Amid jubilation by Telecommunications Company and following another year of immense profits and leadership in the industry, Safaricom’s CEO Bob Collymore has something to be happy about, he has received an extension of his term as Chief Executive Officer of Safaricom Limited.
Mr. Collymore took over from former CEO Michael Joseph in 2010 which later saw contract renewal in 2013 for a new term that was supposed to end August this year. Bob collymore has since seen the company through transitions in the mobile money industry as well as mobile services which have seen an upgrade in the five year tenure.
The era has also witnessed emergence of products like M-shwari; a banking product for M-PESA customers that allows them to save and borrow money through their phone while earning them interest on money saved. With M-Shwari, customers are also entitled to affordable emergency loans.
Lipa na M-pesa; a service that enables customers buy goods and services as well as okoa jahazi; a service that allows a subscriber to access airtime on credit then pay later. There is also Okoa bundles that is similar to okoa jahazi. Also, the company has since accomplished partnerships and merges with various financial institutions which has made it easier for the common mwananchi to access credit. The wide spread use of Safaricom services and products has enabled increased in customer base by 4.2% to 23.3 million from 20.82 million customers reported last year.
As of March 2015, the company’s revenue has registered growth by 13% to Kshs 163.4bn in the mobile industry whose penetration now stands at 80.6% with safaricom recording the largest subscriber share of 67.4%. as the number of individuals moving out of the service dropping by 17.3% following the company’s effort to retain and reward loyal customers in consumer propositions and promotions.