Vodacom, led by Shameel Joosub, may increase Safaricom stake

Vodacom Group, the Johannesburg-based telecommunications giant led by South African executive Shameel Joosub, is in discussions with the Kenyan government about potentially acquiring part of its stake in Safaricom Ltd., according to people familiar with the matter.

The Shameel Joosub-led telecoms giant already holds 39.93 percent of East Africa’s largest listed telecom operator and is now weighing whether to increase its shareholding, the sources said. No final decisions have been made.

Kenya weighs Safaricom stake sale

Safaricom, Kenya’s dominant mobile operator, serves nearly two-thirds of the country’s subscribers and has a market value of Ksh1.19 trillion ($9.2 billion). For the government, a sale could help raise much-needed funds as it works to manage rising debt and budget pressures.

The talks come as Vodacom and Safaricom push to expand M-Pesa, Africa’s largest and fastest-growing mobile money platform. In August, Treasury Secretary John Mbadi floated the idea of splitting Safaricom into three units—a move that could reduce state’s 35 percent stake. Vodacom, however, has stressed that it does not support separating M-Pesa from the group.

Vodacom posts strong half-year growth

Vodacom under the leadership of South African telecoms executive Shameel Joosub serves more than 220 million subscribers across Africa, with major operations in Tanzania, Mozambique, Lesotho, and the Democratic Republic of Congo.

The company has maintained steady growth, and its latest results reflect that momentum: for the six months ending Sept. 30, 2025, revenue climbed 10.9 percent to R81.58 billion ($4.8 billion), up from R73.54 billion ($4.32 billion) a year earlier.

Joosub expands Vodacom reach across the continent

CEO Shameel Joosub, who holds a 0.09 percent stake in Vodacom valued at more than $15 million, has guided the company through South Africa’s ongoing energy and infrastructure pressures while continuing to deliver returns for shareholders.

Under his leadership, Vodacom recently signed a partnership with Elon Musk’s Starlink to bring high-speed broadband to businesses across Africa. In addition, the company last month committed $29 million to expand Limpopo’s 5G network, improve connectivity, and support surrounding communities.