Safaricom contributes KES 909.5 billion to Kenyan economy, sustains over 1.2 million jobs

Safaricom, Kenya’s leading telecommunications company, has contributed KES 909.5 billion to the Kenyan economy in the past financial year, sustaining over 1.2 million jobs.

According to the company’s 12th Sustainable Business Report, the KES 909.5 billion added to the Kenyan economy was approximately 15 times greater than the financial profit made during the year.

The report, titled “Pathway to a Purpose-Led Technology Company,” attributes this to the value created for customers, agents, and merchants through M-PESA (17% increase from 2022), as well as the growth in economic impact created through Safaricom’s capital and operational expenditures during the period under review.

Safaricom CEO Peter Ndegwa said that sustainability reporting is not just a corporate responsibility but an essential pillar of the company’s business strategy.

“Being accountable on Environmental, Social and Governance (ESG) ensures that we remain committed to our core–Transforming Lives,” he said.

Safaricom is currently setting up ESG structures and policies in its Ethiopian business and will from the next report, highlight Safaricom Group’s sustainability efforts and milestones.

“We are proud to be a catalyst for positive change in Kenya, Ethiopia, and the rest of the world. We will continue to innovate, adapt, and work diligently to ensure that Safaricom continues to connect millions to financial services, empowering communities and driving economic growth,” said Safaricom Board Chairperson Adil Khawaja.

Since 2012, Safaricom has been documenting its sustainability journey as part of the business’ commitment to being accountable by sharing their successes, challenges, and constraints in a public, transparent, and open manner. To ensure credibility of the sustainability report, Safaricom engages reputable third-party auditors to verify the data independently. This verification process provides an unbiased assessment of the business performance.

To further support its ESG ambition, Safaricom recently secured a KES 15 billion Sustainability Linked loan (SLL) with a consortium of banks including Standard Charted Bank, Kenya Commercial Bank (KCB), Stanbic Bank and Absa Bank which will finance key areas of net zero carbon emissions, tracking gender diversity and establishing social equality.

Some of the other key highlights of the report are:

  • Over 6 million lives impacted by the two Foundations.
  • 98% compliance by all employees and business partners with the Code of Ethics
  • Board of directors’ diversity: 45% women
  • Women in senior management: 40% women
  • About 5.92% of our total procurement spend going to marginalised groups – women, youth, and Persons with Disabilities
  • 3% of our workforce people with disabilities (PWDs)
  • A zero-harm work environment.
  • 1758 tonnes of E-waste collected and recycled.

Safaricom’s contribution to the Kenyan economy is significant, and the company’s commitment to sustainability is commendable. By investing in key areas such as M-PESA, Safaricom is helping to transform lives and drive economic growth.

Leave a Reply

Your email address will not be published. Required fields are marked *