Mwenendo
African Business
Companies, industries, deals and corporate activity across Africa.
Arusha Stadium Reaches 95% as East Africa Bets on AFCON Business
Tanzania says the Arusha Pamoja AFCON Stadium is 95% complete, with the 2027 tournament approaching and final preparation work still ahead. The venue's reported KSh14.5B (US$112M) cost makes the case for measuring returns beyond the matches it will host. Kenya, Tanzania and Uganda are developing a joint visa arrangement intended to help visiting fans travel between host countries during the tournament. Hotels, transport firms, restaurants and tour operators could gain business, but the scale of the benefit will depend on travel rules and repeat use after AFCON.
Kenya's Cooperatives Need Stronger Records to Protect Farmers' Earnings
Kenya has about 7.5 million farmers registered in its national agricultural information system, yet the country still imports large volumes of food that local producers could supply. Principal Secretary Patrick Kilemi says producer cooperatives can help farmers reach buyers, improve productivity and earn more by processing and branding produce instead of selling it raw. The regulator's 2025 report shows regulated SACCO assets reached KSh1.21T, while member deposits rose to KSh832.74B, increasing the need for sound controls and reporting. For farmers and members, accurate records, timely audits, sensible borrowing and clear approval rules help reveal cash shortages early and reduce the risk of avoidable losses.
Court Strikes Out Union Bid to Remove KPC Chair Over Conflict-of-Interest Claims
The High Court has struck out a petition by the Kenya Petroleum Oil Workers Union seeking to remove Faith Bett Boinett as Kenya Pipeline Company chair, ruling that it lacked jurisdiction. The union alleged a conflict of interest because Boinett is a director of Fastnett Energy, which has held transport and storage contracts with the pipeline operator since 2018. Because the case ended on jurisdiction, the conflict claim was never tested on its merits, and it is not yet clear whether the union will pursue it in another forum.
New Zealand Visitors Spend Most Per Day in Kenya, KNBS Survey Finds
Visitors from New Zealand spent KSh78,095 a day in Kenya in June 2025, ahead of travellers from the United States and Australia, according to the KNBS survey. The same survey found package tourists spent KSh49,444 daily in June 2025, compared with KSh8,796 among visitors arranging trips independently, highlighting a wide spending gap. Across the two survey periods, New Zealand residents recorded the highest average daily spend, while visitors from the East African Community spent the least in the reported figures. Tourism businesses can use spending data to assess market opportunities, but the figures measure daily expenditure and do not by themselves show each market’s total contribution.
More Than Screenings: Nairobi Film Festival Adds New Prizes and Industry Sessions
NBO Film Festival runs from 15 to 25 October, with three juried competitions, a filmmaker retrospective and an expanded industry programme across Nairobi's cinema venues. The organiser's ticketing page lists Prestige Cinemas, Unseen Nairobi and Alliance Française, with tickets starting at KSh750 and individual screenings carrying different prices depending on the film and time slot. New documentary and short-film prizes join the returning feature competition, while the first retrospective will focus on Senegalese filmmaker Alain Gomis, organisers say this year. The programme could create business for cinemas, distributors and hospitality firms, but organisers have not published attendance forecasts or an independently measured estimate of economic impact.
Chinese Loan Terms Keep SGR Earnings Away From Repayments
Kenya's SGR financing deal requires a KSh 25B ($193M) minimum balance in a joint escrow account that has never been reached, so no railway revenue has gone to repayments, Business Daily reported. The Treasury says the terms had pushed arrears on the SGR project to KSh 413.4B ($3.19B) by June 2025, even as the railway kept earning income. The Treasury budgeted KSh 129.9B ($1.0B) for repayments on Chinese loans in the year to June 2026, with most of it going to SGR debt. Kenya is asking China to loosen the escrow rule, but Mwenendo has not seen the loan agreement and no change has been confirmed.
Midea Launches Nigerian Promotion With 90,000 Gifts and Tiggo 2 Pro Prize
Midea Nigeria says its WIN 9JA WIN campaign runs from 10 October to 31 December, giving qualifying buyers instant scratch-voucher rewards instead of a later draw. Customers must spend at least KSh9.52K (₦100,000) on eligible products at participating dealers, while the company lists 90,000 gift items and a Chery Tiggo 2 Pro as the grand prize. A separate offer provides free installation and a copper kit for air-conditioner purchases through 31 December, although the launch reports do not disclose expected sales or revenue targets.
I&M Bank Beats KRA in KSh713M Tax Dispute Over Loan Accounts
The Tax Appeals Tribunal has cancelled a roughly KSh713M tax demand against I&M Bank, finding a KSh1.3B accounting reversal was not a loan write-off in 2019. The disputed bill comprised KSh393.9M in principal tax, KSh19M in penalties and KSh299.4M in interest, Business Daily reported on 12 October in its account of the tribunal ruling. The case turned on whether a reversal of an earlier loan-loss provision created taxable income or merely moved amounts between the loan asset and provision accounts. The decision does not mean every bad loan or accounting provision is tax-deductible, and it does not settle other disputes between banks and KRA.
JKIA Departures Jump 22%, but Official Data Do Not Explain the Surge
Kenya National Bureau of Statistics data show JKIA passengers embarking rose to 319,416 in July from 262,752 in June, a monthly increase of about 21.6 per cent. The published figures record passenger movements, but do not identify whether travellers were tourists, Kenyan residents, business passengers or people connecting through Nairobi on onward journeys. That distinction matters because a rise in departures alone cannot prove a tourism boom, explain the reasons for travel or show how much new spending reached Kenyan businesses.
JKIA Passenger Departures Jump 22% in July, but the Cause Is Not Clear
Kenya National Bureau of Statistics data show 319,416 passengers embarked at JKIA in July, up from 262,752 in June, a month-on-month rise of 21.6%. Landed passengers also rose to 336,731 from 275,861, suggesting a broad increase in airport activity, although the monthly figures do not identify individual reasons for the change. Peak-season holidays, safari travel, visiting friends and relatives, and business trips may all affect July traffic, but KNBS does not attribute the rise to any one factor. Airlines, hotels and airport businesses benefit when more people travel, but sustained gains depend on route capacity, affordable fares, reliable aircraft and demand beyond holiday peaks.
Kenya Airways Gets Fresh Funding, but a Lasting Turnaround Remains Unproven
Kenya's Cabinet has approved US$350 million (KSh 45.36B) in shareholder financing for Kenya Airways, alongside a proposed conversion of KSh 122B in government loans into an equity-qualifying instrument. The funding could help the airline meet urgent obligations, but repeated support has not removed its exposure to losses, aircraft availability, high operating costs and debt. Kenya Airways reported a first-half 2026 pre-tax loss of KSh 15.92B, wider than the KSh 12.17B loss recorded in the same period a year earlier. The central test is whether new financing is matched by operational recovery, credible cost control, fleet reliability and a sustainable balance sheet rather than another temporary cash injection.
Producer Prices Rise: Uganda Manufacturing Inflation Hits 2.1 Per Cent
Uganda Bureau of Statistics reported annual producer inflation of 2.1 per cent for manufacturing and utilities in the 12 months to August 2026, up from 1.8 per cent in July. Monthly headline producer inflation stood at 0.0 per cent in August after a 0.7 per cent rise in July, according to the official PPI release. The annual increase reflects higher factory-gate prices for manufacturers and utility providers before goods reach consumers.
Peak Season Surge: JKIA Passenger Departures Rose to 319,416 in July
Official figures show 319,416 passenger departures at JKIA in July 2026. Peak summer safari season drove strong air-transport and tourism activity. Local hospitality and aviation sectors benefited from foreign exchange and high occupancy.
A Decade of Capital Infusions: Mapping Kenya Airways’ Long Road to Stability
Kenya has approved a $350 million (KSh 45.4 billion) shareholder financing package for Kenya Airways, marking another step in a decade-long push to address foreign debt, aircraft leases, and operational stability at the national carrier.
Kenya Parcel Deliveries Rise as Private Couriers Pull Ahead of Posta
Private courier operators handled 14.4 million domestic parcels in the quarter ended June 2026, 9.3% more than in the preceding quarter, the regulator reports. Posta Kenya handled 993,099 domestic parcels, down 33.2% quarter on quarter, while traditional domestic letter volumes remained 70.2% below their year-earlier level. The figures matter to online sellers and shoppers, but they do not establish whether delivery prices are falling, service is improving or operators are profitable.
A Shorter Token: Kenya Power Units Cost KSh 4.10 More in October
Kenya Power customers pay an extra KSh 4.10 for every kilowatt-hour in October, so a KSh 500 token buys fewer units before the standing tariff is even counted. The Energy and Petroleum Regulatory Authority notice of 9 October splits the add-on into KSh 3.22 for thermal power, 87 cents for dollar contracts and 1.34 cents for water. A home using 100 units pays KSh 410 more this month and a shop using 500 units pays KSh 2,050 more, while the standing tariff bands stay unchanged.
Shares Restored: High Court Orders the Safaricom Stake Back to the State
A three-judge High Court bench on 15 September nullified the sale of the state’s 15 per cent stake in Safaricom and ordered the shares restored to the government on behalf of the public. The judges described the deal as a camouflaged takeover that would give a foreign-controlled shareholder 55 per cent of the company and ruled that required merger, takeover and competition rules had been skipped. Vodacom and the Treasury have indicated they will appeal the judgment, leaving the practical position on the share register unchanged until a higher court decides or the entry is rewritten.
Zenith Bank Proposes 20% Dividend Increase as Pre-Tax Profit Edges Up
Zenith Bank's pre-tax profit rose 1.9% to ₦637.6B in the six months to June, but after-tax profit fell 19.1%. A proposed 20% rise in the interim dividend comes as higher tax and weaker trading offset lower impairment charges.
Trump Awards Elon Musk National Medal of Science Alongside Tech Leaders
President Donald Trump presented Elon Musk with the National Medal of Science on 8 October, recognising his work in engineering, space exploration and intelligent systems. Google co-founder Sergey Brin, Nvidia chief Jensen Huang and AMD chief Lisa Su also received the science medal, while Michael Dell and Satya Nadella received a separate technology award.
Three Names, One Card: SHA Replaced NHIF on the Same Reception Desk
SHA replaced NHIF as the authority, while SHIF is its fund, explaining why three names describe different parts of Kenya's new health insurance system. SHIF takes 2.75 per cent of gross pay, so workers no longer pay NHIF's fixed bands, while informal households also fall within the scheme. A hospital needs a signed SHA contract to bill the scheme, so patients may need to move facilities even when they have paid contributions.
A Fresh Cheque: Cabinet Clears KSh 45.40 Billion for Kenya Airways
Cabinet approved $350 million, about KSh 45.40 billion, in shareholder loans for Kenya Airways on 9 October. The money goes out in stages over as long as 10 years, and can be turned into shares if approvals come. A separate KSh 122 billion in old government loans, plus interest, may become a tradable instrument. Treasury, which owns 48.9 per cent, will watch the drawdowns.
The Lock Is Theirs: M-KOPA Buys the Phone-Switch Firm for KSh 1.03 Billion
M-KOPA bought KilpiTek on 26 March for $8 million, about KSh 1.03 billion, in cash and shares. Cash was $2.67 million, about KSh 344.43 million. The rest was shares and later payments. KilpiTek writes the software that can switch off a phone when a payment is missed. The deal sat after the 2025 accounts and did not change last year's profit.
Keep Paying: KUSCCO Borrowers Get No Pause in Liquidation
Liquidator Waithaka Ngaruiya told KUSCCO borrowers on 8 October to keep paying monthly instalments into the accounts in their loan agreements. Creditors must file a proof of debt at KUSCCO Centre in Upper Hill or risk missing a payout made before the claim is checked. He was appointed under Gazette Notice 15270 of 23 September 2026. A liquidation does not cancel a loan. It changes who collects it.
A Divided Recovery: Kenya's Factory Output Splits as Cement and Vehicle Assembly Rise
Kenya's July factory data splits as vehicle assembly and cement output rise Heavy manufacturing rebounds while light consumer goods processing contracts Uneven output highlights diverging commercial demand across key industrial sectors
A Multi-Trillion Shilling Pipeline: Kenya's KSh3.4T Construction Queue Signals Boom for Suppliers
Kenya's planned construction and infrastructure project queue reaches KSh 3.4 trillion ($26.2 billion). Heavy project pipeline is set to keep the local building sector robust and drive demand for materials. Multi-trillion shilling pipeline promises job creation and supply chain expansion despite credit tight spots.
MTN Turns Mobile Money Into a Bigger African Finance Business
MTN says fintech transaction value reached $330.5B in the first half of 2026 as MoMo users and lending expanded across its markets.
A French Exit: Ghana Clears a Moroccan Bank to Take Société Générale
The Bank of Ghana has raised no objection to Attijariwafa Bank taking 55.22 per cent of Société Générale Ghana. SSNIT is buying the other 5 per cent of the French stake, lifting its own holding to 24.36 per cent. The securities regulator still has to sign.
KCB profit jumps 21% as first-half earnings reach KSh49.3 billion
KCB Group's profit before tax rose 20.8% to KSh49.3 billion in the six months to June 2026. The bank also lifted its interim dividend by 50% as assets reached KSh2.3 trillion.
Smaller Tokens: New Kenya Power Homes Spend KSh 818.68 a Month
Homes and shops connected in the year to June 2026 spent an average of KSh 818.68 a month, down from KSh 1,061.76. Kenya Power added 411,710 customers. Total sales still rose. The new meters are the weak ones.
US overtakes Uganda as Kenya's Top Export Market in 5 Months
Kenya's exports to the United States overtook Uganda in the five months to July 2026 as American orders recovered after preferential market access was restored.
Kenya lines up new investor for KSh33B Kitui cement factory
Kenya has announced a new investor for a planned KSh33B cement factory in Kitui County, reviving a major industrial project. The development could add cement capacity and support jobs and related businesses if the project reaches construction.
Beyond Connectivity: Telcos Are Racing to Become Financial Institutions
By carving out standalone financial arms, African telecom giants are separating high-margin fintech platforms from network infrastructure to satisfy central bank regulators and open up capital market value.
The Distributed Workforce: Africa's Tech Sector Redefines What It Means to Be Present
Commercial leases are giving way to borderless teams as African technology firms ditch traditional headquarters to extend operational runway and access regional talent.
Afreximbank Backs Dangote as $16B Lamu Refinery Moves Ahead
Afreximbank says its relationship with Dangote Group now extends to the planned $16 billion Lamu refinery in Kenya. The project is designed to process 700,000 barrels of crude a day and could reshape regional fuel supply if construction and financing stay on track.
A $2.7M Deal: BP Takes Control of Three Namibia Offshore Licences
Namibia has approved BP’s acquisition of a 60% interest in three offshore petroleum licences from Eco Atlantic, clearing the final government consent before completion. Eco will retain 25% and receive US$2.7M while BP takes operatorship and carries exploration costs.
A New Pricing Model: Kenya’s Banks Now Tie Variable Loans to KESONIA
Kenya’s revised bank-loan pricing model is now fully operational, tying variable-rate loans to KESONIA while separating the bank’s premium, borrower risk and fees. The framework is designed to make lending prices more transparent and improve how monetary-policy changes reach borrowers.
SHA Cover Stays, but Hospitals Will Handle Billing Through Their Own Systems
SHA is still the insurer. Hospitals are dropping a second portal and sending the visit from HMIS. The Ministry says 6,427 public Level 2 to 4 facilities have switched, and no patient should be turned away while the rest finish by 30 October 2026.
Aviation Fuel Race: Rubis Takes 33.6% of Kenya's Jet Fuel Market
Rubis Energy Kenya held a 33.6% share of Kenya's jet-fuel market in the year ended June 2026, more than twice its closest rival. The disclosure comes as jet-fuel consumption and airline traffic grow, intensifying competition among oil marketers.
A KSh 100K Fee: Kenya Raises Compliance Costs for Credit Providers
Kenya has raised compliance fees for non-deposit-taking credit providers while tightening rules on products, customer information and loan recovery.
NNPC Targets 430 Million Barrels in Annual Crude Trading
NNPC targets 430 million barrels in annual crude trading. The goal measures buying and selling activity, not its own production, and higher volumes do not guarantee higher returns.
Compliance Costs Rise: Kenyan Businesses Face a Wider Tax and Records Burden
Kenyan businesses are facing a broader compliance workload as tax, electronic invoicing, stock, payroll and immigration requirements demand more records and systems.
Jambojet Resumes Daily Nairobi-Entebbe Flights After a Seven-Year Pause
Jambojet has resumed daily Nairobi-Entebbe flights after seven years. The return adds a travel option, but lower fares depend on pricing and competition.
A Quiet Power Shift: Electric Vehicles Build Kenya's Next Big Energy Market
Electric motorcycles and delivery fleets are creating new electricity demand through charging and battery swaps; expansion depends on reliable local grid connections.
A $43M Charge: Diageo Counts the Cost of Its EABL Exit
Diageo has booked a $43M non-operating charge linked to its planned sale of EABL and UDV Kenya to Asahi, adding a new financial detail to the biggest ownership change in East African beverages in years.
A Heavy Hand: Central Bank's Payment Bill Risks Stifling Digital Finance
The Central Bank of Kenya is seeking broad supervisory powers over digital payment providers under the draft National Payment System Bill 2026, a move that threatens to stifle the competition and rapid innovation that built the nation's financial technology sector.
Kenya's Licensed Money Transfer Market Expands Beyond 33 Providers
Kenya's money remittance market has expanded from 33 licensed providers at the end of 2025, with the latest 2026 directory showing new entrants including Flowsend. A current register tracker counts 36 providers in the June 2026 directory, giving customers a wider regulated choice.
Dangote Offers East Africa 30% Stake in $16B Lamu Refinery
Aliko Dangote has offered East African governments a combined 30% stake in the planned $16B Lamu refinery. Kenya has been allocated 10%, while Rwanda and Ethiopia have expressed interest. The final ownership and financing structure will determine who carries the project's risk and shares its returns.
Court Rejects Kenya Bid to Seize KSh35.6M in Burundi-Linked Account
Kenya's Court of Appeal has rejected an Assets Recovery Agency bid to forfeit KSh35.6M held in an I&M Bank account linked to a Burundi business. The ruling leaves the High Court decision intact and clarifies the evidence required in asset-forfeiture proceedings.
Kenyan Space Startup Satlyt Raises $8M for AI Software in Orbit
Nairobi-linked space startup Satlyt has raised $8M in seed funding to expand software that lets satellites process data and run AI onboard. The company is using existing spacecraft computing capacity rather than building new satellites.
Dangote Plans KSh 6.48T ($50B) African Investment Push by 2030
Dangote's proposed African investment programme targets mining, manufacturing, ports and energy by 2030; it is an ambition, not a fully financed project list.
CBK Seeks More Power Over Kenya's Payment Companies
A draft payments bill would let CBK inspect providers, demand information and intervene over serious risks. The proposals are not yet law.
Premac Care Wins KSh 1.29M ($10,000) Women in Tech Grant
Premac Care won KSh 1.29M ($10,000) in equity-free funding, one of seven grants in Standard Chartered Foundation's Women in Tech Kenya programme.
The Build Contract: Honeywell Takes the Lamu Engineering Job
Honeywell will supply engineering, licensing and equipment for Dangote's 700,000-barrel Lamu plant, Reuters reported. The firm already works on Lagos upgrades toward 1.4 million barrels a day. A vendor deal is not first fuel and does not lift the Malindi order.
Phone Loans Pass KSh 165.1 Billion as CBK Adds 29 Lenders
The Central Bank licensed 29 more digital credit firms on 30 September, taking the register to 281. Licensed lenders had issued 9,596,509 loans worth KSh 165.1 billion by August. That is cumulative issues.
A Fence Before Fuel: Lamu's Refinery Still Needs State Cover
Lamu's proposed refinery still needs financing, crude supply and clear public-investment terms. A groundbreaking does not resolve the cost of any promised state protection.
A Quiet Cash-Out: Muthoka Sells JKIA Cargo Firm for $40.1 Million
Celebi Cargo of Frankfurt paid $40.1 million, about KSh 5.2 billion, for 100 per cent of Transglobal Cargo Centre. Reporting this week puts Peter Muthoka's profit near $19 million, or KSh 2.5 billion. The handler moves 33 per cent of JKIA export cargo. CAK cleared the deal in January because Celebi had no Kenya business.
Unsigned Hospitals Lose SHA Patients From Thursday Morning
SHA contracts end at 11.59pm on Wednesday 30 September. From Thursday, an unsigned clinic cannot bill the scheme. A patient mid-treatment may be moved.
Too Big for Turkana: Lamu Plant Needs Oil Kenya Cannot Pump
Wednesday's groundbreaking in Lamu is for a 700,000-barrel-a-day refinery. Kenya's own fields, even at their planned peak, would cover only a sliver of that. The live question is not the ribbon. It is where the other 650,000 barrels a day will come from, and who pays if they do not.
Lamu Families Take Dangote Refinery Land Fight to Court
One hundred and thirty-three Chandavai residents sued in Malindi on 28 September 2026 and protested for compensation on land earmarked for the planned Sh2 trillion Dangote Lamu refinery. The court kept the status quo on LR No. 13061 until 14 October but did not stop Wednesday's groundbreaking.
Sidama Bank joins Ethiopia exchange as seventh listed company
Sidama Bank has become the seventh company listed on the Ethiopia Securities Exchange, adding another financial institution to one of Africa's newest public markets. The listing gives investors another quoted bank to follow as Ethiopia expands its capital-market infrastructure.