Vodacom upgraded its 2030 ambition for financial services customers to 130 million, from 120 million at the end of its 2026 financial year. The group has also successfully completed its 20% acquisition of an additional stake in East Africa telecoms group Safaricom.
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Vodacom Group said Tuesday its R35 billion acquisition of an additional 20% stake in Safaricom to gain majority shareholder control has completed and will unlock new opportunities for digital and financial inclusion in Kenya and Ethiopia.
The completion of the deal follows the staying of a conservatory order by the Kenya Court of Appeal on June 26, 2026, and the fulfilment of all condition's precedent. This means that Vodacom's shareholding in Safaricom has increased to about 55%, allowing consolidation of one of Africa's foremost telecommunications, financial services, and technology businesses.
“This is a landmark moment for Vodacom, for Safaricom, and for the communities we serve across East Africa. Acquiring majority ownership in Safaricom strengthens our position as a market leader, while at the same time unlocking new opportunities to drive digital and financial inclusion at scale in Kenya and Ethiopia,” said Vodacom CEO Shameel Joosub in a statement.
The transaction, valued at $2,1bn, was first announced in December 2025 and saw Vodacom acquire a 15% stake from the government of Kenya and a further 5% from Vodafone Group Plc, at KES34 per share.
The Kenya government retains a 20% stake in Safaricom, which is listed on the Nairobi Securities Exchange. Safaricom's financial results will transition from an associate to consolidation.
Vodacom Group reported EBITDA (earnings before interest, tax, depreciation, and amortisation) of R63bn for its 2026 financial year, while Safaricom reported EBITDA of R29bn.
Joosub said Safaricom’s “outstanding track record and differentiated growth outlook” perfectly complemented Vodacom’s Vision 2030 ambitions.
“I look forward to partnering with governments in Kenya and Ethiopia and working even closer with the Safaricom team, leveraging the learnings from their success across the group,” he said.
Safaricom combines social impact, telecommunications, fintech, and technology services at scale. Its flagship M-Pesa platform drives high-impact financial inclusion, evidenced by 44% of revenue coming from fintech in Kenya, while its expansion into Ethiopia - where it has established a growing customer base of 14 million - and its suite of cloud, IoT (internet-of-things), and enterprise services, positions it for continued growth, he said.
Vodacom's Vision 2030 strategy aims to deepen the group's leadership in Africa's high-growth markets and scale its diversified digital and financial services portfolio. Vodacom now operates across a contiguous arc of high-growth African markets, from South Africa through East and Central Africa to Egypt, with Safaricom at the strategic heart of its East African presence.
Commenting on the transaction, John Mbadi, Cabinet Secretary, National Treasury of Kenya, said: "Twenty-five years ago, the Government of Kenya made a founding investment in a mobile telephone license. That investment has grown into Safaricom - a company that has transformed financial inclusion across Africa, connected more than fifty million Kenyans, and contributed over one-and-a-half trillion shillings to the Exchequer.”
“Today, we crystallize a portion of that value to invest in the roads, the energy systems, the water infrastructure, and the airports that will power Kenya’s next chapter of growth. We do so lawfully, transparently, and with the express authority of Parliament. Safaricom’s best days are not behind it. They are ahead of it. And Kenya remains its home,” said Mbadi.
Vodacom intends to update the market on its medium-term targets on or around July 27, 2026, when the group publishes its first-quarter results.
Vodacom’s share price tracked 0.43% higher to R150.55 on Tuesday afternoon, up from R139.64 a year ago, while it is lower than the 12-month peak of R164.09 reached in March.