Vodacom Moves for Majority Control of Safaricom in a R36bn Deal Reshaping East Africa’s Digital Future

Vodacom Group has taken a decisive step to strengthen its position in East Africa with a multibillion‑rand agreement that would increase its ownership of Safaricom from 35 percent to 55 percent, pending regulatory approval. The deal, valued at $2.1 billion or R36 billion, includes the purchase of 15 percent of Safaricom PLC from the Government of Kenya and an additional 5 percent from Vodafone at a share price of KES34. Safaricom remains listed on the Nairobi Stock Exchange and retains the Government of Kenya as a 20 percent shareholder with board representation. Vodacom says this is a significant leap in its Vision2030 strategy, one built on expanding its leadership in high growth African markets and scaling financial and digital services across the continent.

Vodacom CEO Shameel Joosub describes the transaction as a landmark moment, arguing that controlling Safaricom strengthens the Group’s ability to accelerate digital inclusion in Kenya and Ethiopia. With Safaricom’s results set to shift from associate reporting to full consolidation under IFRS standards, Vodacom’s revenue is projected to rise toward R220 billion. Safaricom CEO Peter Ndegwa affirmed that Vodacom has been central to the company’s growth from the very beginning and that the decision signals long‑term confidence in Safaricom’s economic and technological trajectory. He emphasised expansion opportunities in Ethiopia and the continued scaling of M‑Pesa, cloud services, enterprise solutions and IoT.

Safaricom remains one of the continent’s most valuable telecom and fintech assets, known for consistent financial performance, powerful margins and reliable cash generation. Government officials in Nairobi framed the sale as part of an effort to unlock capital without increasing taxes or debt, aligning with national plans for economic restructuring and investment. Treasury Cabinet Secretary John Mbadi said the state views Safaricom as a strategic asset and intends to remain an active shareholder.

Why this matters for Africa
This deal is bigger than one company increasing its stake in another. It signals how African tech infrastructure is becoming central to the continent’s economic future and a key bargaining chip in global digital competition. It reflects confidence in African markets despite global volatility and shows the value generated when African innovation, like M‑Pesa, scales beyond domestic borders. Deals of this size also remind African policymakers that the digital economy is no longer a peripheral sector but a foundation for financial inclusion, cross‑border trade and youth‑driven growth. Africa’s markets are young, energetic and positioned for expansion, and while global players often underestimate that potential, the numbers tell a different story. Every transaction of this scale reinforces the reality that Africa is not a passive participant in the global digital economy but an emerging powerhouse still writing its own narrative.

And as always, TVOA ends with clarity: Africa’s story is not measured by centuries of independence but by the speed at which it grows, adapts and innovates. The continent is young, resilient and on a trajectory no external power can slow. This moment is another step toward the digital future Africa is building for itself.

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