By Melchizedek Juma
In its 2024 Sustainable Business Report, Safaricom highlights its continued dedication to sustainability through technological innovation, with notable advancements in its environmental, social, and economic impact. The report outlines the company’s successes, challenges, and ambitious goals aimed at driving positive change in Kenya and beyond.
Over the past financial year, Safaricom contributed KES 983 billion to the Kenyan economy and supported 1,283,329 jobs, according to its 13th Sustainable Business Report. This marks a significant step as the company transitions into Africa’s leading purpose-driven technology company by 2030.
Read About How Safaricom Boosted ESG with KES 15 Billion Sustainability Loan
Generating Economic Value and Empowering Millions via M-PESA and Foundations
Safaricom’s operations created an economic value of KES 562.2 billion. While M-PESA’s social value was KES 348 billion, as the mobile platform continues to empower customers, agents, and dealers across the country. Furthermore, the Safaricom and M-PESA Foundations have directly impacted over 8 million Kenyans. While the percentage of women in leadership within the company increased to 42.4%.
“Safaricom has successfully navigated a rapidly evolving business and social landscape by embedding sustainable business practices. Looking forward, our Environmental, Social, and Governance [ESG] principles will be anchored in technology as we transform into a TechCo by 2030. This shift will open new opportunities to meet the evolving needs of our communities, enhance customer experience, and ensure environmental stewardship.” Said Peter Ndegwa, CEO of Safaricom.
24 Years of Purpose-Driven Growth and Sustainability Leadership
The report launch coincided with Safaricom’s celebration of 24 years of transforming lives. Founded on October 23, 2000, Safaricom published its first sustainability report in 2012, positioning itself as a leader in integrating ESG into its business model.
“Sustainability has given us a competitive edge over the past 24 years, helping us grow beyond a telecommunications company into a driver of empowerment, innovation, and opportunity within our communities. This is because we prioritize purpose over profit,” added Ndegwa.
Safaricom has integrated 9 of the 17 Sustainable Development Goals (SDGs) into its operations, contributing to initiatives such as climate action through tree planting, clean energy solutions, and promoting a circular economy. The company has also achieved 50% gender parity in its workforce and made strides in diversity and inclusion.
4.5M Customers in Ethiopia, Expands Solar Sites and Secures KES 15B Sustainability Loan
In Ethiopia, Safaricom has reached 4.5 million customers, with 38% of the population connected. Additionally, 84 of the telco’s sites in Ethiopia are solar-powered, while 1,052 grid-connected sites use renewable energy. Female representation in senior leadership in Ethiopia stands at 23%.
“As we work towards our vision of becoming Africa’s leading purpose-driven technology company, our commitment is to drive positive change and create lasting value for our customers and stakeholders in Kenya and Ethiopia. We have embraced the SDGs as a framework for driving innovation, reducing costs through clean energy, and building partnerships to realize our ambitions,” said Adil Khawaja, Chairman of Safaricom PLC.
Safaricom has also secured a KES 15 billion Sustainability Linked Loan [SLL] from a consortium of banks, including Standard Chartered, KCB, Stanbic, and Absa. The loan will finance key initiatives aimed at achieving net-zero carbon emissions, advancing gender diversity, and promoting social equity.
Other key highlights of the report include:
- 22 million Kenyans accessing affordable credit through the Hustler Fund and Women Enterprise Fund
- 5G infrastructure in 43 of Kenya’s 47 counties
- More than 1,400 sites utilizing solar and hybrid clean power
- Women in senior management: 42.4%
- Employees with disabilities: 3.2% [up from 3% last financial year]
- 290 tonnes of electronic waste collected with a 100% recycling/refurbishing rate
- 4,500 trees planted in Ethiopia under the Green Legacy project
- Employment opportunities for women with disabilities in Ethiopia through a partnership with Teki Paper Bags.
This report reflects Safaricom’s unwavering commitment to sustainability as it continues to expand its influence across Kenya and Ethiopia.