Giant telecommunication company Safaricom contributed Sh909.5 billion into the Kenyan economy in the last financial year that ended in March 2023, a new report states.
The telco’s 12th Sustainable Business Report released on Thursday, October 5, 2023, indicates that the Sh909.5 billion was approximately 15 times greater than the financial profit made during the year.
During the review period, Safaricom further sustained over 1.2 million jobs (236,674 direct and 1,159,309 indirect).
The telco’s impressive performance is attributed to a 17 percent increase in customers, agents, and merchants through M-PESA and a growth in economic impact created through Safaricom’s capital and operational expenditures.
With 3 percent of its workforce being people with disabilities, the telco noted that in the last financial year, it injected about 5.92 percent of its total procurement spend into marginalized groups – women, youth, and Persons with Disabilities.
“Sustainability reporting is not just a corporate responsibility but an essential pillar of our business strategy. Being accountable on Environmental, Social and Governance (ESG) ensures that we remain committed to our core–Transforming Lives,” said Safaricom PLC CEO Peter Ndegwa.
The report further highlights the telco’s commitment to promoting gender equality, with 45 percent of its Board of Directors being women, with those in senior management also standing at 40 percent.
The company is currently setting up ESG structures and policies in the Ethiopia business and will, from the next report, highlight its sustainability efforts and milestones.
“We are proud to be a catalyst for positive change in Kenya, Ethiopia, and the rest of the world,” Safaricom Board Chairperson Mr Adil Khawaja 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,” he added.
Since 2012, Safaricom has been documenting its sustainability journey as part of the business’ commitment to being accountable by sharing their successes, challenges, and constraints in a public, transparent, and open manner.