Safaricom secures Insurance license after a four-year wait

Saturday, November 9, 2024 - Safaricom PLC has finally secured an insurance license after a four-year wait.

This was announced by Safaricom Chief Executive Officer Peter Ndegwa who said that the firm will now provide insurance services to its M-Pesa consumers with a new product, Bima.

"Innovation remains critical. We have revamped our wealth proposition and have now received an insurance intermediary license from the Insurance Regulatory Authority,” Ndegwa stated during the release of the company's 2025 half-year results.

Ndegwa said Bima will be rolled out in the second half of the financial year.

"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," he explained. 

The new offering aligns with the telco's plan to expand M-Pesa into a financial services company that caters to its clients' "digital needs."

Safaricom has been testing insurance products since 2020 while awaiting approval from the Insurance Regulatory Authority (IRA).

The Kenyan DAILY POST