Safaricom Targets Bigger GDP Share as It Bets on Micro Business Growth

Safaricom is seeking to expand its role in Kenya’s economy by focusing on the smallest of enterprises such as mama mbogas, kiosks and small hustles, with the goal of helping them evolve into small and medium enterprises and eventually larger companies. The company says the strategy is designed to push its contribution to national output beyond the current 8 percent of GDP while repositioning itself as more than just a telecommunications provider.

The company’s renewed focus comes against the backdrop of the critical role micro, small and medium enterprises play in Kenya’s economy. These businesses account for around 40 percent of GDP and nearly 80 percent of jobs. Yet, they remain fragile: nearly 400,000 small firms close within their first two years, often due to high operating costs, limited access to markets and weak infrastructure.

Safaricom highlights progress made in supporting business resilience and financial inclusion. It notes that Kenya’s financial inclusion rate reached 84.8 percent in 2024, partly supported by its services. Its “Grow with Safaricom Business” forums, launched in March 2024, have already engaged more than 1,100 businesses.

M Pesa continues to be at the heart of this strategy. The mobile money platform processed Sh38.3 trillion in transactions in the year to March 2025. Safaricom estimates its combined social and economic value at Sh1.21 trillion annually, underscoring its role not just as a revenue driver but also as a tool for economic empowerment.

By leveraging its platforms and financial technology, Safaricom believes it can help micro businesses formalize, survive beyond their early years and gradually scale into larger enterprises. This approach, the company argues, is not just about sustaining its own growth but also about underpinning the long term resilience of Kenya’s economy.