For years, Safaricom PLC operated under a shared ownership structure that balanced local and international interests. However, as of early 2026, the company underwent a significant transformation that reshaped its control and governance.
Today, Safaricom is primarily owned by Vodacom Group, which holds a 55 percent majority stake. This development marked a turning point, shifting Safaricom from a jointly controlled entity into a majority-owned subsidiary of Vodacom.
This transition became effective on April 1, 2026, following approvals from Kenyan authorities, including Parliament. The restructuring was part of a broader financial and strategic plan by the government to unlock value from its stake while still retaining influence in the company.
Breaking down the ownership structure
Safaricom’s current ownership is divided into three main segments, each playing a distinct role in the company’s operations and strategic direction.
Vodacom Group (55%)
Vodacom is now the largest shareholder, having increased its stake through a combination of acquisitions. It purchased additional shares from both the Government of Kenya and Vodafone Group to gain majority control.
Vodacom itself is majority-owned by Vodafone, which holds approximately 65 percent of the South African telecom giant. This means that while Safaricom is locally rooted, it is also indirectly linked to one of the world’s largest telecommunications companies.
Government of Kenya (20%)
The Government of Kenya remains a key shareholder with a 20 percent stake held through the National Treasury. Although this represents a reduction from its previous holding, the government continues to play a strategic role in safeguarding national interests.
Importantly, the state negotiated protections to ensure continued Kenyan influence over the company. These include requirements that Safaricom’s CEO and board chair remain Kenyan citizens, as well as guaranteed board representation.
Public Shareholders (25%)
The remaining 25 percent of Safaricom is owned by institutional and retail investors through the Nairobi Securities Exchange. This public float includes major local institutions such as the National Social Security Fund (NSSF), as well as global investment firms.
This structure allows ordinary Kenyans and international investors alike to own a piece of Safaricom, making it one of the most widely held and actively traded stocks in East Africa.
Why the government reduced its stake
The decision by the Kenyan government to sell part of its Safaricom stake was both strategic and financial. One of the primary motivations was to raise funds for national development, particularly through the newly established National Infrastructure Fund.
Through the transaction, the government received an upfront payment worth tens of billions of shillings. In addition, a unique “dividend monetisation” arrangement allows Vodacom to temporarily collect dividends from the government’s remaining shares until the agreed value is recovered.
While the move sparked debate, officials emphasized that it was structured carefully to balance economic benefits with national security concerns, especially given Safaricom’s critical role in financial services through M-PESA.
Safaricom’s leadership and strategic direction
Ownership is only part of the story. Safaricom’s success has also been shaped by its leadership over the years. The company is currently led by Peter Ndegwa, who became the first Kenyan to serve as CEO in 2020.
Under his leadership, Safaricom has evolved from a traditional telecommunications provider into a technology-driven company with regional ambitions. One of its most notable moves has been its expansion into Ethiopia, marking its first major international venture.
Previous leaders such as Michael Joseph and Bob Collymore also played critical roles in building the company’s foundation, driving innovations like M-PESA and scaling its customer base across Kenya.
What this means for Kenya and the region
The new ownership structure reflects a broader trend in Africa’s telecom sector, where local companies partner with global players to scale operations and access capital.
For Kenya, the Safaricom deal represents a balancing act between attracting foreign investment and maintaining national control over strategic assets. The safeguards put in place—such as local leadership requirements and board representation—highlight the government’s intention to protect the country’s interests.
At the same time, Vodacom’s increased stake is expected to bring additional expertise, capital, and regional integration opportunities, potentially strengthening Safaricom’s position as a leading technology company in Africa.
The bottom line
So, who owns Safaricom? The answer is a mix of local and global stakeholders. While Vodacom Group now holds majority control, the Government of Kenya and millions of public investors still maintain a meaningful stake.
This hybrid ownership model reflects Safaricom’s identity: a proudly Kenyan company with global connections, playing a central role in the country’s economy and digital future.
