Safaricom PLC Chief Executive Officer Dr. Peter Ndegwa has assured Members of the National Assembly that the government’s plan to sell part of its shares in the company will not disrupt Safaricom’s operations or its role in national development.
Dr. Ndegwa appeared before a joint sitting of the Parliamentary Committees on Finance and National Planning, and Public Debt and Privatisation, to address concerns over Sessional Paper No. 3 of 2025, which proposes reducing the government’s shareholding in the telecoms firm.
He told MPs that the proposed divestiture will not lead to a transfer of operational control, weaken regulation, or affect governance standards at Safaricom.
“There will be no change to Safaricom’s board, management structure or decision-making processes,” Dr. Ndegwa said, adding that the move is a normal shareholder action being carried out within existing legal and regulatory frameworks.
He said the process before Parliament includes safeguards meant to protect the public interest and ensure stability in the company.
“From our perspective, the current arrangements are designed to preserve continuity and allow Safaricom to continue playing its role as a key driver of Kenya’s economy,” he said.
A major concern raised by MPs was whether Safaricom would retain its Kenyan identity if the deal goes through. Committee members, led by Finance and National Planning Committee Chairperson Kuria Kimani, questioned whether the company would remain Kenyan-focused, especially if a foreign investor ends up with a bigger stake.
“Many Kenyans are worried about whether Safaricom will keep its Kenyan identity, culture and priorities, including pricing that responds to the needs of Kenyans,” Kimani said.
In response, Dr. Ndegwa assured MPs that Safaricom would remain a Kenyan brand.
“Safaricom has been transforming the lives of Kenyans for 25 years. It has been a Kenyan company since the beginning. We will not change the brand or even the green colour our customers are used to,” he said.
He added that safeguards built into the proposed transaction will ensure the company continues to project a Kenyan identity.
Dr. Ndegwa also addressed concerns raised by Safaricom dealers and businesses within its ecosystem, who fear job losses and business closures if the divestiture is approved.
He said Safaricom supports millions of livelihoods through partnerships and that these would not be affected by the change in government ownership.
“I will convene a meeting with all dealers to assure them that their contracts will not be affected. These agreements are legally binding,” he said.
The CEO said Safaricom will continue to operate transparently and lawfully, regardless of changes in government shareholding.
“We remain committed to working with Parliament and to supporting Kenya’s digital, economic and social transformation,” Dr. Ndegwa said.
The joint parliamentary committee is expected to continue reviewing the Sessional Paper to assess the long-term impact of the proposed divestiture on Kenyan taxpayers.
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