Safaricom Sh15bn loan

Safaricom has successfully secured a KES 15 billion ($116.73 million) sustainability-linked loan, bringing its total sustainability loans to KES 30 billion, marking the largest facility of its kind in East Africa. This funding, provided by a consortium of banks including KCB, ABSA, Standard Chartered, and Stanbic, will support the company's Environmental, Social, and Governance (ESG) agenda, aiming to transition into a fully-fledged technology company while reducing its carbon footprint and enhancing gender diversity. CEO Peter Ndegwa expressed that this loan accelerates their sustainability goals and reflects the success of their previous targets. The funds will also be used to convert transmission sites to renewable energy, reducing reliance on diesel. With a commitment to becoming a Net Zero carbon-emitting company by 2050, Safaricom is taking significant steps in aligning its financial strategies with sustainability initiatives. This loan highlights the company's dedication to improving its ESG reporting and attracting further investments.