The major Safaricom-related news today, Wednesday, September 23, 2026, centres on the ongoing legal dispute over the Kenyan government's sale of a 15 percent stake in Safaricom PLC, a transaction valued at approximately KSh204.3 billion. The government has moved to the Court of Appeal after the High Court declared the sale null and void, arguing that the ruling raises significant questions about public finances, the capital markets and the implementation of the transaction. 

The Safaricom story is also connected to wider changes affecting the country's digital-finance sector. On the same day, Citizen Digital reported that the Central Bank of Kenya has proposed new legislation that would require banks and digital payment providers, including M-Pesa, to establish secure systems for sharing customer data with licensed third parties, subject to customer consent. 

These developments are important because Safaricom is not simply a telecommunications company. Through M-Pesa, mobile data, broadband and other digital services, the company has become a major player in Kenya's financial and digital economy.

Government appeals High Court ruling

According to Citizen Digital, the Kenyan government has appealed the High Court judgment that declared the sale of 15 percent of the government's shareholding in Safaricom PLC null and void. The appeal has been filed by Attorney General Dorcas Oduor and National Treasury Cabinet Secretary John Mbadi. 

The government is asking the Court of Appeal to overturn the High Court judgment and suspend its implementation while the appeal is being heard and determined.

The dispute follows a judgment by a three-judge High Court bench that questioned the legality of the government's partial divestiture of its Safaricom stake.

The government has strongly contested that decision and maintains that the transaction followed the required procedures.

The appeal means that the legal dispute over the Safaricom shares is continuing. The High Court ruling does not therefore represent the final stage of the matter, because the government has formally moved the case to the appellate court.

The KSh204.3 billion transaction

At the centre of the dispute is a transaction involving KSh204.3 billion.

The government has argued that the money received from the transaction is non-refundable and that the shares have already been transferred and are quoted securities in a listed company. It has also told the Court of Appeal that approximately KSh40.2 billion was paid in relation to future dividends. 

The government is concerned that implementing the High Court judgment immediately could create difficulties in reversing the transaction.

According to the government's appeal, the Safaricom shares had already been transferred to Vodafone Kenya Limited and held through the Central Depository and Settlement Corporation.

The government therefore wants the Court of Appeal to suspend the High Court orders until the appeal is heard.

Why the government says the matter is urgent

The government has described the dispute as an issue of significant public interest.

According to the arguments reported by Citizen Digital, the government says the case affects fiscal planning, capital-market stability, investor confidence and Kenya's external financial position. 

The government is also concerned that if steps are taken to implement the High Court judgment before the appeal is determined, reversing those steps could become difficult.

The application for a stay is therefore intended to preserve the situation while the Court of Appeal considers the government's challenge.

This does not mean that the Court of Appeal has already determined the government's appeal. It is part of the ongoing legal process.

Government's position on the share sale

The government previously announced that it disagreed with the High Court's decision.

National Treasury Cabinet Secretary John Mbadi maintained that the partial divestiture of the government's 15 percent Safaricom stake had followed due process.

Citizen Digital reported that Mbadi argued that safeguards were included in the transaction to protect Safaricom employees, dealers and business partners. The government intends to present these arguments before the Court of Appeal. 

The National Treasury has also argued that the transaction was connected to the government's financial-management requirements and fiscal circumstances.

The government has therefore positioned the appeal as an effort to challenge what it considers errors in the High Court's interpretation of the transaction.

Safaricom's position

Safaricom has also addressed the issue.

 Safaricom said the transaction had been completed on June 30, 2026, after conservatory orders were lifted by the Court of Appeal. 

The company has indicated that it will continue operating its telecommunications and other services in Kenya and Ethiopia while the legal process continues.

For Safaricom customers, the dispute does not mean that normal services such as calls, mobile internet and M-Pesa have been suspended.

The legal case concerns the ownership transaction involving the government's shares rather than the day-to-day operation of Safaricom's customer services.

M-Pesa and the proposed new law

Another important Safaricom-related development concerns the proposed National Payment System Policy and National Payment System Bill, 2026.

The Central Bank of Kenya is proposing rules that would require banks and digital payment providers such as M-Pesa to create secure systems capable of sharing customer data with licensed third parties for open-finance purposes. 

However, the proposed framework is based on customer consent.

This is significant because M-Pesa holds enormous amounts of transaction information generated by customers and businesses using the platform.

Under the proposed system, fintech companies could potentially develop services that interact with information held by banks and payment platforms, provided the relevant requirements are satisfied and customers give the necessary consent.

What open banking could mean

Open banking and open finance are concepts designed to give consumers greater control over their financial information.

Instead of a customer's financial information remaining entirely within one bank or payment provider, secure systems can allow authorised third parties to access selected information when the customer gives permission.

For example, a customer could potentially authorise a financial-technology company to access certain financial information to help provide budgeting, credit assessment or other financial services.

The proposed Kenyan framework is intended to encourage innovation and competition within the financial sector.

Citizen Digital reported that the Central Bank believes the proposed legislation could promote market development, fair competition and transparency in the national payment system. 

Data protection will be important

The proposed sharing of financial information also raises important questions about privacy and security.

Financial information is highly sensitive, meaning that systems used to transfer such data would need strong security measures.

The proposed legislation states that payment service providers and payment system operators should use systems capable of securely sharing customer data with third parties.

The Central Bank would also have powers concerning secure data-sharing mechanisms.

The emphasis on customer consent means that customers would have a role in deciding whether their information can be shared for open-finance purposes.

Public participation

The proposed National Payment System Bill is not simply being introduced without public involvement.

Citizen Digital reported that members of the public have been invited to participate in the process, with submissions expected by October 9, 2026. 

This gives financial institutions, technology companies, consumer organisations and members of the public an opportunity to consider the proposed framework and submit their views.

For M-Pesa users, the development is particularly relevant because M-Pesa is one of Kenya's most widely used digital financial platforms.

Safaricom's wider role in Kenya

The latest news comes at a time when Safaricom has a much broader role in the Kenyan economy than traditional telecommunications.

The company operates one of the country's largest mobile networks and provides voice, messaging and internet services.

Its M-Pesa platform has also become an important part of everyday financial activity.

Millions of customers use mobile money for personal transfers, payments, business transactions and other financial services.

Safaricom has also expanded into broadband and other digital services, meaning that developments affecting the company can have implications beyond the telecommunications sector.

Safaricom and youth development

Safaricom's activities also extend into social and sporting programmes.

Citizen Digital reported recently on the Safaricom Chapa Dimba football tournament, where county champions from the Eastern Region were crowned after competitions involving teams from Isiolo, Meru, Embu, Tharaka Nithi, Machakos, Kitui, Makueni and Marsabit. 

The tournament provides young footballers with opportunities to compete at county and regional levels.

The county champions receive financial prizes and progress towards regional competitions.

The latest Eastern Region finals are scheduled for October 2 and 3 in Embu, according to Citizen Digital. 

This illustrates another aspect of Safaricom's presence in Kenyan society, where the company supports initiatives outside its core telecommunications business.

What the legal dispute could mean for shareholders

The court dispute is also being closely watched by shareholders and investors because Safaricom is a major company listed on the Nairobi Securities Exchange.

The government's stake sale involved a substantial number of shares, meaning that any eventual legal decision could have implications for ownership arrangements.

However, the outcome of the appeal remains to be determined by the courts.

The government's current action is an appeal and an application for a stay; it should not be interpreted as a final resolution of the underlying dispute.

What Safaricom customers should know

For ordinary Safaricom customers, the most important point is that the current court dispute concerns the government's shareholding transaction, rather than the continuation of Safaricom's normal services.

Customers can therefore distinguish between the corporate ownership dispute and the services they use every day.

The separate proposed payment-system legislation is potentially more relevant to M-Pesa users in the longer term because it could change how financial data is shared between payment providers and authorised third parties.

However, the proposed legislation is still part of a legislative and public-participation process. It is not the same as an immediate change to how customers use M-Pesa today.

Looking ahead

The next important development in the Safaricom share-sale dispute will be the Court of Appeal's consideration of the government's application and, ultimately, its appeal against the High Court judgment.

The case is likely to remain significant because of the amount of money involved and the government's arguments concerning public finances, securities and investor confidence.

Meanwhile, the proposed National Payment System Bill could introduce another major change to Kenya's financial-technology environment if it eventually becomes law.

For Safaricom, this means that the company remains at the centre of several major national conversations: telecommunications, digital finance, data protection, capital markets and technology.