Safaricom's business value contributed to a third of Kenya's total budget in 2022, according to new data from the telco.
The company in the review period made a contribution of Sh909.5 billion to the Kenyan economy.
This economic impact has been attributed to the value generated for various stakeholders, including customers, agents, and merchants through M-Pesa, which saw a 17 percent increase from 2022.
The mobile telephony operator had in April been named as the most valuable brand in Kenya and the East African region valued at $646.12 million (Ksh96.1billion), according to a report by Brand Finance.
Safaricom CEO Peter Ndegwa said the impact saw the telco sustain a workforce of over 1.2 million individuals, comprising 236,674 in direct employment and 1,159,309 in indirect roles.
The findings are contained in the report titled 'Pathway to a Purpose-Led Technology Company,' released as part of Safaricom's 12th Sustainable Business Report.
"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 mission of transforming lives," said Ndegwa.
He added that the numbers reflect the growth in economic influence resulting from Safaricom's capital and operational expenditures during the reporting period.
This economic contribution was approximately 15 times larger than the profit generated by Safaricom throughout the year.
As part of their commitment to sustainability, Safaricom says it is in the process of establishing ESG structures and policies for their operations in Ethiopia.
Starting with the next report, they will also spotlight Safaricom Group's sustainability initiatives and achievements.
Adil Khawaja, the chairperson of the Safaricom board, said that the telco is enhancing its role as a catalyst for positive change in Kenya, Ethiopia, and worldwide.
He affirmed the company's dedication to innovation, adaptation, and diligent efforts to connect millions to financial services, empower communities, and foster economic growth.
Safaricom had in September secured a Sh15 billion Sustainability Linked loan (SLL) to fund initiatives aimed at achieving net-zero carbon emissions, monitoring gender diversity, and promoting social equality, aligning with Safaricom's ESG ambitions.
