Safaricom Plc has received the Capital Markets Authority (CMA) approval to raise KSh 40 billion through a new bond program.
In a statement by Company Secretary Linda Mesa Wambani on November 20, 2025, the company said the CMA approved its plan to establish a Medium Term Note (MTN) Program on November 7.
“The Board of Directors of Safaricom PLC (the Company) is pleased to announce that the Capital Markets Authority, in exercise of its powers under Section 30A of the Capital Markets Act (Chapter 485A of the Laws of Kenya), has on 7 November 2025, approved for the Company to establish a Medium-Term Note programme,” said Safaricom’s Board of Directors.
Safaricom Prepares to Release First Tranche of KSh 40B MTN Programme
According to the leading telecommunications company, this program aims to raise funds in multiple tranches rather than in a single term.
Safaricom explained that the notes it plans to issue could include green, social, or sustainability bonds, which support environmental and community development projects.
Additionally, the company announced its plan to launch the program with a detailed information memorandum and pricing supplement for the first batch of bonds, known as Tranche 1.
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These documents will detail how the bonds will work, their terms, and how the public can invest.
The release of Tranche 1 will only occur after Safaricom finalizes the commercial terms and the CMA approves the final details.
Safaricom stated it will provide further updates in the coming days. The telecom company also issued a regulatory disclaimer, noting that the announcement was published with the approval of the CMA as required under the Capital Markets regulations.
However, the company stated that the CMA is not responsible for verifying the accuracy of the information provided.
“This announcement has been issued with the approval of the Capital Markets Authority pursuant to the Capital Markets (Securities) (Public Offers, Listing and Disclosures) Regulations, 2023 as amended from time to time.
As a matter of policy, the Capital Markets Authority assumes no responsibility for the correctness of the statements appearing in this announcement,” said the telecommunications company.
EABL Oversubscribes Ksh 16.76 billion Note
Safaricom’s move to raise KSh 40 billion through a new bond program comes amid a period of debt restructuring. In November 2023, Safaricom paid off a US$400 million loan used to support its Ethiopia expansion, a step aimed at reducing foreign currency risks. With that loan cleared, the company significantly lowered its foreign-denominated debt, which now stands at about KSh 8.2 billion.
Safaricom is now turning to the local capital market to raise new funds in Kenyan shillings, helping it avoid further unpredictable fluctuations in foreign exchange rates while securing financing for ongoing operations and growth.
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The announcement of Safaricom’s KSh 40 billion Medium Term Note (MTN) program came shortly after East African Breweries Plc (EABL) completed a KSh 16.76 billion bond issuance. EABL’s first tranche of its MTN was oversubscribed, receiving bids totaling KSh 16.76 billion against a target of KSh 11 billion.
The offer closed on November 10, 2025, with successful investors credited by November 20, 2025.
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