Peter Ndegwa, the Chief Executive Officer of Safaricom Plc, stands as a prime example of humility and leadership in the business world. In a time when many leaders flaunt their status and wealth, Ndegwa remains grounded and approachable, an attribute that has earned him the respect of both his employees and the millions of Kenyans who rely on Safaricom’s services.
Despite being the CEO of the largest and most profitable business in East and Central Africa, Ndegwa’s leadership style is refreshingly simple. He doesn’t need designer attire or a team of bodyguards to assert his position. Instead, he walks into the room in a simple untucked shirt, paired with a warm smile that immediately puts those around him at ease. It’s a stark contrast to the flashy displays of power often associated with corporate leaders in today’s world.
Under his leadership, Safaricom has experienced remarkable growth. Recently, the company reported a 12.9% increase in revenue, reaching Ksh 179.92 billion in just the first half of the year. Yet, for Ndegwa, the numbers are just part of the story. “Revenue growth is good,” he says, but what excites him most is how Safaricom’s products and services, like M-Pesa and high-speed internet, are making a tangible difference in the lives of Kenyans.
Ndegwa’s journey at Safaricom began in April 2020, just as the world was gripped by the COVID-19 pandemic. The crisis presented a significant challenge, but rather than yielding to the pressure, Ndegwa chose to face it with optimism. One of his proudest moments during this period was the decision to temporarily zero-rate M-Pesa transactions to help Kenyans during a time of economic uncertainty. “We suffered close to $100 million in revenue,” he admits, “but many lives were saved. That’s what truly matters.”
Reflecting on those early days of his tenure, Ndegwa chuckles at the irony of being called to lead during such a tumultuous period. He recalls receiving the call to step into the CEO role while he was hiking Mount Kilimanjaro, far from the corporate world. His calm demeanor and sense of humor in the face of adversity have been key to his success.
Ndegwa’s leadership is also evident in Safaricom’s expansion into the Ethiopian market. The company became the first private operator in the country in October 2022, investing $850 million in a license. Despite challenges like currency devaluation, the Ethiopian venture has seen impressive growth, with voice revenue rising by 27.1%.
However, it hasn’t been all smooth sailing. Safaricom recently faced criticism during nationwide protests against the Finance Bill, 2024, with allegations of sabotaging internet services. Ndegwa strongly defended the company’s position, asserting that such accusations were unfounded and emphasizing the trust that nearly 40 million Kenyans place in Safaricom.
Beyond business, Ndegwa’s personal values reflect his commitment to integrity and balance. He finds joy in his family, with weekends dedicated to spending quality time with loved ones. A dedicated football fan, he wakes up at precisely 5:36 am to catch Arsenal games with his teenage son, illustrating the importance he places on family life. His physical and mental well-being are also paramount. He maintains a rigorous fitness routine, which includes gym workouts and runs in Karura Forest, ensuring that he remains sharp both mentally and physically.
At 55, Ndegwa reflects on his journey, which began at PricewaterhouseCoopers at the age of 22. He encourages young people to pursue their dreams with patience, integrity, and a willingness to embrace the unknown. “The world has unlimited opportunities for those daring enough to reach for them,” he advises. His own story is a testament to the power of staying true to one’s values and maintaining an unwavering focus on both personal and professional growth.
Peter Ndegwa’s success is a blend of humility, innovation, and resilience. His leadership at Safaricom is a reminder that true success is not just about numbers but about making a positive impact on society.
