Safaricom CEO Peter Ndegwa Speaks on Ethiopia Progress, Stock Price, New Products and Potential Starlink Partnership

Kenyan Wallstreet

In this episode, our co-founder Eric Asuma sits down with Safaricom CEO Peter Ndegwa to discuss the company's recent half-year financial results and the impact of Ethiopia's recent currency devaluation on group earnings. Peter shares insights on how, despite a challenging macroeconomic environment, Safaricom's net income would have been up 21% if not for the currency depreciation. Safaricom Ethiopia has adjusted its breakeven timeline, extending it by one year to 2027.

The discussion also highlights M-Pesa's impressive growth in Ethiopia, exploring emerging use cases that are driving market expansion.

Peter provides an honest take on Safaricom's stock performance on the Nairobi Stock Exchange, reflecting on factors like foreign investor flight and macro issues that have impacted share value despite recent market rebounds.

Peter also shares updates on Safaricom's upcoming products in wealth management, insurance, and other financial services designed to help their customers to save and build liquid wealth.

Finally, Peter shares insights on potential collaborations with SpaceX/Starlink, exploring new frontiers in satellite technology and connectivity. Tune in to hear firsthand how Safaricom navigates growth and challenges in both local and international markets.