NAIROBI, Kenya, Dec 17 – Individual investors dominated Safaricom’s inaugural green bond issue, accounting for 96 percent of total applications as the company formally listed the instrument on the Nairobi Securities Exchange (NSE).
The bond attracted applications worth Sh41.4 billion, representing an oversubscription of 175 percent. Safaricom will take up Sh20 billion in the first tranche under its Domestic Medium-Term Note (MTN) programme, making it the largest green bond issuance in Kenya to date.
A total of 2,453 retail investors participated in the offer, with 59 percent of applications submitted via USSD and payments made through M-PESA, underscoring the role of digital platforms in expanding access to capital market products.
The listing marks Safaricom’s return to the domestic debt market and its first issuance under a Sustainable Finance Framework. Proceeds from the bond will be used to finance energy-efficient investments, including 5G network rollout, solarisation of network sites, and the replacement of legacy technologies with cleaner, more efficient systems.
Speaking during the NSE bell-ringing ceremony, Safaricom Group Chief Finance Officer Dilip Pal said the transaction reflected investor confidence in the company’s long-term strategy and pointed to the increasing depth and resilience of Kenya’s capital markets.
The green bond is now available for trading on the Nairobi Securities Exchange, expanding the range of sustainable finance instruments accessible to local investors.
