After a lengthy regulatory review spanning four years, Safaricom, Kenya’s dominant telecommunications provider, has secured approval from the Insurance Regulatory Authority (IRA) to enter the insurance market.
Also Read: How To Avoid SIM Swap Fraudsters, According to Safaricom CEO Peter Ndegwa
New Insurance Product: Bima
The company is set to launch its insurance offering under the brand name “Bima,” targeting its extensive M-Pesa user base. During the presentation of Safaricom’s 2025 semi-annual results, CEO Peter Ndegwa shared the company’s vision:
“Innovation remains critical. We have revamped our wealth proposition and have now received an insurance intermediary license from the Insurance Regulatory Authority,” Ndegwa announced.
As we continue to celebrate @SafaricomPLC’s 24th anniversary, this morning we announced our 2025 Half-Year Financial Results. We're grateful for our customers and stakeholders' continued trust, and thank our partners for their continued support.#AsanteKwaMiaka24… pic.twitter.com/OZ5ZgwEYhw
— Dr Peter Ndegwa (@PeterNdegwa_) November 7, 2024
The CEO confirmed that Bima’s launch is scheduled for the latter half of the fiscal year, adding: “This will help us accelerate our rollout of insurance solutions, we expect to rollout propositions in both wealth and savings but also insurance in the second half of this financial year.”
This strategic move aligns with Safaricom’s broader vision to transform M-Pesa beyond mobile money into a comprehensive financial services platform. The company has been conducting insurance product trials since 2020 while awaiting regulatory clearance.
Safaricom’s Financial Performance Overview
Half-Year Results
- Overall profit declined 17% to KSh 28.1 billion (September 2024)
- Ethiopian operation impact: KSh 17.5 billion loss due to currency depreciation
- Ethiopian birr depreciated 106.3% against the US dollar (June-September 2024)
- Impact felt across capex creditors, lease agreements, and foreign-denominated borrowings
Kenyan Operations Shine
The company’s Kenyan business demonstrated strong performance:
- Net profit reached KSh 47.5 billion
- Marked 14.1% growth in domestic operations
- Successfully offset Ethiopian market challenges
