Vodacom appoints new Safaricom Board members after raising stake to 55%, two exit

Vodacom Group has strengthened its representation on the Safaricom board following its acquisition of an additional stake in the Kenyan telecommunications company, with two senior executives joining the board as Non-Executive Directors.

Safaricom in a notice announced that Mariam Cassim and Matimba Mbungela have been appointed to its Board of Directors with effect from August 13, 2026, subject to regulatory approvals.

Cassim is the Chief Executive Officer, Fintech at Vodacom Group, where she has held senior positions since 2017.

According to Safaricom, the board member has experience in corporate finance, mergers and acquisitions, debt structuring, commercial management, innovation and business development.

“Her experience in innovation, business disruption and new business development enables her to develop commercially sustainable solutions that create value for both the business and society,” the company said.

Cassim is a Chartered Accountant and holds a Master of Business Administration from the University of Cape Town's Graduate School of Business, where she graduated cum laude.

On his part, Mbungela is the Chief Officer, Human Resources at Vodacom Group, a position he has held since 2014.

He previously held various senior human resources roles within Vodacom and Vodafone, including assignments covering organisational effectiveness, change and talent management across Africa, the Middle East and Asia Pacific.

Mbungela has also held senior HR positions at multinational companies including BMW South Africa and Unilever.

The new Safaricom board member currently serves on the boards of Vodacom Tanzania, Vodacom Mozambique and Vodacom Lesotho, among other roles.

The appointments come alongside the departure of James Ludlow and Dr. (Eng.) John Kipngetich Mosonik, who resigned as Non-Executive Directors of Safaricom with effect from August 13.

Safaricom's Board thanked the two outgoing directors for their contributions to the company's board and committee meetings and wished them well in their future endeavours.

The board changes follow Vodacom's completion in June of its acquisition of an additional 20% effective stake in Safaricom, increasing its shareholding in the Kenyan company to 55%.

The transaction moved Safaricom from being accounted for as an associate to being consolidated in Vodacom's financial statements.

Valued at approximately US$2.1 billion, the transaction involved Vodacom acquiring a 15% stake from the Government of Kenya and a further effective 5% from Vodafone Group at KSh34 per share.

The National Treasury retained a 20% stake in Safaricom, which remains listed on the Nairobi Securities Exchange.

The deal had been announced in December 2025 and was completed on June 30, 2026, after the remaining conditions precedent were fulfilled following legal and regulatory developments surrounding the transaction.

Vodacom has described Safaricom as strategically important to its Vision 2030 ambitions, particularly because of the company's position in telecommunications, fintech and digital services across Kenya and its growing operations in Ethiopia.