Safaricom shareholders to vote on governance reforms as Vodafone Kenya secures 55% majority stake

Vodafone Kenya, a unit of South Africa’s Vodacom Group, has increased its holding in Kenya’s Safaricom to 55% after acquiring an additional 15% from the Kenyan government in a $2.1 billion transaction completed in June 2026. The deal follows a court‑ordered lifting of a conservatory order and grants Vodafone Kenya majority control of the telecom and fintech operator.

At Safaricom’s Annual General Meeting on 31 July, shareholders will consider a package of governance amendments. Key proposals would give Vodafone Kenya the right to nominate the chief executive officer, executive directors and shareholder‑appointed board members while it holds more than 50% of the shares. The reforms also replace existing ownership thresholds of 10% and 40% with a single 50% benchmark, remove the requirement for government approval before expanding operations beyond Kenya and Ethiopia, and introduce modern board procedures such as electronic voting and mechanisms for resolving deadlocks.

Safaricom, noted for its M‑Pay a mobile‑money platform that generates about 44% of its revenue, remains 20% owned by the Kenyan government and 25% by public investors. The Capital Markets Authority has exempted Vodafone Kenya from a mandatory takeover offer, though legal challenges to the share sale persist.