The government has announced plans to sell a portion of its 34.9 percent stake in Safaricom by June 2026 as part of its broader privatization agenda aimed at raising Sh149 billion.
According to Treasury Cabinet Secretary John Mbadi, the move is intended to help meet revenue targets for the 2025/26 financial year, reduce public debt, and fund development projects under the Sh4 trillion national budget.
“Safaricom is the big one that can give us the kind of money we are looking for,” Mbadi stated, highlighting the company’s profitability and strategic importance.
Safaricom, Kenya’s largest telecommunications provider, posted a net profit of Sh69.8 billion for the financial year ending March 31, 2025. Its total revenue rose by 11.2 percent to Sh388.7 billion, driven by continued innovation and regional expansion, particularly into Ethiopia.
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The Nairobi Securities Exchange (NSE) previously advised that reducing the government’s stake in Safaricom to 25 percent could yield about Sh150 billion.
NSE Chief Executive Geoffrey Odundo noted that such a move would help minimize reliance on costly borrowing and ease the national debt burden.
Under the Privatisation Act, 2023, the National Treasury can now proceed with the sale of state-owned enterprises without requiring parliamentary approval.
