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

Kenya's leading network operator, Safaricom has revealed that it sustained over 1.2 million jobs (236,674 direct and 1,159,309 indirect) and contributed KES 909.5 billion to the Kenyan economy in the past financial year.

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

This is attributed to the value created for customers, agents, and merchants through M-PESA (17 per cent increase from 2022), as well as the growth in economic impact created through Safaricom’s capital and operational expenditures during the period under review, shows the report titled 'Pathway to a Purpose-Led Technology Company.’

“Sustainability reporting is not just a corporate responsibility but an essential pillar of our business strategy. Being accountable for Environmental, Social and Governance (ESG) ensures that we remain committed to our core--Transforming Lives,” said Peter Ndegwa, CEO, of Safaricom PLC.

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

Mr Adil Khawaja, Chairperson of the Safaricom Board said: “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.”

Since 2012, Safaricom has been documenting its sustainability journey as part of the business’s commitment to being accountable by sharing its successes, challenges, and constraints in a public, transparent, and open manner. To ensure the 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.

By:  Kanto Okanta