Author: Harry Njuguna

Stanbic Holdings Plc’s banking subsidiary, Stanbic Bank Kenya, has recorded a drop in earnings despite growth in interest income and a sharp rise in dividends in its half-year 2025 results At the group level, Stanbic Holdings recorded a drop in profit after tax to KSh 6.54 billion, down from KSh 7.21 billion in H1 2024.Net interest income declined 5.8% to KSh 11.83 billion, while non-interest income rose marginally by 0.8% to KSh 7.62 billion.Operating expenses surged by 15.5% to KSh 9.39 billion, contributing to a rise in the cost-to-income ratio to 48.3% from 40.4%. Profit before tax fell 14.2% to…

Ethiopia’s leading telco Ethio Telecom capped its three-year LEAD Growth Strategy with all-time high revenues and continued expansion across digital and network infrastructure, reinforcing its dominance in Ethiopia’s liberalizing telecoms sector. The state-owned operator reported annual revenue of 162 billion Birr ($2.6 billion), up 72.9% year-on-year, while EBITDA jumped 84% to 76 billion Birr.The company nearly doubled revenue and profit margins since the LEAD strategy began in 2022, despite ongoing currency and regulatory challenges.Total subscribers rose to 83.2 million, a 6.2% increase over the year and nearly 25% higher than three years ago. Mobile voice users reached 80.3 million (+24.5%),…

Kenya’s digital infrastructure is under unprecedented pressure. The National Kenya Computer Incident Response Team – Coordination Centre (KE-CIRT/CC) reported 4.5 billion cyber threat events between April and June 2025.This is an 80.7% jump from the previous quarter’s 2.54 billion incidents.The rapid escalation exposes major vulnerabilities in Kenya’s digital economy. The Cyber Security Report Q4 2024-2025, released by the Communications Authority of Kenya (CA), reveals a fast-changing threat landscape. Ransomware attacks, driven by groups like Lockbit and ClOp, targeted healthcare, telecoms, and finance. Attackers exploited outdated software and weak system configurations. Distributed Denial-of-Service (DDoS) attacks, often fueled by compromised Internet of…

Airtel Africa’s Profit after tax soared by over 400% to US$156 million in Q1 2026, with revenues up 22% to US$1.42 billion, compared to the same period last year. Record gains in data and mobile money powered this performance, despite ongoing macroeconomic headwinds across the telco’s major markets.East Africa remains Airtel Africa’s largest and fastest-growing region, accounting for nearly half of group revenue and dominating the mobile money business.The group saw broad-based growth in all major segments. MetricQ1 2026Q1 2025YoY GrowthRevenue$1,415 Mn$1,156 Mn+22.4%EBITDA$679 Mn$523 Mn+29.8%EBITDA Margin48.0%45.3%+276 bpsProfit After Tax$156 Mn$31 Mn+408%Mobile Money Revenue$290 Mn$222 Mn+31.0%Data Revenue$549 Mn$409 Mn+34.1%Voice Revenue$533 Mn$476…

Kenya’s capital markets hit a milestone with the KSh 44.79 billion Linzi FinCo 003 Trust Infrastructure Asset-Backed Security (IABS), listed on the Nairobi Securities Exchange to fund the Talanta Stadium project. With a 15-year tenor and a 15.04% internal rate of return (IRR), the issuance raised eyebrows—some suggesting it could cost over KSh 100 billion in interest. But the real number is closer to KSh 69.21 billion. Here’s why. The KSh 100 billion figure comes from a simplistic assumption using simple interest: KSh 44.79B × 15.04% × 15 years = KSh 100.97B This calculation assumes a bullet bond structure where…

Kenya’s media freedom is facing increased strain, with the latest Sustainable Development Goals (SDG) Index showing a sharp deterioration in press freedom indicators. According to the newly released ratings, Kenya’s Press Freedom Index score fell from 53.2 in 2024 to 49.4 in 2025, marking a notable drop on the 0-100 scale where higher values denote greater media freedom.Kenya’s press freedom has been in steady decline for over a decade.The country scored a high of 72.2 in 2013, but this has deteriorated consistently, especially in recent years: SDGIndex Kenya Press Freedom Index 2013-2025 The data underscores an alarming 22.8-point drop from…

Circle Gas Limited, the smart LPG distributor backed by Safaricom, continues to post heavy losses, even as it expands its footprint in Kenya and accelerates its efforts to digitize clean energy access. The company’s latest financial disclosures reveal a worsening negative equity position, raising questions about its ability to achieve profitability.In December 2019, Safaricom acquired an 18.96% stake in Circle Gas for KSh 385 million.The deal supported Safaricom’s strategy to expand into digital services using IoT and M-Pesa to deliver essential utilities. Following a debt-for-equity conversion by Circle Gas in 2022, Safaricom’s stake fell to 14.65%. Then in April 2024,…

In a major milestone for Kenya’s capital markets, Satrix, South Africa’s largest provider of index-tracking funds, will list its MSCI World Feeder ETF on the Nairobi Securities Exchange (NSE) on Wednesday, 16th July 2025. This marks Kenya’s first equity-based exchange-traded fund and only its second ETF overall, after Absa’s NewGold ETF introduced in 2017.The listing provides Kenyan investors with low-cost access to more than 1,500 of the world’s largest companies—including Apple, Microsoft, Nvidia, Amazon, and Alphabet—through a single ETF traded in Kenyan shillings.According to Satrix’s dual listing information sheet and positioning sheet for Kenya, the ETF is valued at R18.2…

The Competition Authority of Kenya (CAK) has launched an investigation into several multinational companies (MNCs) operating in Kenya’s shipping and logistics sector, following complaints by the Kenya Transporters Association (KTA) and the Kenya International Freight and Warehousing Association (KIFWA). The probe targets allegations of market abuse, collusion, and discriminatory practices that have marginalized local players despite their dominant presence in fleet ownership. Despite local companies owning 90% of trucking assets, MNCs control over 70% of logistics contracts through exclusive deals and vertically integrated operations. In March 2024, the KTA petitioned the National Assembly’s Departmental Committee on Trade, alleging that MNCs…

While Safaricom remains the market leader in Kenya’s telecommunications sector, and by a wide margin, fresh data from the Communications Authority of Kenya (CA) shows that its grip is gradually loosening, as Airtel closes the gap in both subscriber numbers and usage metrics. After a back-to-back drop in market share, Safaricom’s subscriber base fell to 48.24 million in the first three months of 2025, representing 63.3% of the market — its lowest in recent years- and a continued slide from 65.3% in December 2024 and 65.7% in September 2024.In contrast, Airtel Kenya added nearly 3 million new subscribers in the…

Ethiopia has introduced a comprehensive directive—effective June 25, 2025—governing the licensing and operations of foreign banking institutions. The directive provides entry avenues for foreign banks through three channels: wholly owned subsidiaries, foreign bank branches, and representative offices.KCB Group Chairman Dr. Joseph Kinyua and CEO Paul Russo met with the National Bank of Ethiopia earlier this month, signaling plans to enter the country’s newly liberalized banking sector.Their visit comes amid sweeping reforms that are opening Ethiopia’s economy—long closed to foreign banks—to regional integration and cross-border financial expansion. While this move signals a major liberalization of one of Africa’s last closed banking…

The euro climbed to KSh 150.20 on June 25, 2025—its highest level against the Kenyan shilling in over 15 months—according to data from the Central Bank of Kenya. The last time the euro crossed the KSh 150 mark was on March 14, 2024, when it reached KSh 150.41.Meanwhile, the U.S. dollar has remained stable, trading in a tight range around KSh 129 for much of the past year.In contrast, the British pound has shown upward momentum, rising to multi-month highs above KSh 175 due to shifting global interest rate expectations. Kenya Shilling Exchange rate against the US Dollar Great Britain Pound and Euro Jan 2024…

Naspers, Africa’s largest publicly listed company by market capitalization, has posted Profit After Tax (PAT) of US$12.26 billion—surpassing revenue of US$7.18 billion-for the fiscal year ended 31 March 2025. Revenue rose 11.7% year-over-year to US$7.18 billion but its earnings were also propelled by non-operating gains, especially via Prosus, its internet investment vehicle. Nasper’s share of profits from equity-accounted investments, mainly its Tencent stake, rose to US$5.7 billion, more than double FY2024.In addition, it booked US$5.4 billion in asset disposal gains, including proceeds from trimming a 1.1% Tencent stake. These sales helped fund Prosus’ ongoing buyback program, which has repurchased US$25.5…

The Central Bank of Kenya (CBK) has raised KSh 71.64 billion in a reopened Treasury bond auction dated June 23, 2025, exceeding its target of KSh 50 billion. The dual-tranche offering featured the 15-Year Fixed Coupon Treasury Bond [FXD1/2020/015] and the 30-Year Savings Development Fixed Coupon Bond [SDB1/2011/030]. The auction attracted total bids worth KSh 101.36 billion, resulting in a performance rate of 202.72%. The auction reflected a shift by institutional investors amid falling short-term returns. In the week prior, T-bill yields dropped to their lowest since June 2022, following the CBK’s rate cut. The 364-day bill fell to 9.75%,…

The Nairobi Securities Exchange (NSE) is on a record-breaking run with all major indices now posting double-digit returns so far in 2025. The rally has been supercharged by Safaricom’s meteoric surge in recent weeks with the telco briefly crossing the KSh 1 trillion valuation mark for the first time since December 2022.This week, the NSE All Share Index (NASI) has jumped 9.16%, closing Thursday at 147.83, 73% up from its October 2023 lows.The index posted gains above 2% for three consecutive days, a rare streak seen only once before in the past decade-between March 22 and March 26, 2024. NSE…

“The Pride of Africa” — a title Kenya Airways (KQ) has carried for decades — reflects not only the airline’s strategic importance but also its symbolic value to Kenya and the broader continent. From its early days as a state-run carrier, the airline achieved a successful privatization, celebrated years of profitability, stumbled through overambitious expansion, and endured financial collapse.Most recently, it staged a historic turnaround that has reignited hope in its future.In January 2025, Kenya Airways $KQ shares resumed trading on the NSE, opening at KSh 4.05. This article traces the full journey of Kenya Airways, from its inception through…

Addis Ababa, May 20, 2025 – The National Bank of Ethiopia (NBE) has introduced new foreign exchange reforms to improve access and transparency for importers, travelers, and the banking public. The move builds on gains from the July 2024 FX system launch, which drove up exports, improved remittance inflows, and raised foreign exchange reserves to record highs.The changes aim to solve long-standing hurdles allowing, for example, importers to make larger advance payments, easing delays in sourcing goods.Among other changes, the NBE has raised forex limits for personal and business travellers, and doubled the debit card limit for foreign exchange. ReformNew…

Listed lender Standard Chartered Bank Kenya has posted a 13.5% decline in net profit to KSh 4.86 billion in Q1 2025, marking its first earnings contraction in the recent years. The drop was largely driven by a 59.1% plunge in forex trading income, which weakened overall non-interest revenue.In addition to reduced trading income, StanChart Kenya saw a contraction in net loans and customer deposits, pointing to more cautious credit deployment and shifting deposit dynamics.The capital adequacy ratio rose to 20.63%, well above the 14.5% minimum, while liquidity improved to 73.64%, indicating a healthy cushion to manage near-term uncertainty. Net interest…

In an exclusive interview with The Kenyan Wall Street, Kenya Airways (KQ) acting CFO Mary Mwenga outlines the airline’s internal transformation—from cultural shifts to balance sheet overhauls—and what it will take to make its 2024 turnaround sustainable. Kenya Airways (KQ), the national carrier, is staging a powerful financial recovery after years of turbulence. Having posted a net profit of KSh 5.4 billion in 2024—its first since 2012—the airline staged a comeback it hopes marks the beginning of a new era of operational and financial resilience. This remarkable turnaround stems from diversified revenue through cargo and ancillary businesses, aggressive cost containment,…

TPS Eastern Africa PLC, which operates Serena Hotels, has reinstated its dividend payout after a five-year hiatus, declaring a KSh 0.35 per share dividend for FY2024, matching its last distribution in FY2018. The group reported a net profit of KSh 1.3 billion in FY2024, a 188% increase from KSh 457 million in 2023. Revenue rose 5% to KSh 10.19 billion, up from KSh 9.68 billion the previous year. This turnaround was driven by: A KSh 830 million unrealized forex gain due to the Kenya Shilling’s appreciation against the US dollar.A 58% drop in finance costs to KSh 671 million.Steady operations…

Kenya’s secondary bond market had a great start to 2025, with trading volumes that highlight increased investor interest and better market liquidity. The market’s turnover increased significantly from Q4 2024 to Q1 2025, from KShs 371.52 billion to KShs 725.34 billion, a 95.23% increase according to the Capital Markets Authority’s (CMA) Quarterly Statistical Bulletin.The turnover already accounts for a sizable amount of the KShs 1.54 trillion total amount recorded for the entire year 2024.A significant share of secondary market activity in Q1 2025 was driven by trading in Infrastructure Bonds (IFBs) and reopened fixed coupon bonds. NSE Bonds Turnover 2010…

Liberty Kenya Holdings Plc has announced plans to issue a special dividend of KSh 0.60 per share, tied to the proceeds of the sale of its 60% stake in Heritage Insurance Tanzania Limited. Proposal comes ahead of the company’s 20th Annual General Meeting (AGM) slated for 23rd May 2025, where shareholders will vote to approve the move alongside other agenda items.Liberty Kenya’s footprint has been purposefully repositioned through the divestiture in order to streamline operations and strengthen its emphasis on the Kenyan market.The exit from Tanzania comes against a backdrop of rising competition and regulatory complexity in that country’s insurance…

Kenya’s fiscal structure has undergone a dramatic shift in recent decades, with public debt interest payments rising at an unprecedented pace. Between July 2023 and June 2024, Kenya spent KSh 840.73 billion on servicing public debt, setting a new record.In the first six months of current 2024/25 financial year, which begun in July 2024, Kenya has already paid KSh 585.63 billion in debt interest — comprising KSh 444.73 billion in domestic interest and KSh 140.90 billion in foreign interest.This puts Kenya firmly on track to surpass KSh 1 trillion in total debt interest payments by the end of June 2025.…

As inflation stabilizes across most major economies, China is taking a different path—into deflation. In March 2025, China’s Consumer Price Index (CPI) slipped for a second consecutive month, falling 0.1% year-on-year, while the Producer Price Index (PPI) dropped by 2.5%, its sharpest fall in four months.These figures signal a worrying shift in the world’s second-largest economy, prices are falling not because of a collapse in demand, but due to a more complicated imbalance between supply and demand.Beijing has proposed several countermeasures: boosting domestic consumption, stabilising financial and housing markets, and expanding social welfare coverage. China Annual Inflation Rate since Jan…