Safaricom Celebrates 24 Years, Contributes KES 983 Billion to Kenyan Economy

Safaricom has marked its 24th anniversary with the release of its 13th Sustainable Business Report, highlighting its significant impact on the Kenyan economy. The report reveals that Safaricom contributed KES 983 billion to the economy and sustained over 1.2 million jobs in the last financial year.

Themed “Accelerating Digital Inclusion,” the report underscores Safaricom’s commitment to transforming lives through technology and sustainable practices. Safaricom’s economic value was estimated at KES 562.2 billion, while its mobile money platform, M-PESA, added a social value of KES 348 billion by benefiting millions of users, agents, and dealers.

CEO Peter Ndegwa emphasized the company’s focus on Environmental, Social, and Governance (ESG) principles, stating, “As we transition to a TechCo by 2030, we are committed to improving customer experiences and maintaining environmental stewardship.”

Safaricom’s efforts have notably impacted over 8 million Kenyans through its foundations and increased the representation of women in leadership to 42.4%. The company has integrated nine of the United Nations Sustainable Development Goals (SDGs) into its operations, emphasizing community projects, clean energy initiatives, and diversity.

Since its entry into the Ethiopian market, Safaricom has registered 4.5 million customers and connected 38% of the population. In Ethiopia, the company is also focusing on sustainability, with 84 solar-powered sites and a commitment to gender diversity, achieving 23% female representation in senior leadership.

Chairman Adil Khawaja reiterated the company’s vision of becoming Africa’s leading purpose-led technology firm, stating that they are dedicated to creating lasting value for customers and stakeholders in both Kenya and Ethiopia. Safaricom has also secured a KES 15 billion Sustainability Linked Loan to support projects aimed at net zero carbon emissions and gender equality.

Key highlights from the report include:
– 22 million Kenyans accessing the Hustler Fund and Women Enterprise Fund.
– 5G infrastructure deployed in 43 out of 47 counties.
– More than 1,400 sites utilizing solar and hybrid power.
– Increased employment for people with disabilities, now at 3.2%.
– 290 tonnes of electronic waste collected, achieving a 100% recycling rate.

As Safaricom celebrates over two decades of growth and innovation, the company continues to prioritize purpose-driven initiatives that empower communities and enhance economic development across the region.