SNAPSHOT2 min read


Investing for people: Safaricom is an example of a company that we might hold as an impact investment. We believe investing in organisations with a purpose beyond profit will be more durable.

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Video and information provided by Schroders.

Safaricom is the largest mobile network operator in Kenya and its 3G network covers 94% of the Kenyan population1, helping 42 million people stay in touch with each other2.

The company also has an attractive growth track record. The transformative effect that M-Pesa, a Safaricom’s texting-based system for storing and sending money, has had on Kenyan society shows the huge demand for digital connectivity in Kenya – a country with 75% of its population under 353.

M-Pesa was launched in 2007 to serve unbanked or underbanked Kenyans and has since expanded to serve six other nations in Africa. M-Pesa has enabled people to start and grow businesses and access life-changing services. It has opened up the opportunity to save. Safaricom also provides IT training to new companies, helping them make their first products before they sell them on the market4.

In the same way Cazenove Capital monitors financial performance, we also track the social benefits a business generates. In 2015, Safaricom commissioned KPMG5 to quantify its wide societal impact and found that the “true value” of its business was 10 times its profits and more than 6% of Kenyan GDP6. This was driven by direct and indirect job creation, infrastructure, and investments. The UN has said that the expansion of mobile money has lifted 2% of Kenyan households above the poverty line. The effect of mobile banking has been even more significant for women, helping 185,000 women move from subsistence farming to better paid work7.

We believe investing in organisations with a purpose beyond profit will be more durable. It may also mean that they’re better able to deliver value to all their stakeholders, including but not limited to their investors.

Please note:

Safaricom is an example holding of what might be held as an impact investment. It is for illustrative purposes only and does not represent any recommendation to buy or sell.

[1] How High 4G/3G Penetration Influenced Elections in Kenya (

[2] Safaricom - Our Commitment | Story | What We Do

[3] 75 percent of Kenya’s population is aged below 35 years - Metropol Digital (

[4] What Is M-Pesa? Definition, How the Service Works, and Example (



[7] M-pesa has completely transformed Kenya's economy, this is how... - CNBC Africa

This article is issued by Cazenove Capital which is part of the Schroders Group and a trading name of Schroder & Co. Limited, 1 London Wall Place, London EC2Y 5AU. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 

Nothing in this document should be deemed to constitute the provision of financial, investment or other professional advice in any way. Past performance is not a guide to future performance. The value of an investment and the income from it may go down as well as up and investors may not get back the amount originally invested.

This document may include forward-looking statements that are based upon our current opinions, expectations and projections. We undertake no obligation to update or revise any forward-looking statements. Actual results could differ materially from those anticipated in the forward-looking statements.

All data contained within this document is sourced from Cazenove Capital unless otherwise stated.

The value of your investments and the income received from them can fall as well as rise. You may not get back the amount you invested.