Vodacom Tightens Its Grip on Safaricom as Board Representation Expands

Vodacom Group is taking a more prominent role in the running of Safaricom after two of its senior executives were nominated to join the Kenyan telecommunications giant’s board.

Safaricom announced on August 13, 2026, that Mariam Cassim, Vodacom’s chief executive responsible for fintech, and Matimba Mbungela, the group’s chief human resources officer, had been appointed as non-executive directors. Their appointments remain subject to regulatory approval.

The changes will also see James Ludlow of Vodafone Group and John Kipngetich Mosonik leave the Safaricom board. Once the new appointments are approved, Vodacom will have five representatives on the board, giving the South African telecommunications group a significantly stronger voice in Safaricom’s affairs.

The development follows Vodacom’s rise to majority shareholder status in Safaricom. The company now holds a 55 percent stake after acquiring an additional 20 percent, while the Kenyan government’s ownership has dropped from 35 percent to 20 percent.

The new ownership structure is also reflected in board representation. Vodacom is entitled to five board seats, compared with two for the Kenyan government. Vodafone Group, which previously held a direct stake, has exited its ownership position and consequently no longer has board representation.

Vodacom’s increased influence could prove significant for Safaricom, one of Kenya’s most strategically important companies. Beyond its traditional telecommunications operations, Safaricom has developed into a major player in digital payments and financial technology, largely through its hugely successful M-Pesa platform.

Cassim’s fintech background is particularly relevant to Safaricom’s growing financial-services business, while Mbungela brings extensive experience in human-resource management. Their appointments therefore appear designed not only to increase Vodacom’s board presence but also to strengthen its influence over key areas of Safaricom’s future development.

The latest changes are the result of a transaction first announced in December 2025. Vodacom agreed to purchase an additional 20 percent of Safaricom for approximately $2.1 billion, acquiring 15 percent from the Kenyan government and another 5 percent from Vodafone Group.

The deal was completed in 2026, transforming Vodacom from a 35 percent shareholder into Safaricom’s majority owner.

Although the Kenyan government remains an important shareholder with a 20 percent stake, its influence at board level has been reduced. Vodafone, meanwhile, has completely withdrawn from direct ownership.

With Vodacom now holding both majority ownership and five board seats, its influence over Safaricom’s strategic direction is set to become more pronounced. The shift could shape decisions on leadership, fintech, digital services and the company’s long-term growth strategy.

For Safaricom, the changes mark a new phase in its corporate structure. For Vodacom, they represent a move from being a significant shareholder to having a much more direct role in determining the future of one of Africa’s most influential telecommunications and digital-finance businesses.