In an interview with CNN’s Richard Quest, the CEO of Safaricom PLC, Peter Ndegwa, outlined how he expects M-Pesa to develop in the wake of the coronavirus pandemic.
Speaking on Quest Means Business, Ndegwa also states that the company is rolling out products targeted at helping small and medium-sized enterprises (SMEs) that have been worst affected by the coronavirus, telling CNN that: “The Covid crisis is much more about the socio-economic crisis”.
M-Pesa has been a pillar of financial inclusion in Kenya enabling Kenyans in all sectors to send, receive, and save money. M-Pesa has been defined as the giant that is always sweeping across Kenya financially.
“We want to take it to a new level. We want to go into new products. And we also see a big opportunity for SMEs. We know that SMEs have been affected significantly by Covid prices as they come back to life after Covid,” said Mr. Ndegwa.
Mr. Ndegwa says Safaricom wants to support SMEs. “We want to support SMEs. So, SMEs control 40 percent of their economic activity and employ 80 percent in Kenya. We want to be two empires SMEs to do their business better.”
On how Covid-19 has affected the economy, Mr. Ndegwa says that “the Covid crisis is much more about socio economic crisis… We’ve been able to manage the health effect much better. I do believe that we need to support SMEs because most people, 80 percent of their employment in Kenya and across Sub-Saharan Africa comes from SMEs.”
“That’s why we are really wanting to empower SMEs using M-PESA. And also, through digital services so that we can bring them back. We have partnered with the government but also other partners to support them to come back into the country.”