No designer labels, no towering bodyguard to ward off onlookers—just a casual, untucked shirt and a warm, genuine smile that instantly brightens the room.
As he settles in for the interview, I momentarily find myself wondering if this is truly the man at the helm of the most profitable company in East and Central Africa.
That’s Peter Ndegwa, Chief Executive Officer of Safaricom Plc.
In an era where leaders often flaunt their wealth and status, Ndegwa’s humility stands out. It’s a quality that has earned him the admiration of both his employees and the millions of Kenyans who depend on his company’s services.
Just last week, Safaricom, which dominates 50% of trading at the Nairobi Securities Exchange, announced a 12.9% revenue increase, reaching Sh179.92 billion in the first half of the year.
Yet for Ndegwa, numbers are only part of the picture.
“Revenue growth is great,” he says with enthusiasm, “but what excites me most is when our customers truly benefit from our products.”
He highlights M-Pesa, the mobile money service that has revolutionized how Kenyans send and receive money, and the fast, reliable internet that connects families and businesses across the country.
“Safaricom plays a vital role in driving social and economic progress, and that’s what makes me proud,” he adds.
Ndegwa joined Safaricom in April 2020, right as the COVID-19 pandemic began to disrupt lives worldwide. Instead of succumbing to the crisis, he embraced optimism and led his team in meeting the country’s needs.
One of his proudest decisions was to temporarily waive fees on M-Pesa transactions, a move that, though costing the company close to $100 million in lost revenue, helped save countless lives during a time of uncertainty.
“It was tough,” he admits, “but saving lives is what truly matters.”
Reflecting on his unexpected rise to CEO, Ndegwa chuckles. “I was hiking on Kilimanjaro, just enjoying the moment, when I got the call to step up. It was surreal,” he recalls with a smile.
Since then, Ndegwa has guided Safaricom through several significant milestones, including the company’s successful entry into the Ethiopian market in 2022. Despite challenges like currency devaluation, the Ethiopian subsidiary has thrived, with voice revenue up by 27.1%.
However, Safaricom’s journey hasn’t been without its challenges. Recently, the company faced public backlash during protests against the Finance Bill 2024, with accusations of disrupting internet services.
“It’s unfortunate when people take advantage of public sentiment to tarnish the company’s reputation,” Ndegwa says. “But nearly 40 million Kenyans trust us, and we take that trust very seriously.”
He firmly defends the company against allegations of data sharing, saying, “Nothing of the sort happens. Our customers’ privacy is our top priority.”
This commitment to integrity extends to Safaricom’s role in the controversial Social Health Insurance Fund. Ndegwa emphasizes that Safaricom’s involvement is strictly as an enabler, using technology to support government health initiatives.
Looking ahead, Ndegwa has ambitious plans for Safaricom, focusing on technological innovations that can drive Africa’s social and economic growth.
“We’re working on solutions that empower communities and improve lives,” he says, clearly passionate about the future.
Outside of work, Ndegwa finds balance in football. An avid Arsenal fan, he wakes up at 5:36 am every weekend to catch the games with his teenage son.
“Spending time with family is essential,” he stresses. “I make sure to clear my work early, so I can enjoy my weekends with my loved ones.”
To stay physically and mentally sharp, Ndegwa maintains a strict exercise routine, which includes gym workouts, runs in Karura Forest, and stretching exercises.
“Good sleep and regular exercise are key to my mental health,” he says. “They help me make better decisions, both as a family man and as a CEO.”
At 55, Ndegwa looks back on his career with no regrets. Having started at PricewaterhouseCoopers at 22, he encourages young people to pursue their goals with patience and integrity.
“The world offers unlimited opportunities to those who are bold enough to seize them,” he advises. “Don’t be held back by fear of the unknown. Stay true to your values, and the rest will fall into place.”
