Safaricom PLC has secured an approval from the Capital Markets Authority (CMA) to raise KES40 billion, marking the largest Medium-Term Note (MTN) Programme ever undertaken in Kenya, the crown jewel of East Africa.

According to a market update by the Nairobi Securities Exchange (NSE) on Thursday, Safaricom's raise "signals surging investor confidence and highlights the NSE as a powerful engine for mobilizing long-term capital at competitive rates."

In a post on X (formerly Twitter), the NSE added, "It underscores a rapidly maturing market where ambitious companies can raise substantial funding to fuel expansion, innovation, and national economic development."

Late Wednesday, Safaricom PLC unveiled a bold plan where the telco seeks to tap the market using a diverse suite of instruments, including green bonds, social notes, and sustainability-linked notes that will be listed on the Nairobi bourse. The telco's application was approved by the CMA on 7th November, 2025.

"The company [Safaricom] 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). The information memorandum and pricing supplement will contain the detailed terms and conditions for the public offer of the notes," Safaricom's public announcement states in part.

"Safaricom's approval to raise KES40 billion ($310 million) via the NSE is a massive vote of confidence in our local capital markets. It demonstrates that NSE is the premier platform for serious, long-term funding at scale. Are you looking to fund infrastructure, green projects, or expansion? Stop looking sideways and start looking at the NSE," stated NSE Chief Executive Officer Frank Mwiti on X.

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