Safaricom has marked the formal listing of its green bond at the Nairobi Securities Exchange (NSE), with 2,453 individual investors accounting for 96 per cent of the applications. In this regard, applications through USSD and payments via M-Pesa were fifty nine per cent. The bond introduced new market standards by prioritising innovation and accessibility. Safaricom will now take up Kshs. 20 billion in the first tranche of the domestic medium-term note programme. This is about half of the Kshs. 41.4 billion in applications. It represents an oversubscription of 175 per cent in what is now Kenya’s largest green bond issuance.
The listing, celebrated through the NSE bell-ringing ceremony, marks Safaricom’s deliberate return to the capital markets and the first issuance under its medium-term note programme, anchored in the company’s sustainable finance framework. “This transaction demonstrates what is possible when local capital markets are deliberately and thoughtfully engaged. It is a clear vote of confidence in our fundamentals, strategy, and long-term outlook, and a strong signal of confidence in the depth and resilience of Kenya’s capital markets,” said Dilip Pal, Safaricom’s group chief finance officer.
Strategic shift
The green bond reflects a strategic shift in how Safaricom funds its growth, positioning capital markets as a scalable and sustainable source of long-term financing alongside traditional funding avenues. It also signals Safaricom’s intention to be an innovative, disciplined issuer aligned with the long-term development of Kenya’s capital markets.
Dilip further said that the proceeds will finance investments that support an energy-efficient digital future, including 5G deployment, installing solar in the network sites, and the transition from legacy technologies to cleaner, more efficient solutions. Beyond Safaricom, the listing affirms the capacity of Kenya’s capital markets to mobilise long-term capital for productive investment. Additionally, it reinforces the role of sustainable finance in supporting national development priorities. The green bond is now listed and available for trading on the Nairobi Securities Exchange.
