Safaricom has confirmed the appointment of Boniface Mungania as head of its financial services arm, effective November 1, following regulatory approval. Mungania, the company's Chief Financial Services Officer, has been serving in an interim capacity since August. His new role involves overseeing a growing portfolio that includes credit, insurance, investments, and merchant solutions. This appointment comes as Safaricom continues to expand M-Pesa beyond its core payment services.
The financial services division, now a key part of Safaricom's operations, generated KSh7.1 billion in revenue for the six months ending September 30, 2026. This represents a 55.3% increase compared to the same period in the previous year. The growth is attributed to the addition of new services such as merchant financing, investment products, insurance, and business-management tools. M-Pesa, the company's flagship service, contributed KSh100.1 billion to Safaricom's total revenue, accounting for 42.8% of the company's overall earnings.
Under Mungania's leadership, the financial services division will adopt a "Techfin" model. This approach positions M-Pesa as a technology platform that enables banks and insurers to reach customers, rather than replacing them. The strategy aims to leverage Safaricom's extensive customer base and technological capabilities to offer a broader range of financial services. Mungania's background includes leading M-Pesa product development, payments, and public-sector digital transformation, making him well-suited to drive this new phase of growth.
One of the key areas of focus for Mungania will be the expansion of credit products, such as Fuliza, which facilitated KSh1.15 trillion in lending during the first half of FY2026. Safaricom is also working to tighten exposure controls, following an 8% non-performing loan ratio reported for its merchant credit portfolio. Additionally, the company is investing in merchant services, which have seen significant growth, with 4.5 million merchants recorded in the first half of FY2027, a 90.3% increase.
Insurance activity has also surged, with 67,500 policies issued, representing an 852.2% increase. This growth underscores the shift from a pure payments operation to a multi-product platform. Furthermore, Safaricom's investment platform, Ziidi, has been extended, holding KSh25.6 billion in assets under management and serving 3.4 million money-market fund customers. The company is also adding Sharia-compliant options and share-trading capabilities to its platform.
Safaricom's My OneApp has become a critical component of its digital ecosystem, consolidating payments, connectivity, savings, credit, and insurance. The app reports 4.5 million monthly active users and processes KSh2 trillion in transactions. Mungania will need to ensure that this platform remains reliable and trusted, as it continues to play a central role in Safaricom's operations. The app's success will be crucial in driving further growth and adoption of Safaricom's financial services.
As Mungania takes on his new role, he will need to balance the expansion of Safaricom's financial services with the need to maintain regulatory compliance and manage risk. The company's ability to innovate and adapt to changing market conditions will be critical in its pursuit of a "Techfin" model. With Mungania at the helm, Safaricom is poised to further develop its financial services offerings and solidify its position as a leader in the East African financial technology sector.
Key points
- Safaricom's financial services division generated KSh7.1 billion in revenue for the six months ending September 30, 2026, a 55.3% increase compared to the same period in the previous year.
- M-Pesa contributed KSh100.1 billion to Safaricom's total revenue, accounting for 42.8% of the company's overall earnings.
- Safaricom's My OneApp reports 4.5 million monthly active users and processes KSh2 trillion in transactions, playing a central role in the company's digital ecosystem.
