This archive report was first published on 7 July 2019.
Published on July 7, 2019, the legacy of Bob Collymore, the late Safaricom CEO, continues to inspire Kenyans.
Had he been in the United Kingdom, Collymore would have likely been knighted for his efforts in advancing the telecoms industry and corporate social responsibility. His work at Safaricom, including mobile phone banking, M-Soko, M-Pesa Foundation, M-Shwari, and Fuliza, has left a lasting impact on Kenyans.
However, a lesser-known aspect of Collymore's tenure is his role in averting a potential cryptocurrency catastrophe. In 2015, Safaricom suspended its services to Bitpesa and Lipisha Consortium Ltd, a move that was later upheld by the court.
The Central Bank of Kenya (CBK) had deemed cryptocurrencies, such as bitcoin, as not being legal tender and therefore unregulated. This posed a significant risk to the public, as it exposed them to hackers and internet frauds. Countries like Japan, South Korea, Brazil, and the United States had already experienced financial losses due to crypto-hackers and fraudsters.
The court ruling in the Safaricom case, Lipisha Consortium Limited & another v Safaricom Limited (2015), acknowledged that Safaricom was within its rights to suspend services to the bitcoin trading firm. The court also noted that allowing bitcoin trading and remittances through M-Pesa would have been in breach of anti-money laundering regulations.
Collymore's caution in this matter saved 43 million people from potential financial misery. His legacy continues to guide Safaricom's efforts, including the recent introduction of the 'reverse-call' service to help those with no airtime enjoy their right to communication.
