As the representative of Kenya’s private sector across all 47 counties, the Kenya National Chamber of Commerce and Industry (KNCCI) today submitted a critical position to the National Assembly Finance Committee regarding the Government’s proposed sale of a 15% stake in Safaricom PLC.

Why Safaricom Matters to Our Members

Safaricom is not just a company; it is the most systemically important listed entity in Kenya and the backbone of our digital payments and MSME commerce infrastructure. For our members, any ownership change has deep implications for:

  • Business Continuity & Transaction Costs: Ensuring fees remain manageable for millions of businesses.
  • Financial Inclusion: Maintaining the rails that allow small traders to access credit and savings.
  • Data Sovereignty: Protecting the national data infrastructure that powers our digital economy.

The KNCCI Position

While we support capital market growth, KNCCI maintains that this divestiture must be treated as a national economic decision, not just a fiscal one. We have made the following recommendations to Parliament:

  • Prioritize Local Ownership: We advocate for a structured model that gives Kenyan investors—both individual and institutional—access to this asset through the NSE.
  • Ring-Fence Proceeds: The funds raised should be legally protected for debt reduction and productive infrastructure, rather than recurrent expenditure.
  • MSME Safeguards: Strong regulatory protections must be in place to prevent higher transaction fees and ensure continued innovation for small businesses.

KNCCI reiterated  that it remains committed to ensuring that large-scale national transactions like the Safaricom sale strengthen, rather than weaken, the local private sector. We will continue to advocate for a business environment where every member has the tools and the protection to thrive.

As the representative of Kenya’s private sector across all 47 counties, the Kenya National Chamber of Commerce and Industry (KNCCI) today submitted a critical position to the National Assembly Finance Committee regarding the Government’s proposed sale of a 15% stake in Safaricom PLC.

Why Safaricom Matters to Our Members

Safaricom is not just a company; it is the most systemically important listed entity in Kenya and the backbone of our digital payments and MSME commerce infrastructure. For our members, any ownership change has deep implications for:

  • Business Continuity & Transaction Costs: Ensuring fees remain manageable for millions of businesses.
  • Financial Inclusion: Maintaining the rails that allow small traders to access credit and savings.
  • Data Sovereignty: Protecting the national data infrastructure that powers our digital economy.

The KNCCI Position

While we support capital market growth, KNCCI maintains that this divestiture must be treated as a national economic decision, not just a fiscal one. We have made the following recommendations to Parliament:

  • Prioritize Local Ownership: We advocate for a structured model that gives Kenyan investors—both individual and institutional—access to this asset through the NSE.
  • Ring-Fence Proceeds: The funds raised should be legally protected for debt reduction and productive infrastructure, rather than recurrent expenditure.
  • MSME Safeguards: Strong regulatory protections must be in place to prevent higher transaction fees and ensure continued innovation for small businesses.

Building a Resilient Private Sector 

Beyond policy advocacy, the Chamber is actively working on programs to strengthen our members’ resilience:

  • Empowering Women & Youth: Through initiatives like the Jiinue Growth Program (in partnership with Mastercard Foundation) and the SHE GROWS program (with IFC), we are unlocking over USD 50 million in capital to ensure these groups are drivers of economic transformation.
  • Value Addition for Farmers: We are bridging the gap from “growing” to “processing” by facilitating direct technology linkages with international partners, enabling members to procure agro-processing machinery at factory prices.
  • Digital Transformation: To help MSMEs survive global shocks, our Kenya Digital Transformation Program (supported by the EU) provides free training in e-commerce and digital marketing to keep your business competitive in a global market.

KNCCI reiterated  that it remains committed to ensuring that large-scale national transactions like the Safaricom sale strengthen, rather than weaken, the local private sector. We will continue to advocate for a business environment where every member has the tools and the protection to thrive.