Safaricom Returns To Capital Markets as KES 20 Billion Green Bond Records 175% Oversubscription

Safaricom PLC has marked the formal listing of its Green Bond at the Nairobi Securities Exchange (NSE), with 2,453 individual investors accounting for 96 percent of the applications.

Applications through USSD and payments via M-PESA accounted for 59 percent of the applications as the bond introduced new market standards by prioritising innovation and accessibility.

Safaricom will now take up KES20 billion in the first tranche of the Domestic Medium-Term Note programme, about half of the KES41.4 billion in applications, which represents an oversubscription of 175 per cent in what is now Kenya’s largest Green Bond issuance.

The listing, celebrated through the NSE bell-ringing ceremony, represents Safaricom’s deliberate return to the capital markets and the first issuance under its Medium-Term Note (MTN) Programme, anchored in the company’s Sustainable Finance Framework.

“This transaction demonstrates what is possible when local capital markets are deliberately and thoughtfully engaged. It is a clear vote of confidence in our fundamentals, strategy, and long-term outlook, and a strong signal of confidence in the depth and resilience of Kenya’s capital markets,” said Dilip Pal, Safaricom PLC Group Chief Finance Officer.

The Green Bond reflects a strategic shift in how Safaricom funds its growth, positioning capital markets as a scalable and sustainable source of long-term financing alongside traditional funding avenues. It also signals Safaricom’s intention to be an innovative, disciplined issuer aligned with the long-term development of Kenya’s capital markets.

Dilip said the proceeds will finance investments that support an energy-efficient digital future, including 5G deployment, solarisation of network sites, and the transition from legacy technologies to cleaner, more efficient solutions.

Beyond Safaricom, the listing affirms the capacity of Kenya’s capital markets to mobilise long-term capital for productive investment and reinforces the role of sustainable finance in supporting national development priorities.

The company reaffirmed its commitment to deepening participation in capital markets through continued innovation. Initiatives such as Ziidi, Safaricom’s mobile money market fund, have already lowered barriers to saving and investing by bringing capital markets products closer to everyday Kenyans. Safaricom indicated it will continue exploring new ways to expand access and drive financial inclusion.

The green bond is now listed and available for trading on the Nairobi Securities Exchange.

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