• Vodacom agreed to acquire 15% from the Kenyan Government and 5% from Vodafone, increasing its stake from 35% to 55% at KES34 per share.

• Safaricom continues to deliver strong performance, with over 50 million customers in Kenya and M-Pesa generating KES 140.9 billion in revenue in FY2024. 

• In Ethiopia, Safaricom has rapidly scaled to over 10 million subscribers.

On December 4, 2025, Vodacom Group announced a deal to significantly increase its stake in Safaricom, reinforcing its commitment to the East African markets of Kenya and Ethiopia. "This landmark transaction will mark a pivotal step in Vodacom's journey to accelerate growth and deepen our impact across Africa," said Shameel Joosub, CEO of Vodacom Group. "Acquiring a controlling stake in Safaricom strengthens our position as a market leader, while unlocking new opportunities to drive digital and financial inclusion at scale in Kenya and Ethiopia."

Under the terms of this transaction, Vodacom seeks to acquire 15% of Safaricom PLC and an additional 5% from Vodafone at KES34 per share, valuing the deal at $2.1 billion (R36 billion) through an agreement with the Government of Kenya. Should the transaction be approved, Vodacom's stake in Safaricom—which will remain listed on the Nairobi Stock Exchange—will increase from 35% to 55%.

This move comes at a time when Safaricom continues to demonstrate strong performance in its core market. As of July 2025, the company announced it had surpassed 50 million customers in Kenya. In its 2024 financial year, M-Pesa revenue surged by 19.5% to KES 140.9 billion (approximately USD 1.1 billion), contributing over a third of total service revenue and highlighting the central role of fintech in Safaricom’s earnings and cash generation.

Meanwhile, in Ethiopia, Safaricom has rapidly emerged as a formidable challenger. By mid-2025, Safaricom Ethiopia had exceeded 10 million active subscribers, with average monthly data usage per user climbing to 6.5 GB. The company’s swift network expansion and early traction in mobile money services underscore its long-term growth potential in the region.

"This transaction is one of the first steps in the President's stated agenda of innovatively unlocking capital, without increasing taxes or the country's debt burden," said John Mbadi, Cabinet Secretary for the National Treasury. "Safaricom continues to be a key strategic investment for us, as we are retaining a 20% stake as well as board representation."

Hikmatu Bilali