Peter Ndegwa leads Safaricom’s $300 million M-PESA upgrade

Key Points

• Safaricom launches M-PESA 2.0 with $300 million investment to deliver faster, safer mobile money services across Africa.
• The upgrade strengthens M-PESA’s system resilience, boosts cybersecurity, and ensures zero downtime for over 70 million users.
• Safaricom’s regional growth continues with 15% revenue rise, Ethiopian expansion, and plans for Kenya’s first telecom-owned submarine internet cable.

Safaricom, East Africa’s largest telecom operator led by Kenyan executive Peter Ndegwa, has unveiled a major $300 million investment to upgrade M-PESA, the region’s most widely used mobile money platform. The new system, known as M-PESA 2.0, aims to deliver faster, more secure, and more reliable services to millions of users across the continent.

Ndegwa said the upgrade will strengthen M-PESA’s backbone, making it more resilient and prepared for the future. “We’re committed to zero downtime and top-notch cybersecurity,” he said. “This is about giving our users peace of mind and a seamless experience as they go about their day-to-day lives.”

M-PESA at 18: A lifeline for millions

This year, M-PESA marks 18 years since its launch, and it remains at the heart of Africa’s push for financial inclusion. The platform now serves more than 70 million users in over 170 countries. In Kenya, it supports over a million businesses and agents. M-PESA handles more than 100 million transactions every day and can process up to 4,000 transactions per second.

At the core of this growth is Daraja, M-PESA’s developer platform. It connects more than 100,000 developers and supports over 55,000 API integrations, helping businesses create custom payment solutions. With the upcoming upgrade, Safaricom hopes to make this ecosystem even stronger, giving fintech startups, enterprises, and innovators the tools to do more, and do it faster.

Growing beyond Kenya

Safaricom’s success with M-PESA has helped the company grow far beyond Kenya’s borders. Since its founding in 1993, the company has evolved into a major player in tech and financial services across the region. Under Ndegwa’s leadership, Safaricom has expanded into Ethiopia, where it now has more than 52 million subscribers despite ongoing economic hurdles.

Back home and across the region, the company continues to see strong momentum. In the first half of 2025, Safaricom reported revenue of Ksh 189.42 billion ($1.47 billion), up 15.07 percent from the same period last year. While profits took a hit due to currency volatility in Ethiopia and other challenges, the revenue growth signals the company’s ability to stay the course.

Investing in what’s next

Looking ahead, Safaricom is seeking regulatory approval to launch Kenya’s first telecom-owned submarine internet cable. The move is expected to boost network stability and reduce reliance on third-party providers. The company is also expanding into new areas, including mobile phone insurance, part of its broader strategy to become a one-stop shop for digital services.

With the launch of M-PESA 2.0, Safaricom is doubling down on its mission to make mobile banking faster, safer, and more accessible. The goal is clear: keep Africa connected, and help more people and businesses thrive in a digital-first world.