Safaricom PLC has unveiled the first tranche of its KSh 40 billion Domestic Medium Term Note (MTN) Programme, offering up to KSh 15 billion in Fixed Rate Green Notes.
The landmark issuance is already generating strong investor interest, positioning Safaricom as a leader in corporate‑backed environmental financing in Kenya.
Key Highlights
- Programme Size: Up to KSh 40 billion
- Tranche I Target: KSh 15 billion, plus a KSh 5 billion greenshoe option
- Tenor: 5 years
- Interest Rate: 10.40% fixed per annum
- Minimum Subscription: KSh 50,000 (in multiples of KSh 10,000)
- Note Type: Senior, unsecured, green
- Listing: Nairobi Securities Exchange (NSE)
Safaricom’s Statement
Safaricom announced via X on November 25, 2025:
“We are pleased to announce the launch of the first tranche of Fixed Rate Green Notes under our Domestic Medium Term Note Programme (MTN Programme) of up to KES 40 Billion.”
On the purpose of the issuance, the company added:
“This inaugural issuance seeks to raise up to KES 15 Billion, with a KES 5 Billion greenshoe option, at a fixed interest rate of 10.40% per annum and a tenor of 5 years.”
Safaricom emphasised its sustainability focus:
“Proceeds will exclusively finance and/or refinance Eligible Green Projects under our Sustainable Finance Framework, reinforcing our commitment to environmental stewardship.”
Offer Timeline
- Open: 25 November 2025, 8:00 am
- Close: 5 December 2025, 5:00 pm
- Allotment Results: 8 December 2025
- Applicant Notification: 9 December 2025
- Issue & Payment Date (Institutional Investors): 11 December 2025
- CDSC Crediting: 15 December 2025
- NSE Listing: 16 December 2025
Regulatory Approval
Safaricom confirmed in its public notice:
“The issuer shall allocate 100% of net proceeds of the Tranche I Notes to refinance and/or finance the portfolio of Eligible Green Projects as may be further defined in Safaricom’s Green Bond Framework available on Safaricom’s website.”
The Capital Markets Authority approved the issuance on November 7, 2025, clearing the way for one of Kenya’s most closely watched corporate debt offers.
Market Context
The issuance follows heightened activity in Kenya’s corporate debt market:
- EABL recently closed the first tranche of its KSh 20 billion MTN programme, attracting KSh 16.76 billion in bids against a KSh 11 billion target.
- Other issuers include Kenya Mortgage Refinance Company and Family Bank.
- Safaricom now stands as the largest active issuer in the market.
Investor Access
Investors can subscribe through leading banks and investment firms, including KCB, NCBA, Stanbic, Cooperative Bank, ABSA, DTB, Family Bank, and I&M Bank.
Quick Reference Table
| Metric | Details |
|---|---|
| Programme Size | KSh 40 billion |
| Tranche I Amount | KSh 15 billion max |
| Greenshoe Option | KSh 5 billion |
| Tenor | 5 years |
| Interest Rate | 10.40% fixed |
| Note Type | Senior, unsecured, green |
| Offer Period | 25 Nov – 5 Dec 2025 |
| Allotment Date | 8 December 2025 |
| Listing Date | 16 December 2025 |
| Minimum Subscription | KSh 50,000 |
