NAIROBI, Kenya, July 28 – Safaricom shareholders have approved two new subsidiaries that will empower and invest in Kenya’s tech startups.
The Spark Fund, which was okayed at Safaricom’s 15th Annual General Meeting (AGM), supports startups in the seed and growth stages.
The investment vehicle will be governed by the telco’s Board of Trustees.
Its portfolio includes Shupavu 291 by Eneza Education, which focuses on mobile-web learning for primary and secondary school students; iProcure, which provides an agricultural supply chain platform in rural Africa; and Sendy, a tech company that builds fulfillment infrastructure for e-commerce and consumer brands.
“We are committed to empowering the tech ecosystem in Kenya and beyond, and this strategic move will enable us to broaden our investments, embracing both seed-stage and growth-stage start-ups,” Peter Ndegwa, Safaricom CEO, said.
“Incorporating these subsidiaries is pivotal to realising Safaricom’s purpose to become a purpose-led technology company.”
Ndegwa added the new companies will accelerate the business’ entry into new customer segments within the consumer, financial services, enterprise, and SME space and will “help unlock new business models and value chain opportunities.”
At the AGM, shareholders also approved a final dividend of Sh0.62 per ordinary share, with the dividend payout amounting to Sh24.84 billion.
In February 2023, the Board approved the payment of an interim dividend of Sh0.58 per ordinary share, amounting to a total of Sh23.24 billion for our shareholders.
