Safaricom Gets Regulatory Nod to Launch KSh 40 Billion Medium-Term Note Programme
Safaricom CEO Peter Ndegwa. [Photo/Safaricom]
Safaricom PLC has received approval from the Capital Markets Authority (CMA) to establish a KSh 40 billion Medium-Term Note (MTN) Programme, marking one of the largest corporate debt issuances in Kenya’s recent history.
In a public announcement issued on November 20, 2025, the telecommunications giant confirmed that CMA granted the approval on November 7, 2025, in line with Section 30A of the Capital Markets Act.
The MTN Programme will allow Safaricom to issue notes in multiple tranches, offering a mix of green, social, or sustainability notes, making the company one of the few corporates in East Africa to integrate environmental, social, and governance (ESG) financing frameworks into a large-scale capital-raising initiative.
“The Board of Directors of Safaricom PLC are pleased to announce that the Capital Markets Authority… has on 7 November 2025, granted approval for the Company to establish a Medium Term Note programme pursuant to which the Company will issue notes in an aggregate principal amount of up to Kenya Shillings Forty Billion (KES 40,000,000,000),” the announcement reads. Safaricom PLC- Public Announcement.
The company is expected to launch the programme with the release of an information memorandum and a pricing supplement for the first tranche (Tranche 1), which will outline the detailed terms and conditions of the public offer.
However, the issuance of Tranche 1 remains subject to the determination of commercial terms and CMA approval of the pricing supplement.
Safaricom noted that further announcements will be made once the initial tranche is ready for the market.
The MTN Programme is anticipated to support Safaricom’s long-term capital needs, with analysts projecting potential financing for network expansion, digital infrastructure, and sustainability-driven initiatives.
The announcement was signed by Company Secretary Linda Mesa Wambani on behalf of the board.
This development comes as Kenya’s capital markets increasingly embrace corporate bonds, sustainability-linked financing, and diversified investment products to boost growth and liquidity.
Safaricom last tapped the bond market in 2009 when it issued an oversubscribed KSh 12 billion bond, signalling strong investor confidence, sentiment the company hopes to replicate with the new KSh 40 billion MTN Programme.
