The Daily Brief, by The Kenyan Wall Street

A Stitch in Time...

Fri, 17 Apr 2026 16:00:00 +0000

Good evening 👋🏽. It's Brian from The Kenyan Wall Street.

In today’s newsletter :

President William Ruto has assented to a law that halves Value Added Tax (VAT) on petroleum products from 16% to 8%
In Kenyan election years, government spending expands by an additional 1.0 to 1.5 percentage points of GDP beyond what the fiscal trajectory would otherwise dictate. An economist explains this phenomenon…

A Stitch in Time : Fuel Taxes Officially Lowered

President William Ruto

By Fred Obura

President William Ruto’s assent to an emergency law cutting fuel VAT from 16% to 8% formalises a rapid policy shift aimed at cushioning households from global oil shocks linked to Middle East tensions, but it also locks Kenya into a temporary fiscal relief window rather than a structural reset. The 90-day measure has already fed through into pump prices, pushing petrol and diesel back below KSh 200 in Nairobi after a swift reversal of earlier increases, even as lawmakers warn that deeper tax and pricing reforms remain unresolved. Beyond immediate relief, the debate in Parliament exposes competing pressures: calls to streamline fuel levies, accelerate domestic petroleum development, and ensure price cuts translate into lower transport costs rather than absorbed margins. The result is a familiar policy pattern where external shocks trigger fast, visible intervention at the pump, while the harder questions of taxation, energy dependence, and market structure remain deferred.

Read the full article here >>>>>

Heads Up

Iran Reopens the Strait of Hormuz Until End of Ceasefire

Iran has reopened the Strait of Hormuz to all commercial vessels until the end of the Israel-Lebanon ceasefire, the country's foreign minister said on Friday.

Staff Reporter

Sama to Cut 1,108 Jobs After Meta Ends Contract

Samasource will lay off 1,108 workers in Kenya after American Social Media Giant, Meta, terminated a content moderation and data annotation contract.

Brian Nzomo

KEBS Tightens Grip on Kenya's Import Standards

The ruling marks the end of a protracted dispute between KEBS and World Standardization, Certification and Testing Group (Shenzhen) Co. Ltd.

Fred Obura

Are Listed Firms Ready for Sustainability Reporting?

By Harry Njuguna

Listed companies on the NSE have been given 75 days to prepare for a reporting shift that quietly redefines sustainability as financial accounting under a framework that will become mandatory in January 2027. The new rules bind issuers to IFRS S1 and S2, requiring them to quantify how climate and sustainability risks affect valuation, cash flows, and emissions across their full value chains, alongside traditional audited financial statements. Yet despite the tightening timeline, most firms remain unprepared, with only KCB Group publicly confirming full alignment. The result is a widening gap between strong governance scores and weak disclosure capacity, as Kenya’s capital market is pushed toward global ESG standards faster than many issuers can realistically absorb.

Read the article here >>>>>

More on Capital Markets

LAPTRUST Imara I-REIT posts KSh 280Mn loss in FY2025

Kenya's pension-listed REIT deepened losses to KSh 280Mn in FY2025, with cumulative fair value erosion now at KSh 1.29Bn since listing in March 2023.

Harry Njuguna

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OPINION : How Kenya's Elections Hijack Economic Policy Every Five Years

Kenya is still eighteen months from the August 2027 elections, yet its fiscal life already seems to have adjusted its gait to the coming campaign. The pattern, long described in theory by William Nordhaus, is now almost procedural in Nairobi: spending expands, deficits widen, and the promises made in the heat of visibility quietly harden into permanent obligations. This year, that familiar cycle is being squeezed by the aftershocks of the 2024 protests, the collapse of Kenya’s IMF programme, and a renewed reliance on costly domestic borrowing. What emerges is not simply a story of fiscal strain, but of an economy where the logic of elections repeatedly overrides the logic of consolidation, leaving the shadow of 2027 to settle early over every line of the budget.

Economist Prince Muraguri writes >>>>>

Also on Economy

Citi: Global Trade Resilient as MEA Shipments Rise 52%

Global trade has held firm despite rising US tariffs, with MEA emerging as a key corridor and AI adoption in trade finance climbing to 36%, Citi's report finds.

Harry Njuguna

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Crypto Insights with Luno

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Stocks and crypto markets saw a brief return of, dare we say, optimism after a proposed US-Iran ceasefire last week. Wall Street made crypto history again, while Ripple also has its sights on Africa. Let’s get into it.

In this week’s issue:

Black gold calls the shots
Morgan Stanley launches new Bitcoin ETF
Ripple sets its sights on Africa

Bitcoin reaches $72,000 during turbulent week of geopolitical tension

Crypto markets posted a cautious recovery with Bitcoin rising roughly 4-5% above $70k and Ethereum gaining around 3-8%, as easing US-Iran tensions triggered a broad risk‑on move and over $600 million in short‑liquidations. Main catalysts were geopolitical relief, steady BTC‑ETF inflows, and further institutional accumulation (Strategy, Metaplanet).

Bitcoin's moment in the Energy Crisis

The crisis has handed Bitcoin what many analysts expected to be a major test. When US and Israeli forces launched strikes on Iran on a Saturday in late February, Bitcoin was among the few major liquid markets open, and it absorbed the shock quickly, falling about 3.5-4.5% on the opening weekend before stabilising. By mid‑March, Bitcoin was up approximately 7-8% from its immediate post‑strike lows, while gold had dropped roughly 16-17% and the S&P 500 was down around 4-5% since the start of the conflict. Gold, the traditional safe haven, suffered its sharpest monthly decline since at least 2022, and the S&P 500 recorded its steepest monthly drop in the same period, leaving Bitcoin as the only one of the three assets in clear positive territory over that stretch.

Morgan Stanley launches MSBT, Wall Street's first bank-backed Bitcoin ETF

Morgan Stanley Investment Management announced in a press release the launch of Morgan Stanley Bitcoin Trust, an exchange-traded product (ETP) that will track the performance of Bitcoin. It’s the first Wall Street bank to launch its own Bitcoin-tracking ETF. Other banks have launched their own ETFs but the distinction here being that previous Bitcoin ETFs were all issued by standalone asset managers like BlackRock and Fidelity, not bank-owned investment arms.

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Why Manufacturers Are Losing Ground

Thu, 16 Apr 2026 16:00:00 +0000

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Hello 👋🏽 It's Brian from The Kenyan Wall Street.

Manufacturing is the backbone of industrialization but developing countries like Kenya can barely get it right. It is intensive, difficult to accomplish, and little policy frictions or bureaucracy gone rogue can derail its accomplishment. Kenya wants manufacturing to contribute 20% of the GDP by 2030. Attaining this would not only require massive investment in energy and infrastructure, but also conducive government policies that would allow industries to thrive.

In its latest audit of the sector, manufacturers describe a bleak image of a country doing the exact opposite…

This and more in today's edition of our newsletter…

Why Manufacturers Are Losing Ground

KAM CEO Tobias Alando

By Brian Nzomo

Kenyan manufacturers find themselves trapped in a tightening clamp, where formal compliance grows steadily more expensive even as illicit trade expands into nearly a tenth of GDP. A 2025 industry audit shows the shadow economy now rivals formal manufacturing, which has itself shrunk from 11.08% of GDP in 2011 to about 7.3% in 2024. For companies operating within the law, the burden is cumulative: layered taxes, rising payroll deductions, import levies, and overlapping national and county licensing regimes that can run into dozens of approvals for a single product line. The result is a system where legality carries a premium, and inefficiency is effectively rewarded, as informal operators bypass costs that formal firms cannot avoid. In that widening gap, manufacturers are not just competing with each other, they are competing with the structure of the state itself.

Read the story here >>>>>

More on Industry

60Yr Isuzu Dealer Associated Motors Falls Into Receivership

Family Bank has placed Associated Motors and Sclaters Holdings under receivership weeks after Isuzu East Africa terminated its 60-year dealership agreement.

Harry Njuguna

Rubis Kenya market share falls to 13.8%, locals gain ground

TotalEnergies has reclaimed second place from Rubis in Kenya's fuel market as the top three multinationals' combined share fell below 50% for the first time

Harry Njuguna

The Reversal of Fuel Taxes

By Harry Njuguna

In a rapid reversal that underscores the volatility of Kenya’s fuel pricing regime, the National Treasury cut VAT on petroleum products from 13% to 8% just a day after a sharp price increase. The move forced EPRA to recalculate pump prices again, pulling petrol in Nairobi down to KSh 197.60 and diesel to KSh 196.63, both slipping back below the KSh 200 mark. The policy shift, announced after public pressure and initially framed as part of a longer adjustment timeline, unwound the economic shock of the previous 24 hours almost as quickly as it was absorbed. What remains is a sense of policy written in real time, where the price of fuel changes with the speed of political pressure rather than the rhythm of planning.

Read the article here »»»»»

More on Public Policy

Kenya Launches Tourism Digital Payments App 'TouristTap'

TouristTap, developed by Craft Silicon with KCB Bank and Visa, enables visitors to make card-based payments directly from their mobile phones.

Brian Nzomo

CBK licenses 32 digital lenders more, Loans at 133.5 Billion

CBK has licensed 32 more digital credit providers, bringing the total to 227. The sector's loan book stands at KSh 133.5B with 7.5 million borrowers as of Feb.

Harry Njuguna

Sameer’s Hidden Wealth Comes Alive

By Harry Njuguna

Sameer Africa is about to turn paper wealth into real cash, with a KSh 919.7 million land sale expected to close after being carried in its books at just KSh 15,000. The company’s property portfolio is worth about KSh 9.19 billion in independent valuations, far above its reported value of about KSh 933 million, showing a big gap between accounting figures and actual market worth. That hidden value is now starting to show up in stronger finances, including higher equity, no debt, and steady rental income from tenants. But rising overdue rent payments suggest the next challenge is not valuation, but how reliably that income can be collected.

Read the analysis here >>>>>

More on the Markets

BOC Kenya FY2025: Record KSh 314M Profit, Dividend at 12.85

BOC Kenya's strongest year in 55 years: KSh 314Mn profit, 26.9% margin, zero debt, and a record KSh 12.85 dividend per share declared for FY2025.

Harry Njuguna

Fincredit SEZ joins NSE Ibuka in capital markets push

Fincredit SEZ Limited, formerly AAR Credit Services, has been admitted into the NSE Ibuka programme as it positions for equity or debt capital market access.

Harry Njuguna

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OPINION : Kenya Is Converting Investor Confidence into Real Economic Growth

Invest Kenya CEO John Mwendwa

At the Fourth Kenya International Investment Conference, Kenya recast itself less as a market courting capital than as a machine converting it, with FDI rising over 15 percent to more than US$2 billion in 2025. A fresh US$2.9 billion pipeline across manufacturing, energy, ICT, and healthcare was presented as proof that reforms — ranging from eased foreign ownership rules to digitised approvals — are shortening the distance between intent and execution. Behind the rhetoric of momentum sits a harder claim: that policy fixes and a resurgent Nairobi Securities Exchange (NSE) are beginning to turn investor confidence into something measurable, bankable, and already in motion.

Invest Kenya CEO – John Mwendwa writes >>>>>

Coming Soon…

Bullish Africa Reception in Nairobi at France–Africa Summit

As Nairobi prepares to host the France–Africa Summit — drawing over 30 heads of state and global business leaders —The Kenyan Wall Street, part of Wall Street Africa Group will convene top investors to discuss capital flows between Europe and Africa, infrastructure and energy investments, the role of financial institutions, and emerging trade partnerships shaping the corridor

The Kenyan Wallstreet

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A war thousands of miles away is already affecting your money. Money is never just about money, especially during global conflict. In this episode of the Just Money Podcast, our host Just Ivy Africa sits down with economist Prince Muraguri and security expert Andrew Franklin.

Be a part of us here »»»»»

Capital Club East Africa brings together business leaders, entrepreneurs and professionals in a refined space designed for meaningful connections, thoughtful conversations and exceptional experiences. From networking and private events to dining and a true sense of community, membership opens the door to more.

Learn more here »»»»»

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Pain at the Pump

Wed, 15 Apr 2026 16:00:00 +0000

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Hello 👋🏽 It's Brian from The Kenyan Wall Street.

Stakeholders in the transport and logistics sector have not wasted time in hiking fares and freight rates after EPRA announced steep rises in fuel yesterday night. The tensions in the middle east, followed by supply disruptions in crude oil, will now be painfully apparent on the pylon signs of your nearest petrol station…and the broader economy…

This and more in today's edition…

Pain at the Pump

By Harry Njuguna

Fuel prices in Kenya have jumped sharply, with diesel now above KSh 206 per litre, the highest in history, and super petrol rising to nearly the same level, making everyday travel and business operations significantly more expensive. The increase comes after a surge in global oil prices linked to supply disruptions in the Middle East, along with a weaker shilling that raises the cost of importing fuel. Transport operators are expected to pass the higher diesel costs to consumers, which will push up the price of food and basic goods in markets across the country. Even kerosene, widely used by low-income households for cooking and lighting, remains heavily subsidized, masking a real cost that would otherwise be far higher and unaffordable for many families. The result is a broad rise in the cost of living, with fuel acting as the main pressure point feeding inflation across the economy.

Read the full analysis here >>>>>

More on Oil

Truckers Mull Hiking Costs By 14% After Diesel Price Surge

Road freight costs in Kenya are set to rise by about 13% to 14% following a record jump in diesel prices, according to an industry advisory that signals an imminent increase in transport tariffs

Brian Nzomo

Saudi Arabia Fears Iran-Backed Houthi's Red Sea Blockade

The blockade of the Strait of Hormuz by the U.S Navy has escalated fears of retaliation by Iranian-backed Yemeni Houthis across a narrow strait in the Red Sea.

Brian Nzomo

‘Even Securitized Tax Flows Are Debt,’ — IMF Tells Treasury

Government officials posing with IMF officials

By Harry Njuguna

The IMF has raised a serious challenge to Kenya’s debt story, saying that KSh 335 billion raised through future tax pledges should be counted as public debt, not kept off the balance sheet as a separate financing trick. These are not abstract numbers: they are real taxes on fuel, roads, railways, and airport passengers that have already been promised away, meaning future government revenue is being spent today. If the IMF position is adopted, Kenya’s debt stock would look heavier at a time when it is already close to 70% of GDP, tightening pressure on fiscal policy and borrowing plans. Treasury insists these arrangements are not traditional debt because the money flows through special vehicles, but the Bretton Woods Institution argues the risk still sits with the state, no matter how it is labelled.

Read the full story here >>>>>

More on Public Finance

Parliament Approves Salary Rules to Curb Public Wage Bill

Parliament has approved new regulations that could reshape how public servants are paid, in a move aimed at taming Kenya’s ballooning wage bill

Fred Obura

NTSA Plate Revenue Halves to KSh 818Mn in FY2025

NTSA narrowed its deficit to KSh 9.1M as vehicle transfer fees generated KSh 1.24B, offsetting a 52% collapse in number plate revenue and 67% GoK grant cut

Harry Njuguna

The Ndindi Nyoro Effect

Kiharu MP Ndindi Nyoro

By Harry Njuguna

Kenya Airways’ share price has surged more than 130% this year, driven less by its weak financial results and more by a wave of retail buying triggered after a regulatory filing showed MP Ndindi Nyoro had built a large position in the stock. The rally has come even as the airline reported a KSh 17.2 billion loss, negative equity of KSh 132.1 billion, and continues to rely on uncertain restructuring talks with a potential strategic investor. Trading volumes have exploded as small investors pile in, betting that a major turnaround deal will eventually materialize, especially after years of state support and recent regulatory changes pushing the airline toward private capital. But unlike past success stories such as Kenya Power, Kenya Airways has no profits, no firm deal, and no government backstop left, making the rally a pure test of sentiment over fundamentals.

Read the story here >>>>>

More on the Markets

Sameer Africa FY2025: Highest Operating Profit Since 2013

Sameer Africa posts highest operating profit since 2013 at KSh 292.64 Mn, crosses KSh 1 Bn equity, records zero tyre revenue for first time in 56-year history.

Harry Njuguna

Dangote Refinery Plans First Pan-African IPO in History

Dangote Petroleum Refinery targets a US$5billion raise across multiple African exchanges in a June-July 2026 IPO valued at up to US$50billion.

Harry Njuguna

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Coming Soon…

Bullish Africa Reception in Nairobi at France–Africa Summit

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What Bank Dividends Are Telling Investors in 2026

Kenyan Wall Street — Tue, 14 Apr 2026 16:20:54 +0000

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Hello from The Kenyan Wall Street.

These are today's stories…

By Ndegwa Mbuthia

For investors in banking stocks, dividends are one of the clearest signals to watch in 2026, as the inaugural FY25 Kenya Banking Sector Report by Wall Street Africa Group. But not all dividends are saying the same thing.

Some payouts reflect strong, recurring earnings. Others are being supported by one-off events, while a few may reveal what management teams or new owners want to do next with capital.

Read the article here >>>>>

New Vehicle Transfer Fee Masks NTSA's Revenue Collapse

By Harry Njuguna

The National Transport and Safety Authority (NTSA) closed the financial year ended 30 June 2025 with a sharply narrowed deficit of KSh 9.10 million, a near-complete turnaround from the KSh 472.37 million shortfall recorded in FY2023-24

The numbers were buoyed by a new revenue stream that papered over structural weaknesses in the authority's income base.
Total revenue grew a modest 1.29% to KSh 3.89 billion, masking a dramatic shift in composition.
The National Treasury's approval of vehicle transfer ownership fees as an Appropriation in Aid generated KSh 1.24 billion in its debut year, single-handedly driving a 14.3% rise in AIA revenue to KSh 3.46 billion.

Read the article here »»»»»

KRA Opens High-Stakes Race for New Commissioner General

By Fred Obura

The Kenya Revenue Authority (KRA) has formally declared a vacancy for the position of Commissioner General, setting in motion a high-stakes succession process at a time when pressure to sustain revenue growth is intensifying.

The announcement follows the Board’s decision not to renew the contract of outgoing Commissioner General Humphrey Wattanga, who has proceeded on terminal leave and been appointed Kenya's High Commissioner to Pretoria.
In the interim, Lilian Nyawanda, currently Commissioner for Customs and Border Control, has been appointed Acting Commissioner General.
The incoming chief executive will take charge at a pivotal moment for the tax authority, as it rolls out its 9th Corporate Plan anchored on digital transformation and service-driven compliance.

OPINION : When Opinion Starts Dressing Up as Expertise

We are drifting into a culture where opinion travels faster than understanding, and begins to pass for it. Decisions tilt toward confidence and taste…what feels right, what sounds good, rather than the slower authority of training and experience. The boundary between contribution and interference blurs, until expertise is treated as optional rather than foundational. And once that shift settles in, standards loosen quietly, followed not long after by trust.

Ahmad Salim writes »»»»»

On Your Watchlist

Heads Up

NSE, The Standard Appoint Catherine Kawira Company Secretary

Catherine Kawira replaces Millicent Ngetich as Company Secretary at both NSE and Standard Group PLC, effective 1 April 2026, in a simultaneous dual appointment.

Harry Njuguna

CBK Raises KSh 50Bn in Oversubscribed April Bond Reopening

CBK accepted KSh 50.19Bn against a KSh 40Bn target in its April bond reopening, with both the 15-year and 25-year instruments pricing above par at auction.

Harry Njuguna

How Kenya Can Navigate the Shocks from the Middle East War

Kenya’s current “wait and hope” approach is not economically or politically feasible. Calm and calculated decisions have to be taken to avoid a deeper crisis.

Cuba Houghton

Britam Names Munda Interim Chair, Moves to Triple ESOP Pool

Britam appoints Celestine Munda, former EY Kenya Managing Partner, as interim chair while moving to triple its ESOP ceiling from 2% to 5% of issued capital.

Harry Njuguna

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Founded in 2012, the Africa CEO Forum has grown from a purely annual gathering into a permanent platform connecting African decision-makers year-round with peers, international investors, and institutions active across the continent.

Each year, the Annual Summit gathers over 2,000 participants from more than 70 countries, including 40 African states — among them over 1,000 CEOs, more than 75 Heads of State and Ministers, 100 leaders of development finance institutions, and 200 international journalists.

More about the event here »»»»»

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The Eastleigh eTIMS Compliance Gridlock

Kenyan Wall Street — Mon, 13 Apr 2026 16:00:00 +0000

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Hello from The Kenyan Wall Street.

These are today's stories…

The Price of Predictable Floods

By Fred Obura

A growing compliance crisis in Nairobi’s Eastleigh trading hub is beginning to ripple across the country, disrupting supply chains and locking thousands of businesses out of legitimate tax claims. The Kenya Revenue Authority has now moved to contain the fallout, following mounting concern that slow adoption of the Electronic Tax Invoice Management System (eTIMS) is undermining trade in one of East and Central Africa’s busiest commercial centres.

At a consultative meeting with the Eastleigh Business District Association, tax officials acknowledged a widening “compliance gap” that is affecting businesses far beyond Eastleigh. Many traders in the area are yet to fully adopt eTIMS, resulting in widespread issuance of non-compliant invoices.

Read the article here >>>>>

NSE Recovers Half of Week 13 Losses as MPC Hold and Oil Pullback Lift Sentiment

By Harry Njuguna

The Nairobi Securities Exchange extended its recovery for a second consecutive week, adding KSh 128.42Billion in market capitalization and posting its strongest weekly gain since the record-setting Week 7 in February.

The rally clawed back more than half of the KSh 231.17Bn lost during the Week 13 rout. Market capitalization rose 3.89% to KSh 3,432.92Bn from KSh 3,304.50Bn, lifting the market back above the pre-KPC listing level of KSh 3,289Bn for the first time since the selloff began. The All Share Index gained 3.89% to 207.01, the NSE 10 led at 4.76%, the Banking Index added 4.49% to 238.86, while the NSE 25 rose 3.98% and the NSE 20 advanced 3.18%.

Read the article here »»»»»

Kenya Private Sector Credit Hits KSh 4.15 Trillion Record

By Harry Njuguna

Chaacha Mwita takes over as CEO of Standard Group PLC at a moment when the company is fighting for its broadcast licences, carrying regulatory debt, and navigating a collapse in advertising revenue. His appointment, the fifth in under three years, closes a cycle of executive churn even as the business itself remains unsettled. Mwita, once forced out under political pressure, now returns to lead the same institution in a dispute he has framed as political. What he inherits is a newsroom under siege and a balance sheet under strain.

Read the article here >>>>>

In the Markets Today

Jubilee Holdings FY2025 Profit Rises 18% to KSh 5.55Bn | The Kenyan Wallstreet

Jubilee Holdings posts 18% profit growth to KSh 5.55Bn in FY2025, lifts dividend to a record KSh 15 per share as health claims weigh on subsidiary earnings.

The Kenyan Wallstreet • Harry Njuguna

OPINION: Kenya Private Sector Credit Hits KSh 4.15 Trillion Record

Angela Ng’ang’a

The creative economy sits at the intersection of innovation, youth employment, digital trade, and intellectual property, making it one of the most compelling long-term investment opportunities. Several priorities will determine whether the sector reaches scale. Financing models must evolve toward venture capital, private equity, and dedicated creative funds. For investors, the opportunity extends beyond funding content to building platforms, intellectual property portfolios, and scalable creative enterprises. Angela Ng’ang’a, Board President, American Chamber of Commerce Kenya (AmCham Kenya) writes »»»»»

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Kenya's Bad Loans Problem is the Worst Among East Africa's Banks

Morris Kiruga — Mon, 13 Apr 2026 06:00:00 +0000

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Happy Monday,

This past weekend, negotiations between Iran and the United States in Islamabad failed to yield a binding truce, setting the stage for more conflict and supply chain distractions. The Pope, who is feuding with Washington over the war, is in Africa on a 11 day visit to four countries.

EPRA is set to set new fuel prices for the next month in the middle of accusations of hoarding, high-level fuel procurement allegations, and the uncertainty of more supplies. For this and more, stay updated on The Kenyan Wall Street.

In today’s issue:

Kenya’s Bad Loans Problem is the Worst in the Region

By Ndegwa Mbuthia

Kenyan banks may have improved their asset quality in FY25, but the sector is still carrying the heaviest bad loan burden in East Africa, according to the FY25 Kenya Banking Sector Report by Wall Street Africa Group. Kenya’s banking sector ended FY25 with an estimated non-performing loan ratio of about 15.5%. That is far above regional peers such as Tanzania at 3.3%, Uganda at 3.7%, and Rwanda at 4.1%. Even after some recovery, Kenya remains more than 11 percentage points worse than the region’s peer markets on bad loans.

The problem is not just cyclical. It is also structural. Read the article here >>>>>

Kenya’s Broadcast Subscriptions Contracted Marginally in 2025

By Fred Obura

Kenya’s broadcasting industry recorded a marginal contraction in the final quarter of 2025, driven by shifting consumer habits and growing competition from internet-based platforms, according to new data from the Communications Authority of Kenya. The figures point to a market undergoing structural change, where traditional broadcast services are increasingly competing with over-the-top (OTT) streaming platforms, which are not fully captured in the regulator’s supply-side data.

Despite the decline in subscriber numbers, Kenya is still expanding its broadcast and communications infrastructure through increased spectrum allocation.

Read the article here »»»»»

Kenya Seeks REIT Reforms to Attract Investor Capital

By Brian Nzomo

During a three-day conference organized by the REITs Association of Kenya (RAK), industry participants noted that temporary exemptions on stamp duty and other transaction taxes had previously led to a modest increase in REIT activity. However, many of these incentives lapsed in 2022, slowing deal flow in the sector.

In Kenya, registered REITs are exempt from corporate income tax on qualifying property income, and transfers of property into REIT structures may qualify for VAT exemptions. Despite these incentives, gaps remain in the tax framework that continue to affect market activity.

Read the article here >>>>>

In the Markets Last Week

On Your Watchlist

Heads Up

Sasini Sells Avocado Plant Amid Shipping Crisis | The Kenyan Wallstreet

Sasini PLC is selling its Nairobi avocado processing plant after Houthi shipping disruptions cut export volumes by 69% and pushed the fruit unit into losses.

The Kenyan Wallstreet • Harry Njuguna

Kenya Private Sector Credit Hits KSh 4.15 Trillion Record | The Kenyan Wallstreet

Kenya private sector credit hit a record KSh 4.15 trillion in March 2026 as growth reached 8.1% and NPLs ticked up for the second time in 2026.

The Kenyan Wallstreet • Harry Njuguna

Jubilee Holdings FY2025 Profit Rises 18% to KSh 5.55Bn | The Kenyan Wallstreet

Jubilee Holdings posts 18% profit growth to KSh 5.55Bn in FY2025, lifts dividend to a record KSh 15 per share as health claims weigh on subsidiary earnings.

The Kenyan Wallstreet • Harry Njuguna

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Keep up with what’s happening on our X and LinkedIn pages. Stay updated with the latest financial news on our website The Kenyan Wall Street.

Kenya’s Complicated Place in the New World Order

Fri, 10 Apr 2026 16:00:00 +0000

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Good evening 👋🏽. It's Brian from The Kenyan Wall Street.

Countries globally are finding it more difficult to pose as non-aligned parties as conflicts proliferate. Is Kenya prepared to forge a solid geopolitical stance on issues without suffering too much from the consequences of its choices?

This and more in today’s newsletter edition…

Kenya’s Complicated Place in the New World Order

Nairobi City

By Morris Kiruga

The old promise of Kenya as a neutral broker in a fracturing world now reads like a historical footnote written in fading ink. In its place, a more transactional posture has emerged : one that has already cost Nairobi tea markets in Tehran, diplomatic trust in Khartoum, and credibility in its own carefully cultivated image as a regional arbiter. The Gulf Crisis, and the wider collapse of predictable alliances, has only sharpened the stakes for a country increasingly pulled into contests it once stood apart from. What remains is a quieter question beneath the headlines: whether Kenya’s foreign policy is still being shaped by strategy, or by the accidents of proximity and pressure.

Read this article here >>>>>

Has Private Sector Lending Being Revived?

By Harry Njuguna

Credit in Kenya’s private sector has climbed to a record KSh 4.15 trillion, extending a six-month run of all-time highs and marking the strongest lending growth in over two years. The surge has been powered by an aggressive monetary easing cycle, falling lending rates, and banks flush with liquidity, which have together revived borrowing across construction, agriculture, trade, and consumer segments. Yet the recovery is uneven beneath the headline figures, with manufacturing barely moving, transport contracting, and real estate still under pressure despite the broader credit expansion. At the same time, non-performing loans have ticked higher again, hinting that the credit boom is unfolding alongside renewed strain in repayment capacity.

Read the full article here >>>>>

Digital Hubs without Computers

By Brian Nzomo

Kenya’s push to wire its youth into the digital economy is stalling in plain sight, with more than a hundred state-funded hubs sitting finished but unusable. The problem is not ambition but execution : missing equipment, delayed connectivity, procurement bottlenecks, and a familiar tangle of bureaucratic drift. Even as officials promise imminent fixes, lawmakers are confronting a pattern of missed deadlines and uneven funding that has left entire constituencies behind. What was pitched as a gateway to online work now risks becoming a scattered network of locked rooms, waiting for a system to catch up with its own promises.

Read the full article here »»»»»

Heads Up

Jubilee Holdings FY2025 Profit Rises 18% to KSh 5.55Bn

Jubilee Holdings posts 18% profit growth to KSh 5.55Bn in FY2025, lifts dividend to a record KSh 15 per share as health claims weigh on subsidiary earnings.

Harry Njuguna

Kenya’s Banking Sector Splits Into Winners and Laggards, Wall Street Africa Report Shows

Kenya’s banking sector is no longer moving as one trade, according to the FY25 Kenya Banking Sector Report published by Wall Street Africa Group.

Ndegwa Mbuthia

Sasini Sells Avocado Plant Amid Shipping Crisis

Sasini PLC is selling its Nairobi avocado processing plant after Houthi shipping disruptions cut export volumes by 69% and pushed the fruit unit into losses.

Harry Njuguna

Kenya’s Broadcast Sector Contracts as Digital Shift Deepens

Kenya’s broadcasting industry saw a marginal contraction in the final quarter of 2025, driven by shifting consumer habits and competition from internet-based platforms,

Fred Obura

World Bank Approves KSh 71bn For Isiolo-Mandera Road, Fibre Optic Cable

The World Bank has approved US$550 million to upgrade 508 km of the 740 km Isiolo–Mandera road and roll out more than 1,200 kilometres of fibre optic cable

Brian Nzomo

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Is there a Fuel Shortage?

Thu, 09 Apr 2026 16:00:00 +0000

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Hello 👋🏽 It's Brian from The Kenyan Wall Street.

As countries globally continue facing fuel distress due to the conflict in the middle east, governments are issuing austerity orders to preserve existent stock.

In Kenya, shortages are becoming apparent but the government still says, “Don't panic! Fuel is available…and more is coming…”

This and more in today's edition of our newsletter…

Is there a Fuel Shortage?

By Fred Obura

Various parts of Kenya are now facing fuel shortages, with some stations rationing sales and drivers forced to visit multiple pumps. A Transporters’ lobby says that government assurances of adequate fuel stocks are not matching reality, citing cash-only purchases and disrupted logistics. A 60,000-tonne shipment imported outside official channels at a significantly higher price has added to market tensions. The government has ordered the cargo returned or exported and instructed oil companies not to pay for it, insisting the official supply chain remains secure. Meanwhile, queues are growing, and motorists are left navigating a patchwork of scarcity that the government wants to sweep under the rug.

Read the story here >>>>>

The Central Bank Adopts Caution

By Harry Njuguna

Kenya’s economy grew by 5.0% in 2025, a modest rebound from 4.7% the year before. But optimism for 2026 has dimmed: the Central Bank of Kenya (CBK) now projects 5.3% growth, down from 5.5%, as global oil prices spike and supply chains wobble under the weight of the Middle East conflict.

Meanwhile, inflation remains tame at 4.4% and the current account deficit is widening, now expected to hit 3.0% of GDP due to pricier imports, sluggish remittances, and a quieter services sector.

In a break from its interest rate easing spree, the CBK held the benchmark rate at 8.75%, signaling caution in an uncertain global energy landscape. For investors and businesses alike, the message is clear: Kenya’s economy is resilient, but the outside world is proving a stubbornly heavy weight.

Nigeria’s Second-Biggest Bank Gets Kenyan Foothold

By Harry Njuguna

Nigeria’s Zenith Bank has made its first move into East Africa by acquiring Paramount Bank Kenya, including its investment and insurance subsidiaries. The deal gives Zenith a ready-made license, branch network, and staff, avoiding the need for costly organic expansion in Kenya. Paramount, profitable but small, struggled to meet Kenya’s rising capital requirements, making acquisition a practical exit. Zenith joins other Nigerian banks in Kenya, aiming to follow its corporate clients and deploy excess capital from a recent US$1.5 billion rights issue.

Read the story here »»»»»

INSIGHT : Kenya’s EV Growth Still Has Little Impact on Power Demand

An electric vehicle

By Fred Obura

Kenya’s electric vehicle boom is stirring, but the impact on national power demand remains negligible. Electricity consumption for EVs and e-motorcycles jumped 152.5% in six months to 4.57 GWh, yet still represents just 0.08% of total electricity use. Industrial, household, and small business demand continue to dominate, with industrial purposes alone accounting for nearly half of consumption. Policy incentives and rising EV registrations signal growth ahead, but charging infrastructure and vehicle costs keep electricity demand from transport almost muted.

Read the article here >>>>>

Wall Street Africa Group’s Launches FY25 Kenya Banking Sector Report

By Ndegwa Mbuthia, Wall Street Africa’s Head of Business Intelligence

Kenya’s banking sector is entering a new era, and FY26 promises a sharper test of institutional resilience. The Wall Street Africa Group’s FY25 Kenya Banking Sector Report, released today, shows that the macro tailwinds of the past two years are fading, forcing banks to prove whether their earnings are structural or temporary.

The introduction of KESONIA and falling interest rates is compressing lending margins, while differences in loan-pricing strategies may determine who gains or loses.

For investors and market watchers alike, this report provides a clear window into which institutions are likely to survive and thrive in a tighter, more disciplined banking environment.

Download the full report here »»»

Heads Up

Private Capital Firm Targets US$6bn for LAPSSET Buildout

Afri Fund Capital plans to issue debt across multiple markets, with listings on the NSE, the LSE alongside a third exchange in the Middle East or Asia.

Brian Nzomo

Kenya's FX Stability Anchors I&M Bank’s Push for Transparent, Real-Time Currency Trading via FX Direct

Kenya’s foreign exchange market has entered a period of notable stability, underpinned by strong macroeconomic fundamentals, rising diaspora inflows, and resilient export sectors, according to Henr...

Fred Obura

CBK to Issue First New Treasury Bond Since September 2024

CBK is issuing FXD1/2026/030, a new 30-year bond at 12.50% maturing 2056, the first fresh Treasury bond in 19 months, paired with a reopened SDB for KSh 20Bn.

Harry Njuguna

Dangote Outlines Plan to Grow Group Revenue to US$100bn

In its “Vision 2030: Supercharging Dangote Group for Long Term Success”, presented to Afreximbank and estimated to require at least $40 billion.

Staff Reporter

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The Private Sector Feels The Heat

Wed, 08 Apr 2026 16:00:00 +0000

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Good evening 👋🏽. It's Brian from The Kenyan Wall Street.

After a month of brutal hostilities between the US/Israel and Iran, both sides have agreed to a ceasefire for two weeks. During this period, the Strait of Hormuz will be reopened to allow the passage of delayed cargo.

The war and the subsequent blockade of the strait caused anxiety for fuel importers as shipments got delayed and energy prices soared. Kenya, currently experiencing fuel shortages in some areas despite government assurance that there is energy stability, may find this 14-day period as a moment of relief.

In today’s newsletter, we highlight how the conflict in the middle east has caused the contraction of private sector activity, according to the Stanbic PMI.

Among other stories…

The Private Sector Feels The Heat

By Fred Obura

Kenya’s private sector is starting to feel the tremors from the Middle East conflict. The Stanbic PMI fell below 50 in March, marking the first contraction in seven months as businesses brace for higher fuel costs and supply chain snags. Firms report that rising input prices are squeezing margins, while weak demand keeps them from passing costs to consumers. Employment held steady, thanks largely to the agrarian sector, but optimism for the year ahead is fading. Meanwhile, headline inflation sits at 4.4%, masking the steady pressure from food and electricity costs that quietly tighten the economy.

Read the full article here >>>>>

Makini Schools Boss On Kenyan Growth, Cambridge Curriculum Demand

Horace Mpanza, the Regional Managing Director for East Africa at Advtech

By Harry Njuguna

Horace Mpanza, the Regional Managing Director for East Africa at Advtech, lays out the company’s ambitions in Kenya with confidence, pointing to Makini Schools’ growing footprint and a pipeline of expansion. The KSh 1.29 billion acquisition and surging enrolments reflect strong parental demand, particularly for globally recognised curricula. He argues Kenya could soon become the group’s top revenue driver outside South Africa as margins and growth outpace other regions. The bet is simple: scale capacity, deepen the brand, and turn Kenya into a launchpad for continental expansion.

Read the article here >>>>>

How the Tea Market Performed in 2025

By Brian Nzomo

Kenya’s tea industry is staging a survival act by pivoting to new markets like Kazakhstan and Oman after being jolted by the loss of some traditional buyers. Exports to both countries surged in 2025, helping push total earnings up even as production declined and prices softened. The scramble for alternatives reflects a deeper shift, with exporters widening their map to places like Ireland, Japan, and Jordan to cushion against geopolitical disruptions. At home, policy changes such as scrapping the tea price floor revived demand at the Mombasa auction, clearing some stockpiles that had built up under state controls. Yet the industry’s recovery remains fragile, squeezed by rerouted shipping through southern Africa, rising logistics costs, and the persistent reality that Kenya still sells most of its tea raw.

Read the full article here >>>>>

OPINION : Africa's Small Businesses Deserve World Class Banking

Africa’s small businesses are caught in a structural bind, with a financing gap of roughly $100 billion in Sub-Saharan Africa limiting their ability to grow. Despite accounting for the bulk of jobs and economic activity, many remain locked out of formal credit due to rigid, outdated banking models. Lenders must move beyond traditional loans and redesign systems around data, tailored products, and digital delivery to truly serve MSMEs. Without that shift, the continent risks stalling its most critical engine of growth before it can fully scale.

Nicasio Karani Migwi writes »»»»»

On Your Watchlist

Heads Up

Uchumi Calls First AGM Since 2018, Liquidation Threat Looms

Uchumi calls its first AGM since 2018 on 29 April, where shareholders will adopt eight years of accounts amid a KSh 9.8Bn debt load and liquidation threat.

Harry Njuguna

Two Kenyan Startups Earn Spot on Global Impact List

Bena Care and Chemolex have been named among the ‘2026 Change 100’ – a global list recognizing high-impact ventures addressing pressing social and environmental challenges.

Brian Nzomo

Nairobi Business Ventures Issues FY2026 Profit Warning

NBV warns earnings for FY2026 will fall at least 25%, joining over a dozen NSE-listed firms that have issued profit warnings in the past 12 months.

Harry Njuguna

Afreximbank Commits US$10 billion to Shield African and Caribbean Economies

Afreximbank will avail US$10 billion under its Gulf Crisis Response Programme (GCRP) to insulate African and Caribbean economies, financial institutions and corporates from the impact of the ongoing conflict in the middle east.

Staff Reporter

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Happening Tomorrow

What does AI in manufacturing actually look like when it’s working?

Tomorrow at 6:00 PM EAT, we go inside how businesses are moving from pilots to production using automation, IIoT, and data to drive efficiency, resilience, and growth.

In partnership with Schneider Electric, this is a conversation with the people already doing the work.

Hosted by Dennis Kaboro from The Kenyan Wall Street.

Meet the panel:

Moses Kemibaro – Founder & CEO, Dotsavvy

Peter Kamau – Industry Business Unit Lead, Schneider Electric

Daniel Mbaluka Senga – Lead Asset Care Manager & OT Cybersecurity Lead, East African Breweries PLC (EABL)

If you care about where industry is going and how to actually get there, don’t miss this.

Keep up with what’s happening on our X and LinkedIn pages. Stay updated with the latest financial news on our website The Kenyan Wall Street.

The Great Boardroom Cleanup

Tue, 07 Apr 2026 16:00:00 +0000

Good evening 👋🏽. It's Brian from The Kenyan Wall Street.

In today’s newsletter, Kenya’s listed companies have been playing fast and loose with shareholder rights, and the CMA just caught them in the act…

This and more stories…

The Great Boardroom Cleanup

By Harry Njuguna

Listed companies in Kenya have learned to behave, pushing their corporate governance score to a record 78.88%, the highest in eight years and firmly within the Capital Markets Authority’s (CMA) “Leadership” tier. The improvement, however, was less a flowering of virtue than a response to compulsion, as the 2023 regulations forced firms to redraw their boards, strip “independent” directors of convenient fictions, and comply with the law rather than merely gesture toward it.

For years, listed companies in Kenya have performed a quiet sleight of hand, shifting decisions meant for shareholders into the safer, more controllable confines of the boardroom. The Capital Markets Authority now suggests that what passed for governance was, in part, a choreography of exclusion. Annual General Meetings rushed, questions deferred, and “independent” directors who were independent mostly in name. The effect was subtle but material: the people who owned these companies were systematically distanced from the levers meant to protect them. Even now, the regulator stops short of naming offenders, leaving investors to wonder whether the breach is an abstraction or something closer to home.

Read about it here >>>>>

Flying Gets Expensive Again

By Fred Obura

Air travel is slipping into improvisation, as shrinking flight schedules and rising fares unsettle the rhythm of movement in and out of Kenya. The disruptions begin far from Jomo Kenyatta International Airport (JKIA) over contested airspace and tense corridors in the Middle East, but arrive locally as longer routes, fewer seats, and the quiet inflation of ticket prices. Airlines, pressed between rerouting costs and a near doubling of jet fuel prices, have begun passing the burden along with little ceremony, turning the price of distance into something newly punitive. What had felt like a steady recovery in global aviation now looks more fragile, its progress contingent on a geopolitical calm that seems out of reach.

Read the full article here >>>>>

A Brief Respite for the Market

By Harry Njuguna

After five bruising sessions, the Nairobi Securities Exchange (NSE) finally caught a breath, clawing back KSh 62.7 billion in market capitalization. The bounce was narrow, led by banking stocks that reversed only a fraction of their prior week’s losses. Trade volumes sagged, hinting that the recovery was more a sigh of relief than a rush of conviction. Foreign investors, undeterred, continued to sell, using the rebound as an exit ramp rather than a signal of confidence. In a market dominated by its top five counters, the rally felt less like a broad revival and more like a fleeting technical pause in an uneasy global landscape.

Read the full week 13 market analysis here >>>>>

INTERVIEW : Egidio Monteiro, CEO DHL Global Forwarding, Sub-Saharan Africa On Connecting Africa’s Growth

CEO DHL Global Forwarding, Sub-Saharan Africa - Egidio Monteiro

By Chelsy Maina

In an interview with The Kenyan Wall Street, CEO DHL Global Forwarding, Sub-Saharan Africa - Egidio Monteiro says Africa’s trade problem is not a lack of ambition but a surfeit of friction where goods that should glide instead stall at borders, ports, and paper trails. The vision of seamless continental commerce, enshrined in frameworks like African Continental Free Trade Area (AfCFTA), remains aspirational, slowed by the stubborn reality of uneven customs systems and disconnected infrastructure. What emerges is a logistics network that behaves less like a system than a series of interruptions, where visibility is partial and efficiency negotiated case by case. The future, if it arrives, will depend not on grand declarations but on the quieter work of stitching corridors together: digitally, physically, and, perhaps most difficult of all, politically.

Read the full interview here »»»»»

Heads Up

'County Revenues Are Not Subject to VAT' - Tax Tribunal

In a decision in a case between the Kiambu County Gov’t and the tax authority, the Tribunal set aside most of a disputed tax bill that had originally reached Ksh 559.9 mn

Brian Nzomo

Faulu Loss Halves to KSh 496 Mn, NPL Edges toward 30%

Faulu Microfinance Bank narrows FY2025 net loss 50.8% to 496 M as restructuring cuts staff and finance costs, but capital ratios remain below statutory minimums

Harry Njuguna

KRA Faces KSh 932 Billion Final-Quarter Gap

Kenya’s tax authority crossed the KSh 2 trillion mark in revenue for the first 9 months of the fiscal year, but now faces a sharper climb to meet its target

Fred Obura

Kenya's Top Energy Officials Resign Over G2G Fuel Scandal

PS Liban, KPC MD Sang and EPRA's Kiptoo resign after DCI uncovers fabricated fuel shortage and substandard shipment outside Kenya's G2G framework

Harry Njuguna

Hisa Launches Hisa 2.0, Delivering the Investing Experience African Investors Deserve

“This is more than just an update; it’s a complete rebuild,” said Leah Njoroge, COO at Hisa. “We’ve reimagined the platform from the ground up to deliver a faster experience, simplify investing, an...

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The Price of Predictable Floods

Thu, 02 Apr 2026 16:00:00 +0000

Get your tickets here »»»»»

Hello 👋🏽 It's Brian from The Kenyan Wall Street.

These are today's stories…

The Price of Predictable Floods

By Phenyo Mokgothu

Each rainy season, rivers in Kenya swell and neighborhoods vanish beneath brown water, and yet the pattern seems perpetually surprising. Experts warn that the floods are no accident of weather but a predictable collision of climate change, rapid urban growth, and fragile infrastructure. Calls for anticipatory planning and international support grow louder, but the work of building resilience remains slow, bureaucratic, and incomplete. Meanwhile, thousands of families are uprooted each year, living in the space between warning and catastrophe.

Read the article here >>>>>

A New Milestone in Kenyan Cardiology

By TKWS Reporter

Kenyan surgeons have rewritten the rules of heart care, performing the first leadless pacemaker implantation in Sub-Saharan Africa without a surgical blade. The device, no larger than a pill, navigated a vein in the leg to settle inside the patient’s heart, eliminating the need for wires or a chest incision. For the patient, whose veins were blocked by years of dialysis and prior treatments, the procedure offered a solution that conventional pacemakers could not. Beyond a single success, the operation proves that world-class medicine can thrive well outside traditional global hubs.

Read the article here »»»»»

Mwita’s Uphill Task at Standard Group

CEO Standard Group Chaacha Mwita

By Harry Njuguna

Read the article here >>>>>

HF Group Rebounds to Tier II Status

By Harry Njuguna

HF Group’s turnaround hinges on a treasury-led strategy that leaned heavily into government securities, recasting the bank’s recovery as a bet on yields rather than borrowers.

Financial Snapshot :

🟢 HF Group PLC posted a record KSh 1.42 billion profit after tax in FY2025.

🟢 Total assets rose to KSh 82.40 billion and deposits climbed 18.4% to KSh 56.90 billion.

🟢 A 66% expansion in government securities to KSh 28.27 billion generated KSh 2.83 billion in investment income (up 79%).

🟢 Net interest income jumped 63.8% to KSh 4.36 billion

🟢 Core capital reached KSh 10.15 billion after a rights issue, prompting the Central Bank of Kenya to reclassify its banking unit to Tier II.

Read the financial analysis here >>>>>

OPINION : When Opinion Starts Dressing Up as Expertise

Ahmad Salim writes »»»»»

On Your Watchlist

Heads Up

NSE, The Standard Appoint Catherine Kawira Company Secretary

Catherine Kawira replaces Millicent Ngetich as Company Secretary at both NSE and Standard Group PLC, effective 1 April 2026, in a simultaneous dual appointment.

Harry Njuguna

CBK Raises KSh 50Bn in Oversubscribed April Bond Reopening

CBK accepted KSh 50.19Bn against a KSh 40Bn target in its April bond reopening, with both the 15-year and 25-year instruments pricing above par at auction.

Harry Njuguna

How Kenya Can Navigate the Shocks from the Middle East War

Kenya’s current “wait and hope” approach is not economically or politically feasible. Calm and calculated decisions have to be taken to avoid a deeper crisis.

Cuba Houghton

Britam Names Munda Interim Chair, Moves to Triple ESOP Pool

Britam appoints Celestine Munda, former EY Kenya Managing Partner, as interim chair while moving to triple its ESOP ceiling from 2% to 5% of issued capital.

Harry Njuguna

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Keep up with what’s happening on our X and LinkedIn pages. Stay updated with the latest financial news on our website The Kenyan Wall Street.

Britam’s Legal Trick to Cure Dividend Drought

Wed, 01 Apr 2026 16:00:00 +0000

Good evening 👋🏽. It's Brian from The Kenyan Wall Street. In today's newsletter :

Britam has set in motion a capital restructuring with no known parallel among firms on the NSE.
The gov't has explained why its plan to provide cheaper gas cylinders for households will have to wait.

Britam’s Legal Trick to Cure Dividend Drought

By Harry Njuguna

Britam has not raised capital, sold a subsidiary, or discovered a sudden burst of profits; instead, it has reached into one of the quietest corners of the balance sheet and performed a legal maneuver rarely attempted by a listed operating company. By using share premium to erase accumulated losses at the parent level, the insurer is trying to solve a six-year dividend drought not with cash but with accounting law. The decision transforms what was once a purely technical capital reserve into a tool for restoring the company’s ability to pay dividends. In effect, Britam is using money raised years ago not to grow the business again, but to repair the balance sheet that has stood in the way of a payout.

Read the article here >>>>>

Why Kenya aborted the Saudi LPG Deal

By Brian Nzomo

Kenya did not walk away from the Saudi LPG deal because the money was too small or the project too complicated, but because of what it would have required in return. The proposed financing came tied to exclusive supply rights for Saudi Aramco, effectively handing one foreign supplier control over a market the government is still trying to expand. By rejecting the terms, the state has chosen a slower, more uncertain path of private funding, local manufacturing, and incremental infrastructure; over a quick solution that would have narrowed competition.

Read the full article here >>>>>

Ziidi, Mansa X Drive Record Year for SIB

By Harry Njuguna

Standard Investment Bank (SIB) did not just post a sharp rise in profit; it revealed how quickly an indigenous investment bank can scale once asset-management fees begin to compound. The near-tenfold earnings jump was driven less by traditional brokerage income than by the explosive growth of the Mansa X funds and the sudden emergence of Ziidi as a serious money-market product. What makes the result unusual is how concentrated it is around one engine: assets under management rose, the fee structure stayed the same, and profit followed almost automatically. What began as a niche investment bank now looks increasingly like a fund-management business with a bank attached to it.

Read the full analysis here >>>>>

OPINION : How Kenya Can Navigate the Shocks from the Middle East War

Kenya’s current “wait and hope” approach to the ongoing crisis in the Middle East is not economically or politically feasible. Calm and calculated decisions have to be taken to avoid a deeper crisis. Evolving responses from nations far and near offer inspiration for decisive action.

Economist Cuba Houghton writes »»»»»

Heads Up

Qwetu, Qejani operator posts KSh 1.52B Profit as Refinancing Offsets Rental Revenue Slide

Acorn's REITs posted a combined 1.52 Bn profit in 2025, up 9.4%, as a 590bps debt cost cut powers a 38% distribution rise and the portfolio nears 21,000 beds.

Harry Njuguna

CIC Insurance Posts 82% Profit Drop as Underwriting Fails

CIC Insurance Group's net profit collapsed 82% to Ksh 513.8 Mn in 2025 as rising claims pushed underwriting to a loss and key investment gains failed to repeat.

Harry Njuguna

Britam FY2025 Profit Rises 7.8% to Record KSh 7.90 Bn

Britam FY25 pre-tax profit climbs 7.8% to a decade-high KSh 7.90 Bn as investment income hits KSh 31.87 Bn, despite a 31.8% drop in the insurance service result

Harry Njuguna

Radisson Plots Zanzibar Entry as it Surpasses 100 Hotels in Africa

The Group has said it plans to enter Zanzibar and is considering lodge, safari, and affiliation opportunities across Namibia, Botswana, and Zambia

Morris Kiruga

Afreximbank Underwrites US$ 2.5bn in US$ 4bn Loan for Dangote Refinery

Afreximbank has underwritten US$2.5 billion in the US$4-billion senior syndicated term loan in favour of Dangote Refinery and Petrochemicals FZE (DPRP).

Staff Reporter

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Kenya Eyes Lusaka Logistics Hub

Tue, 31 Mar 2026 16:00:00 +0000

Good evening 👋🏽. It's Brian from The Kenyan Wall Street

These are our stories for the day…

Kenya Eyes Lusaka Logistics Hub

By Fred Obura

Kenyan manufacturers want to sell more goods in Southern Africa, but the real problem is not demand. It is the cost of getting products there. A plan to create a shared warehouse in Lusaka would allow small exporters to combine shipments, cut transport costs, and deliver goods more reliably. For many SMEs, the difference between profit and loss is not the price of the product but the price of the journey. If the plan works, it could quietly make African free trade feel real for small businesses, not just for big companies.

Read the full article here >>>>>

Breaking Down The Virtual Assets Regulations

By Maryanne Njuguna

Kenya’s draft VASP rules are turning into a fight over three very practical issues: licensing fees, capital requirements, and the sheer weight of compliance. Smaller crypto firms fear that renewal fees tied to turnover and capital thresholds running into hundreds of millions of shillings could lock them out before they even scale. At the same time, the industry is pushing for tiered licensing and clearer standards to fix the long-standing problem of banks refusing to work with digital-asset companies. What is really at stake is whether the rules will create a professional, trusted market or one that only the biggest players can afford to enter.

Read the full article here »»»»»

The Copper Gambit

By Fred Obura

Kenya has decided that if the world is going to fall in love with copper again, it might as well be Tharaka Nithi that gets the first date. The government’s new tender for the Kamacabi block is not simply a routine mining notice. It is a wager on the future of electric cars, data centres, and the great metallic hunger of artificial intelligence. Somewhere between the geophysical anomalies and the promises of “on-site beneficiation,” you can sense a country trying not merely to dig ore but to dig itself into the global supply chain. Whether this turns into a copper boom or just another beautifully worded opportunity will depend on the one mineral that is never listed in tenders: competence.

Read the article here >>>>>

OPINION : Lessons from Japan's Keiretsu in Building Sophisticated Kenyan Conglomerates

By Nicasio Karani Migwi

Kenya keeps asking how to grow faster, but the more uncomfortable question may be how to grow bigger companies, not just more companies. The old Japanese formula where banks, industry, and suppliers are locked into long-term loyalty feels almost radical in a country that celebrates hustle but rarely builds corporate empires that last. If Safaricom, Equity, or KCB ever begin to behave less like successful firms and more like economic ecosystems, the structure of the entire economy could quietly shift with them. What looks like nostalgia for Japan’s miracle years is really a bet that Kenya’s future will be written not by start-ups alone, but by a few companies large enough to change the country around them.

Read the full opinion article here >>>>>

Heads Up

Wells Fargo Gets Away with KSh 14.9mn in Quickmart Heist Dispute

The judge pointed out that Quick Mart had been advised within to obtain insurance cover for any excess risk beyond the liability cap but failed to do so.

kenyanwallstreet.com/wells-fargo-ksh14-9m-quickmart

4G Capital Raises US$2Mn from GIF Growth to Expand Lending

4G Capital has secured a US$2 million investment from GIF Growth as the East African fintech moves to scale lending to micro- and small-business owners

share.google/ArnglMOL6x2ein5Fk

Tourism Board, Visa, KQ Bet On Discounts To Boost Travel

The KTB and Visa have launched a joint travel campaign with Kenya Airways offering discounts on domestic and international flights to stimulate travel

share.google/UWRHltkYxi0bU52rT

Afreximbank Raises US$2-billion in Oversubscribed Loan

The African Export-Import Bank (Afreximbank) has concluded a new three-year Dual Tranche Syndicated Term Loan Facility totaling US$2 billion equivalent

share.google/QECUePC7cjBH9S81s

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The France-Africa Summit Opts for KICC

Mon, 30 Mar 2026 16:00:00 +0000

The France-Africa Summit to be held in Nairobi, the first in an Anglophone country, may have to change its venue.

Why has the upgrade of the Bomas Convention Center been delayed?

Good evening 👋🏽. It's Brian from The Kenyan Wall Street

The France-Africa Summit Opts for KICC

By Brian Nzomo

Delays at the KSh 42 billion Bomas convention complex are now forcing organisers of the France-Africa Summit to consider shifting the May event to the KICC. Lawmakers have been told that only about 35% of the project has been completed, while labour unrest, safety concerns, and payment disputes have slowed work at a critical stage. A French delegation is already reported to have inspected the KICC as a fallback option, suggesting the decision may be more practical than temporary. If the venue is moved, the summit risks becoming an early test of whether Kenya’s flagship infrastructure projects can keep pace with the diplomatic ambitions attached to them.

Read the article here >>>>>

The Looming Showdown in the Broadcasting Sector

By Fred Obura

Kenyan broadcasters are under siege as the Communications Authority of Kenya (CA) escalates licence revocations over unpaid fees, even while some media houses claim the government owes them billions. The latest tribunal ruling favors the regulator, signaling that statutory compliance cannot be sidestepped by commercial or financial pressures. Legacy media, struggling with declining ad revenues and a shift to digital platforms, now face a regulator willing to assert its authority across the sector. With Standard Group poised to challenge the decision in the High Court, the outcome could set a lasting precedent for how state power and media independence intersect in Kenya.

Read the article here >>>>>

Family Bank’s Profit Up 55% Ahead of NSE Listing

Family Bank's financial performance

By Harry Njuguna

As Family Bank prepares for its May debut on the Nairobi Securities Exchange (NSE), the city’s investors are suddenly treating the lender like a curtain about to rise on a long-anticipated performance.

Financial Snapshot :

🟢 Profit after tax jumped 55.4% to KSh 5.38 billion in 2025, quadrupling earnings since 2020.

🟢 Net interest income led the expansion, rising 46.1% to KSh 15.63 billion, with non-interest income adding 4.7% to KSh 4.56 billion.

🟢 The cost-to-income ratio fell to 68.6% as operating expenses grew 24.4% to KSh 13.85 billion, reflecting tighter operational control.

🟢 Total assets crossed KSh 208.7 billion, supported by net loans of KSh 105.9 billion and customer deposits of KSh 151.88 billion.

Read the financial analysis here >>>>>

Heads Up

NSE Posts Worst Week Since COVID 19, KSh 231Bn wiped

The NSE lost KSh 231Bn across five straight sessions in its second worst week since 2008. The Banking Index fell 8% as the Iran oil shock hit Kenyan markets.

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Kenya Re FY2025 Profit Falls as Underwriting Collapses

Kenya Reinsurance posts KSh 3.92Bn profit for FY25, down 11.6%, as insurance service result craters 96.3% to KSh 108 million amid rising reinsurance costs.

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How the World Is Handling the Worst Energy Crisis in Decades

Across the world, economies are staring at multifold crises triggered by the latest, ongoing conflict pitting Israel and the United States against Iran.

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Diamond Trust Bank Exits Burundi After 16 Years

Diamond Trust Bank Kenya has completed the sale of its 83.67% stake in DTB Burundi to a local investor consortium, ending a 16-year presence in the market.

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Crypto Insights with Luno

Subscribe to this newsletter here »»»»»

It was a week of price swings, more complications around the US Clarity Act, incoming regulation in Kenya, and a new cryptography roadmap for Ethereum. Here's what it all means for your investments.

In this week’s issue:

🔸 On Wednesday, 25 March, Bitcoin rose 1.2% following an announcement by US President Donald Trump, proposing a 15-point plan to bring a ceasefire to the conflict in the Middle East, which was quickly dismissed by Iranian government officials as false, CoinDesk reports. Despite ongoing geopolitical tensions, crypto markets have shown resilience, outperforming traditional assets like gold for much of March.

🔸 On March 17, Kenya's Cabinet Secretary John Mbadi announced that the National Treasury opened public consultation on draft regulations governing cryptocurrency and digital asset businesses, a significant step before the country's Virtual Asset Service Providers (VASP) Act takes full effect.

🔸 The US Securities and Exchange Commission (SEC), in collaboration with the Commodity Futures Trading Commission (CFTC), brought an end to more than a decade of crypto regulatory ambiguity in the US by publishing regulatory guidance that clearly defines and clarifies how federal securities laws apply to crypto assets. Research suggests that the lack of a uniform market regulation not only challenges compliance efforts,

Follow this link to read the complete newsletter from Luno.

On Your Watchlist

Is Kenya ready for a US$19.5 Trillion Digital Assets and Tokenization shift? While the world focuses on Bitcoin’s volatility, a much larger revolution is quietly unfolding: Tokenization.

Snapshots

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Happening Tomorrow

The African REITs Conference 2026, hosted by the REITs Association of Kenya, brings together the people shaping the future of listed real estate across the continent — from investors and developers to financiers, regulators, and capital markets leaders.

📍 31st March – 2nd April 2026 | Enashipai Resort & Spa, Naivasha

🎯 Theme: Transforming Africa’s REIT Landscape through Policy Innovation, Market Transparency, and Global Alignment

Keep up with what’s happening on our X and LinkedIn pages. Stay updated with the latest financial news on our website The Kenyan Wall Street.

The World Preps for Energy Crises

Kenyan Wall Street — Mon, 30 Mar 2026 06:15:00 +0000

Hello from The Kenyan Wall Street. In this morning's newsletter edition…

How Countries Across the World are Dealing with the Energy Crisis

By Morris Kiruga

Countries across the world are escalating stopgap measures to deal with the energy crisis as the disruption of critical maritime routes has led to dwindling strategic reserves and disrupted economies.

Ethiopia has asked all public institutions and state-owned enterprises to put non-essential employees on annual leave in an attempt to mitigate the fuel shortage.
At a press conference in Canberra, Australia’s Prime Minister Anthony Albanese has announced a tax cut on fuel for three months, as the price of crude oil has increased.
Across the world, economies are staring at multifold crisis caused by the latest, ongoing conflict pitting Israel and the United States against Iran.

“We understand the cost pressures for people are very real as the impact of the war on the other side of the world plays out right here,” Albanese said, according to a report by Al Jazeera.

“We’re acting now to be over-prepared,” he added.

In Kenya and Uganda, energy regulatory bodies have pushed back on oil marketers who have sought to either raise prices or hoard fuel supplies. With heightened demand for the reduced oil in transit, options such as the Dangote Refinery have gained renewed interest.

Some countries such as Sri Lanka have placed limitations on how much fuel motorists can buy. In Myanmar and Cambodia, the limitations are working on an ‘odd-even’ rule where odd and even numbered plates can buy fuel on alternate days. The rationing plans are only stopgap measures, with some governments such as Ethiopia either pushing for staff to go on leave, or re-instituting work-from-home policies that were first implemented at a wide scale during the pandemic years.

To stay updated on geopolitics and how markets are reacting to the oil shock »»»

The Middle East Conflict Rattles Kenya’s Stock Market

By Harry Njuguna

The Nairobi Securities Exchange recorded its worst week since the COVID-19 pandemic, with KSh 231.17Bn in market value erased across five consecutive losing sessions.

It was the second largest weekly decline since 2008, behind only the KSh 340.86Bn lost during the week the WHO declared the pandemic in March 2020. Market capitalisation fell 6.66% to KSh 3,241.82Bn from KSh 3,472.96Bn, dropping below the pre-KPC listing level of KSh 3,289Bn and erasing the entire listing premium added when Kenya Pipeline Company joined the exchange in early March.

Year-to-date gains narrowed from 12.24% to 4.76%.

Read the article here >>>>>

Aviation Firms Locked in a Row

By Fred Obura

An aircraft leased to Airworks Kenya Limited collided with another plane in South Sudan, leaving a company facing repair costs of over US$128,000 and operational losses exceeding US$75,000. Renegade Air Limited successfully claimed US$95,000 in a partial judgment, after Airworks had admitted to a commitment to pay but remitted only part of the sum. The court declined to strike out the remaining US$402,087 in dispute, citing questions over maintenance billing and the circumstances of the South Sudan incident. As both companies prepare for a full trial, the ruling highlights how a single “ground incident” can reverberate across regional aviation contracts.

Read the article here >>>>>

The Strait of Hormuz: How Kenyan Businesses Can Navigate Price Shocks

The Strait of Hormuz

By Henok Eyob

The Strait of Hormuz has become a crucible for Kenyan business, where the faint tremors of global disruption are felt in real time on balance sheets. Fuel shipments stall in Gulf ports, freight rates spike, and the shilling wavers, turning familiar cost structures into unfamiliar terrain. For some firms, dollar liabilities against shilling revenues are a trapdoor; for others, export earnings and hedges offer a fragile, fleeting reprieve. In this moment, the art of corporate survival is less about expansion than about clarity: knowing exposure, measuring risk, and choosing judiciously where to adjust before the next ripple arrives.

Read the opinion article here »»»»»

Heads Up

KCB Appoints Peter Ng'eno as New Corporate Banking Director | The Kenyan Wallstreet

KCB Group has appointed Peter Kipkorir Ng’eno as the Director Corporate Banking-KCB Bank Kenya, with effect from March 27, 2026, succeeding John Okulo.

kenyanwallstreet.com/kcb-peter-ngeno-corporate-banking-director

Kenya Re FY2025 Profit Falls as Underwriting Collapses | The Kenyan Wallstreet

Kenya Reinsurance posts KSh 3.92Bn profit for FY25, down 11.6%, as insurance service result craters 96.3% to KSh 108 million amid rising reinsurance costs.

kenyanwallstreet.com/kenya-res-

Kenya Could Unlock Over $700m from Waste Sector as New Circular Economy Investment Prospectus Highlights Investable Pipeline | The Kenyan Wallstreet

Kenya generates approximately 22,000 tonnes of waste every day, yet only around 4% of waste is currently recycled.

kenyanwallstreet.com/kenya-circular-economy-prospectus

On Your Watchlist

Is the Nairobi Securities Exchange (NSE) only for the rich? In this episode of Wall Street Mtaani, Charity Hudini sits down with Wesley Manambo from SIB to break down the "truth of the streets" vs. the reality of the markets.

This Week…

For timely and insightful market updates, follow our Whatsapp channel here

The African REITs Conference 2026, hosted by the REITs Association of Kenya, brings together the people shaping the future of listed real estate across the continent — from investors and developers to financiers, regulators, and capital markets leaders.

📍 31st March – 2nd April 2026 | Enashipai Resort & Spa, Naivasha

🎯 Theme: Transforming Africa’s REIT Landscape through Policy Innovation, Market Transparency, and Global Alignment

If you want to be in the room where Africa’s REIT market moves from potential to scale — this is it.

Keep up with what’s happening on our X and LinkedIn pages. Stay updated with the latest financial news on our website The Kenyan Wall Street.

'No New Taxes, Just Expanding the Base’ - CS Mbadi

Fri, 27 Mar 2026 16:00:00 +0000

The events of 25 June 2024 that followed the drafting and subsequent passing of the Finance Bill are yet to be forgotten by the National Treasury.

So what's the plan for this year?

Good evening 👋🏽. It's Brian from The Kenyan Wall Street.

‘No New Taxes, Just Expanding the Base’ - CS Mbadi

Cabinet Secretary John Mbadi

By Brian Nzomo

The Treasury CS, John Mbadi, has promised that the 2026 Finance Bill will not bring any new taxes, insisting that compliance and digital wizardry will do the heavy lifting instead. After the 2024 Finance Bill provoked public fury with its new levies, the Treasury seems determined not to repeat the experience…especially with an election looming. The plan is simple in theory: drag the informal sector into the digital age, tighten reporting, and hope the cash appears. Whether this administrative sleight of hand can fill the yawning gap between ambition and revenue remains a question best left unanswered.

Read the whole article here >>>>>

With Profits Up 134%, the NSE Plans Extended Trading Time

NSE PLC Net Profit

By TKWS Reporter

The Nairobi Securities Exchange (NSE) plans to extend trading beyond its current 9 a.m. to 3 p.m. schedule, giving retail investors more time to participate and chase gains. The bourse’s 2025’s numbers provide a tidy incentive: profits more than doubled to KSh 272 million, with total revenue cracking KSh 1 billion for the first time. Local investors have filled the gap left by foreign capital, driving a 70% surge in retail activity. Meanwhile, dividends have tripled…a rare reward in a market often ruled by caution. The stock market has been on a mobilization drive, lowering barrier after barrier to make trading appealing to ordinary Kenyans. Whether longer hours can sustain this momentum, or merely magnify the volatility of exuberance, remains the quiet question behind these gains.

Read the article here >>>>>

Who is most worried about Debt?

By Fred Obura

Women, older workers, and low-income earners are the most anxious about debt, even as overall financial stress eases. For many, borrowing isn’t about buying a house or starting a business…it’s survival: school fees, rent, and daily necessities. Access to credit is uneven, with wealthier households leaning on banks while poorer Kenyans rely on friends, family, or informal groups. Yet some signs of discipline are emerging: more borrowers are consolidating loans and negotiating repayment plans, cautiously navigating a path toward financial stability.

Read the article here »»»»»

OPINION: Kenya’s Options for Escape from 'Eurobondage’

By Cuba Houghton

Can Kenya turn its debt from a burden into a benefit for ordinary people? Right now, much of the money borrowed through Eurobonds ends up paying off older loans, leaving little visible impact on roads, schools, or hospitals. One solution is social bonds; loans that are tied to specific projects like maternal health clinics or local schools, so every shilling borrowed has a clear purpose. By linking borrowing directly to measurable improvements, Kenya could finally break the cycle of “Eurobondage” and use public debt as a real tool for national progress.

Read the opinion piece here >>>>>

Heads Up

KCB's John Okulo Appointed Sidian Bank CEO from May 2026

Sidian Bank has appointed KCB's John Okulo as CEO from May 2026, succeeding Chege Thumbi who retires after nine years and a sixfold profit jump to KSh 1.73 Bn.

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Why France Excluded South Africa, Invited Kenya, to G7 Summit

France has defended disinviting South Africa from the G7 Summit, choosing instead to invite Kenya as it prepares to host the Africa-France Summit in May.

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NCBA 2025 Results: Profit Up 7%, Dividend Hits Record KSh 7

NCBA FY2025 profit rises 7% to record KSh 23.4 Bn. Dividend up 29% to KSh 7.10. Nedbank closes in on $855M deal for 66% stake, targeting late 2026 completion.

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Kenya Clarifies USB-C Rule, Affirms Budget Phones Still Legal

CA emphasized that the rules apply only to newly imported devices seeking type approval; phones already in circulation or in transit remain fully legal.

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The Rapid Growth of Equity Group’s Insurance Arm

Equity Group’s expansion into insurance is accelerating just as pressures reshape how households manage risk, positioning the business as a key growth engine

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On Your Watchlist

📍 31st March – 2nd April 2026 | Enashipai Resort & Spa, Naivasha

🎯 Theme: Transforming Africa’s REIT Landscape through Policy Innovation, Market Transparency, and Global Alignment

If you want to be in the room where Africa’s REIT market moves from potential to scale — this is it.

Keep up with what’s happening on our X and LinkedIn pages. Stay updated with the latest financial news on our website The Kenyan Wall Street.

Kenya Railways Fails the Accounting Test

Thu, 26 Mar 2026 16:00:00 +0000

Hello 👋🏽 It's Brian from The Kenyan Wall Street.

In today's newsletter edition, the auditor general has revealed that Kenya Railways has a big problem accounting for its assets.

Also, we explain why the high court determined that SHA’s mistakes are not enough to call for its repeal.

Kenya Railways Fails the Accounting Test

Auditor General Nancy Gathungu

By Harry Njuguna

Not long after Kenya Railways reported improving freight volumes and narrowing operating losses, the Auditor General has delivered a reminder that a balance sheet can improve even while a system decays. A qualified opinion for the year to June 2025 cites missing rental income, unfinished asset records, unsupported land holdings, and IT systems still running on software that belongs to another era. The most striking finding is not a single scandal but a pattern: completed projects still classified as “work in progress,” hundreds of land parcels with no title deeds, and public housing units occupied rent-free as the corporation struggles to account for its own assets. What emerges is a portrait of an institution that is expanding commercially while remaining administratively stuck in the past, where revenue growth masks a deeper erosion of governance.

Read the whole story here >>>>>

Why SHA will proceed despite initial mishaps - High Court

By Brian Nzomo

Kenya’s most ambitious health reform in decades has survived a constitutional challenge, but the High Court ruling reads less like a victory than a warning about how the state manages large systems. Justice Bahati Mwamuye upheld the legality of the Social Health Insurance Fund (SHIF) and the KSh 104.8-billion digital platform behind it, even though he acknowledged that the rushed transition left thousands of patients unable to access treatment when the system first went live. By the time the case reached court, the old NHIF structure had already been dismantled and millions had registered under the new scheme, making a legal reversal almost impossible without destabilizing the entire financing model.

Read the article here »»»»»

I&M Group's Profit Rises 28%

By Chelsy Maina

I&M Group’s 2025 results show profits rising not because lending boomed, but because the bank made more money from cheaper funding and stronger non-interest income.

Financial breakdown :

🟢 Profit after tax rose 27.6% to KSh 18.8 billion as total operating income climbed to KSh 60.3 billion.

🟢 Non-interest income jumped to KSh 14.4 billion, growing much faster than loan income.

🟡 Operating expenses rose to KSh 36.9 billion

🟢 Deposits rose 17% and assets 15%, while loans grew only 6.5%, pointing to cautious lending.

🟢 The dividend increased to KSh 3.75 per share.

Read the financial analysis here >>>>>

Heads Up

Kenya Lures Private Capital With 50 PPP Projects At KIICO 2026

Kenya urged the private sector to seize these opportunities as they are in sectors where markets are expanding, competitiveness is strengthening, and scale can be achieved.

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Toyota Land Cruiser LC300 Recall Hits COMESA Markets

The COMESA Competition and Consumer Commission has issued an urgent regional alert following a significant safety recall of Toyota Land Cruiser LC300 models.

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Prime Bank Profit Jumps 28% on Surging Interest Margin

Prime Bank Group posted a 27.6% rise in net profit to KSh 5.56 billion for FY2025, driven by a 49.1% surge in net interest income as funding costs fell 11.6%.

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Africa CEO Forum 2026 in Kigali – THEME REVEALED

The Africa CEO Forum has established itself as the continent’s leading platform for high-level public-private dialogue and dealmaking.

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On Your Watchlist

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📍 31st March – 2nd April 2026 | Enashipai Resort & Spa, Naivasha

🎯 Theme: Transforming Africa’s REIT Landscape through Policy Innovation, Market Transparency, and Global Alignment

If you want to be in the room where Africa’s REIT market moves from potential to scale — this is it.

Keep up with what’s happening on our X and LinkedIn pages. Stay updated with the latest financial news on our website The Kenyan Wall Street.

Kenya's Hunt For Plump Investments

Wed, 25 Mar 2026 16:00:00 +0000

Good evening 👋🏽. It's Brian from The Kenyan Wall Street.

Today, Kenya opened its doors to the world with a flurry of deals at the 2026 Kenya International Investment Conference (KIICO), announcing commitments exceeding US$2.9 billion.

President William Ruto framed the narrative around incentives: tax breaks, zero-rated VAT on exported services, and the scrapping of domestic equity requirements for ICT firms, a clear pivot from promises to tangible carrots.

Agriculture, manufacturing, mining, and real estate dominated the speeches, with investments poised to create over 63,000 jobs and link smallholder farmers to international markets.

The deals that defined this year's KIICO event

For investors, the allure is operational certainty: predictable power tariffs, streamlined permits, and a digital one-stop platform are the new currency of confidence. The conference, stretching through until Friday, will test whether Kenya’s incentive-driven strategy can turn paper commitments into projects that actually reshape the economy.

Read the article here >>>>

The Miwani Sugar Land Probe

By Fred Obura

The Miwani sugar land case feels like one of those stories that should have ended years ago but instead keeps getting stranger. What started as a simple debt claim in the 1990s has now turned into a parliamentary probe involving a missing court file, a possibly forged order, and KSh 752 million that no one can clearly account for. The more MPs question officials, the less it looks like a normal land dispute and the more it looks like a slow failure of state institutions, with courts contradicting each other and government agencies changing their position. In a country where land fights are common, the Miwani case stands out mainly because it shows how easily even a major industrial asset can end up in legal and political confusion.

Read the article here >>>>>

Why KQ Suffered a Loss in 2025

By Harry Njuguna & David Kimani

Three grounded Dreamliners and vanished currency gains dragged Kenya Airways back into the red, to the tune of KSh 17.2 billion in 2025. Engine overhauls stretched from two months to four, hobbling capacity and slicing revenue in the year’s first half. Costs climbed as leases and fleet expansion collided with a fragile balance sheet, deepening negative equity. Even as Middle East airspace chaos rerouted passengers through Nairobi, the airline’s small fleet and shifting leadership make clear that a structural turnaround remains a distant prospect.

Read the full article here »»»»»

OPINION: Kenya is Winning the Electric Mobility Race

By Brian Njao - General Manager, M-KOPA Mobility

Kenya is charging ahead in Africa’s electric mobility race, not through isolated programs but through a rare alignment of policy, infrastructure, and financing. Government incentives, including tax breaks and a rapidly expanding charging network, have made electric two-wheelers accessible and practical for everyday riders. Coupled with innovative pay-as-you-go financing from M-KOPA, this has turned e-bikes into productive assets, saving riders money while improving livelihoods. Nairobi’s streets now hum with electric motorcycles, a visible sign that coordinated action between state and private players can accelerate both economic opportunity and sustainable transport.

Read the full article here >>>>>

Heads Up

Airtel Africa Successfully Tests Starlink Mobile in Kenya

Airtel Africa and SpaceX have completed Starlink Mobile direct-to-cell tests in Kenya, confirming mobile money access in dead zones. Awaits CA approval.

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Equity Group Shifts Expansion Plans to Angola

Equity Group is prioritizing expansion into Angola through a planned acquisition in Luanda, as regulatory and licensing delays continue to slow its long-standing efforts to enter Ethiopia.

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Kakuzi Returns to Profit, Doubles Dividend to KSh 16

Kakuzi Plc swung to KSh 568 Mn pre-tax profit in FY2025. Avocado and macadamia delivered KSh 1.07 Bn combined segment profit. Dividend doubled to KSh 16.

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CBK Opens April Bond Reopening and Fifth-Ever Switch Auction

CBK launches a KSh 40Bn bond reopening covering 15 and 25-year paper alongside a KSh 20Bn switch from FXD1/2016/010, the fifth bond switch in Kenya's history.

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Market Snapshot

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Keep up with what’s happening on our X and LinkedIn pages. Stay updated with the latest financial news on our website The Kenyan Wall Street.

KQ Flies Back Into Loss Territory

Tue, 24 Mar 2026 16:00:00 +0000

Hello 👋🏽 It's Brian from The Kenyan Wall Street. In today's newsletter edition…

Kenya Airways’ results are out: and they are not pleasing at all.
The government is trying to weigh the costs of evacuating its citizens from the turbulent gulf region…

KQ Flies Back Into Loss Territory

KQ’s financial results over the years

By Harry Njuguna

Kenya Airways has returned to familiar turbulence: after a brief respite in 2024, the carrier plunged back into the red in 2025, posting a net loss of KSh 17.2 billion. Revenue fell 14%, a casualty of grounded Dreamliners that cut both capacity and passengers, highlighting the airline’s chronic vulnerability to operational hiccups.

Negative equity deepened to KSh 132 billion, underscoring structural fragilities that no short-term cash-flow uptick can disguise. Passenger numbers, down 13% from the previous year, tell a quieter story of lost confidence and a market that remains unwilling to forgive repeated stumbles.

For an airline whose history reads like a ledger of losses punctuated by fleeting profit, 2025 is less a surprise than a reminder that KQ has yet to learn how to fly without falling.

More updates on KQ’s financial results here >>>>>

The Cost of Evacuations

By Brian Nzomo

Kenya is scrambling to evacuate citizens from conflict zones, even as the latest supplementary estimates provide only minimal funding for diaspora support. Lawmakers are being asked to release KSh400 million, while officials prioritize vulnerable citizens, especially children, on small repatriation flights. Meanwhile, airlines face airspace disruptions and rising fuel costs, complicating logistics and straining government resources. Passenger demand has surged, and rerouted flights add both delay and expense to an already urgent mission. The challenge reveals how quickly routine consular systems are overwhelmed when crises hit abroad.

Read the article here >>>>>

Aviation Firms Locked in a Row

By Fred Obura

Read the article here >>>>>

Sidian Bank Profit Jumps 500%

By Harry Njuguna

Sidian Bank’s latest results point to something larger than a strong year: the quiet transformation of a small lender into one powered mainly by public-sector funds.

Financial Snapshot:

🟢 Profit after tax surged to KSh 1.73 billion from KSh 287 million, the strongest result in the bank’s history.

🟢 Customer deposits jumped 62.9% to KSh 72.3 billion and total assets rose 50.8% to KSh 90.8 billion.

🟢 Instead of expanding loans aggressively, the bank redirected much of the new money into government securities, which now make up 54% of total assets.

🟢 Operating income climbed 79.2% to KSh 8.24 billion while the cost-to-income ratio improved sharply to 73.2%.

Read the financial analysis here >>>>>

The Strait of Hormuz: How Kenyan Businesses Can Navigate Price Shocks

The Strait of Hormuz

By Henok Eyob

Read the opinion article here »»»»»

Heads Up

Makini, Crawford Owner Advtech Posts Record KSh 15.4B Profit

Advtech reported record operating profit of KSh 15.39 Bn for FY2025, driven by 28% revenue growth in Rest of Africa schools and the Regis Runda acquisition.

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DTB Profit Tops KSh 10 Bn as Deposits Cross Half-Trillion

Diamond Trust Bank Kenya's profit crossed KSh 10 Bn for the first time in FY2025 as deposits hit KSh 509 Bn. Funding costs fell 16%. Dividend raised to KSh 9.

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National Bank Kenya Doubles Profit to KSh 2.39 Bn in 2025 Under Access Bank

NBK's profit surged 125% to KSh 2.39 Bn in 2025, provisions dropped 37% and the cost to income ratio fell to 77.5%, the first result under Access Bank ownership

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PCF Places Six-Month Moratorium on Three Insurers

Policyholders of 3 troubled insurers will face a six-month freeze on payouts after the PCF declared a moratorium following its appointment as statutory manager.

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Sweden Backs Jacaranda Maternity With KSh 77.6mn

Swedfund has committed KSh 77.6 million to Jacaranda Maternity to support the expansion of affordable maternity hospitals in Kenya

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On Your Watchlist

This Week…

For timely and insightful market updates, follow our Whatsapp channel here

📍 31st March – 2nd April 2026 | Enashipai Resort & Spa, Naivasha

🎯 Theme: Transforming Africa’s REIT Landscape through Policy Innovation, Market Transparency, and Global Alignment

If you want to be in the room where Africa’s REIT market moves from potential to scale — this is it.

Keep up with what’s happening on our X and LinkedIn pages. Stay updated with the latest financial news on our website The Kenyan Wall Street.

Tightening the tax net for small traders

Mon, 23 Mar 2026 16:00:00 +0000

Good evening 👋🏽. It's Brian from The Kenyan Wall Street. In today's newsletter :

KRA wants to shake up VAT by scrapping the threshold and pulling small traders into the tax net…
Dr. James Mworia turned Centum into a fascinating playground of big buys, bold exits, and the occasional flops.

Tightening the tax net for small traders

By Chelsy Maina

The taxman is coming for your corner kiosk. The KRA wants to scrap the KSh 5 million VAT threshold, which means even the smallest traders…selling anything from soft drinks to mobile phones…will now need to register, charge, and remit 16% VAT. It’s a masterstroke in revenue mobilization, but one that could squeeze businesses operating on thin margins and inflate prices on everyday goods. In a country where the informal sector is the heartbeat of the economy, the move highlights how fiscal policy is shifting toward compliance rather than decreeing new taxes.

Read the full article here >>>>>

Every Deal That Defined Dr. Mworia’s Centum

From R - L : Dr. James Mworia with the late billionaire Chris Kirubi

By Harry Njuguna

Dr. James Mworia didn’t just run Centum…he turned it into a deal machine. Since taking over at 30 with an asset base of barely KSh 6 billion, he has spent nearly two decades buying, exiting, restructuring, and occasionally writing off investments across everything from banks and publishers to energy and real estate. The numbers tell a story of constant capital recycling: more than KSh 35 billion in exits, billions lost in failed bets like coal, and a property portfolio now worth tens of billions on its own. Love the strategy or question it, this is one of the most aggressive investment track records ever built by a CEO of a listed company in Kenya.

Read the full article here >>>>>

Here Comes the Sovereign Wealth Fund…

By Brian Nzomo

Kenya is planning to set up a disciplined fund for money it doesn’t even have yet. A draft bill seeks to split future oil and mineral revenues into three tightly controlled accounts; one to stabilise the economy, one to fund infrastructure, and one reserved for future generations. The structure is unusually strict: the money must be invested abroad, can’t be lent back to government, and even election-year withdrawals are locked down. After years of debt pressure and stop-start resource projects, if the revenue boom ever arrives, this time the state wants rules before the cash.

Read the full article here »»»»»

Minimizing your M-Pesa Data

By Chelsy Maina

M-Pesa is finally giving your personal info a break. Starting March 24, anyone you send money to will only see part of your name and a masked phone number…enough to confirm the payment, but not enough to stalk you or harvest your data. The change is part of Safaricom’s broader push toward smarter, safer payments, where transparency stays for the transaction but your identity doesn’t wander into the wrong hands. In a country where mobile money doubles as a daily lifeline and a personal directory, this is privacy quietly catching up with convenience…

Read the full article here >>>>>

Heads Up

NSE Slips as Holiday Week Cuts Trading Activity

A short trading week saw Nairobi Securities Exchange turnover drop 67% to KSh 2.06 Bn as indices edged lower and foreign investors remained net sellers.

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Posta Kenya Swings to Profit on KSh 1.54Bn Huduma Rent

Posta Kenya posted KSh 488 Mn surplus in FY2025, driven by KSh 1.54 Bn in backdated Huduma Kenya rent. Underlying operating deficit remained at KSh 1.05 Bn.

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M-Pesa Expands Into Tax Payments in Ethiopia With Amhara Deal

M-Pesa is moving deeper into Ethiopia’s public-sector payments system after signing an agreement that will allow taxpayers in the Amhara region to settle tax obligations

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PwC Africa Units Risk Global Ban After World Bank Sanctions

Under the Agreement for Mutual Enforcement of Debarment Decisions signed in April 2010, sanctions imposed by one participating multilateral development bank can be enforced by others,

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Williamson Tea Names CFO Omete CEO as Carmichael Retires

Williamson and Kapchorua Tea appoint CFO Angus Omete as CEO after Alan Carmichael's 18-year tenure, the 10th top-level change at an NSE-listed firm in a year

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