Safaricom is building a financial services business that reaches well beyond mobile money transfers, with merchant financing, investment products, insurance and business management tools becoming part of the M-Pesa ecosystem. The expansion gives Boniface Mungania, the company's Chief Financial Services Officer, responsibility for a portfolio whose growth will depend on how effectively Safaricom converts its payments network into a distribution platform for other financial products. The scale of that operation is already visible in Safaricom's half-year results for the six months ended September 30, 2026. The company reported KSh7.1 billion in financial services revenue, an increase of 55.3%, alongside 17.5 million credit customers and 3.4 million money market fund customers. It also reported 67,500 insurance policies issued, representing growth of 852.2%.
These figures describe a business with several established revenue and customer segments rather than a payments operation looking for its first adjacent market. M-Pesa itself generated KSh100.1 billion, equivalent to 42.8% of Safaricom's total revenue during the period.
The distinction between the two revenue categories is important. M-Pesa's transaction business remains the dominant contributor, while the financial services portfolio provides additional activities through which Safaricom can earn revenue and deepen customer engagement.
Mungania took over the financial services division after Esther Masese Waititu left the company in July 2026.
