Safaricom is the largest telecommunications group in Kenya

5 min read 22 Jan 21

It provides customers with mobile phone and data services, including the M-PESA service which enables people to make mobile payments without a bank account. The company has expanded its 4G network coverage to most of the Kenyan market and is also rolling out fibre broadband to homes and businesses in the country.

Why do we invest?

Safaricom is the dominant mobile network in Kenya, and boasts a key advantage over competitors in the form of M-PESA. The mobile money service is almost ubiquitous in the country, with a 78% share of the market. It is also expanding rapidly by offering users access to lending and overdraft services, alongside mobile payments. Safaricom’s home market of Kenya is a fast-growing economy of 52 million people, and the company is exploring opportunities to expand into neighbouring African markets.

What is their impact?

Safaricom is a leader in advancing social inclusion. The company has driven the expansion of mobile data penetration in Kenya, which now has one of the highest rates in Africa. Its M-PESA service has enabled millions of Kenyans to adopt mobile payments and gain access to credit, even where they do not have bank accounts.

By empowering underserved populations with access to communications and basic financial services, Safaricom contributes to the achievement of UN Sustainable Development Goal 9 – building resilient infrastructure, promoting inclusive and sustainable industrialisation, and fostering innovation.

35.6 million

Customers using Safaricom’s services in Kenya in 2019, including 24.9 million active users of the M-PESA mobile financial payment service