Mwenendo
African Business
Companies, industries, deals and corporate activity across Africa.
A Shorter Token: Kenya Power Units Cost KSh 4.10 More in October
This is a Kenya Power token story, not a petrol-pump story: each kilowatt-hour carries an extra KSh 4.10 in October. The add-on is KSh 3.22 from thermal stations, 87 cents from dollar-denominated power contracts, and 1.34 cents for the water authority. A home on 100 units pays KSh 410 more, and a shop on 500 units pays KSh 2,050 more, before the standing tariff. The EPRA notice is dated 9 October and adjusts the existing tariff rather than writing a new one.
Shares Restored: High Court Orders the Safaricom Stake Back to the State
A three-judge bench on 15 September nullified the sale of the state's 15 per cent in Safaricom and ordered those shares restored to the government. The agreed price was KSh 204.30 billion, about $1.60 billion, at KSh 34 a share, with a further KSh 40.70 billion paid for future dividend rights. The court said the arrangement would leave a foreign-controlled shareholder with 55 per cent and treated it as a takeover that skipped the merger rules. Justices Gikonyo, Aburili and Ouya cited weak public participation, concealed information and an arbitrary valuation.
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.
Quickmart's KSh50 Billion Retail Business Runs on Supplier Financing
Supplier credit helps Quickmart keep stock moving before invoices fall due, but the same payment gap can strain the smaller businesses supplying its stores.
Kenya Tightens Insurance Rules as Kenya Re Gets Bigger Share of Business
Kenya's insurance regulator is requiring insurers to use available local reinsurance capacity before seeking approval to place risks overseas. The mandatory share of general reinsurance business ceded to Kenya Re rises to 25 per cent as insurers prepare their 2027 programmes.
A Continental Snapshot: Regional Drivers Shaping African Business Dynamics
Tracking regional business trends requires looking beyond isolated developments to understand how energy, technology, and capital flows interact across African markets.
The Digital Gatekeeper: Understanding Kenya's IFMIS Supplier Portal
Navigating state procurement in Kenya requires mastering the National Treasury's digital gateway, where transparent systems meet real-world payment bottlenecks.
Bank Branch Locations in Nairobi Affect Where Money is Lent
Kenya's banking sector relies on physical branch networks that funnel rural savings directly into urban loan portfolios, shaping which regions grow and which stay starved of capital.
Direct to Doorstep: Developer-Led Financing Reshapes Nigerian Homeownership
High bank interest rates and rigid lending requirements have made traditional mortgages inaccessible for most Nigerians. Direct developer-led financing models are filling the credit vacuum, changing how urban residential real estate is built and sold.
A Clearer Rulebook: Central Bank Issues Rules for Over-the-Counter Transactions
The regulator has published operational guidelines for over-the-counter transactions, introducing clear compliance standards for financial institutions operating in off-exchange markets.
A Changing Horizon: Eight African Experts View AI Risks and Opportunities
As artificial intelligence reshapes global business, eight African tech thinkers assess whether the technology poses an existential threat or immediate socioeconomic risks to the continent.
The Architecture of Deal-Making: How Infrastructure Projects Move from Blueprints to Assets
Understanding how legal advisory shifts into asset management reveals the financial engineering that powers multi-billion-dollar infrastructure developments across emerging markets.
The Logistics of Risk: Oil Markets Price Infrastructure Security
When security risks threaten energy infrastructure in the Middle East, global markets react instantly. Behind the price spikes lies a complex logistical network of pipelines, processing hubs and maritime ports that dictate how crude moves and what it costs at the pump.
A Delicate Balance: Wins and Who Pays in the AI Diagnostic Pivot
As health-tech startups deploy machine learning to screen for severe malaria and other critical conditions, a complex web of commercial incentives, subscription costs, and legal risks is shaping Africa's digital healthcare revolution.
A Presidential Tribute: Nigeria Signals the Strategic Role of Banking Pioneers in Institutional Growth
President Bola Tinubu’s recognition of Aigboje Aig-Imoukhuede highlights the important intersection between commercial banking leadership, institutional capital, and long-term economic development in Africa.
Building for the Long Term: Aigboje Aig-Imoukhuede's Lessons on Scaling African Enterprise
The former Access Bank Chief Executive and Coronation Group founder marks a milestone, providing key insights into corporate governance, capital allocation and building durable African enterprises.
A Growing Digital Divide: Africa's Tech Boom Risks Leaving 100 Million Disabled Citizens Behind
Missing accessibility features can shut people with disabilities out of digital banking, work and public services as African technology platforms expand.
AI Helps Find Old Rare Books and Items
Artificial intelligence models are stepping into historical archives, using computer vision to spot tiny printing variations that distinguish multi-million-shilling first-edition artifacts from standard copies.