Safaricom Pumps KES 909 Billion Into the Kenyan Economy

Nairobi, 5^th October 2023

Safaricom sustained more than one million jobs, both direct and indirect, in the last financial year. According to the company’s 12^th Sustainable Business Report, it sustained 1 159 309 jobs, up from 1 135 588, which is a 2% increase from the previous financial year.

The report, themed “Pathway to a Purpose Led Technology Company”, the company seeks to show that embracing the ideals of sustainable business, shared value thinking, and the Sustainable Development Goals (SDGs) is essential to cultivating the resilience necessary to combat large-scale crises like the climate crisis.

“This report outlines turning points on our journey to becoming a purpose-led technology company. In enabling the tech ecosystem in Kenya and beyond as we strive to Transform Lives at every level of society, business, and government, it highlights our actions, opportunities, and challenges,” said Peter Ndegwa, CEO Safaricom PLC.

Among the highlights in the report is the ‘True Earnings’ bridge which indicates that the total value Safaricom created for the Kenyan society was KES 909 billion, approximately seventeen times greater than its financial profit. This represents a 6.26% increase from the previous financial year.

The company’s social impact was valued KES.325 billion in the 2022/2023 financial year, 17 times the financial profit the company earned during the same period. Additionally, the economic value added through operations was KES 542 billion, 3.42% more than the previous fiscal year.

“We started our sustainability reporting journey 12 years ago because we believe in holding ourselves accountable by sharing our successes, our challenges, and our constraints in a simple, transparent and honest manner. It is essential to be honest with ourselves about our accomplishments, our setbacks, and our limitations. We also publish this report because we feel it is our responsibility to make the public aware of the sustainability challenges that our society faces and to make sure that these issues continue to be discussed in Kenya and worldwide,” added Ndegwa.

Safaricom has calculated its monetary impact on society, the environment, and the economy based on the True Value approach since 2015.

The True Value assessment calculates that Safaricom sustained over 236,674 direct and indirect jobs during the year and, if the wider effects on the economy are included, this number increases to over 1 159 309.