TWO MONTHS before he died, then Safaricom chief executive Bobby Collymore spoke glowingly to the Financial Times about his company’s mobile money service, M-Pesa. The Project Management Institute has included M-Pesa among the top 10 projects that have revolutionised their sector and transformed the business landscape.
“We got lucky with M-Pesa; it was not designed to be like that, but now it gives us a chance to go into other things,” Collymore had said in May. Safaricom had just announced a 7% rise in revenues for the year ended March; but a 19% increase in revenue at its mobile money service. To illustrate how critical M-Pesa was to the financial health of Safaricom - of which 35% is owned by South African cellphone network operator Vodacom - Collymore said: “If you strip M-Pesa out of our results, you will see that our growth is only 4.2%, not 7%.”
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