During Collymore’s tenure, the company has experienced large growth in profits, making more than KSh25 billion (US$287 million) in pretax profit in the last financial year.
Collymore's previous contract was due to expire at the end of August.
Speaking to Reuters, Collymore said: “The board recognized that this is still work in progress and we still have much that can be done. We are giving ourselves more time to work out our succession plan.”
He also also revealed that over the next 18-24 months contracts for the entire executive team, including the chief technology officer and the chief financial officer will be expiring.
"We will be in the process of identifying people who will be taking over internally," he added.