability problems during the initial rollout. Safaricom subsequently issued updates and expanded support for access through Wi-Fi, other mobile networks and roaming.
The long-term success of the platform will depend on its reliability, ease of use and ability to deliver a genuinely connected experience.
AI and Network Investment Will Support Safaricom's Next Phase
Safaricom's ambitions extend beyond software and financial products. The company is also investing in the infrastructure required to support its growing digital services.
Ndegwa said Safaricom spends approximately $400 million to $500 million annually on infrastructure in Kenya, with roughly half directed towards its network.
The investment comes as data consumption continues to increase, with the company reporting annual data-volume growth of approximately 30%.
Expanding mobile network capacity, fibre infrastructure and exploring satellite connectivity are therefore important to maintaining service quality as more customers use digital platforms.
Artificial intelligence is another strategic priority, particularly for personalisation, fraud prevention and improving the way customers interact with digital services.
As M-PESA handles increasingly complex financial transactions, the ability to identify suspicious activity and protect customers will become more important.
What Safaricom's Expansion Means for M-PESA Users
For customers, the strategy could make M-PESA a more comprehensive financial services platform.
Instead of using separate providers for payments, savings, investments and selected business services, customers may increasingly access these options through Safaricom's ecosystem.
Small businesses could also benefit from additional payment acceptance tools and financial services designed around their daily operations.
However, access to investment products, overdrafts and other financial services remains subject to eligibility requirements, product terms and applicable regulation.
Safaricom will also need to maintain customer trust, protect personal and financial information and ensure that its expanding platform remains reliable.
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The Bigger Picture
Safaricom's strategy reflects a wider shift in the telecommunications industry, where operators are looking beyond voice calls and data subscriptions for new sources of growth.
By combining connectivity, mobile money, investments, merchant tools and AI, the company is attempting to build a broader digital services ecosystem around M-PESA.
Its existing transaction volumes and merchant network provide a substantial foundation for this expansion.
The next challenge will be turning that reach into services that customers and businesses consistently find useful, secure and accessible.
TechCrier will continue tracking how Safaricom and other African technology companies are reshaping digital financial services.