Telecommunications giant Safaricom sustained over 1.2 million jobs and contributed KES 909.5 billion to the Kenyan economy in the 2022-2023 financial year, according to the company’s 12th annual Sustainable Business Report released Thursday.
The economic contribution was about 15 times greater than Safaricom’s financial profit of KES 62.7 billion for the fiscal year, the report highlighted.
Safaricom CEO Peter Ndegwa attributed the substantial impact to the value created for over 30 million customers, thousands of agents and merchants through the popular M-PESA mobile money transfer service, as well as the company’s significant capital and operational expenditures.
“Sustainability reporting is not just a corporate responsibility but an essential pillar of our business strategy and commitment to transforming lives,” Ndegwa said in the report titled “Pathway to a Purpose-Led Technology Company.”
Safaricom Board Chair Adil Khawaja emphasized the company’s role as “a catalyst for positive change” in Kenya and Ethiopia, where it launched operations last year. He said Safaricom will continue innovating to connect millions to financial services and drive economic growth across East Africa.
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The report touted the company’s progress on governance, ethics, inclusion and environmental initiatives. This included impacts from Safaricom’s philanthropic foundations, near universal ethics compliance among employees, 45% female board representation, 40% women in senior management roles, opportunities created for marginalized groups, workplace policies benefiting people with disabilities and a commitment to net zero carbon emissions by 2050.
To further its environmental, social and governance ambitions, Safaricom recently secured a KES 15 billion sustainability-linked loan from a consortium of banks to finance areas like renewable energy, gender diversity, digital inclusion and social development programs.
The company has published comprehensive sustainability reports since 2012. It currently is establishing ESG structures and policies for operations in Ethiopia and will highlight sustainability efforts across the Safaricom Group in future reports.
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