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Good evening. It’s Brian from The Kenyan Wall Street. 

Kenya has the region’s most robust stock market, driven primarily by relative success in financial literacy and inclusion. However, many young people are not investing in the capital markets. 

If you asked a random young man or woman today where they have invested their money, they are likely to point to an MMF. But what about equities? Can the capital markets ecosystem kindle interest by the younger generation? How will it do this?

But first…

KRA delegates cargo tracking function to 15 vendors

By Fred Obura

Kenyan ports are handling more cargo than ever, and KRA is now changing how it tracks goods as the system comes under greater strain. Mombasa handled a record 45.45 million tonnes last year, while transit cargo jumped nearly 20% to 15.88 million tonnes, putting more pressure on the machinery used to move and monitor goods through the country. KRA is responding by handing electronic cargo tracking to 15 private vendors and phasing out its own seals by October 26, effectively turning a function once controlled by the tax authority into a competitive private service. The change comes as growth is spreading beyond Mombasa, with Lamu’s cargo volumes exploding from 74,380 tonnes to 799,161 tonnes and Kisumu handling 496,516 tonnes. 

Read the full article here >>>>>

 Kenyan banks rekindle appetite for lending 

By Harry Njuguna

Kenyan banks are finding their appetite for lending again, and the second quarter produced a combination the sector has not seen in some time: record profits alongside a sharp expansion in credit. Banks added KSh192.5 billion to their loan books in three months, pushing gross lending above KSh4.5 trillion for the first time as lower interest rates and stronger demand from businesses and households drew borrowers back. The bigger surprise is that the rush into new loans did not worsen the sector’s bad-debt ratio, with gross NPLs falling 1.3% and the NPL ratio dropping to 14.8%, its lowest level since 2023. Earnings followed the lending revival, with quarterly pre-tax profit rising 6.5% to a record KSh88.9 billion, although KCB, Equity and Co-op accounted for more than half of the total and much of the quarter’s profit growth. 

Read the analysis here >>>>>

Can young people be interested in capital markets?

By David Kariuki

The paradox is becoming harder for the Kenyan financial sector to ignore: a country where financial inclusion has reached 84.8% still has a generation that remains largely absent from its capital markets. The problem may not be a lack of interest either. At the Clash of Minds festival at Strathmore University, organisers found that nearly all of the participating students wanted to learn about investing, while 44% had never put money into an asset class, raising a more interesting question about what happens between wanting to invest and actually doing it. 

The experiment that followed moved away from the familiar language of financial literacy and put students inside a simulated market, where they had to make investment decisions against real Nairobi Securities Exchange (NSE) price movements, respond to market news and compete against one another. One early finding is particularly revealing: young people who understood what the NSE actually does were investing at more than twice the rate of those who did not, suggesting that the distance between financial inclusion and meaningful participation may be narrower than it looks. 

But can a weekend of competition turn curiosity into behaviour, and could the lesson expose something that banks, brokers and other market intermediaries have been missing about how to win Kenya’s next generation of investors?

Read the article here >>>>>

🎤 Your Opinion 

What’s up in Energy…

Devki's Cement Subsidiary Plans 60MW Wind Farm in Kajiado

Kenya Power has noted that large electricity consumers have been turning to self-generation to seek greater control over their energy costs.

Brian Nzomo

Lodwar Town Set to Connect to the National Grid

Kenya Power is nearing completion of a KSh1.01 billion project linking Lodwar to the national grid and replacing costly diesel generation.

Harry Njuguna

Spiro Signs Deal With World's Largest Electric Boda Maker

Spiro has signed a partnership with Chinese EV manufacturer Yadea to scale accessible and sustainable electric transport across Africa.

TKWS Staff Reporter

How Safaricom's Pata More is Making Digital Payments Work

Safaricom's Pata More is making a number of changes across its M-PESA ecosystem to give customers and businesses more value from the services they already use.

Unstoppable Africa 2026 | Global Africa Business Initiative

Unstoppable Africa: Powering Business, Scaling Economies, Shaping the Future

What You Should Watch

Graph of the day…

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.

Exness | Trusted Global Partner in Financial Trading and Technology

We are Exness, a global leader in financial services with 16 years of excellence. Explore our commitment to transparency, governance, and innovation.

Howdy!  It’s Brian from The Kenyan Wall Street. 

After years of trying to fix its operations following venture capital retreat, Twiga Foods has bowed out of the stage. The startup came to life in 2014, rose to prominence during the pre-pandemic years, and now adds its name to the list of startups that could not survive the funding drought that began this decade (Sendy, Copia, et al.)

But first…

How CBK plans to cushion against credit boom risks

The Central Bank of Kenya (CBK)

By Harry Njuguna

CBK is preparing rules for the moment when a lending boom stops looking like growth and starts becoming a threat to the banking system. The proposed countercyclical buffer would allow the regulator to make banks hold up to an additional 2.5% of their risk-weighted assets in top-quality capital when rapid credit growth is creating risks across the financial system, giving lenders a larger cushion if borrowers begin to default. 

The same rules would change what happens when that cushion is not enough, requiring banks to have tested plans for raising capital, preserving liquidity or restructuring themselves through a crisis without assuming a government bailout or extraordinary central-bank support. For the biggest or most interconnected banks, the burden could be higher still, with a separate surcharge of up to 2.5% under the proposed systemically important bank rules. 

Taken together, the proposals are aimed at protecting depositors, the payments and credit system, and ultimately the wider economy from a bank failure becoming a financial-system problem.

Read the full article here >>>>>

Twiga Foods : Another star startup goes bust!

By Fred Obura

Twiga Foods was once held up as one of Kenya’s great startup bets, raising tens of millions of dollars to use technology to reorganise how food moved from farmers to the country’s small retailers. That story has now reached a much darker chapter: GT Flow, the company’s operating entity, has entered statutory administration, putting control of its assets and operations in the hands of an administrator.

The collapse follows years of retrenchments, management changes, disputes with creditors and repeated attempts to make the business leaner, including the 2023 dismissal of 283 employees and another 59 in 2024. It also places Twiga in the company of African startup stars such as Sendy and Copia, whose once-promising models ultimately buckled under the weight of funding constraints, operating costs and the difficult journey from venture-backed growth to sustainable profits.

What has happened to one of Kenya’s most celebrated startups says something uncomfortable about the continent’s pre-2020 tech boom: how much of that growth was built on abundant capital, and what happens when the money runs out? 

Read about it here >>>>>

Kajiado Governor reopens battle for Magadi’s land rates

By Brian Nzomo & Fred Obura

Tata Chemicals’ troubles in Kenya have been building since July, when the government suspended its mining and export activities. Before the issue could be resolved, President William Ruto ordered the company to stop operations altogether. Now Kajiado County has added a KSh13 billion land-rates demand to the pressure, with Governor Joseph Ole Lenku arguing that Tata’s leases cover nearly 225,000 acres even though the soda ash deposits it mines are concentrated around roughly 11,000 acres. 

Lenku wants part of that land returned to Maasai communities for grazing and is also questioning whether the county and local communities have received their full share of mineral royalties. The claims revive an older fight in which Kajiado sought KSh17.45 billion from Tata for land rates and royalties, only for the Court of Appeal to rule against the county last year, while a new government committee is now examining the company’s land, royalties, community obligations and future in Magadi. 

After more than a century of soda-ash mining, Tata’s problem is no longer simply whether it can reopen the mine; it is whether the terms on which it has operated in Magadi are about to be rewritten. Harshly!

Read the story here >>>>>

Heads Up

MARKET REVIEW : NSE Loses KSh177Bn in Biggest Weekly Sell-Off Since March

NSE market value fell KSh177Bn to KSh4.11 trillion as NASI dropped 4.14%, Safaricom and banks retreated and foreign investors remained net sellers.

Harry Njuguna

Car & General Associate Watu Credit Secures US$7mn Debt

The new facility will be used for working capital and growth rather than a specific acquisition or project, giving Watu more room to originate loans

Brian Nzomo

KIE, Sidian Bank Forge KSh500m SME Financing Deal

Kenya Industrial Estates (KIE) and Sidian Bank have signed a five-year agreement that will provide a financing pipeline of at least KSh500 million for SMEs.

Fred Obura

Unstoppable Africa 2026 | Global Africa Business Initiative

Unstoppable Africa: Powering Business, Scaling Economies, Shaping the Future

What You Should Watch

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 flagship Bullish Africa summit returns during UN General Assembly week.

Good morning from The Kenyan Wall Street.

Here is what you need to know to start your week:

Kenya's Pitch to the World

CS Lee Kinyanjui Speaking at the just concluded AmCham Business Summit 2026

By Fred Obura

Kenya is positioning itself as a gateway for U.S. investment into Africa as businesses push for faster implementation of the African Continental Free Trade Area (AfCFTA) and greater integration of regional supply chains. Speakers at the just concluded American Chamber of Commerce (AmCham) Business Summit in Nairobi said Africa's ability to attract investment would increasingly depend on whether companies can move goods, money and inputs across borders quickly and predictably.

Kenya is also seeking to attract US investment into critical minerals processing as it positions itself as a manufacturing and regional distribution hub serving a market of more than 500 million consumers. According to Trade & Investments CS Lee Kinyanjui, the country is seeking to move beyond traditional trade ties with the US towards deeper investment and production partnerships.

Separately, Kenya has pitched its capital city as the regional base for the Asian Infrastructure Investment Bank (AIIB) as the government steps up efforts to unlock new sources of financing for infrastructure and connectivity projects. The proposed office would give Kenya a strategic role in AIIB’s expansion in Sub-Saharan Africa while potentially increasing Nairobi’s access to projects, financing expertise and investment networks associated with the multilateral lender. Read more here »»»

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Unstoppable Africa: Powering Business, Scaling Economies, Shaping the Future

Global Africa Business Initiative

CMA Flags 15 Unlicensed Investment Schemes

By Harry Njuguna

Kenya’s Capital Markets Authority has warned the public against 15 entities it says are operating unlawfully and fraudulently soliciting money from investors without the required licences or approvals. In a public notice dated September 11, 2026, the regulator named Global Investment Group, QVSE, Kore Exchange, Abacus Wealth Management, Brown Advisory Group, B Invest, Bitblock Capital Limited, Maliwave Investments, Monetrix Capital Investments and Twenty-four Hours Pro expert Trader.

The list also includes Wealth Sharing Group, also known as Opticoin, CBEX, Just Markets, Ultima Cryptocurrency and Lukman-trust fund. The Capital Markets Authority said all 15 entities are subject to active investigations by the Directorate of Criminal Investigations (DCI), working with the regulator and other law-enforcement agencies. The long-running CBEX has faced separate regulatory action in Nigeria. Nigeria's Securities and Exchange Commission warned in April 2025 that CBEX, also identified as Crypto Bridge Exchange, lacked approval to operate a digital asset exchange or solicit investments.

Read the full article here >>>>>

What you should watch…

In this Season 2 closer of the Just Money Podcast, host Just Ivy Africa sits down with Roselyn Wanjiru, Economist, Blockchain Strategy Consultant, and former Forbes contributor, to pull apart Ivy's real personal portfolio and rebuild the blueprint for what a portfolio should look like heading into 2026 and 2027.

Heads Up

With the Current Investing Craze, Where Do You Even Start? | The Kenyan Wallstreet

Hisa has made investing a lot easier by putting both the Kenyan and US markets in one account — so that from a single app, you can invest from as little as $1.

The Kenyan Wallstreet • Brand Partnerships

Pan-African Payment and Settlement System Targets Scale | The Kenyan Wallstreet

The Pan-African Payment and Settlement System (PAPSS) is preparing to accelerate adoption and transaction growth as it enters the next phase of its strategy.

The Kenyan Wallstreet • Staff Reporter

NSE Raises Futures Margins as 2026 Turnover Tops KES 800Mn | The Kenyan Wallstreet

NSE has revised futures margins effective Sept. 18, raising requirements for I&M, Kenya Power, Equity and KCB as 2026 turnover hits KES 817.87Mn.

The Kenyan Wallstreet • Harry Njuguna

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.

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We are Exness, a global leader in financial services with 16 years of excellence. Explore our commitment to transparency, governance, and innovation.

Howdy!  It’s Brian from The Kenyan Wall Street. 

The weekend is finally here, and these are the financial stories we have for you in today’s newsletter…

Which Kenyan banks will be too important to fail?

CBK governor Kamau Thugge

By Harry Njuguna

The CBK is preparing to draw a clearer line between ordinary banks and those whose collapse could shake the wider financial system. Under the proposed rules, banks would be judged not only by their size but also by how deeply they are connected to other financial institutions, how difficult their services would be to replace and how complex their operations are. Banks that cross the threshold would have to hold extra Common Equity Tier 1 capital, giving them a larger cushion against losses before trouble at one institution can spread elsewhere. They would also face closer supervision and be required to prepare plans for recovering from severe financial stress or being wound down without destabilising the system. The interesting question now is which Kenyan banks will be deemed too important to fail, and how much more capital that designation will require them to carry. 

Read the full article here >>>>>

Why Kenya wants to sharpen digital tracking for local alcohol

By Brian Nzomo

Kenya is preparing to put locally made alcohol under a tighter digital tracking system after finding that much of the illicit liquor seized by authorities is manufactured inside the country. The Anti-Counterfeit Authority (ACA) says 77% of seized alcohol was locally manufactured, exposing a gap in a system that has largely been designed to track imported products. Its proposed fix is a security device giving each high-risk product a unique digital identity that can be checked as it moves from manufacturer to distributor and, ultimately, the consumer. More importantly, the system would connect that identity to KRA excise records, KEBS certification and county licensing data, making it harder for illicit producers to hide behind legitimate-looking bottles and labels. The plan raises a bigger question for Kenya’s alcohol market: can a digital trail finally expose what is happening inside the country’s own production and distribution networks?

Read the article here >>>>>

What went down at the AmCham Business summit

By Fred Obura

American companies are looking beyond cheap production costs when deciding where in Africa they can build lasting supply chains. At the AmCham Business Summit in Nairobi, the discussion turned to something more exacting: whether African suppliers can prove where their goods come from, deliver consistently and meet the standards demanded by major US retailers. Infrastructure is becoming part of that equation too, with roads, fibre, power and industrial zones being designed as one investment proposition rather than separate projects. There is also a less visible race underway around digital finance, as new systems try to use data and AI to make it easier for African businesses to get the capital needed to join these supply chains. The bigger question is whether Kenya and its neighbours can build the reliability that turns American interest into actual factories, contracts and long-term investment.

Read the full article here >>>>>

Heads Up

Absa Bank Kenya Appoints Yusuf Omari as CEO & MD

Absa Bank Kenya appoints Yusuf Omari as Managing Director and CEO after more than two decades at the lender and two stints as interim chief.

Harry Njuguna

Kenya Pitches Nairobi for Asian Infrastructure Bank's Office

Kenya is seeking to position Nairobi as the regional base for the Asian Infrastructure Investment Bank (AIIB) as the government seeks new financing.

Fred Obura

Kenya Strengthens Ebola Readiness at Busia Border

More than 3, 000 people cross the border daily, alongside freight, making border workers and communities an important part of Kenya’s early warning system.

TKWS Staff Reporter

INSIGHT : Inside Kenya's Banking Record H1 2026 Earnings Season

How a two-year interest rate collapse turned Kenya's banking sector into the best story on the NSE — and what the second half of 2026 could still upend.

Melvin Mutuma

Unstoppable Africa 2026 | Global Africa Business Initiative

Unstoppable Africa: Powering Business, Scaling Economies, Shaping the Future

What You Should Watch

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.

AmCham Business Summit 2026

Register here for "AmCham Business Summit 2026" hosted by American Chamber of Commerce, Kenya

Good evening. It’s Brian from The Kenyan Wall Street. 

Ahead of AFCON 2027, Mexico's Social World Cup program demonstrates that a host nation can make celebrations more inclusive and safer, and that when the private sector steps up responsibly, standards across the entire industry advance. This is according to Prof. Myriam Sidibé, founder of Brands on a Mission and co-author of Georgetown University’s case study on AB InBev’s Global Smart Drinking Goals.

This and more in today’s edition…

What AFCON 2027 Hosts Can Learn from Mexico's World Cup

By Prof. Myriam Sidibé

The next Africa Cup of Nations (AFCON) that will be hosted in Kenya, Uganda, and Tanzania will test more than the countries’ stadiums, transport networks and match-day logistics; it will also test how well the host countries manage the enormous social life that gathers around football. Mexico’s experience offers an intriguing precedent, where public screenings, responsible beverage service and road-safety measures were folded into the celebration rather than treated as an afterthought. The approach grew out of a decade-long programme that linked businesses, public authorities and health experts, including an initiative in Zacatecas that reported a 10% reduction in harmful alcohol use. For Kenya, Tanzania and Uganda, the question is whether AFCON 2027 can become a similar experiment in making mass celebration safer without draining it of its exuberance.

Read the full opinion article here >>>>>

Rubis Kenya Half-Year Revenue Hits KSh 78.9Bn

By Harry Njuguna

Rubis is making more money in Kenya even as its grip on the country’s fuel market has weakened. The French energy group’s Kenyan revenue rose 19% to €541 million (KSh 79.8 billion) in the first half of 2026, driven by stronger margins and commercial activity rather than a surge in fuel volumes. That is notable in a market where Rubis’s share had fallen to 13.77% by the end of 2025, putting it behind TotalEnergies. The company’s response has been to protect margins rather than chase every litre, particularly in the fiercely competitive aviation business. The result offers a revealing look at how an oil marketer can grow its top line while losing ground at the pump.

Read the full financial analysis here >>>>>

Unstoppable Africa 2026 | Global Africa Business Initiative

Unstoppable Africa: Powering Business, Scaling Economies, Shaping the Future

A new internet highway for the Kenyan coast

By Brian Nzomo

The Kenyan coast is set to get a new piece of digital infrastructure that could change the investment proposition from Mombasa to Lamu. The LuLu Coastal Cable System will connect five landing stations with 60 terabits per second of capacity, while a parallel terrestrial route is designed to keep traffic moving if the subsea link is disrupted. That redundancy matters as much for businesses as the headline bandwidth, particularly as coastal industrial zones seek to attract data centres, fintech firms and other data-heavy operations. The cable’s planned landing at Vipingo SEZ also ties the project to a broader build-out of industrial, logistics and digital infrastructure along the coast. If completed in 2028, LuLu could make connectivity another piece of the infrastructure equation shaping where Kenya’s next wave of investment lands.

Read the article here >>>>>

Heads Up

Africa Jobs Fund Backs Kenyan Labour Mobility Firm Velocity

The Africa Jobs Fund has made its first investment in Velocity, a Kenyan labour-mobility company that trains nurses in German and places them in jobs.

Brian Nzomo

Kenya's Banks Brace for Real Estate Loan Troubles

The share of banks expecting non-performing loans in Kenya's real estate sector to rise next quarter nearly doubled in the second quarter.

Brian Nzomo

UN General Assembly Starts 81st Session in New York

Antonio Guterres noted that among the immediate tasks of Rahman's presidency is the selection process for the next Secretary-General

TKWS Staff Reporter

INSIGHT : Top 10 Business and Finance Podcasts in Kenya

Rather than offering generic financial advice, Kenya’s top-performing business and finance podcasts are precisely segmented, providing targeted content.

David Kariuki

What You Should Watch

Briefs

• Capital Markets. The Nairobi Securities Exchange (NSE) cleared the WSA Banking Index ETF for listing, bringing the country’s first locally domiciled ETF closer to trading.

• Public Policy. A Senate committee has directed Uasin Gishu Governor Jonathan Bii to increase Eldoret City's own-source revenue. 

• Aviation. Boeing expects Africa to be one of the fastest-growing aviation markets over the next two decades, with passenger traffic projected to expand at almost 6 percent annually 

• E-Mobility. ARC Ride, a Kenyan electric-mobility company, has raised US$33.3 million in a new financing round, giving it fresh capital to expand into four additional African markets.

• Corporate Dispute. A dispute pitting a roofing products manufacturer against its former consultants has landed in the High Court, with the company accusing the ex-workers of using trademarks and branding developed and protected by their former employer.

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.

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We are Exness, a global leader in financial services with 16 years of excellence. Explore our commitment to transparency, governance, and innovation.

Good evening. It’s Brian from The Kenyan Wall Street. 

Here are top financial stories I have lined up for you this evening :

Where Kenyan banks see lending risk…

By Brian Nzomo

Kenyan banks are becoming more comfortable lending into an economy that is still leaving them plenty to worry about. The clearest warning is in real estate, where the share of lenders expecting bad loans to increase next quarter almost doubled to 27% in June. Meanwhile, the banking system’s headline NPL ratio has fallen to 14.8%, but the improvement owes considerably more to a larger loan book than to a meaningful reduction in bad debt. That leaves banks in an intriguing position: credit demand is strengthening, lending is expanding and standards have not materially tightened, even as more lenders prepare for deterioration in parts of the book. The latest CBK survey offers an unusually useful glimpse into where banks think the next trouble in Kenya’s credit cycle may emerge, and where they are still willing to take the risk.

Read about it here >>>>>

NSE Grants Conditional Approval for WSA Banking ETF

By Harry Njuguna

Kenya is about to give investors a new way to buy into its banking boom, just as the sector has become an unusually large part of the stock market. The NSE has conditionally approved the WSA Banking Index ETF, with listed banks now accounting for about KSh1.85 trillion, or 43.5% of the exchange’s total value. The timing is crucial as the banking index has gained 46.73% this year, with several individual stocks delivering even larger returns. But an ETF does something a rising share price cannot. It turns a collection of increasingly valuable banks into a single investable proposition, changing how investors can participate in the sector. 

Read about it here >>>>>

Register here for "AmCham Business Summit 2026" hosted by American Chamber of Commerce, Kenya

African aviation demand is on the rise, but where are the planes?

By Fred Obura

Africa’s airlines are entering a market where demand may be growing faster than the industry can supply the aircraft needed to serve it. Boeing expects passenger traffic on the continent to rise 5.8% a year for the next two decades, well ahead of the 4% global pace, pointing to a much larger aviation market taking shape. Yet the more interesting issue is whether African carriers will have the planes, routes and economics to capture that growth, particularly as manufacturers struggle with production backlogs. Boeing estimates the continent will need 1,165 new commercial aircraft, with used planes likely to fill part of the gap. The numbers suggest an aviation boom is coming, but the industry may have to find ways to build it before the aircraft do.

Read the article here >>>>>

Heads Up

Former Employees, Mabati Firm Lock Horns Over Trademarks

Royal Mabati Factory has sued Vintage Mabati Mills and four people, claiming that they used its trademarks, industrial designs and branding.

Fred Obura

EV-Maker ARC Ride Raises US$33.3mn To Enter Four Markets

Kenya has become an important testing ground for battery swapping as electric mobility gains a foothold in the country's two- and three-wheeler economy.

Brian Nzomo

Bank of Uganda Tightens Controls After Security Breaches

On May 4th 2026, burglars broke into the Bank of Uganda head office and stole at least seven laptops, networking equipment, and a CCTV server.

TKWS Staff Reporter

OPINION : Why Logistics Is the Missing Pillar in Pandemic Preparedness

A country cannot be fully prepared for an outbreak if it does not know what logistics capacity to draw on, who controls it, or how to bring it together.

Scott Dubin

Unstoppable Africa 2026 | Global Africa Business Initiative

Unstoppable Africa: Powering Business, Scaling Economies, Shaping the Future

What You Should Watch

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.

AmCham Business Summit 2026

Register here for "AmCham Business Summit 2026" hosted by American Chamber of Commerce, Kenya

Good evening. It’s Brian from The Kenyan Wall Street. 

Here are top financial stories I have lined up for you this evening :

More Data Centres are coming…so are the new rules

By Fred Obura

Kenya’s data-centre boom is creating a regulatory question that could matter as much as the billions being committed to the industry: who exactly should oversee the infrastructure behind the country’s digital economy? The Communications Authority (CA) is proposing a dedicated licence for colocation data centres, separating them from the broader network-facilities category and giving the rapidly expanding sector its own regulatory framework. The timing is significant, with Microsoft and G42 planning a US$1 billion campus in Olkaria and Amaco Energy Group proposing a KSh194 billion AI data centre in Mombasa. Yet the investment rush is already running into a familiar constraint, with dependable power and the infrastructure needed to keep these facilities operating becoming critical considerations. The question now is whether Kenya’s new rules can bring greater clarity without becoming another hurdle for an industry it is trying to attract.

Read the full article here >>>>>

Can Eldoret afford to be a city?

By Brian Nzomo

Eldoret’s new city status is exposing an old problem of how much money it can generate to pay for the ambitions attached to its title. The Senate says Uasin Gishu’s annual own-source revenue is only about KSh1.2 billion, while the governor puts the figure at KSh1.7 billion after accounting for health-facility collections. For a city expanding its roads, waste systems, public spaces and commercial infrastructure, that revenue base is already under pressure and the county’s collections have not clearly kept pace with the city’s rise. The question is becoming harder to ignore as national transfers face their own fiscal pressures and cities are increasingly expected to finance more of their functions locally. Can Eldoret turn its economic heft into the dependable revenue stream its new status demands?

Read about it here >>>>>

SACCO assets are growing, but so are bad loans…

By Brian Nzomo

Kenya’s SACCOs are extending more credit, but there is growing concern underneath the expansion. Non-performing loans at deposit-taking SACCOs have risen to 6.56% of gross loans, above the regulator’s 5% ceiling, even as lending and deposits continue to grow. The deterioration is particularly striking among smaller non-withdrawable deposit-taking SACCOs, where bad loans remain close to 8%. For an industry whose strength rests on the confidence of millions of savers and borrowers, that distinction matters. The latest numbers from SASRA offer an early glimpse of what could become the sector’s most consequential problem as its balance sheets grow.

Read the details here »»»»»

Unstoppable Africa 2026 | Global Africa Business Initiative

Unstoppable Africa: Powering Business, Scaling Economies, Shaping the Future

What you should watch!

In this episode of ‘Investing Like An Executive’, Andrew Barden sits down with Paul Muthaura, CEO of the American Chamber of Commerce Kenya, ahead of the AmCham Business Summit 2026. From rebuilding investor trust to the AGOA 2028 deadline and where the next wave of American capital will flow, this conversation cuts through the noise.

Heads Up

Dangote Prices 4.1bn Refinery Shares at US$0.4 Each Ahead of IPO

Dangote Refinery will offer 4.1 billion shares at 525 naira apiece from 14 September to 13 October, raising about 2.15 trillion naira, or US$1.63 billion.

Brian Nzomo

Kenya, US Renew Deal Allowing Diplomats' Dependants to Work

Kenya and the United States have renewed a deal that allows eligible dependants of diplomats from both countries to seek employment in the receiving country.

TKWS Staff Reporter

Visa-Free Does Not Mean Free to Trade, Kenya Warns

The government has singled out the retail and local trade sectors, where the presence of foreign operators has increasingly become politically sensitive.

Fred Obura

OPINION : More Revenue for Health Will Not Be Enough Without Budget Credibility

Raising more revenue will not, by itself, produce better health outcomes. Revenue mobilisation and expenditure credibility should be treated as one reform agenda, as every execution failure has a human price.

FaithAnn Kinyanjui

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.

Exness | Trusted Global Partner in Financial Trading and Technology

We are Exness, a global leader in financial services with 16 years of excellence. Explore our commitment to transparency, governance, and innovation.

Good evening. It’s Brian from The Kenyan Wall Street. 

Here are top financial stories I have lined up for you this evening :

Visa-Free Does Not Mean Free to Trade

By Fred Obura

Kenya’s open-door approach to foreign visitors is colliding with a more complicated question: where does welcome end and permission to work or trade begin? The government says it is finding foreigners using visa-free, tourist and investor status to operate in retail and other commercial activities without the permits required for employment or business. That puts a two-year-old experiment in easier entry under scrutiny, particularly after President William Ruto called for action against foreigners competing with Kenyan traders in small-scale commerce. The policy challenge is becoming sharper as Kenya tries to preserve regional free movement while protecting local economic opportunities and ensuring foreign investment brings capital and productive capacity. So what, exactly, does visa-free entry allow a foreigner to do once inside Kenya, and where does the law draw the line?

Read about it here >>>>>

Banks lift NSE to KSh 4.28 Trillion Market Cap

By Harry Njuguna

The Nairobi Securities Exchange (NSE) has crossed a new threshold, closing the week at a record KSh4.28 trillion as bank shares led the market’s strongest weekly advance since June. 

The NSE Banking Index gained 5%, with Equity Group surging 13.7% and accounting for nearly a third of all equity turnover, helping push the broader market indices sharply higher. 

The advance also spread beyond banks, with energy counters such as KenGen and Kenya Power extending their gains and Nation Media Group emerging as the week’s biggest gainer. 

However, the rally was met by KSh1.49 billion in net foreign selling, leaving local investors to absorb much of the pressure as trading activity surged.

Read the analysis here >>>>>

Register here for "AmCham Business Summit 2026" hosted by American Chamber of Commerce, Kenya

INSIGHT : Why Investment Banks Hold the Keys to East Africa’s Future

By Fred Obura

East Africa’s next phase of growth may depend on how well it can move capital beyond the traditional bank loan. As businesses expand across borders and infrastructure demands intensify, investment banks are increasingly being drawn into transactions that connect companies, projects and investors across the region. The shift is already visible in deals involving Bamburi Cement, Nation Media Group, and Safaricom, as well as in the growing appetite for cross-border mergers, bond financing and structured products. But beneath that expansion sits a more consequential question: can East Africa develop capital markets deep enough to finance the scale of investment its economies will require? The answer may lie in how investment banks evolve from lenders and brokers into architects of complex pools of capital.

Read the full article here >>>>>

Heads Up

Kenya Moves to Monitor Nonprofits Over Terror Financing Risk

The government has constituted a multi-agency working group to identify and monitor non-profit organisations considered at risk of terrorism financing.

Brian Nzomo

Bolt Marks 10 Years in Kenya With KSh19 billion Investment

Bolt has invested more than KSh19 billion in Kenya, supporting technology infrastructure, driver support programmes, and safety initiatives.

The Kenyan Wallstreet

Kenya Targets US$500mn Investment at AmCham Business Summit 2026

On the eve of AmCham Business Summit 2026, AmCham CEO Paul Muthaura explains why the lobby is moving from announcements to implementation.

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OPINION : How We Can Accelerate Intra-African Trade Momentum

By Kanayo Ayani

Africa’s internal trade is growing, but the bigger question is whether that momentum can be turned into lasting industrial capacity. In 2024, intra-African trade rose 5.4% to US$206.6 billion, while the latest Intra-African Trade Fair generated US$50 billion in trade and investment deals. The figures point to an appetite for cross-border commerce, but businesses still face the more prosaic obstacles of finding reliable markets, understanding regulations and securing the finance needed to act on opportunities. With Lagos set to host the next trade fair in 2027, the stakes are rising for Nigeria and for a continent trying to turn a vast common market into something commercially tangible. What happens next may determine whether Africa’s trade fairs remain showcases of possibility, or become machinery for moving capital, products and production across its borders.

Read the full article here »»»»»

Unstoppable Africa 2026 | Global Africa Business Initiative

Unstoppable Africa: Powering Business, Scaling Economies, Shaping the Future

What You Should Watch

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.

AmCham Business Summit 2026

Register here for "AmCham Business Summit 2026" hosted by American Chamber of Commerce, Kenya, happening this week.

Good Monday morning from The Kenyan Wall Street.

Here’s what you need to know to start your week

National Infrastructure Fund Appoints James Mworia as Founding CEO

Dr. James Mworia

By TKWS

Long-serving Centum CEO Dr. James Mworia has been appointed as the National Infrastructure Fund’s founding CEO, placing him at the helm of Kenya’s most ambitious state-led investment drive yet. Dr. Mworia was first appointed to the Fund’s inaugural board in July on a three-year term, kickstarting the process that has ended with his appointment to set up what is billed to become a KSh 5 trillion fund.

“The founding Chief Executive Officer will lead the dual mission of establishing NIF as a credible national investment institution and building the infrastructure enterprises required to deliver its mandate,” NIF’s board said in a statement late on Sunday.

Mworia has spent his two and a half decades in the corporate world at Centum, except for an 18-month stint where he quit and joined TransCentury as head of investments in the mid-2000s. In December 2008, at age 30, Mworia was appointed CEO and MD of Centum Investment Company, becoming the youngest CEO of a listed company in Kenya. Read More»»»

The NIF will focus on critical infrastructure needs in transport and logistics, energy, ICT, water and agriculture. Its bigger challenge is how to navigate its financing drive, as its founding law contains a hard brake that prevents it from issuing bonds, taking bank loans, or leveraging itself to raise capital.

“[Mworia’s] experience engaging domestic and international capital providers will support NIF’s work to attract investment into Kenya and bring mature infrastructure enterprises to market,” NIF’s board added.

Any financing would have to occur at the project level through equity stakes, structured finance or debt instruments tied directly to bankable projects. The distinction is designed to prevent the vehicle from becoming an off–balance sheet borrowing arm of the state.

The government has seeded the fund with KSh 244.5billion from the sale of part of its stake in Safaricom PLC. That seed capital is almost five times Centum’s current portfolio, which stood at KSh 50.5 billion as at March 2025, having grown from just KSh 6 billion when Mworia took over in 2008.

Stay updated on this and more on WhatsApp»»»

More in Markets

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KQ, Absa, and Visa Launch Co-Branded Premium Travel Card | The Kenyan Wallstreet

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Tanzanian Rostam Aziz Completes 54.08% Nation Media Takeover | The Kenyan Wallstreet

Taarifa has completed its acquisition of a 54.08% controlling stake in Nation Media Group following regulatory approvals and a sweeping board overhaul.

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Kenyan Startup DigiTax Expands to the UAE Ahead of E-Invoicing Mandate

By Brian Nzomo

DigiTax, a Kenyan tech company, has entered the United Arab Emirates (UAE) after being pre-approved by the country’s Ministry of Finance to provide electronic invoicing services, opening a new market as the gulf nation prepares to make digital invoicing mandatory for businesses. The tax-tech company, which operates in the UAE through Namiri Technology Services LLC, has opened an office in Dubai and has begun hiring for sales, account management, customer service and technical roles. The UAE is introducing electronic invoicing as part of a broader digitisation of tax administration, as companies with annual revenue of 50 million Dirhams (US$13.6 million) or more will have to comply with the new invoicing and reporting requirements from 1 January next year.

Read the full article here »»»»»

Heads Up

Investors Raise Concerns Over KSh5b Economic Zones Threshold | The Kenyan Wallstreet

A proposed overhaul of Kenya’s laws has sparked resistance over a KSh5 billion threshold that could put economic zones beyond the reach of smaller manufacturers

The Kenyan Wallstreet • Brian Nzomo

R13.9bn Nedbank-NCBA Deal: What Shareholders Should Expect | The Kenyan Wallstreet

For NCBA shareholders who tendered, the immediate changes will include the currency, custodian, and tax jurisdiction their money now sits in.

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Kenya Business news News & Analysis - Page 2 | The Kenyan Wallstreet

Latest news, analysis and insights from Kenya and across Africa.

The Kenyan Wallstreet

What You Should Watch

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.

AmCham Business Summit 2026

Register here for "AmCham Business Summit 2026" hosted by American Chamber of Commerce, Kenya

Good evening. It’s Brian from The Kenyan Wall Street. 

As the weekend begins, here are top financial stories I have lined up for you today :

Kenyan Flowers have no room for delay

By Brian Nzomo

Kenya’s flower industry depends on a supply chain measured in hours, yet its most important gateway can still be brought to a standstill by a labour dispute. The recent two-day strike at JKIA stranded about 1,000 tonnes of cargo and left more produce waiting on farms and in packhouses, exposing how little room the country has when perishable exports are disrupted. With flowers worth KSh81.3 billion exported last year, the question is no longer simply how to clear the latest backlog, but whether Kenya has built enough resilience around an industry whose customers can turn elsewhere when shipments fail. The Kenya Flower Council (KFC) is now pushing for a permanent contingency system covering cold storage, cargo clearance, alternative routes and industrial disputes before they become national trade disruptions. What would it take to keep Kenya’s flowers moving when the airport stops?

Read the article here >>>>>

Why KRA Tried To Reject a Disabled Man’s Car Tax Exemption

By Brian Nzomo

A KRA challenge over a tax-exempt Volvo XC90 has ended with the Tax Appeals Tribunal drawing a sharp line between suspicion and evidence. The authority argued that a KSh3.3 million transfer into the taxpayer’s account just days before he paid for the vehicle suggested he was importing it for someone else, potentially abusing an exemption available to persons with disabilities. The tribunal found that the payment could just as plausibly have been a loan or gift, and that KRA had not produced evidence tying the taxpayer to the alleged proxy arrangements or land transaction. The ruling also questioned how far KRA can go in demanding proof beyond its own exemption requirements when an applicant has already supplied the prescribed documents. The decision offers a useful glimpse into where the taxman’s investigative powers end, and what it must prove before denying a taxpayer a statutory exemption.

Read the full article here >>>>>

Unstoppable Africa 2026 | Global Africa Business Initiative

Unstoppable Africa: Powering Business, Scaling Economies, Shaping the Future

OPINION : Why Logistics Is the Missing Piece in Pandemic Preparedness

By Scott Dubin

Ebola outbreaks expose a problem that begins long before the first patient arrives: whether a country can actually move what an emergency requires, when and where it is needed. The experience of Liberia in 2014 and the worsening crisis in the DRC show how transport, warehousing, cold-chain capacity and information can become bottlenecks even when medicines and other supplies exist. With foreign aid shrinking and African governments seeking greater health-security sovereignty, the old assumption that international agencies will coordinate the logistics is becoming harder to sustain. The harder question is whether countries can build the visibility, systems and partnerships needed to mobilise public and private logistics capacity before an outbreak turns a shortage into a catastrophe. 

Read the opinion article here >>>>>

Heads Up

Top 10 Business and Finance Podcasts in Kenya

Rather than offering generic financial advice, Kenya’s top-performing business and finance podcasts are precisely segmented, providing targeted content.

David Kariuki

Kenyan Investors Can Now Access US IPOs Through Hisa

Hisa has introduced access to eligible US initial public offerings (IPOs) directly through the Hisa app, giving eligible retail investors a way to participate.

The Kenyan Wallstreet

Nomba Raises US$3mn Facility to Expand Africa-Asia Payments

The financing will provide Nomba with additional U.S.-dollar liquidity to deploy through banking relationships in Hong Kong and Singapore.

Brian Nzomo

R13.9bn Nedbank-NCBA Deal: What Shareholders Should Expect

For NCBA shareholders who tendered, the immediate changes will include the currency, custodian, and tax jurisdiction their money now sits in.

Dennis Kaboro

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.

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Good evening. It’s Brian from The Kenyan Wall Street. 

In today’s newsletter, we analyze what the NCBA acquisition by Nedbank means for investors. We then take a dive into the financial performance of Kenyan banks in H1 and what it means for stockholders…

These and more in today’s edition…

What 80% in Nedbank Shares Means for NCBA Investors

By Dennis Kaboro

Nedbank’s takeover of NCBA is nearing completion, but for thousands of shareholders who accepted the offer, the transaction has already changed the nature of their investment. Of the roughly US$842 million paid for the 66% stake, 80% is coming not as cash but as newly issued Nedbank shares listed in Johannesburg. That means investors who once held Kenyan, shilling-denominated bank stock are being handed exposure to a South African-listed company, the rand and a different tax and custody system. The offer was oversubscribed at nearly 80% of NCBA’s issued capital, forcing a scale-back that adds another complication to the shareholder transition. What does that change mean for the investors now holding Nedbank shares, and what are they likely to encounter once the deal is completed? 

Read about it here >>>>>

Kenya's Bank Rally: Inside a Record H1 2026 Earnings Season

By Melvin Mutuma

Kenyan banks have emerged from the first half of 2026 with a striking divide: some are converting the lower-rate environment into faster profit growth, while others are watching their margins erode. Equity, KCB and DTB posted some of the strongest results, helped by lower funding costs, better asset quality and tighter operating efficiency, while Absa and Standard Chartered recorded declining profits. Investors have rewarded the sector heavily, pushing the Banking Index up 30.9% this year and sending several bank shares sharply higher even where earnings growth has been modest. The contrast is becoming harder to ignore as the Central Bank of Kenya’s (CBK) rate-cutting cycle pauses and Treasury yields begin to recover. Which banks have genuinely strengthened their earnings, and which may have benefited from a tailwind that is now running out of road?

Read the analysis here >>>>> 

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INSIGHT : Why Africa Suddenly Wants More Refineries

By Fred Obura

Africa’s dependence on imported refined fuel is being tested by the disruption around the Strait of Hormuz, exposing how little the continent has done to insulate itself from shocks beyond its borders. With most African countries still relying on overseas supplies, the upheaval is pushing governments to confront a vulnerability that has lingered through successive oil crises. The response is increasingly visible in a new wave of refinery projects, from Angola and Zambia to Uganda and Cameroon, backed by investors from China, the UAE and elsewhere. Dangote’s 650,000-barrel-a-day refinery in Nigeria offers the most consequential example of what greater refining capacity could mean for regional fuel markets, and why similar projects are attracting money and political attention. But as billions of dollars flow into Africa’s refining ambitions, the bigger question is whether these projects can turn a geopolitical shock into lasting energy security. 

Read the article here >>>>>

Heads Up

Uber Exits Nigeria, Uganda as Africa Footprint Shrinks

The two exits follow Uber's withdrawal from Ivory Coast and Tanzania in 2025 and 2026 respectively, leaving it operating in just four African countries

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DigiTax Expands to UAE Ahead of E-Invoicing Mandate

DigiTax, a Kenyan tech company, has expanded to the UAE after being pre-approved by the country’s Ministry of Finance to provide electronic invoicing services,

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Uganda Waives KSh 300mn Taxes for Struggling Meat Exporter

Uganda's parliament has approved a tax waiver for Fresh Cuts Uganda, relieving the meat exporter of KSh 298.1mn in tax arrears despite objections.

TKWS Staff Reporter

Kenya's M&A Deal Value Surges Past Nigeria on 3 Transactions

The largest transaction on the continent was MTN's acquisition of the 75.3% of IHS shares it did not already own, which was valued at US$2.2 billion.

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Brand Partnerships

Unstoppable Africa 2026 to Bring African and Global CEOs and Leaders to New York to Drive Investment, Ownership and Growth Across The Continent

More than 2,000 African and global business leaders plus heads of state will gather in New York on September 20–21 for Unstoppable Africa.

What you should watch

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.

AmCham Business Summit 2026

Register here for "AmCham Business Summit 2026" hosted by American Chamber of Commerce, Kenya

Good evening. It’s Brian from The Kenyan Wall Street. 

Three megadeals, two involving banks and one involving EVs, saw Kenya’s mergers and acquisitions value for H1 surpass Nigeria by a wide margin. But continental deal volumes are not as impressive as previous periods. 

This and more in today’s newsletter…

The Deals that pushed Kenya ahead of Nigeria

Nairobi city

By Brian Nzomo

Kenya pulled ahead of Nigeria in Africa’s dealmaking race, with US$1.44 billion in transactions in the first half of 2026, despite closing far fewer deals than its West African rival. Much of that lead came from three unusually large transactions: 

Nedbank’s US$855 million acquisition of NCBA, Absa’s roughly US$239 million purchase of more shares in Absa Bank Kenya, and a US$215 million investment in electric-vehicle maker Spiro. Together, they placed three Kenya-linked deals among Africa’s 10 largest transactions during the period and turned Nairobi into the continent’s biggest national M&A market outside South Africa by value. The numbers also reveal a market becoming increasingly dependent on a handful of very large transactions even as overall dealmaking across Africa weakens. So what were investors actually buying into, and what does Kenya’s H1 lead say about where the big money sees opportunity? 

Read about it here >>>>>

The Seven-hour delay and a KSh6 Million Award

By Fred Obura

A seven-hour gap in medical attention has ended with Pandya Memorial Hospital being ordered to pay KSh6.03 million over the loss of a young girl’s right forearm following a medical emergency in 2008. The High Court did not find that the initial procedure was negligently performed, but instead focused on what happened after the child began experiencing severe pain and her condition deteriorated during the night. Justice Jairus Ngaah found that the hospital failed to properly monitor or escalate the problem, allowing a threatened limb to progress to irreversible damage and eventual amputation. The award reflects not only the loss of the dominant arm but the consequences of the injury over a lifetime, with the court also rejecting several of the hospital’s arguments over what caused the damage. What happened during those seven hours, and why did the court ultimately find the hospital responsible? 

Read about it here >>>>>

Unstoppable Africa 2026 | Global Africa Business Initiative

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Is the KSh5 Billion Investment threshold too high for Economic Zones?

By Brian Nzomo

Kenya’s attempt to redraw the rules for its economic zones has run into an awkward question: who exactly is the new regime meant to attract? At the centre of the debate is a proposed KSh5 billion minimum investment threshold, which businesses and other stakeholders warn could shut smaller manufacturers, start-ups and other investors out of a system built to encourage industrial activity. The proposed law is intended to replace the country’s two separate zone authorities with a single Kenya Economic Zones Authority and give special economic zone businesses much greater access to the local market. Government officials and lawmakers are now favouring a more graduated approach, with the investment hurdle varying according to the size and type of business rather than applying one figure to everyone. But how would a tiered system work, and could it make Kenya’s economic zones more accessible without diluting the regime’s investment ambitions?

Read about it here >>>>>

Heads Up

BK Group H1 Profit Rises 8.6% to KSh 5Billion

BK Group H1 2026 net profit rose 8.6% to KSh 5Bn before the Rwandan banking group completed its KSh 2.81Bn BK General Insurance sale.

Harry Njuguna

Africa Finance Corporation Launches $30mn Insurance Company

Backed by up to US$30 million in equity capital, AFC Captive will initially provide insurance coverage for loans extended by AFC to its counterparties. 

Staff Reporter

EXPLAINER : Exchange-Traded Funds (ETFs) in Kenya 2026 Master Guide

A guide to ETFs in Kenya, including the three ETFs on the NSE, how they work, costs, taxes, risks and how investors can buy ETF units.

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OPINION : More Revenue for Health Will Not Be Enough Without Budget Credibility

By FaithAnn Kinyanjui

Kenya has dedicated KSh175.5 billion into health in the 2026/27 budget, but the harder question is whether that money will actually become medicines, treatment and functioning health facilities. The country’s fiscal challenge is real, yet repeatedly asking taxpayers for more money risks deepening public frustration if existing allocations are delayed, under-spent or fail to reach the services they were meant to fund. That makes budget credibility as important as revenue collection, particularly when households still bear a substantial share of healthcare costs directly. The reforms around taxation, SHA and health financing therefore face a common test: whether the government can make the journey from money collected to healthcare delivered visible and reliable. What would it take for Kenya to turn higher revenue and bigger health budgets into care that citizens can actually see and depend on?

Read the opinion article here >>>>>

What You Should Watch

Briefs

• Economy. Local flight fares in Kenya rose by 4.1 percent between July and August 2026, driven by higher costs in transport-related services. 

• Aviation. KQ, Absa Bank Kenya, and Visa are launching a premium credit card that links everyday consumer spending to airline rewards.  

• Capital Markets. The KSh 106.3 billion Kenya Pipeline Company (KPC) initial public offering delivered a windfall for Faida Investment Bank, helping lift the investment bank’s profit after tax 1,533%.

• Co-operatives. Shareholders of the Kenya Union of Savings and Co-operative Organisations (KUSCCO) have voted to liquidate the organisation, bringing the troubled SACCO umbrella body to the brink of extinction.

• Agriculture. Africa’s agricultural sector has made significant gains over the past two decades, but rising production has yet to translate into sufficient incomes and prosperity for millions of farmers.

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.

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Good evening. It’s Brian from The Kenyan Wall Street. 

September is here! As we enter the final stretch of Q3, these are the financial stories I have lined up for you today :

Higher transport costs fueling inflation

By Fred Obura

Kenya’s latest inflation figures show how quickly higher costs can spread through an economy, even when some of the inputs behind them are becoming cheaper. Annual inflation rose to 6.6% in August, with transport prices providing the strongest upward pressure despite a decline in diesel prices during the month. The increase also reached into food, electricity, mobile-money services and other household expenses, leaving consumers facing a broad range of price pressures. For businesses and households, the concern is the cumulative effect: each individual increase may appear manageable, but together they steadily raise the cost of moving, eating, communicating and getting through an ordinary month. The latest data offers a revealing picture of where Kenya’s inflation is coming from, and why the pressure has not disappeared even as some prices begin to cool.

Read the full article here >>>>>

Faida Investment Strikes H1 Jackpot with KPC IPO

By Harry Njuguna

Faida Investment Bank has emerged as one of the biggest financial winners from Kenya’s KSh106.3 billion Kenya Pipeline Company IPO, with the mandate transforming its earnings in the first half of 2026. Profit after tax surged 1,533% to KSh800.5 million, almost four times what the investment bank made in the whole of 2025, as advisory and consultancy fees soared nearly 130-fold to KSh1.98 billion. The KPC transaction accounted for a significant share of that windfall, with Faida entitled to a 1% success fee on the IPO proceeds, alongside a separate advisory fee. Total income consequently jumped 930% to KSh2.69 billion, although the extraordinary revenue surge came with an 886% increase in expenses. The results show just how dramatically a single major capital-markets transaction can reshape an investment bank’s fortunes.

Read the full analysis here >>>>> 

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Change of Guard at Nation Media

By Harry Njuguna

Nation Media Group has entered a new era as Tanzanian billionaire Rostam Aziz’s Taarifa takes control of the company, ending the Aga Khan’s 66-year ownership of East Africa’s largest listed media group. The change comes with a dramatically reshaped board, bringing in figures from technology, finance, advertising and media as the new shareholder begins to put its stamp on NMG. The timing is striking: NMG is coming off its weakest first-half revenue in more than two decades and a widening loss, with its traditional business still under pressure. The question now is what Aziz’s ownership will mean for a media company confronting a difficult digital transition and a very different future from the one it knew under the Aga Khan.

Read the full article here »»»»»

Heads Up

CBK Approves Nedbank’s 66% NCBA Group Acquisition

CBK has approved Nedbank Group’s acquisition of up to 66% of NCBA Group after shareholders tendered 79.9% of the Kenyan lender’s shares.

Harry Njuguna

KQ, Absa, and Visa Launch Co-Branded Premium Travel Card

Kenya Airways, Absa Bank Kenya, and Visa are launching a premium credit card that links everyday consumer spending to airline rewards.

Brian Nzomo

KRA Links Government Payments to eTIMS Tax Invoices

KRA has tightened the connection between suppliers’ tax records and payments from public entities by linking eTIMS and IFMIS to close tax loopholes.

Brian Nzomo

INSIGHT : Africa’s Farm Boom Hits a Wall as Farmers Struggle to Cash In

By Fred Obura

Africa’s agricultural sector has spent the past two decades producing more, but the farmers behind that growth are still waiting for the transformation to reach their pockets. A new AGRA review finds that farmer incomes have doubled since 2005, cereal yields have risen by about 40% and farm output has roughly doubled, yet hunger and persistent productivity gaps remain across parts of the continent. The problem noted is that producing more food does not automatically mean capturing more value, particularly when farmers face weak markets, limited processing, inadequate finance and fragile infrastructure. That leaves African agriculture caught between rising output and an economic system that still struggles to turn production into reliable prosperity. The next phase of the continent’s agricultural story will therefore depend on whether it can build the markets, financing and institutions that allow farmers to profit from the growth they are already creating.

Read the article here »»»»»

Unstoppable Africa 2026 | Global Africa Business Initiative

Unstoppable Africa: Powering Business, Scaling Economies, Shaping the Future

What You Should Watch

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.

AmCham Business Summit 2026

Register here for "AmCham Business Summit 2026" hosted by American Chamber of Commerce, Kenya

Good evening. It’s Brian from The Kenyan Wall Street. 

It is the last day of August and these are the financial stories I have lined up for you today

End of the road for KUSCCO

By Brian Nzomo

KUSCCO, once the financial umbrella of Kenya’s SACCO movement, is now heading for liquidation after years of financial deterioration left the organisation unable to meet its obligations. The decision closes the door on efforts to revive an institution whose liabilities have grown to roughly KSh17 billion against assets of only about KSh5.4 billion. What remains is a difficult unwinding, with hundreds of legal claims, billions of shillings sought by member SACCOs and an audit that found extensive gaps in the records needed to establish what can still be recovered. The scale of the damage also raises uncomfortable questions about how an organisation entrusted with members’ money reached a point where restoring it was estimated to require another KSh14 billion. Liquidation may settle the question of KUSCCO’s future, but it leaves its creditors and members facing the much harder question of how much of their money they will ever see again.

Read the full article here >>>>>

How the markets performed last week

By Harry Njuguna

The Nairobi Securities Exchange (NSE) extended its rally last week, pushing investor wealth to a record KSh 4.17 Trillion as Safaricom climbed to its highest level in more than four years. The gains came even as Car & General, the market’s runaway 2026 leader, plunged 37.4% after weeks of outsized gains. All major equity indices are now up more than 33% this year. The Banking Index leads with a 40.12% YTD return, followed by the NSE 20 at 37.28%, NSE 10 at 37.05% and NSE 25 at 35.64%. Meanwhile, Safaricom's closing price valued Kenya's largest listed company at about KSh 1.52Trillion, representing more than a third of the NSE's total valuation.

Continue reading here >>>>>

Unstoppable Africa 2026 | Global Africa Business Initiative

Unstoppable Africa: Powering Business, Scaling Economies, Shaping the Future

TotalEnergies Kenya's Half-Year Pretax Profit Jumps 53%

By Harry Njuguna

Kenya’s fuel market is becoming harder to dominate, but TotalEnergies is having a notably good year. The company’s first-half earnings surged as stronger volumes, lower financing costs and income from businesses beyond the forecourt helped offset the pressure of a more competitive market. The result marks a continuation of the recovery that began last year, with profitability now approaching the company’s strongest periods in recent history. Yet beneath the headline numbers, the business is tying up more cash in receivables even as it spends heavily on expanding its network and broadening its energy offering. The latest results therefore tell two stories at once: a fuel retailer regaining earnings momentum while navigating a market in which growth, competition and cash are becoming increasingly difficult to balance.

Read the full article here »»»»»

Heads Up

Bamburi Half-Year Profit Hits Nine-Year High at KSh 1.37Bn

Bamburi Cement H1 2026 profit rose 59% to KSh 1.37Billion, its highest since 2017, as revenue and operating cash flow strengthened.

Harry Njuguna

Homeboyz Posts Worst Half Year Loss Since NSE Listing

Homeboyz Entertainment posted a KSh 42.61Mn H1 2026 loss as turnover fell 38%, extending its run of first-half losses to four years.

Harry Njuguna

WHO Launches Africa Regional Health Data Hub

The Africa Regional Health Data incorporates analytics and AI-enabled capabilities that support forecasting, trend analysis and evidence generation.

TKWS Staff Reporter

INSIGHT : AI Can’t Fix a Business That Doesn’t Know Itself, Akili AI CEO

Akili AI CEO Simon Bransfield-Garth believes AI is like a jet engine, a powerful propulsion tool that is unhelpful if it is not integrated properly.

Brian Nzomo

OPINION : Artificial Intelligence Is Making South Africa's Call Centres More Expensive

By Sanjay Govender

South Africa’s BPO industry has spent the past two years embracing AI as a way to make call centres faster, smarter and cheaper, but the technology is creating an awkward bill behind the scenes. The more AI is woven into customer calls, from real-time assistance and voice tools to automated support, the more computing power BPOs need to keep everything running without delays. That is forcing operators to confront a choice between upgrading thousands of machines, building much larger server environments or renting the infrastructure from cloud and colocation providers. Each option shifts the economics differently, turning infrastructure from a background IT concern into a growing part of the cost of running a call centre. The uncomfortable question now is whether AI will make BPOs more efficient, or simply replace their labour-cost problem with an infrastructure-cost problem.

Read the opinion here >>>>>

What You Should Watch

Briefs

• Capital Markets. The Nairobi Securities Exchange’s (NSE) half-year profit jumped 386% to KSh 736.9Milllion in H1 2026, its highest since listing in 2014.

• Banking. I&M Group’s half-year profit crossed KSh 10 billion for the first time, rising 22.4% to a record KSh 10.17 billion in H1 2026 as stronger interest and non-interest income. 

• Energy. Kenya Pipeline Company (KPC) is positioning its Mombasa infrastructure as the export gateway for Kenya’s planned commercial oil production after its KPRL subsidiary signed a 25-year crude storage and handling contract with Gulf Energy E&P B.V.

• Real Estate. Healthcare, automotive, leisure and digital retail operators are becoming increasingly important occupiers of commercial real estate in Kenya, helping to support landlords as traditional shopping centres contend with weaker discretionary spending and wider economic pressures.

• Agriculture. Kenya plans to put a digital identity on its livestock, creating a traceable record that could follow animals from birth and ownership through vaccination, movement and slaughter as the government tries to turn the informal meat trade into a more accountable and export-ready industry.

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.

AmCham Business Summit 2026

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Good morning from The Kenyan Wall Street. 

Here’s what you need to know to start your week…

Homeboyz Entertainment Posts Worst Half-Year Loss Since Listing

By Harry Njuguna

Homeboyz Entertainment, one of the Nairobi Securities Exchange’s least-traded counters, has posted its worst first-half result since listing as its H1 2026 loss widened nearly fourfold to KSh 42.61Mn after turnover fell 38% to KSh 92.50Mn. The result marked a fourth consecutive half year loss since 2023, even as the stock remains effectively frozen around its KSh 4.66 listing price amid negligible trading. The company listed by introduction on December 21, 2020, with 63.2 million shares referenced at KSh 4.66 each, rather than through an initial public offering that distributed new shares widely. Since trading opened, liquidity has remained negligible. That leaves HBE’s quoted price around its original KSh 4.66 level despite substantial changes in its earnings, making the counter an example of the weak price discovery that can accompany extremely illiquid small-cap listings.

Read about it here >>>>>

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NSE's Half-Year Profit Jumps Nearly Fivefold to KSh 736.9Mn | The Kenyan Wallstreet

NSE H1 2026 profit surged 386% to KSh 736.9Mn as the Safaricom block trade and stronger underlying market activity lifted trading income.

The Kenyan Wallstreet • Harry Njuguna

Limuru Tea H1 Revenue Hits 16-Year High as Loss Persists | The Kenyan Wallstreet

Limuru Tea H1 2026 revenue rose 23% to KSh 69.9Mn, its highest in 16 years, but rising labour costs kept the listed tea farm in loss.

The Kenyan Wallstreet • Harry Njuguna

Exchange-Traded Funds (ETFs) in Kenya 2026 Master Guide | The Kenyan Wallstreet

A guide to ETFs in Kenya, including the three ETFs on the NSE, how they work, costs, taxes, risks and how investors can buy ETF units.

The Kenyan Wallstreet • Harry Njuguna

'AI Can’t Fix a Business That Doesn’t Understand Itself' - Akili AI CEO

Akili AI founder and CEO Simon Bransfield-Garth in a past interview.

By Brian Nzomo

The artificial-intelligence boom has arrived in boardroom discussions with an awkward translation problem. Much of the public conversation about AI revolves around chatbots like Claude, ChatGPT, and Gemini. However, Akili AI founder and CEO Simon Bransfield-Garth believes AI is like a jet engine. A powerful propulsion tool that is unhelpful if it is not integrated in a befitting manner with other components of the jet. In this sit down with The Kenyan Wall Street, Bransfield-Garth and Akili AI’s CTO Shikoli Makatiani explore how any attempt to automate a workflow can reveal that the organisation itself does not properly understand its own workflow, transforming a technology project into a management project.

Read about it here >>>>>

More in Artificial Intelligence

Why Kenyan Boards Can No Longer Sit Out the AI Debate | The Kenyan Wallstreet

The event, which followed a successful Kigali edition on July 24, shifted the conversation from technical demonstrations to an "executive strategy laboratory."

The Kenyan Wallstreet • Vanessa Diane Mbugua

AI Is Making South Africa's Call Centres More Expensive | The Kenyan Wallstreet

The conversation is shifting from simply how many agents a BPO can support, to how much compute power it takes to support them in an AI enabled environment.

The Kenyan Wallstreet • Sanjay Govender

Artificial Intelligence Is Redefining Customs Risk Management | The Kenyan Wallstreet

As trade gets faster and more complex, the customs authorities that keep pace won't be the ones bolting AI onto systems built for another era.

The Kenyan Wallstreet • Marek Retelski

What You Should Watch

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.

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Good evening. It’s Brian from The Kenyan Wall Street. 

As we enter the weekend, these are the financial stories I have lined up for you today :

The changing shape of Kenya’s retail property

By Fred Obura

Kenya’s shopping centres are being forced to rethink what keeps a retail property alive as weaker household spending makes the old mall formula less dependable. In their place, a rather different cast of tenants is taking up space: pharmacies and clinics, car dealers and service centres, gyms and family entertainment businesses, alongside retailers built around everyday needs rather than occasional indulgence. The change is also reaching older properties, where landlords are breaking up large spaces and adapting buildings to smaller traders and more flexible forms of commerce. 

At the same time, online shopping is not making physical stores obsolete; it is making location more important, as neighbourhood outlets increasingly double as shops, collection points and fulfilment hubs. The result is a retail property market becoming less about the grand shopping destination and more about the businesses that can keep people coming back when money is tight.

Read the full article here >>>>>

Old Mutual makes a profit comeback

By Harry Njuguna

Old Mutual Holdings has staged a striking earnings recovery, turning a KSh303 million insurance-service loss a year earlier into a KSh287 million profit and lifting first-half net profit to KSh882 million from just KSh5 million. 

The turnaround came without meaningful growth in insurance revenue, with the group instead improving the quality of its book by exiting loss-making medical accounts and running off its South Sudan business, which helped bring claims costs down. 

Asset management provided another source of momentum as fees and commissions rose 36%, supported by a 32% increase in funds under management, while lower finance costs also helped strengthen the bottom line. 

However, the recovery is not without complications: investment income fell, operating cash flow remained negative for a third consecutive first half, and the group is still working to clear accumulated losses. Old Mutual is therefore emerging from a difficult period with much stronger profits and a healthier balance sheet, but its return to dividends still depends on completing that balance-sheet restructuring.

Read the financial analysis here >>>>>

NSE gets its best half-year results since listing

NSE CEO Frank Mwiti

By Harry Njuguna

The Nairobi Securities Exchange (NSE) has just had the strongest first half in its history, with profit soaring 386% to KSh736.9 million as a surge in trading activity transformed the exchange’s earnings. 

Equity transaction income was the biggest driver, helped by the extraordinary KSh204.3 billion Safaricom block trade, although the market’s recovery was broader than that single transaction, with turnover rising sharply even when it is excluded. Bond and derivatives trading also picked up, while stronger listing, data and other income streams added to the exchange’s gains without bringing a meaningful increase in expenses. 

The result marks a striking reversal for an exchange whose first-half profit had remained below its 2015 peak for a decade, and whose latest earnings are more than four times that previous record. With trading activity rebounding and new issuers broadening the market, the NSE has finally found an earnings engine that had largely eluded it since its 2014 listing.

Read the full analysis here >>>>>

😎😎 Counting the Gains 📈📈📈📈

Britam Half-Year Profit Jumps 53% to Record KSh 2.66Bn

Britam’s H1 2026 profit rose 53% to KSh 2.66Bn as insurance revenue hit KSh 22.39Bn, operating cash flow reached KSh 9.67Bn and borrowings fell.

Harry Njuguna

I&M Group Half-Year Profit Crosses KSh 10 Billion

I&M Group H1 2026 profit rose 22.4% to a record KSh 10.17 billion as loans grew 15% while gross NPLs fell 12.4% to KSh 30.11 billion.

Harry Njuguna

CIC Insurance H1 2026 Profit Jumps 70% to Record KSh1.09Bn

CIC Insurance posted record H1 2026 profit of KSh1.09Bn as investment returns surged 44%, offsetting a sharp drop in its insurance service result.

Harry Njuguna

HFCB Group H1 Profit Jumps 58% to Record KSh 988 Million

HFCB Group’s H1 2026 profit rose 58.3% to a record KSh 988.33 million as operating income, assets and customer deposits hit new highs.

Harry Njuguna

EXPLAINER : What you need to know about ETFs…

By Harry Njuguna

The Nairobi Securities Exchange (NSE) has acquired a new kind of investment shelf, with three ETFs now giving investors access to gold, global shares and Kenya’s banking sector through a single traded security. 

That expansion makes ETFs more accessible to ordinary investors, but the simplicity of buying one on the exchange can obscure what is actually being bought, and what can go wrong. Unlike an individual share, an ETF packages a portfolio or asset into one tradable unit, bringing diversification in some cases but also introducing considerations such as tracking performance, liquidity, currency movements and the gap between an ETF’s market price and its underlying value.

For Kenyan investors, the differences between the three products matter: a gold fund behaves very differently from a global equity fund or a basket of local banks, even though all three trade in much the same way. Before placing an order, investors therefore need to look beyond the ETF label and understand its costs, underlying exposure, trading conditions and risks.

Read the explainer here »»»»»

Heads Up

NCBA, BasiGo Strike Deal to Put 1,000 Electric Matatus

Under the new deal, Public Service Vehicle (PSV) SACCOs and transport companies can finance as much as 90% of an electric matatus value over five years

Brian Nzomo

Kenya Pipeline Signs KSh 93.7 Billion Gulf Energy Oil Deal

Kenya Pipeline’s KPRL has signed a 25-year Gulf Energy crude oil storage and handling deal projected to generate KSh 93.68 billion in revenue.

Harry Njuguna

African-Made Ebola Vaccine Candidate Gets US$16.5mn Funding

Minapharm’s investigational vaccine becomes the fifth Bundibugyo-specific virus vaccine candidate supported by CEPI in response to the escalating epidemic.

Staff Reporter

Brand Partnerships

Marriott Hotels and Marriott Executive Apartments Debuts in Uganda

Marriott International has opened Kampala Marriott Hotel and Marriott Executive Apartments Kampala, marking the debut of both brands in Uganda.

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.

Good evening. It’s Brian from The Kenyan Wall Street.

These are the financial stories I have lined up for you today…

Kenyan livestock to get digital IDs…

By Brian Nzomo

Kenya is preparing to give its livestock something the meat industry has largely lacked, a reliable digital history that can follow an animal from the farm to the slaughterhouse. The new traceability system is meant to record ownership, movement, and health information, giving regulators and buyers a clearer picture of what enters the food chain. That could make it harder to conceal stolen animals, improve disease control, and give Kenyan meat producers stronger evidence of provenance when pursuing demanding export markets. The bigger opportunity is economic, as better traceability could help shift the industry from selling animals and raw meat toward more valuable, processed products. With the meat industry already worth about KSh397 billion, the technology is being positioned as part of a broader attempt to extract more value from each animal. 

Read the full article here >>>>>

What Is Holding Back the Equalisation Fund?

Treasury CS John Mbadi

By Brian Nzomo

The Equalisation Fund was meant to narrow the gap between Kenya’s most marginalised areas and the rest of the country, but its money is getting stuck between Treasury, county administrations and the projects it was intended to finance. 

The Treasury has acknowledged that a large share of the Fund’s constitutional entitlement remains unpaid, while MPs are now demanding to know why even money that has been allocated and approved is not translating into completed projects. The picture becomes more complicated at county level, where delays in submitting proposals and requisitions have left some projects unable to move despite having funding on paper. 

Baringo County provides a telling example of this disconnect, with dozens of approved projects still far from completion even as the county waits for more of its allocation. Parliament is now looking beyond the immediate arrears to a deeper question of whether the Fund’s current system can actually deliver the basic services it was created to provide.

Read more about it here >>>>>

AmCham Business Summit 2026

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Why Super Metro won in bus terminus dispute

By Fred Obura

A dispute over who can use one of Nairobi’s busy matatu termini has ended with the county government on the wrong side of a High Court ruling. Super Metro had been authorised to operate from the Kenya Cinema terminus, but the county abruptly blocked its vehicles from entering in May, without first giving the operator notice or an opportunity to respond. The county then failed to formally contest Super Metro’s case in court, leaving the company’s account of what happened largely unanswered. Justice W. Musyoka found that the county’s action was procedurally unfair and breached basic rules of natural justice. The ruling offers a sharp reminder that even when county authorities control crucial transport infrastructure, they cannot simply change the rules on a whim.

Read about the ruling here »»»»»

Heads Up

Exchange-Traded Funds (ETFs) in Kenya 2026 Master Guide

A guide to ETFs in Kenya, including the three ETFs on the NSE, how they work, costs, taxes, risks and how investors can buy ETF units.

Harry Njuguna

FTG Holdings Returns to Profit as H1 Revenue Hits Record

Flame Tree Group Holdings returned to profit in H1 2026 as revenue rose 11.6% to 2.31 Bn and operating profit more than doubled, despite high finance costs.

Harry Njuguna

Namibia Powers Up Africa's First Full-Stack Hydrogen Hub

The CMB.TECH Namibia facility brings together solar power generation, green hydrogen production, and energy storage in a single operational ecosystem.

Staff Reporter

OPINION : The Case for Digital Transformation in Kenya's Hospitality Sector

By Anton Gillis

Kenya’s tourism industry is attracting more visitors and generating more money, but many hotels are still making some of their most important decisions with surprisingly little use of technology. That creates an odd mismatch for a country that built M-Pesa and now wants to position itself as a leader in artificial intelligence. The problem is not simply whether hotels can afford new systems, but whether unreliable power, limited digital skills and a lack of sector-wide focus are keeping those tools out of daily operations. As competition for tourists intensifies in the region, that gap could become expensive, even if the industry continues to post impressive headline growth. The question is whether Kenya’s hotels will use technology to become more productive, or discover that a booming tourism industry can still be operating with an analogue back end.

Read the opinion article here >>>>>

Brand Partnership

What Does the I&M Capital Wealth Fund Grow My Money?

The I&M Capital Wealth Fund is an open-ended Kenyan Shilling money market fund managed by I&M Capital Limited, a fund manager licensed by the CMA.

Bullish Africa Annual Summit Heads to New York in September

Early-bird delegate passes to the Bullish Africa Summit in New York City on 22nd September 2026 are now available at www.wallstreet.africa

The Kenyan Wall Street

Stay up-to-date on all the action, analysis, and insights from our team based at the Capital Markets, Macro-Economics and much more to ensure you make informed investment decisions.

Reach out to: Harry@wallstreet.africa

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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.

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Good evening. It’s Brian from The Kenyan Wall Street. 

Here are our top stories for today :

Kenyan CEOs see better days ahead, but…

By Brian Nzomo

Kenya’s CEOs are beginning to regain confidence in their own businesses after four consecutive CBK surveys of declining growth expectations, although the broader economic mood remains subdued. 

The share of companies expecting stronger growth than in 2025 rose to 44.4% in July from 38.9% in May, even as only 24.6% expected the Kenyan economy to grow faster and optimism about global growth fell further. Business activity also improved in the second quarter, with sales and demand recovering from a weak start to the year, suggesting that some of the pressure on companies is beginning to ease. 

However, the recovery is not yet translating cleanly into better margins, as input costs continue to rise faster than many businesses can pass them on to customers, while financing, taxation and energy costs remain significant constraints. The CBK survey paints a more nuanced picture than a simple improvement in business sentiment, with companies increasingly confident about their own ability to grow while still operating in an economy where costs, credit conditions, and weak demand can quickly turn that confidence into caution.

Read the full article here >>>>>

KQ’s season in the red persists…

By Harry Njuguna

Kenya Airways’ return to stronger passenger demand is failing to translate into better earnings as the airline struggles to reduce the cost of operating its constrained fleet. 

Revenue rose 9% to KSh81.25 billion in the first half of 2026 despite a 9% decline in capacity, but operating costs increased 14% to KSh91.90 billion, widening the net loss to KSh16.08 billion. 

Fuel and maintenance costs were particularly damaging, with the global shortage of engines and spare parts adding to the cost of keeping aircraft available. The deterioration has erased much of the progress made after KQ briefly returned to profit in 2024, with its operating margin now declining for three consecutive half-years. 

The results point to a more difficult problem for the airline than weak demand: its cost base remains too high to turn improved commercial performance into sustainable profit. 

Read the full article here >>>>>

Also Read : Kenya Airways eyes Hospital, Hotel Business in Broader Revival Strategy

Register here for "AmCham Business Summit 2026" hosted by American Chamber of Commerce, Kenya

OPINION : Why Kenya’s Trade Ambitions Need Smarter Insurance

By Douglas Chepkuto

Kenya’s growing trade volumes are forcing changes in a part of the import process that has often been treated as paperwork rather than economic infrastructure. Since July 1, importers have been required to obtain marine cargo insurance digitally before customs clearance, linking insurers, payments and government approvals more closely than before. The change could reduce paperwork and delays, strengthen oversight and push more import-related insurance business toward locally licensed insurers. But its significance goes beyond digitising a certificate, because a smoother system could change how quickly cargo moves and how effectively businesses are protected when goods are lost or damaged. That makes the rollout a test of whether technology can remove friction from trade rather than simply move an existing requirement onto a screen.

Read the opinion here >>>>>

Heads Up

Kakuzi H1 Profit Plunges 98% as Export Crops Falter

Kakuzi’s H1 2026 profit plunged 97.6% to 7.11 Million as avocado and macadamia earnings weakened, prompting a FY2026 profit warning.

Harry Njuguna

Save or Invest? The 920K Difference You Didn’t Think About

If you're ready to start building long-term wealth, Hisa makes it possible to invest in both Kenyan and global stocks with relatively small amounts.

The Kenyan Wallstreet

AFC Launches Infrastructure Climate-Resilient Fund Nigeria

ACP expects to mobilise up to US$3.7 billion in total financing through ICRF and build a diversified portfolio of 10 to 12 infrastructure projects.

Staff Reporter

Briefs

• Public Finance. Nairobi County is expanding its revenue collection system into the business of entertainment under a new tourism and entertainment levy.

• Media. WPP Scangroup PLC extended its run of first-half losses to five years.

• Tourism. A parliamentary committee is pushing back against the proposal to dissolve the country's tourism research agency and transfer its work to the Kenya Tourism Board (KTB).

• Manufacturing. BOC Kenya’s net profit fell 39.8% to KSh 100.4 million in the first half of 2026.

• Energy. Kenya can unlock the potential of renewables sustainably and avoid the costly and unequal challenges South Africa is facing.

On your watchlist

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.

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Good evening. It’s Brian from The Kenyan Wall Street.

These are our top financial stories today…

WPP Scangroup : Five half-years without profit

By Harry Njuguna

WPP Scangroup, once one of Kenya’s biggest advertising groups, is now confronting a business that has been shrinking while its losses refuse to disappear. 

The company lost KSh254 million in the first half of 2026, its fifth consecutive first-half loss, as gross profit fell sharply despite a substantial reduction in operating costs. The deterioration is visible beyond the income statement, with total assets down to KSh5.81 billion from KSh12.83 billion in 2020, equity falling to KSh3.78 billion from KSh9.86 billion and operating cash flow remaining negative for a sixth straight first half. 

The financial strain has also begun to unsettle some shareholders, who tried and failed in June to remove the board, leaving controlling shareholder WPP backing management while the underlying business continues to weaken. With revenue-generating capacity under pressure, cash still flowing out and the shareholder revolt unsuccessful, WPP Scangroup’s latest results offer little evidence that its long-running decline is close to reversing. 

Read the financial analysis here >>>>>

Airbnb, Concerts and Events on Nairobi’s Revenue Plate

By Brian Nzomo

Nairobi County is reaching deeper into the city’s entertainment economy with a new levy that covers everything from concert tickets and hotel rooms to filming, streaming platforms and influencer events. The move reflects how far the business of entertainment has travelled from the traditional nightclub or theatre, with the county now seeking revenue from activities that can be staged in a venue, produced in a studio or consumed entirely online. The charges range from fixed annual fees for hotels, cinemas, broadcasters and digital platforms to a 5% cut of ticket sales for concerts, sports and motor racing, meaning the county will earn more as some businesses become more successful. 

For operators, that makes the levy more than another licence fee because part of the cost will move directly with their commercial activity and could eventually become a factor in how events and entertainment are priced. Nairobi is, in effect, trying to tax an economy that has become much harder to pin to a particular building.

Read the article here >>>>>

AmCham Business Summit 2026 | American Chamber of Commerce in Kenya

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INSIGHT : How a Regional Company Beat a Global Competitor to a US$ 170Mn Kenyan Contract

By Sharon Cheramboss

A global technology company once arrived in Kenya with the expertise, resources and track record to make it the obvious winner of a US$170 million government tender, only to lose to a much smaller regional rival. The difference was not technology or price but years spent building a reputation in the market, speaking to its concerns and becoming familiar to the people and institutions that mattered. That example opens up a larger question about why some companies struggle when they expand across Africa despite having strong products and deep pockets. The answer lies partly in the quiet work that happens before the sale, from understanding local power structures and policy debates to building credibility through consistent participation in the market. It is a useful reminder that by the time a major contract arrives, the real contest may already have been decided.

Read the story here »»»»»

Heads Up

President William Ruto to Serve as Chief Guest at the AmCham Business Summit 2026

The AmCham Summit will convene government and business leaders from the U.S. and East Africa to explore investment opportunities across seven strategic sectors

The Kenyan Wallstreet

MPs Oppose Plan to Abolish Tourism Research Institute

The proposed restructuring would leave Kenya Tourism Board responsible for tourism research, market intelligence, and the publication of tourism statistics.

Brian Nzomo

East African Community Lifts Recruitment Freeze

The decision was reached during a meeting of the Council in Mombasa, Kenya, from August 18 to 21, convened to resolve urgent staffing gaps.

Fred Obura

OPINION : What Kenya Can Learn from South Africa's Costly Experience with Private Solar Power

By Benjamin Horsell

Kenya’s solar boom is arriving at an awkward moment, with businesses increasingly turning to private panels and batteries precisely because the national grid has become less attractive. Captive solar capacity more than doubled between 2023 and 2025, giving factories and other large power users a way to cut electricity costs and protect themselves from outages. But as some of the grid’s biggest customers begin producing more of their own power, the economics of the system start to change, because the infrastructure still has to be paid for even when demand falls. That raises the prospect of a “utility death spiral” in which higher grid costs encourage more customers to leave, leaving those who remain to carry more of the burden. The country faces a peculiar challenge in its energy transition: making private solar easier to use without allowing the success of solar to weaken the grid it is meant to complement.

Read the opinion article here >>>>>

Briefs…

• Capital Markets. Car & General PLC’s share price extended its extraordinary run with another 42.84% weekly surge to KSh374.25.

• Public Policy. Kenya's public officials who fail to declare their income, assets, and liabilities could have their salaries stopped under a new enforcement framework by the EACC.  

• Commerce. Lawmakers want the government to address the tax differences they say still make smuggling commercially attractive across Kenya’s two main border crossings with Uganda.

• Education. Makini Schools owner ADvTECH posted a 13.3% increase in profit after tax to ZAR726.2M (KSh 5.81Billion) in the six months ended June 2026.

• E-mobility. SUN Mobility, an Indian EV infrastructure company, has rolled out a battery-swapping network in Kenya.

• Interview. Lofty-Corban Investments CEO argues that private debt can widen the pool of businesses able to access formal capital by serving viable companies that may be constrained by collateral.

What You Should Watch!

Coming Soon

Bullish Africa Annual Summit Heads to New York in September

Early-bird delegate passes to the Bullish Africa Summit in New York City on 22nd September 2026 are now available at www.wallstreet.africa

The Kenyan Wall Street

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.

Good evening. It’s Brian from The Kenyan Wall Street.

These are the financial stories I have lined up for you today…

Car & General Continues to Lift NSE Rally…

By Harry Njuguna

The Kenyan stock market had its strongest week in two months, with the NSE’s total value climbing to a record KSh4.106 trillion as investors returned to equities in force. 

At the centre of the movement was Car & General, whose 42.84% weekly jump to KSh374.25 followed a 47.81% rise the previous week. The broader rally was substantial, with the NASI gaining 2.75%, banking stocks advancing sharply and KSh110.07 billion added to investors’ wealth during the week. Trading activity also surged, while foreign investors swung back to a KSh2.62 billion net buying position after selling the previous week, giving the rally a broader base than the spectacular moves in individual shares might suggest. 

With earnings announcements adding fresh catalysts and activity rising across both stocks and bonds, the week offered a striking picture of a Nairobi market moving from a period of caution into something more animated.

Read the full analysis here >>>>>

How Makini Schools are driving ADvTECH’s Growth

By Harry Njuguna

Kenya’s private-school market is becoming an increasingly important piece of a larger African education business, and Makini Schools’ South African owner is showing why. ADvTECH, which owns Makini, lifted first-half profit 13.3% to ZAR726.2 million as more students, modest fee increases and better collections pushed revenue higher. Its Rest of Africa schools, including Kenya, Botswana and Ethiopia, grew even faster on the operating line, helped by higher enrolment and the addition of Makini Runda. The group is now putting more money into its Kenyan campuses, including expanding Makini State House and upgrading Runda with new facilities, technology and the Cambridge curriculum. The results offer a glimpse of how Kenya fits into ADvTECH’s wider strategy of turning rising demand for private education into a regional growth business.

Read the financial analysis here >>>>>

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Are EAC Tax Differences Driving border smuggling?

By Brian Nzomo

Kenya’s booming collections at the Uganda border are exposing a more difficult problem than weak customs enforcement. The border post at Malaba collected billions in the year to June, yet many traders still have an incentive to move goods through unofficial routes when tax differences between neighbouring countries can make the savings worth the risk. Lawmakers are therefore pushing for greater harmonisation of EAC tax rates, arguing that enforcement alone cannot eliminate smuggling when the underlying price differences remain attractive. The issue matters beyond lost tax revenue because businesses that comply with customs are left competing against rivals able to sidestep some of those costs. The border’s real challenge, then, may be less about catching more smugglers than closing the economic gap that keeps unofficial trade profitable.

Read the article here >>>>>

Heads Up

Kenya Re H1 Profit Hits KSh 2.25Bn on Stronger Underwriting

Kenya Re posted a record KSh 2.25Bn H1 2026 profit as its insurance service result more than quadrupled to KSh 1.25Bn on stronger underwriting.

Harry Njuguna

Indian EV Firm, Vivo, Launch Battery Swapping in Kenya

SUN Mobility, an Indian EV infrastructure company, has rolled out a battery-swapping network in Kenya, its first market in a planned African expansion.

Brian Nzomo

DRC Records 90 New Ebola Cases Daily in First 100 Days

One hundred days have passed since the Democratic Republic of the Congo declared the ongoing Ebola outbreak, which has now become the country's fastest growing.

Staff Reporter

OPINION : It's Time We Invested Africa's Pension Fortunes in the Real Economy

By Jen MacBruce

Africa’s pension funds hold an enormous pool of capital, yet much of it remains invested in government debt and bank deposits while businesses and infrastructure projects continue looking abroad for funding. The problem is not simply how much African pension funds invest in private assets, but where the vehicles receiving that money are based and who benefits from the financial ecosystem around them. Bringing private equity, private credit, venture capital, and infrastructure funds closer to home could keep investment fees, jobs, oversight and future capital within African markets while giving pension savings a more direct connection to economic growth. Examples from Uganda, Ghana and Zambia suggest that regulators can expand these allocations without simply asking pension trustees to take on more risk. The bigger proposition is that African pension savings could become one of the continent’s most powerful sources of its own development capital if regulators build the structures to let that money move.

Read the full article here »»»»»

On your watchlist

Bullish Africa Annual Summit Heads to New York in September

Early-bird delegate passes to the Bullish Africa Summit in New York City on 22nd September 2026 are now available at www.wallstreet.africa

The Kenyan Wall Street

Stay up-to-date on all the action, analysis, and insights from our team based at the Capital Markets, Macro-Economics and much more to ensure you make informed investment decisions.

Reach out to: Harry@wallstreet.africa

WhatsApp.com

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.