Safaricom Contributes KES 983 Billion to Kenyan Economy as It Celebrates 24 Years of Impact

Safaricom has reported a remarkable contribution of KES 983 billion to the Kenyan economy, sustaining over 1.2 million jobs in the last financial year. This announcement comes as the company releases its 13th Sustainable Business Report, themed “Accelerating Digital Inclusion,” marking its commitment to transforming lives as it transitions to become Africa’s leading purpose-led technology company by 2030.

According to the report, Safaricom’s economic value through its operations reached KES 562.2 billion, while the social value generated by M-PESA amounted to KES 348 billion. M-PESA continues to make a significant impact on the lives of customers, agents, and dealers across Kenya.

Notably, telco has increased the representation of women in leadership positions to 42.4%. The company has positively affected over 8 million Kenyans through its various initiatives, including the Safaricom and M-PESA Foundations.

Peter Ndegwa, CEO of Safaricom, stated, “Safaricom has been navigating rapidly changing business and social environments by deploying sustainable business practices. Looking ahead, our Environmental, Social, and Governance (ESG) principles will be anchored on technology as we prepare to transition to a TechCo by 2030. This transition will provide new opportunities to meet the evolving needs of our communities, enhance customer experience, and uphold environmental stewardship.”

The report launch coincided with the celebration of Safaricom’s 24th anniversary, having been founded on October 23rd, 2000. The company released its first sustainability report in 2012, positioning itself as a leader in integrating ESG into its business strategy.

“Sustainability has given us a competitive edge for the last 24 years, transforming us from a traditional telco into a company that drives empowerment, innovation, and opportunity within our communities. This success stems from our commitment to prioritizing purpose over profit,” added Ndegwa.

Safaricom has integrated nine of the seventeen Sustainable Development Goals (SDGs) into its operations, leading to substantial community impact. Its efforts include climate action through extensive tree-planting initiatives, the promotion of clean energy solutions, and the establishment of a circular economy. The company has achieved 50% gender parity in its workforce, further emphasizing its commitment to diversity and inclusion.

Since entering the Ethiopian market, Safaricom has gained 4.5 million customers, reaching 38% of the population. The company has also made strides in renewable energy, with 84 solar-powered sites and 1,052 grid-connected sites using clean energy sources. In Ethiopia, it has achieved a 23% representation of women in senior leadership roles.

Adil Khawaja, Chairman of Safaricom PLC, remarked, “As we work towards our vision of being Africa’s leading purpose-led technology company, our commitment is to drive positive change and create lasting value for our customers and stakeholders in Kenya and Ethiopia. We have embraced the SDGs as a means of fostering innovation, reducing costs through clean energy, and building partnerships to realize our ambitions.”

Recently, Safaricom secured a KES 15 billion Sustainability Linked Loan (SLL) from a consortium of banks, including Standard Chartered Bank, Kenya Commercial Bank (KCB), Stanbic Bank, and Absa Bank. This financing will support key initiatives related to achieving net-zero carbon emissions, tracking gender diversity, and promoting social equality.

Key Highlights from the Report:

• 22 million Kenyans are accessing affordable Hustler Fund and Women Enterprise Fund

• 5G infrastructure in 43 out of 47 counties

• More than 1,400 sites are using solar and hybrid clean power

• Women in senior management: 42.4%

• Employees with disabilities: 3.2%. An increase from 3% from last FY

• 290 tonnes of electronic waste collected with 100% recycling/refurbishing rate.

• In Ethiopia, planted 4,500 trees under the Green Legacy project.

• Provided employment to women with disabilities by partnering with a social enterprise, Teki Paper Bags in Ethiopia.

In a nutshell, as Safaricom marks 24 years of impactful service, its contribution of KES 983 billion to the Kenyan economy emphasizes its commitment to sustainable growth and digital inclusion. With significant strides in job creation, gender representation, and environmental initiatives, the company is poised to lead as Africa’s purpose-driven technology firm by 2030. Safaricom’s focus on innovation and community empowerment highlights its dedication to creating lasting value for all stakeholders.