Safaricom Invests Billions in Local Businesses, Advances Gender Equality

Kenya's telecommunications giant, Safaricom, demonstrates its commitment to supporting local businesses and empowering women through its latest Sustainability Business Report. The company spent a substantial Sh64.8 billion on local suppliers, marking progress towards its goal of achieving 10% procurement from women-owned businesses. In the fiscal year ending March 2023, its procurement spending reached Sh102 billion, benefiting a total of 720 suppliers.

Of these suppliers, 550 were local, while 170 were foreign. Safaricom notably increased its spending with local suppliers by more than two percentage points, supporting the local economy. The report highlights the company's dedication to promoting gender equality in business, with Women in Business (WIB) accounting for 5.81% of the total procurement spend.

Safaricom's commitment to sustainability extends beyond procurement practices. The report emphasizes sustainability as a core business strategy. Notably, it is establishing Environmental, Social, and Governance (ESG) structures and policies in Ethiopia, further expanding its commitment to sustainability.

In addition to its procurement and sustainability efforts, Safaricom underscores its commitment to gender diversity within the organization. The company boasts 40% women in senior management positions and a board with 45% female representation, setting a positive example for the industry.

Beyond its corporate initiatives, Safaricom continues to be a significant driver of the Kenyan economy. The company sustained over 1.2 million jobs, comprising 236,674 direct jobs and 1,159,309 indirect jobs, contributing a remarkable Sh909.5 billion to the nation's economy during the past financial year. This economic contribution far exceeds the financial profit generated during the same period, signifying its substantial positive impact on the country.

Safaricom's commitment to sustainability is further demonstrated by its recent achievement of securing a Sh15 billion sustainability-linked loan. The loan, supported by a consortium of banks, including Standard Chartered, KCB, Stanbic, and Absa, will fund initiatives related to achieving net-zero carbon emissions, gender diversity, and social equity.

Safaricom's 12th Sustainability Business Report serves as a testament to the company's unwavering dedication to driving positive change, supporting local businesses, and empowering women in Kenya and beyond.