Safaricom Introduces Green Notes to Draw Kenyan Investors

Kenya

Kenya’s telecommunications leader Safaricom PLC has launched the first tranche of a landmark domestic bond offering a KSh 15 billion issue of fixed-rate “Green Notes” that mark one of the largest corporate debt raises in the company’s history.

Under the new program, Safaricom aims to raise as much as KSh 40 billion through its Medium-Term Note (MTN) issuance, with the 15 billion-shilling tranche kicking off the funding drive.

The bond carries an annual fixed interest rate of 10.4 percent, and notably, the interest earned is fully exempt from withholding tax under Kenyan law, potentially increasing after-tax returns for investors.

Proceeds from the bond will be dedicated to financing and refinancing “eligible green projects” under Safaricom’s sustainability framework — including investments in energy efficiency, broadband expansion, and other environmentally aligned infrastructure.

Safaricom says the bond offering is open to both retail and institutional investors, with a minimum subscription of KSh 50,000, and additional investments in increments of KSh 10,000. Investors may subscribe through mobile money using a USSD code, via an online portal, or through a licensed stockbroker.

The subscription window runs from November 25 to December 5, 2025, with results scheduled for release on December 9 and a planned listing on the Nairobi Securities Exchange (NSE) on December 16.

Safaricom’s Chief Financial Officer described the bond issuance as a strategic milestone diversifying the company’s funding sources, deepening its presence in Kenya’s debt capital markets, and underlining its commitment to sustainable, long-term growth.

In doing so, Safaricom joins a growing global trend of corporations tapping environmentally and socially conscious investors through “green” financing, adapting the tools of international capital markets to support Kenya’s development and climate-aligned ambitions.