Safaricom shareholders will vote on proposed changes that could require the Kenyan government’s approval before the company expands into new markets outside Kenya and Ethiopia.
The telecommunications company has proposed amendments to its articles of association requiring government consent before any resolution to enter new territories is implemented.
The changes will be presented at Safaricom’s 2026 Annual General Meeting, where shareholders will decide whether to approve the amendments.
In a notice to shareholders, Safaricom stated that “any resolution relating to the expansion of the business of the company into new territories outside of Kenya and Ethiopia shall not be deemed to have been passed unless the consent of the Government of Kenya has been obtained.”
The proposal comes as Safaricom continues to grow its presence in Ethiopia, its first market outside Kenya. The company launched commercial operations in Ethiopia in 2022 after securing a telecommunications licence through the Global Partnership for Ethiopia consortium.
The Ethiopian expansion has required significant investment in network infrastructure and operations as Safaricom works to grow its customer base and move the business towards profitability.
Kenya remains Safaricom’s largest market, with services such as M-Pesa continuing to drive a significant share of the company’s operations. The company was listed on the Nairobi Securities Exchange in 2008, giving investors the opportunity to own shares.
The Kenyan government currently holds a 20 percent stake in Safaricom, while Vodafone Kenya Limited owns 55 percent through Vodacom.
The proposed amendments follow previous ownership arrangements involving the transfer of part of the government’s stake in Safaricom to Vodacom.
Safaricom said the changes would provide a framework for decision-making as the company continues to expand its business.
Shareholders will determine whether the proposed amendments take effect during the 2026 Annual General Meeting.
– By Esther Keshe
