M-Pesa’s strong legacy: Boosting financial services

The late Bob Collymore. Sometime in 2011, hardly a year after he took the mantle of leadership at the Safaricom, an elated Robert Collymore asked a journalist for his M-Pesa number and went ahead to deposit Sh1,000. PHOTO | NATION MEDIA GROUP

What you need to know:

  • Bob Collymore believed that technology was a critical tool in enhancing access to various services.
  • Safaricom launched M-Pesa in 2007 under Collymore’s predecessor Michael Joseph.
  • After his five years at the helm, in 2016, the market voted in favour of innovation.

Sometime in 2011, hardly a year after he took the mantle of leadership at the Safaricom, an elated Robert Collymore asked a journalist for his M-Pesa number and went ahead to deposit Sh1,000.

Always ready to share Safaricom's innovations with the world, Mr Collymore wanted to show a visiting Swedish delegation how M-Pesa had made it easier for Kenyans, including the unbanked, to transfer cash.

Safaricom launched M-Pesa in 2007 under Collymore’s predecessor Michael Joseph.

In a statement, Safaricom said Mr Collymore always believed that technology was a critical tool that “can enable unprecedented access to essential services such as healthcare, education and financial inclusion.”

NON-VOICE SERVICES

After his five years at the helm, in 2016, the market voted in favour of innovation.

The non-voice services, driven mainly by growth in M-Pesa and data, accounted for 53 per cent of Safaricom's revenue with net profit surging 32.4 per cent to Sh23.9 billion.

This was the first time non-voice revenues overtook voice in contributing the firm’s bottom lines with mobile data revenue growing 46.3 per cent to Sh13.40 billion and M-pesa rising 33.7 per cent to Sh25.87 billion.

There has been no looking back as Safaricom, under Mr Collymore, continued to wow the world with its life-changing innovations.

As at the time of his death yesterday, Safaricom PLC has booked its space on the world stage as a pioneer of M-Pesa, the world’s most developed mobile payment system.

Mr Collymore was himself a son of many worlds. His work experience spans across diverse countries such as Japan, South Africa and the United Kingdom where he has held senior roles in marketing, purchasing, retail and corporate affairs.

“I have witnessed Bob Collymore perform locally and internationally and feel a sense of pride to have counted him a friend. Clear sighted, firm yet measured.

A proud man of colour without the arrogance that often permeates high office.” UNCTAD Secretary General Mukhisa Kituyi tweeted Monday.

More than any other Safaricom product, it is M-Pesa and the financial inclusion that it spawned which booked Mr Collymore a place in the world’s roll of honour.

He served as a commissioner for the Global Commission for Business and Sustainable Development, which hosts global champions of disruptive technology.

BUSINESS LEADERS

At the commission, Mr Collymore was at the forefront of driving an agenda that brings together high-level business leaders to craft a better way of doing business, for the well-being of people and the planet.

As part of his work on the board of Acumen, Mr Collymore has driven an inclusive agenda that aims to leverage the power of the private sector and private-public partnerships to improve the lives of the poor.

In April 2015, the United Nations Secretary-General Ban Ki-moon re-appointed Mr Collymore to the UN Global Compact Board “in recognition of Safaricom’s commitment to environmental, sustainability and anti-corruption issues …”

Mr Collymore has also served as a Commissioner on the United Nations Commission on Life-Saving Commodities for women and children.

Safaricom said in a statement: “Mr Collymore believes that the global business community is a key catalyst to fast-track inclusive economic growth, with the Global Goals being the most effective lens that can drive businesses to see inequalities as business opportunities.”