Secret to Peter Ndegwa’s success at Safaricom

No designer attire, no puffy bodyguard to scare away flies—just a simple, untucked shirt perfectly matched with a beaming smile that brings freshness to the room.

As he sits ready for the interview, I’m momentarily lost, wondering if this is indeed the man in charge of the most profitable business in East and Central Africa.

That is Peter Ndegwa for you, Chief Executive Officer of Safaricom Plc.

In a world where leaders often flaunt their status, Ndegwa’s humility stands out. It’s a quality that has endeared him to both his employees and the millions of Kenyans who rely on his company’s services.

Last week, Safaricom, which commands 50 per cent of trading at the Nairobi Securities Exchange, reported a 12.9 per cent increase in revenue, reaching Sh179.92 billion in the first six months of the year.

Yet, for Ndegwa, numbers only tell part of the story.

“Revenue growth is good,” he says, his eyes lighting up, “but I love it when our customers enjoy an array of our product offerings.”

He singles out M-Pesa, the mobile money service that has revolutionised how Kenyans transact, and the fast, uninterrupted internet that connects families and businesses alike.

“Safaricom has a vital role in brewing social and economic growth. That makes me happy.”

Ndegwa joined the largest telco in the region in April 2020, right as COVID-19 began to unravel the world’s social and economic fabric.

Instead of succumbing to the weight of the crisis, he donned “optimism glasses” and led his team to serve the nation’s needs.

One of his proudest moments was the decision to temporarily zero-rate M-Pesa transactions, a move that saved countless lives during a time of immense uncertainty.

“We suffered close to $100 million in revenue,” he admits, “but many lives were saved.  That’s what truly matters.”

Reflecting on those tumultuous early days, Ndegwa chuckles at the irony of being thrust into the spotlight just as he was trying to avoid it.

“I was hiking on Kilimanjaro, enjoying the moment, when I got the call to step up. It was a surreal experience,” he recalls, a twinkle in his eye. Ndegwa has also overseen Safaricom’s successful entry into the Ethiopian market, where 46 per cent of the population has already subscribed to its services.

This venture marks a significant milestone; the company became the first private operator in one of Africa’s largest telecom markets in October 2022, after investing $850 million in a licensee.

Despite facing challenges like currency devaluation, the Ethiopian subsidiary has reported impressive growth across its product offerings, with voice revenue soaring by 27.1 per cent.

However, the journey hasn’t been without its hurdles.

Recently, Safaricom faced a backlash during nationwide protests against the Finance Bill, 2024, with accusations of sabotaging internet supply.

“It’s unfortunate that some individuals took advantage of the public’s mood to soil the firm’s good image,” Ndegwa reflects.

“But almost 40 million Kenyans trust us, and we religiously guard that trust.”

He passionately defends the company against allegations of data sharing, asserting, “Nothing like that can happen. Our customers come first.”

This commitment to integrity extends to Safaricom’s involvement in the controversial Social Health Insurance Fund, where Ndegwa emphasises that the company is merely an enabler, using its innovative technologies to support government health initiatives.

As we delve deeper into his vision for the future, Ndegwa expresses ambitious plans for Safaricom, aiming to roll out more technological innovations that can drive Africa’s social economy.

“We’re looking at solutions that can empower communities and uplift lives,” he states with conviction.

When he is not navigating the complexities of corporate leadership, Ndegwa finds relaxation in football—an ardent Arsenal fan who wakes up at precisely 5.36 am to catch games with his teenage son.

“Creating time for family is essential,” he insists.

“I clear my work early, so I can enjoy my weekends with loved ones.”

To maintain his athletic physique and mental clarity, Ndegwa adheres to a structured exercise routine, which includes gym workouts, runs in Karura Forest, and guided body stretches.

“Good sleep and regular exercise are crucial for my mental health. They guide my decision-making as a family head and CEO.”

Now 55, Ndegwa’s journey began at PricewaterhouseCoopers at the age of 22, and he has no regrets about the path he has taken.

He encourages young people to be patient and honest in their aspirations. 

"The world has unlimited opportunities for those daring enough to reach for them,” he advises.

“Don’t be constrained by fear of the unknown. Do your part with integrity, and the universe will take care of the rest.”