NAIROBI, Kenya- The government plans to sell a portion of its 34.9% stake in Safaricom by June 2026.
According to the state, the move is aimed at raising Sh149 billion through privatization efforts.
This move is part of a broader strategy to reduce public debt and generate funds for the Sh 4 billion budget to development projects.
Treasury Cabinet Secretary John Mbadi confirmed the plan, stating that the government intends to divest shares in various state-owned companies, including Safaricom, to meet its revenue targets for the 2025/26 financial year.
𝐓𝐫𝐞𝐚𝐬𝐮𝐫𝐲 𝐄𝐲𝐞𝐬 𝐒𝐡𝟏𝟒𝟗𝐁𝐧 𝐖𝐢𝐧𝐝𝐟𝐚𝐥𝐥 𝐟𝐫𝐨𝐦 𝐒𝐚𝐟𝐚𝐫𝐢𝐜𝐨𝐦 𝐒𝐭𝐚𝐤𝐞 𝐒𝐚𝐥𝐞 𝐭𝐨 𝐏𝐥𝐮𝐠 𝐅𝐢𝐬𝐜𝐚𝐥 𝐆𝐚𝐩 ~ BDKenya plans to sell part of its 34.9% Safaricom stake before June 2026 to raise most of the Sh149Bn privatisation target.A 5–10%
“Safaricom is the big one that can give us the kind of money that we are looking for.”
Safaricom, which is Kenya,s leading telecommunications provider, has shown strong financial performance, reporting a net profit of Sh69.8 billion for the financial year ending March 31, 2025.
The company’s total revenue increased by 11.2% to Sh388.7 billion, driven by sustained innovation and expansion into Ethiopia.
The Nairobi Securities Exchange (NSE) has previously advised the government that reducing its stake in Safaricom to 25% could raise approximately Sh150 billion.
NSE Chief Executive Geoffrey Odundo noted that such a move would help reduce the need for expensive loans and alleviate the public debt burden.
Under the Privatisation Bill, 2023, the National Treasury has been granted powers to sell state-owned companies without requiring parliamentary approval.
