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Safaricom Increases Contribution to Kenya’s Economy

Joseph 3 years ago

By Moses Adongo

As it celebrates the landmark 18 years since its birth, Safaricom has deepened its contribution to the Kenyan economy according to its latest annual sustainability report by KPMG. The report from the company’s assessment to the year ended March 2018 shows an increase from Sh486 billion to Sh543 billion in its value and equivalence to 6.5% contribution to the country’s GDP.

Unlike many other corporates that have been forced to retrench their employees due to the harsh economic environment, the report shows that the telecoms operator currently sustained nearly 897,372 jobs compared to 682,000 jobs last year.

“When monetized, the net value of the most material social, environmental and economic impacts of the company, both positive and negative, indicates the total value that Safaricom creates for the people of Kenya,” says the report by consultancy firm KPMG.

The report further reveals that Safaricom paid Sh24.6 billion in tax and Sh15.4 billion in dividends for the Treasury’s 25% stake, this was beside the Sh36.4 billion it pumped into capital expenditure mainly for the expansion of its fiber network.

Safaricom has mainly used its unique M- Pesa platform to exploit its economic reach resulting in the employment of thousands of agents and merchants.

It currently boasts of about 156,534 M- Pesa agents countrywide besides 485 dealers who sell data, airtime and devices on its behalf.

“We partnered with 1,164 providers and spent a total of just over Sh85.6 billion on products and services during the reporting period. We continue to favor local suppliers where feasible and are satisfied with the weighting towards Kenyan companies achieved during the year,” the report says.

The market leader has further increased its innovation in technology to support the healthcare and agriculture all which create more employment opportunities. The report shows that the company has been able to register 700,000 farmers on its DigiFarm platform in the year ending March 2018. It targets to increase the number of farmers on the platform to 1.4 million by the end of December 2018.

The M- Tiba platform enjoys nearly one million users linked to more than 400 health facilities across the country, enabling the users to save towards medical expenses.

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