Safaricom Creates Over 1 Million Jobs in One Year, Injects KSh 722b to Kenya’s Economy

Business

Safaricom Creates Over 1 Million Jobs in One Year, Injects KSh 722b to Kenya’s Economy

Safaricom PLC created more than one million jobs in the past financial year.

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Peter Ndegwa said Safaricom will continue to transform Kenyans' lives. — Safaricom CEO Peter Ndegwa speaking at a past event. Photo: Peter Ndegwa.
Source: Twitter

This is according to the Sustainable Business Report released by the company in October 2024.

How many direct and indirect jobs Safaricom created

The leading telecommunications firm sustained 263,757 direct and indirect jobs for Kenyans during the year.

“If the wider (induced) effects on the economy are included, the number of jobs created increases to 1,283,329 during the same period,” read the report part.

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Safaricom CEO Peter Ndegwa said the creation of employment demonstrated the company’s core purpose of transforming lives and the economy.

“Each of these milestones is aligned with our core purpose of “Transforming Lives” by bridging digital divides, supporting economic empowerment, and enhancing social welfare,” said Peter Ndegwa.

How Safaricom contributes to Kenya’s economy

Apart from job creation, the telco contributed KSh 722 billion to the country’s Gross Domestic Product (GDP).

This resulted from KSh 339.7 billion in annual revenue the company collected during the same period.

“The economic impact of the KSh 339.7bn in annual revenue generated from Safaricom’s operations resulted in an estimated KSh 722bn contribution to Kenya’s GDP,” the report continued.

Safaricom’s economic support included a Direct impact of KSh 189 billion, Indirect impact (KSh 132 billion), and Induced impact (KSh 400.7 billion).

CEO Ndegwa noted that Safaricom’s core strategy remains shared value as the company continues to leverage technology solutions, such as M-PESA, to promote financial inclusion and economic growth across Kenya and beyond.

He said more than eight million people have been positively impacted through social impact efforts led through Safaricom and M-PESA Foundations, which focus on health, education and economic empowerment.