Public hearings into the Kenyan government’s plan to sell a 15% stake in Safaricom for roughly $2.1 billion have closed with a blunt public verdict.
Citizens are not rejecting privatisation outright, but they remain deeply wary of how the deal is structured and how the proceeds will be used.
Across 30 counties, forums led by parliamentary finance committees repeatedly raised concerns that the windfall could be diverted from visible infrastructure into general government spending.
Embu resident Charles Nyaga told lawmakers, “If it goes to the Consolidated Fund, there will be no way to ascertain what the proceeds were used for.” The sentiments of Nyaga are echoes of widespread calls for ring-fenced funding and project transparency that lawmakers encountered in their cross-country tour.
The transaction traces back to December, when Nairobi agreed to sell the stake to Vodacom Group at KSh34 per share, lifting Vodacom’s holding to about 55% and effective control of Kenya’s most profitable telecoms and fintech platform.
The government has persistently sold the deal as a debt-neutral way to finance infrastructure, but skepticism has grown over valuation, process, and national interest.
Fierce critic and Kiharu MP Ndindi Nyoro has however, warned that the structure risks undervaluing a strategic national asset.
“Basing valuation purely on a depressed market price is naïve,” he said during submissions, arguing Safaricom’s long-term fundamentals justify a higher figure.
Activists and professional bodies have similarly questioned whether Kenya is surrendering influence over a digital backbone that underpins mobile money and enterprise connectivity.
Equally, Concerns over control remain another major sticking point for many Kenyans. Several participants asked why local retail investors were not prioritised through the Nairobi exchange, recalling the enthusiasm of Safaricom’s landmark IPO.
Others fear increased foreign control could entrench dominance in mobile financial services, prompting scrutiny from regional competition regulators.
Vodacom has maintained that the acquisition is about scaling African digital inclusion. The giant telco’s Group CEO Shameel Joosub described the deal as a pivotal step that would further unlock opportunities to drive digital and financial inclusion across East Africa.
“This landmark transaction will mark a pivotal step in Vodacom’s journey to accelerate growth and deepen our impact across Africa,” he stated.
Safaricom CEO Peter Ndegwa added that Vodacom’s deeper investment signals a deep trust in the company’s strategy. “Vodacom’s confidence in Safaricom is a testament to the strength of our people, our strategy, and the opportunities ahead,” he said.
Yet on the ground, distrust persists. Samburu residents demanded guarantees that proceeds reach underserved regions, while others cited past fiscal controversies as a reason for strict safeguards.
With lawmakers now drafting their report and a proposed infrastructure fund under debate, the hearings show that beyond price, Kenyans want enforceable accountability.
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