No Expat CEOs: Kenya Sets Final Conditions in Safaricom Sale

Kenya has placed strict governance requirements on Vodacom Group’s acquisition of a 55% stake in Safaricom, insisting that the company’s chairman and CEO must always be Kenyan citizens. The directive, issued in a statement reviewed by TechCrier, is part of a wider set of conditions designed to ensure the telco remains firmly anchored to national interests despite foreign majority ownership.

Kenya is set to sell a 15% stake in Safaricom to Vodacom. A key condition in this landmark sale is that Safaricom's leadership must not include any expatriate CEOs. This move underscores Kenya's commitment to promoting local talent and leadership within its major corporations. The government has outlined ten conditions for this agreement, which is scheduled to finalise by December 4, 2025. This strategic sale will significantly impact the ownership structure of Safaricom, a company with a substantial presence in Kenya.

Why the government is tightening control

The state privately sold a 15% stake but made it clear that local identity, leadership, and workforce protection are non-negotiable. Safaricom remains central to Kenya’s economy, with its mobile-money platform M-PESA generating KES 88.1 billion ($682 million) in revenue during the first half of 2025. With such influence, the government wants to prevent any shift in direction that could weaken its role as a national asset.

Safaricom’s identity and operations shielded

The conditions extend beyond leadership seats. The government required Vodacom to maintain Safaricom’s brand as it is, blocking any changes to the company name, logo, or trademarks unless the state explicitly approves them. This ensures the brand continues to function as a symbol of national pride and recognition.

Vodacom is also restricted from undertaking restructuring that could harm Kenyan workers or suppliers. The company cannot declare staff redundancies outside normal business processes, and it must continue working with local suppliers without making major changes for the next three years. These terms protect the workforce and local businesses that depend on Safaricom’s operations.

READ MORE:Vodacom secures majority control of Safaricom in $2.1bn acquisition

Foundations remain focused on Kenya

The agreement also safeguards Safaricom’s philanthropic footprint. All trustees of the Safaricom Foundation and the M-PESA Foundation must be Kenyan citizens, and every fund allocated by these foundations must be spent on initiatives within Kenya. This keeps the company’s social-impact work tied exclusively to domestic communities.

Government retains influence on regional expansion

Even with only a 20% shareholding, the government secured a consultative role in Safaricom’s expansion strategy. Vodacom must consult the state before backing any venture outside Kenya, effectively giving Nairobi a voice in how Safaricom deploys resources for regional growth.

Maintaining national influence despite minority ownership

The final conditions highlight Kenya’s determination to keep Safaricom’s leadership, brand integrity, philanthropic focus, and strategic decision-making tied to national priorities. Although foreign ownership now holds the majority, the state’s requirements ensure it maintains substantial influence over one of the country’s most important companies.