[Kenya] Safaricom’s total impact on economy up 17 per cent to $5 billion
Safaricom has created $5 billion total value for Kenyan society during the 2016/2017 Financial Year, 17 percent higher than the total value it created in the last financial year.
The company’s two charitable arms, 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. The greatest growth has been in the areas of education and health.
According to the company’s sixth Sustainability report which was released today, the societal value it created is around 10 times greater than the financial profit the company made in the same year.
The economic impact made through Safaricom’s operations remains the greatest contributor to the total value created, and has also grown by 23%.
“The social value of M-PESA remains a significant creator of value for Kenyan society, increasing by 12% in the last financial year. The major driver for this growth has been the increase in customer, agent and merchant numbers.” said Bob Collymore, CEO, Safaricom.
Safaricom assesses the significant indirect value contribution to the economy, society and environment in Kenya using the KPMG “True Value” methodology. When monetised, the net value of the most material social, environmental and economic impacts of the company both positive and negative gives an indication of the total value that the company creates for the people of Kenya.
During the year, 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,” Collymore said.
According to the Better Business, Better World report by the Business and Sustainable Development Commission, the SDGs can unlock at least US$1.1 trillion by 2030 for the private sector in Africa, potentially creating more than 85 million new jobs.