Safaricom’s Impact on the Economy Rises by 17 Percent

Safaricom Chairman, Nicholas Nganga and Safaricom Chief Executive Officer, Bob Collymore mark the launch of the Safaricom Sustainability Report 2017 at the company’s headquarters. Looking on is UN Resident Coordinator and UNDP Resident Representative, Siddharth Chatterjee (L) and Ivy Waikwa, a student at the Mpesa Foundation Academy.

Safaricom’s impact on the Kenyan economy has gone up by 17 percent higher than the previous financial year.

The company has created KES 486 billion total value for Kenyan society in FY 2016/2017.

This is according to the company’s sixth Sustainability report, which shows the societal value it created is around 10 times greater than the financial profit the company made.

Economic impact made through Safaricom’s operations remains the greatest contributor to the total value created, and has also grown by 23 percent.

“The social value of M-PESA remains a significant creator of value for Kenyan society, increasing by 12 percent in the last financial year. The major driver for this growth has been the increase in customer, agent and merchant numbers.” said Safaricom Chief Executive, Bob Collymore.

M-PESA and Safaricom Foundations have also seen their contributions to society almost double in the past year, from KES 3.6 billion to KES 6.6 billion with the greatest growth being in education and health.

The company also successfully completed the first phase of integrating the UN Sustainable Development Goals (SDGs) into its business and corporate strategy.

“The integration of SDGs has helped us appreciate that lasting solutions need to be commercially viable and based on feasible economic models if they are to be scalable and sustainable,” noted Collymore.

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