Safaricom Contributes KES 983 Billion to the Kenyan Economy, As it Celebrates 24 Years
Safaricom contributed KES 983 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 released on Thursday 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 has impacted over 8 million Kenyans 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, of 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, C2 – Safaricom Internal innovation and opportunity among our customers and communities. This is possible because we put purpose before profit,” added Mr. Ndegwa.
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.
Safaricom says in the report that 22 million Kenyans are now accessing the affordable Hustler Fund and Women Enterprise Fund. Its 5G infrastructure is now available in 43 out of 47 counties while more than 1,400 sites are using solar and hybrid clean power
Women in senior management in the company has also now increased to 42.4%, while employees with disabilities to 3.2%, an increase from 3% from last FY.
Safaricom notes that 290 tonnes of electronic waste have been collected with a 100% recycling/refurbishing rate.
In Ethiopia, Safaricom has planted 4,500 trees under the Green Legacy project and provided employment to women with disabilities by partnering with a social enterprise, Teki Paper Bags in Ethiopia.
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