How Safaricom Grew From a Small Telco Into Kenya’s Most Valuable Company
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Safaricom, which started as a small mobile phone operator more than two decades ago, has grown into Kenya’s largest listed company and one of Africa’s leading telecommunications firms.
Safaricom’s journey has been shaped by continuous innovation, investment in technology, and products that have transformed the lives of millions of Kenyans.
From connecting people through voice calls to revolutionising financial services with M-Pesa, the company has evolved into a business that now serves millions of customers across East Africa.
Safaricom was launched in October 2000 after Kenya liberalised the telecommunications sector.
At the time, mobile phone ownership was still low and network coverage was limited.
The company focused on expanding its network across the country, making mobile communication more accessible and affordable for Kenyans.
As more people embraced mobile technology, Safaricom steadily increased its customer base and strengthened its position in the market.
M-Pesa Transformed Financial Services
A major turning point came in 2007 with the launch of M-Pesa.
The platform was initially designed to support loan repayments, but customers quickly began using it to send money directly to friends and family.
Safaricom recognised the opportunity and developed M-Pesa into a mobile money service that changed how millions of people access financial services.
Today, M-Pesa enables customers to send and receive money, pay bills, buy goods and services, save, borrow and invest using their mobile phones.
The innovation has also attracted global attention and has been studied by leading business schools around the world.
Safaricom Consistent Leadership Through the Years
Safaricom’s growth has been supported by stable leadership.
The company has been led by three chief executive officers since its launch. Michael Joseph oversaw its formative years and laid the foundation for growth.
Bob Collymore strengthened the business and expanded the success of M-Pesa, while Peter Ndegwa, the company’s first Kenyan-born CEO, has guided Safaricom into a new phase of digital transformation and regional expansion.
During this period, the company has maintained the same institutional shareholder since its establishment, providing continuity as the business evolved.
Also Read: How Shareholding Works in a Listed Company: Understanding Safaricom’s Divestiture
Expanding Beyond Kenya
Safaricom has continued investing in mobile connectivity, broadband internet, enterprise solutions and digital innovation.
The company also expanded into Ethiopia, marking its first international venture and one of the largest investments by a Kenyan company outside the country.
The expansion reflects Safaricom’s ambition to replicate its successful business model in new markets while continuing to grow its operations at home.
Also Read:EXPLAINER: Who Runs Safaricom After the Shareholding Changes?
Strong Financial Performance
Safaricom’s financial growth mirrors its business success.
For the financial year ending March 2026, the company reported revenue of Ksh 414.1 billion and declared a Ksh 80.1 billion dividend, the largest dividend payout in its history.
The record performance came before Vodacom completed the increase of its shareholding in Safaricom to 55%, demonstrating that the company’s financial strategy and governance remained firmly under Safaricom’s board and management.
More Than a Telecom Company
Beyond business, Safaricom has invested in education, healthcare, environmental conservation and community development through the Safaricom Foundation and other corporate programmes.
The company has also supported digital transformation across government, businesses and financial institutions while creating employment opportunities directly and indirectly through its dealer and agent network.
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Safaricom PLC Group CEO Peter Ndegwa speaking during the launch of the Citizens of the Future Programme on October 30, 2025. PHOTO/Safaricom