Safaricom Contributes 6% to Kenyan GDP

Kevin Namunwa | Oct 14, 2020

Kenyan telecommunications company Safaricom sustained more than one million direct and indirect jobs in the last financial year hence contributing 6% to the country’s Gross Domestic Product (GDP).

The telco’s 9^th Sustainable Business Report said that Safaricom sustained1,013, 728 jobs up from 979,000 which is a 4% increase from the previous financial year.

During the period under review, Safaricom‘s revenues of Ksh 262.6 billion resulted in an estimated Ksh 549.8 billion contributions to Gross Domestic Product (GDP).

This GDP impact can is separated into a direct impact of Ksh 152.7 billion, an indirect impact of Ksh 94.7 billion and an induced impact of Ksh 302.4 billion.

Safaricom CEO Peter Ndegwa said that despite facing disruptions occasioned by the coronavirus pandemic.

“Our theme highlights how we faced significant disruption during the year, but the fundamentals of the business proved to be resilient and strong. Against the backdrop of the continued disruption we face in the telecommunications industry, we also had to contend with the impact of the COVID-19 pandemic during the later stages of the year”, said Peter Ndegwa.

The company’s social impact was valued KES.654billion in the 2019/2020 financial year, nine times the financial profit the company earned during the same period. The report also shows that 74% of the telco’s total spend in the period under review went to supporting local suppliers up from 67% in the previous financial year.

KCB Bank Pays Out Funds to Imperial Bank (IR) Depositors

KCB Bank Kenya Limited has commenced payment of funds to remaining eligible depositors of Imperial Bank Limited (in receivership) (IBLIR) in the current tranche of disbursements. The exerci...