Kenyan telecoms giant Safaricom is seeking to transform itself into a technology company, offering new financial solutions to anyone from small businesses to farmers. Safaricom is one of the biggest companies in East Africa, its success fueled by its mobile money service Mpesa, which was launched in 2007 and has become indispensable in Kenya. That will mean that we will use technology to create change in other ecosystems in the same way that we have done with Mpesa in the financial services area, in areas such as agriculture, health, education.
It also gives farmers information and advice on managing their livestock or crops. Safaricom is 35 percent owned by the Kenyan government, 40 percent by South Africa’s Vodacom, while the remaining shares are listed. The company also wants to extend more services to Small and Medium Enterprises (SMEs), a major driver of Kenya’s economy. Currently with Mpesa, users can send money directly to each other, pay their bills and buy goods at shops and supermarkets, all from their cellphones. A new product for SMEs will allow them to pay salaries or suppliers via a special application. On the international level, the company is trying to forge partnerships with Visa and Paypal which would allow its clients to make money transfers across the globe.