Safaricom contributes $7.6 billion to Kenyan economy

Key Points

• Safaricom contributes Ksh722 billion ($5.59 billion) to Kenya’s economy and supports 1.28 million jobs in the last financial year. 
• The company aims to become Africa’s leading purpose-driven tech firm by 2030, emphasizing ESG principles and community impact.
• Safaricom’s M-PESA platform has delivered Ksh348 billion ($2.69 billion) in social value, benefiting millions of customers and boosting financial inclusion.

Safaricom, East Africa’s largest telecom operator, led by Kenyan tycoon Peter Ndegwa, announced a substantial contribution of Ksh722 billion ($5.59 billion) to the Kenyan economy, supporting 1.28 million jobs during the last financial year. This information is detailed in the company’s newly launched 13th Sustainable Business Report.

The report highlights Safaricom’s ambition to evolve into Africa’s leading purpose-driven technology company by 2030. Key to this goal is the firm’s mobile money platform, M-PESA, which has made a notable societal impact.

Economic and social contributions of M-PESA

Safaricom’s economic value to society through its operations reached Ksh562.2 billion ($4.36 billion), while M-PESA generated a social value of Ksh348 billion ($2.69 billion), benefiting millions of customers, agents, and dealers. Through its community initiatives, the Safaricom and M-PESA Foundations have positively impacted over 8 million Kenyans. The company has also made strides in gender representation, with female leadership now at 42.4 percent.

“By adhering to Environmental, Social, and Governance (ESG) principles, Safaricom is navigating shifting business environments, setting us on a path to becoming a TechCo,” said CEO Peter Ndegwa. “Our focus remains on improving customer experience, empowering communities, and driving environmental stewardship.”

Safaricom: Telecom leader focused on growth and sustainability

Founded in 1993 and based in Nairobi, Safaricom has grown into a telecom powerhouse, offering services from mobile connectivity to cloud hosting and M-PESA payments. Under CEO Peter Ndegwa, the company is committed to global expansion and environmental, social, and governance (ESG) initiatives, reinforcing its importance in Kenya’s economy.

Safaricom has adopted nine of the 17 Sustainable Development Goals (SDGs), launching significant community initiatives, climate projects, and clean energy solutions. The company has achieved gender parity among its workforce and expanded into the Ethiopian market.

The introduction of M-PESA Global has boosted financial inclusion, with 4.5 million customers and connectivity for 38 percent of Ethiopia’s population. Notably, 84 of Safaricom’s sites in Ethiopia are powered by solar energy.

Chairman Adil Khawaja highlighted the company’s dedication to sustainability, underscored by a $116 million Sustainability Linked Loan from Kenyan banks to support net-zero carbon initiatives, enhance gender diversity, and promote social equity.