Safaricom impact on society is valued at KES 664 billion, generating over 1 million jobs in the latest report
Safaricom has launched its latest sustainable business report themed ‘Standing Together: Going Beyond’. It is based on its 20th-anniversary brand campaign dubbed ‘Twende Tukiuke’, which was launched last year in October when the company embarked on a new business strategy that will transform it into a purpose-led, technology organization by 2025.
This 10th Sustainable Business Report discloses Safaricom’s efforts to achieve the goal of transforming lives and has been prepared in accordance with the Global Reporting Initiative (GRI) Standards. The report indicates that Safaricom created a total value of KES 664 billion for the Kenyan society in its last financial year, which is ten times greater than the profit made during the year. The firm contributed KES 557.1 billion to the economy in the 2020/2021 financial year, which is 5.2% of Kenya’s Gross Domestic Product (GDP).
“Our Sustainable Business report, which covers our last fiscal year from 1st April 2020 to 31st March 2021, discloses our efforts to achieve our purpose of transforming lives by transparently showing our successes, setbacks, and future focus areas, all of which are important to our business and of interest to our stakeholders,” said Michael Joseph, Chairman, Safaricom.
The report also details how the telco sustained 190,273 direct and indirect jobs during the year and, if the wider effects on the economy are included, this number increases to over 1 million jobs. Key among the environmental highlights of the report is the introduction of science-based carbon reduction targets which the company says will help them plan their progress towards becoming a net zero carbon-emitting company by the year 2050. It is worth noting that Safaricom has planted over 650,000 trees under its carbon offset tree growing initiative. This is part of the company’s commitment to growing 5 million trees in five years which it estimates will offset 26% of its emissions.
Safaricom started documenting its sustainability journey in 2012 and in 2016 it integrated 9 of the17 Sustainable Development Goals (SDGs) into its business strategy. Looking ahead, Safaricom says it will continue to provide solutions to society’s most pressing challenges and support other businesses, especially small and medium enterprises to thrive through connectivity and financial services solutions.
“Going forward we will also endeavor to play a key role in driving healthcare and education inclusion as well as enabling smallholder farmers to become wealthier and commercially sustainable. We will also continue to integrate our 9 material SDGs, directly linked to our business growth strategy and which have enabled us to become a more sustainable company and create a meaningful impact on communities that we serve,” said Peter Ndegwa, CEO, Safaricom.