The opposition to the government’s sale of Safaricom shares is growing into a chorus. The Technology Service Providers of Kenya (TESPOK) has joined accountants ICPAK in questioning the rationale behind offloading a 15% stake to a foreign entity at what they term a "discounted" price.

TESPOK, which represents the interests of ISPs and tech firms, warned that the sale could distort the local telecommunications market. "Safaricom is infrastructure," said CEO Fiona Asonga. "If we cede majority control to a foreign player, we lose the leverage to direct digital policy for the public good."

"We Are Selling the Golden Goose"

The combined pressure from financial and technical experts is making it harder for the Treasury to push the deal through Parliament quietly. Both bodies argue that Safaricom’s dividend yield—consistently the highest on the NSE—provides a recurring revenue stream for the exchequer that outweighs the one-off cash injection from a sale.

"It is like selling your dairy cow to buy milk," remarked an ICPAK council member. "We get cash today, but we lose the milk forever." The bodies are demanding a full public inquiry into the valuation process before a single share changes hands.