Safaricom’s “True Value” to Economy, Society, Environment Soars Above Profit
Safaricom’s recently released 2017 sustainability report shows how an emphasis on transforming lives, and embedding purpose at the center of their business model, has helped it to redefine its value as a company. The company reports that its “true value”, its indirect contribution to the economy, society and the environment, using KPMG’s methodology was 10 times greater than its narrowly-defined financial profit in the 2016-2017 fiscal year.
The company’s sixth report estimates its contribution to Kenyan society increased by 17 percent from the 2015-2016 fiscal year. The company created 823,243 new jobs during the 2016-2017 fiscal year and saw its overall economic value increase by 23 percent.
Recognising the strong business opportunity the Sustainable Development Goals present, Safaricom began incorporating the SDGs into its strategy and operations this year. The company integrated measurable “true value” targets within their business planning to help achieve sustainable, equitable economic growth.
“Lasting solutions need to be commercially viable and based on feasible economic models if they are to be scalable and sustainable,” said Bob Collymore, Safaricom CEO.
Part of this SDG-focused strategy includes Safaricom’s commitment to producing net-zero greenhouse gas emissions by 2050. One the few companies in Africa working toward this goal, Safaricom reports that it invests in renewable energy and carbon offsetting projects across the continent. Its overall carbon emissions decreased from the 2015-2016 fiscal year.
“We reject the idea that business is about choosing between having a purpose or making a profit,” said Collymore.
To learn more about Safaricom’s purpose-driven approach, read the full report here.