Message from the Chairman


The Board is encouraged by the resilience that the business has shown during the year and the recovery trajectory in the economy marked by GDP growth surpassing pre-pandemic levels.

In an increasingly digital economy, we are committed to supporting the Government of Kenya and Kenyan citizens in navigating this recovery phase. To maintain resilience in our business, we must continue to innovate and speedily execute sustainable solutions to meet the digital needs of our customers.

With the Group two years into our five-year strategy guided by the purpose of transforming lives, the Board continues to support management in its business plans, recording strong achievements in this financial year. We are pleased with the exceptional performance of the business, which has seen strong revenue growth, consistent shareholder value and the support over one million jobs across the country. The outcome of this has been upliftment for communities, and, for us as an organisation, greater accountability to our shareholders, our investors and our society.

A strategy of upliftment

We are now two years into our new five-year strategy, and its success attests to our fundamental principle of placing our customers at the heart of everything we do. This principle is a key component of our determination, as evidenced by the activities of our two foundations, to continue making a meaningful contribution towards a sustainable planet and future.

We are proud that in pursuing this goal, the M-PESA Foundation, amongst its other initiatives, has, in partnership with Kwale County and the Kenya Red Cross, installed a solar-powered water pump at Nyalani Dam that will see over 22,000 county residents having access to clean, safe water for home consumption. Moreover, the pump will deliver irrigation to over 105 acres of county farmland, thereby directly boosting food production.

Similarly, as part of our continued commitment to creating shared value, the Foundation has partnered with Gertrude’s Children’s Hospital to launch Daktari Smart, a telemedicine programme that will link and provide specialised medical treatment to over 32,000 children in remote counties over three years.

In addition, we are now participating in the Pamoja Tuungane campaign, an initiative which, having begun in FY2023, rallies Kenyans to donate Bonga points or cash to support children and families affected by the prolonged drought. We have committed foodstuffs to the value of Kshs 100 million, to be distributed over 23 of the hardest-hit counties.

Monitoring our operating environment

The year under review was one with far-reaching changes and extraordinary circumstances, even within the economic recovery that we have begun to see. The Board continued to actively assess business risks arising from geopolitics, macro-economic developments and industry concerns, as well as reputational risks.

We have seen, during the year, challenges represented by new directives by the regulators, revision of mobile termination rates (MTRs), as well as an increase in GSM excise duty, and implementation of changes in customer acquisition channels as well as subscriber registration. We continued to provide full support to management as it engaged with the regulators to ensure alignment with registration, taxation and legislation.

With campaigns for the August elections underway, we will be carefully monitoring the political risks with a potential to impact the business on both the operations and infrastructure fronts.

These headwinds notwithstanding, there has been discernible GDP growth of 7.5% in 2021 surpassing pre-COVID-19 levels. We see this as opportunity to be unlocked, particularly for MSMEs.

Board performance

It is gratifying to be able to note that the Board and its committees have performed outstandingly well, not only in fulfilling their duties, but in proactively supporting management, delegating with responsibility and transparency, and applying its collective mind and skills to meet the challenges, and maximise the opportunities that have made themselves apparent during the year.

In addition, during the year under review, we continued to work hard to understand the concerns of our stakeholders, to absorb them and apply them so that our strategy continually matches not only our vision, mission and purpose, but the needs and expectations of all those individuals and bodies that are impacted by what we do.


I would like to thank my colleagues on the Board for their diligence and commitment during the year, in providing effective assessments and guidance for management to act upon. Their skill, wisdom and experience have added a great deal of value to the Group and contributed in no small amount to its achievements in FY2022.

I am also extremely grateful to our CEO Peter Ndegwa and his management team for their outstanding leadership and capable steering of the business to deliver value through the sterling performance that we have recorded.

Finally, to all our stakeholders, and in particular government and regulatory bodies with whom we continuously consult, I would like to say that we greatly appreciate their support and willingness to engage with us as we move forward together to make the future an even better one for all.

Michael Joseph