Safaricom Board Adds Two Vodacom Directors After Stake Deal

In Short

• Safaricom has added two Vodacom executives to its board.
• Vodacom now has five board representatives at the Kenyan telco.
• The change follows Vodacom’s deal that lifted its ownership to 55%.

What Happened

Safaricom has appointed two new non-executive directors from Vodacom to its board. The directors are Mariam Cassim, Vodacom’s chief executive for financial technology, and Matimba Mbungela, Vodacom’s chief human resources officer.

Non-executive directors are board members who help oversee strategy and governance, but are not involved in day-to-day management. In large telecom groups, these seats often signal who has real influence over hiring, budgets, and priorities.

With the two appointments, Vodacom’s representation on the Safaricom board rises to five members. The reshuffle also includes exits that reduce Kenyan government and Vodafone Group presence.

The Kenyan government’s stake in Safaricom has dropped to 20% from 35% after Vodacom acquired a 15% stake previously held by the State. Vodafone also sold its remaining direct holding, around 4.9% in shares, to Vodacom, ending Vodafone’s direct ownership position.

Vodacom’s stake in Safaricom is now 55%, giving it effective control of the Nairobi Securities Exchange-listed operator. Vodacom has said board changes were part of its shareholder and co-operation agreement, which also affects how the Safaricom CEO and chair are selected.

Why It Matters

Safaricom sits at the centre of Kenya’s telecom and fintech market, including mobile money and payments infrastructure. More Vodacom board seats can shape how aggressively Safaricom invests in fintech products, talent, and regional expansion.

It also signals tighter group-level governance. Investors will watch how the new shareholder agreement affects leadership succession, independence, and local oversight, especially with commitments around appointing a Kenyan chair.