24/10/2024 - Safaricom Contributes KES 983 Billion To Kenyan Economy, As It Celebrates 24 Years

This year’s report themed, “Accelerating Digital Inclusion”, demonstrates Safaricom’s commitment to transforming lives

Safaricom contributed KES 722 billion to the Kenyan economy as it sustained 1,283,329 jobs in the last Financial Year. This is according to the telco’s 13th Sustainable Business Report, which was launched today as it begins its transition to be Africa’s leading purpose-led technology company by 2030. 

Safaricom’s economic value to society through its operations stood at KES 562.2 billion while M-PESA’s social value stood at KES 348 billion as the platform continues to transform lives by impacting customers, agents and dealers. 

The telco also reported over 8 million Kenyans have been impacted by community projects through the Safaricom and M-PESA Foundations. It has also increased the percentage of women in leadership to 42.4%.

“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 will grant us new opportunities to meet the evolving needs of our communities, improving customer experience and maintaining environmental stewardship,” said Peter Ndegwa, CEO, Safaricom. 

The report was launched a day after Safaricom celebrated 24 years of transforming lives. The company founded on October 23rd, 2000, released its first sustainability report in 2012, becoming one of the foremost organisations to embrace ESG in its business strategy.

“Sustainability has enabled us to have a competitive edge for the last 24 years which has made us more than just a telco but a company that has driven empowerment, innovation and opportunity among our customers and communities. This is possible because we put purpose before profit,” added Mr. Ndegwa. 

The telco incorporated 9 out of the 17 SDGs that has enabled it to impact millions of Kenyans in community projects, carry out climate action through robust tree planting initiatives, clean energy solutions as well as a circular economy and implementing diversity and inclusion where it has achieved 50% gender parity in its workforce.

Since its entry in Ethiopia, Safaricom has registered 4.5 million customers while 38% of the population has been connected. 84 of the telco’s sites in the country are solar powered while its 1,052 grid-connected sites are powered by renewable energy sources. It has also reached 23% female representation in its senior leadership in Ethiopia. 

“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 driving innovation, lowering costs through clean energy and building partnerships to realise our ambitions,” said Adil Khawaja, Chairman, Safaricom PLC. 

Safaricom secured another tranche of 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:

• 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 
• 290,438 tonnes of electronic waste collected with 100% recycling or 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.