Since Peter “shortman” Ndegwa took over at Kenya’s largest firm Safaricom, everything seems not to working.
Since Peter Ndegwa, the first Kenyan to be the CEO of the giant Telco took over, Safaricom has never innovated anything they just steal.
In 2020, Peter Ndegwa again stole an idea that was to block Kamiti fraudsters from registering numbers with people’s IDs.
Twitter User and innovator Anyona Obutu on April 6th 2020, shared on Twitter how Safaricom Plc can stop the fraudsters from Kenyan prisons who colude with law enforcement and a few rotten individuals from Telco companies to rob Kenyans off their data and scam them and their families off their hard earned money.
8 months after I submitted the idea to Zindua portal (now dead) and a month after publicly releasing the designs, the feature is finally out.
Well done.
Do I collect my cheque from HQ1 or HQ2?
Ama tuma tu kwa mpesa, in multiples of 1000/-. its free https://t.co/ky5nYYHSLp
— Anyona Obutu (@obutuz) May 15, 2020
In 2021, Peter Ndegwa stole an already registered utility with the Kenya Industrial Property Institute (KIPI). His predecessors were fond of this behaviour.
Electronic Receipt (e-Receipt) is a UTILITY MODEL that is patented for a period of time to be used while benefiting the original owner of the idea for about 10 years, that’s according to the definition.
“When my M-Pesa is dry,no one calls me. Pesa ya maana ikicheza tu ndani ya Mpesa, you start getting calls from conmen pretending to be Safaricom customer care. Safaricom should explain how these people know which accounts have money to target.” Another Kenyan complained on Twitter.
The other day, Safaricom were exposed by Kenyans on Twitter after they stole M Teen idea again.
Unfortunate, if true. @SafaricomPLC should facilitate IT talents – not frustrate them @Safaricom_Care @MoICTKenya @kipikenya @mteen_ke @PeterNdegwa_ #SafaricomExposed pic.twitter.com/Ep1kibKBVv
— Stephen Mutoro (@smutoro) January 11, 2023
The equities market performance was mainly driven by losses recorded by large-cap stocks such as Safaricom of 7.6 percent.
Although no major reason has been given for the low trading, pundits are relating Safaricom’s current depreciation to a regime shift both in the country and at the telco’s board.
The share has shed a third of its value since last year, dropping from Sh37.95 in January 2022, which has translated into a market cap erosion of close to Sh500 billion.
Stock market expert Mary Abale says the counter is likely to drop further in the coming months as the government’s Hustler Fund takes on Fuliza, the firm’s highest revenue earner.
“Apart from investor flight based on current market dynamics and change in leadership, the newly launched Hustler Fund is likely to take a good slice of Fuliza market,” Abale said.
The price of Kenya’s leading telco, Safaricom Plc at the Nairobi Securities Exchange (NSE) dropped by Sh0.40 on Friday morning.
Stock market enthusiasts say the drop in share price was expected and the future of the stock will largely depend on investors’ views about leadership changes at the company.
“That was expected today. Investors tend to act cautiously to regime changes. A further negative reaction by investors will be terrible not only for Safaricom but also for the entire bourse,” stock market analyst Jerry Obongo told the Star.
