In the 2023 fiscal year, Safaricom supported over 1.2 million jobs, including 236,674 direct and 1,159,309 indirect positions, and contributed KSh 909.5 billion to the Kenyan economy.
According to Safaricom’s 12th Sustainable Business Report, this contribution was equivalent to 14.6 times the Ksh62.3 billion ($419.1 million) net profit it posted during this period.
It is also equal to 5.1 per cent of Kenya’s gross domestic product (GDP).
The increase is attributed to the value created for customers, agents, and merchants through M-PESA (a 17% increase from 2022), as well as the economic impact created through Safaricom’s capital and operational expenditures.
“Our expenditure creates additional employment and benefits our suppliers’ employees. A proportion of the additional income generated in this way is spent on the consumption of goods and services,” says Safaricom.“
Through linkages and multiplier effects, this positively impacts the broader economy by stimulating additional demand for the products and services produced within the economy.”
CEO Peter Ndegwa emphasized that sustainability reporting is a crucial part of their business strategy and commitment to transforming lives.
“Sustainability reporting is not just a corporate responsibility but an essential pillar of our business strategy,” said Safaricom PLC CEO Peter Ndegwa during the release of the telco’s 12th Sustainable Business Report.
“Being accountable on Environmental, Social and Governance (ESG) ensures that we remain committed to our core-Transforming Lives,” he added.
Safaricom is currently establishing ESG structures and policies in Ethiopia and secured a KSh 15 billion Sustainability Linked Loan (SLL) from a consortium of banks to finance key areas of net zero carbon emissions, gender diversity tracking, and social equality establishment.
“We are proud to be a catalyst for positive change in Kenya, Ethiopia, and the rest of the world,” Adil Khawaja, Chairperson of the Safaricom Board, said.
“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.”