This archive report was first published on 1 August 2019.
On Wednesday, Safaricom's interim CEO Michael Joseph announced plans to expand the company's financial services business, Mpesa, beyond Kenya.
Speaking to Reuters, Joseph emphasized his commitment to taking M-Pesa beyond Kenya, saying, 'I'm particularly keen to work closely with the team to take M-Pesa beyond Kenya.'
Launched over a decade ago, M-Pesa has grown to serve more than 22.6 million people in Kenya and has been replicated abroad. The service allows users to send money, borrow, save, and pay bills using a basic mobile handset, driving Safaricom's profit growth in recent years.
Joseph will lead the company in an interim capacity while the board searches for a permanent CEO. Safaricom is partly owned by South Africa's Vodacom and Britain's Vodafone.
Michael Joseph took over as CEO in July following the death of Bob Collymore, who had discussed plans to buy intellectual property for M-Pesa from Vodafone for $13 million to facilitate expansion in Africa. The joint venture with Vodacom will also result in significant savings on royalties paid to Vodafone.
Joseph also plans to focus on Safaricom's data business to achieve a balance between consumption and revenue growth.
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