Safaricom PLC has moved a step closer to tapping the capital markets after the Board of Directors reported that the Capital Markets Authority (CMA) had approved the establishment of a multi-billion-shilling Medium Term Note programme.
According to the company, the regulator issued the approval on November 7, 2025.
In a formal public announcement, Safaricom said the CMA had exercised its mandate under Section 30A of the Capital Markets Act, clearing the telecommunications firm to set up a programme that will allow it to issue notes worth up to Sh40,000,000,000, referred to in the statement as the “MTN Programme”.
“The Board of Directors of Safaricom PLC (the Company) are 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, 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 (Sh40,000,000,000) (the “MTN Programme”) in various tranches,” the announcement read in part,
The notes will be issued in separate tranches, and the company indicated that it has the option of issuing green notes, social notes, or sustainability notes under the structure.
Safaricom explained that it plans to introduce the MTN Programme through an information memorandum together with a pricing supplement for the first tranche of the offer, known as Tranche 1.
“The Company intends to launch the MTN Programme with an information memorandum and a pricing supplement for the issuance of the first tranche of notes under the MTN Programme (Tranche 1),” Safaricom said.
The statement added that the two documents will contain the detailed terms and conditions for the public offer of the notes.
The business further noted that the rollout of the first tranche still depends on the completion of commercial arrangements and the subsequent approval of the pricing supplement by the CMA.
As the process progresses, Safaricom said it would release further updates regarding the issuance of Tranche 1 in due course.
This marks one of the largest domestic capital-raising frameworks announced in recent months and signals Safaricom’s intention to broaden its funding options while working within Kenya’s formal regulatory environment.
