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Safaricom approves two new subsidiaries to support startups

Staff Writer by Staff Writer
July 30, 2023
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Safaricom approves two new subsidiaries to support startups
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The shareholders of Safaricom have authorized the establishment of two new subsidiaries, one focused on seed-stage investments and the other on growth-stage investments in startups.

Approved during Safaricom’s 15th Annual General Meeting (AGM), these major changes will go a long way towards supporting Kenya’s digital startup ecosystem, encouraging creativity, and strengthening Safaricom’s position as a driving force in the country’s tech landscape.

Inspired by the Spark Fund, an investment vehicle of Safaricom PLC overseen by a Board of Trustees, a company limited by guarantee has been formed to invest in seed-stage startups throughout Kenya. The establishment of this fresh entity is meant to improve governance and administrative efficiency.

Spark Fund portfolio companies include iProcure, which provides a platform for agricultural supply chains in rural Africa, and Sendy, a technology company that constructs fulfilment infrastructure for e-commerce and consumer brands; Shupavu 291 by Eneza education, which focuses on mobile-web learning for primary and secondary school students; and many others. Ajua, Africa’s first Integrated Customer Experience firm, and Soko Fresh, a provider of cold chain infrastructure that increases the storage life of products for Digifarm farmers, are two examples of such partners.

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An open opportunity for startups

Conversely, the new private limited liability company will be required to make investments in established, strategically linked businesses that support Safaricom’s goal of transitioning into a tech company by the year 2025. Safaricom PLC will use this corporation as its primary investment vehicle for all of its future strategic initiatives.

Safaricom CEO Peter Ndegwa stated, “We are dedicated to strengthening the innovation ecosystem in Kenya and beyond, and this strategic decision will allow us to widen our investments, embracing both seed-stage and growth-stage start-ups. For Safaricom’s vision of being a purpose-led technology business to come to fruition, it is essential that these subsidiaries be incorporated.

Mr. Ndegwa said the new firms would “help unlock new business models and value chain opportunities” for the company by expanding into new consumer, financial services, corporate, and SME markets.

“We will be looking to invest in and support early-stage companies, particularly in emerging technologies like analytics, Machine Learning, Artificial Intelligence, and the Internet of Things,” he said. In the next weeks, we will announce the application period,

Mr Adil Khawaja, Chairman of the Board, said: “We thank our shareholders for their unwavering support in establishing the new subsidiaries. By investing in tech entrepreneurs and initiatives that align with our strategic mission, we aim to continue to transform lives by connecting people, opportunities, and information while driving innovation, creating value, and leaving a lasting impact on society.”

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New dividend approved

The annual meeting also saw the approval of a final dividend of KES 0.62 per ordinary share, for a total of KES 24.84 billion. In February 2023, the Board authorised a payment of an interim dividend of KES 0.58 per ordinary share, totalling a total of KES 23.24 billion for our shareholders. This increases the total dividend for the year to KES 48.08 billion, which equals KES 1.20 per share in respect of the year ended 31 March 2023. The dividend will be issued on or around 31 August 2023 to the shareholders on the Register of Members as at the close of business on 28 July 2023.

This past year, the firm dealt with severe operating circumstances, including heightened regulatory scrutiny, changes in taxation regulations, political uncertainty surrounding the elections, and a substantial economic downturn worsened by increasing prices, currency devaluation, drought, and hunger. The updated Mobile Termination Rate (MTR) and higher excise tax on SIM cards and mobile phones brought extra pressure to the firm. However, despite these hurdles, Safaricom displayed tenacity over the year to preserve an overall strong performance.

Safaricom CEO Mr. Ndegwa said, “Our performance in the year demonstrated the strong commitment to delivering value for our stakeholders, including employees, customers, shareholders, and the community.”

Tags: SafaricomStartupssubsidiaries
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