• Value We Have Created

The True Value We Have Created

We assess the significant indirect value contribution we make 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 Safaricom creates for the people of Kenya. The following ‘True Earnings’ bridge shows that the total value we created for Kenyan society in FY17 was KES 486 billion, 17% greater than in FY16 and around 10 times greater than the financial profit the company made in the same year. This ratio is slightly smaller than the 10.8 ratio of FY16. This illustrates that, even in years in which the profit of the company grows substantially, Safaricom continues to create value for society that far outweighs value for shareholders.

Impact on Society

The True Value assessment suggests that Safaricom sustained over 154,370 direct and indirect jobs during the year and, if the wider effects on the economy are included, this number increases to over

823,243 jobs


The economic impact made through the operations of Safaricom is the greatest contributor to the value created, and has also grown significantly (23%) since FY16. This is in contrast to the value created through operational expenditure, which was particularly high in FY16 as a result of the active network expansion of the company during that period. The reduction in capex activity is also the cause of the comparatively lower value of the ‘social value of jobs’ category, as less jobs were created through capex in FY17 than FY16.

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, as well as the increased value paid to M-PESA and M-Shwari users in interest.

FY17 has seen substantial growth in the contributions made both through the M-PESA and Safaricom Foundations. These contributions have almost doubled in the past year, from KES 3.6 billion to KES 6.6 billion. The greatest growth has been seen in the areas of education and health.