Shah family paper wealth doubles to Sh17.35bn on I&M Group share rally

I and M Group founder and director Suresh Raja Shah and his two sons have seen the value of their shares in the bank double to Sh17.35 billion following a 94 percent rally on the stock to an all-time high of Sh69.50 in the last one year.

Mr Raja Shah holds a stake of 10.06 percent in the bank in his name, equivalent to 174.9 million shares, which are now valued at Sh12.16 billion, up from Sh6.25 billion a year ago.

Mr Sarit Shah, who also serves as an executive director in I and M, has seen the value of his 37.6 million shares or 2.16 percent stake in the lender jump to Sh2.61 billion from Sh1.34 billion in June 2025.

The 2.14 percent stake held by his brother Sachit Shah, who serves as a non-executive director, is now valued at Sh2.58 billion, from Sh1.33 billion previously. I and M Bank’s market capitalisation-the measure of investor wealth- stood at Sh120.94 billion at close of trading on Tuesday.

The bank’s stock has emerged as the top gainer in the banking segment on the NSE over the past year, beating Co-operative Bank (up 91.6 percent), DTB (87.7 percent) and Stanbic Holdings (70.4 percent).

Bank stocks have been rallying due to positive investor sentiment after they announced higher profits and dividends in the 2025 financial year.

‘The segment was seen as undervalued from last year, trading below book value, even before adding the growth that has been driven by higher profits and dividends,’ said Wesley Manambo, a senior research associate at Standard Investment Bank.

‘For I and M, investors are also pricing in the bank’s agility in the region where it has a wide presence.’

The sector’s overall valuation gain of 67 percent to Sh1.58 trillion has handed major shareholders such as the Shah family handsome capital gains on their stocks, rewarding them for years of ownership they have maintained in the lender.

The Shahs hold their I and M Bank shares through various investment vehicles, primarily the lender’s three top shareholders Minard Holdings Limited, Tecoma Limited and Ziyungi Limited, whose directors include Mr Raja Shah.

By the end of May 2026, the three entities held a combined 54.93 percent stake with a market value of Sh66.43 billion in I and M.

The family’s Bhagwanji Raja Charitable Foundation also holds a 2.43 percent stake in the bank, which is currently valued at Sh2.94 billion at yesterday’s closing share price.

The bank’s other major shareholder is East Africa Growth Holding -an investment vehicle managed by private equity firm AfricInvest- with a stake of 15.14 percent or 263.4 million shares that are now valued at Sh18.3 billion. EAGH has made a gain of Sh7.6 billion on the price of Sh10.7 billion at which it acquired its I and M stake in two separate transactions in 2024.

The PE fund initially bought a 10.13 percent holding equivalent to 167.53 million shares from UK development finance institution British International Investment for a reported Sh6.5 billion in June 2024.

In this transaction, EAGH paid a premium to acquire the shares, which were valued at Sh3.01 billion on the NSE at the time.

Four months later, the PE fund bought an additional 86.5 million shares (4.97 percent stake) for Sh4.2 billion in what was a direct equity investment in the bank.

I and M Bank issued the additional shares to facilitate the transaction, in the process diluting existing investors including the Shah family.

The new units were priced at Sh48.42 each, representing a premium of 93 percent on the lender’s prevailing share price of Sh25.05 when the disclosure was made on October 13, 2024.

Besides the capital gains on their stock, the Shahs also banked Sh936.3 million in May from dividends for their shares in the bank, which raised its per-share cash distribution to Sh3.75 in the year to December 2025 from Sh3 in 2024.

Mr Raja Shah earned Sh656 million in dividends, while his two sons got about Sh140 million each. The family foundation was paid Sh158.5 million in the cash distribution.

The payout placed the family firmly on the list of the NSE’s banking sector dividend kings. They joined the likes of Equity Group chief executive James Mwangi, who earned Sh734.9 million from his 127.8 million shares in the lender, and Co-operative Bank of Kenya CEO Gideon Muriuki, who earned Sh337.5 million from his 2.3 percent or 135 million shares in Co-op.

NCBA Group chairman James Ndegwa and his brother Andrew Ndegwa, who is also a director in the bank, earned Sh543.1 million and Sh550.9 million respectively in dividends from their 76.5 million and 77.6 million shares in the bank.

Judiciary prepares to swear in 45 governors

The Judiciary is preparing to swear in the 45 elected governors Thursday in line with provisions of the Assumption of the Office of Governor Act, 2012.

The Act requires that governors-elect be sworn in on the first Thursday after the tenth day following the declaration of the final results by the Independent Electoral and Boundaries Commission (IEBC).

That is, the first Thursday after 10 days since the IEBC declared the governor as having won the election.

The law states that the swearing-in of the governor-elect shall occur in a public ceremony before a High Court judge. The Judiciary has appointed 47 judges to preside over the swearing-in of the newly elected county chiefs.

The IEBC postponed gubernatorial elections for Kakamega and Bungoma counties. The oath or affirmation by the governors will take place not earlier than 10.00 am and not later than 2.00 pm.

The Assumption of the Office of Governor Act 2019, provides for the formation of a special transition committee to spearhead the process of handing over power in the counties.

The Act establishes an Assumption of the Office of Governor Committee that comprises 13 members in each of the 47 counties. Members of the committee include the respective County Commissioner, a representative of the National Police Service, a National Intelligence Service representative, and the County Secretary.

The Assumption of the Office of County Governor Committee is required to publish, by notice in the Kenya Gazette and the County Gazette, the date, time and place for the conduct of the swearing-in ceremony.

The Act require the Assumption of the Office of Governor Committee, in consultation with the Governor-elect, to carry out the necessary preparations for the purpose of the assumption of office by the governor-elect.

The law allows the governor-elect to request, in writing, for any information they deem necessary from a county public officer.

The Act compels a county public officer to provide the information requested by the governor-elect within a reasonable time.

Officials who fails to comply with the governor-elect request commits an offence and are liable, on conviction, to a fine not exceeding Sh300,000 or to imprisonment for a term not exceeding one year, or to both.

During the swearing-in ceremony, the governor-elect and his or her deputy will take and subscribe to the oath or affirmation of office as prescribed in the First Schedule section of the Assumption of the Office of Governor Act 2019.

Upon taking or subscribing to the oath or affirmation, the governor shall sign a certificate of the inauguration in the presence of the High Court Judge who conducts the swearing-in ceremony.

Most Assumption of the Office of County Governor Committees have issued gazette notices appointing Thursday, August 25 as the date for swearing-in of governors.

‘We wish to notify the general public that pursuant to the Assumption of Office of Governor Act, 2019, the inauguration and swearing-in ceremony of the Kericho County Governor-elect Eric Mutai Kipkoech and Deputy Governor Kirui Fredrick Kipngetich, shall be held on Thursday, 25th August 2022 at the Kericho Green Stadium starting at 9 am,’ Joel Bett, the county secretary and chairperson of the committee said in a notice.

Over 600,000 hypertensive, diabetes patients miss treatment on funding woes

A total of 626,621 patients with high blood pressure and diabetes missed treatment in the 2024/2025 financial year due to insufficient funding, particularly for essential medications, according to performance data from the Non-Communicable Diseases (NCD) Prevention and Control programme.

Essential medicines used to manage these conditions include amlodipine, losartan, enalapril, hydrochlorothiazide and nifedipine for hypertension and metformin, insulin and glibenclamide for diabetes.

This marked one of the steepest treatment gaps recorded for these two chronic conditions in recent years. Of the patients affected, 514,167 were hypertensive patients. The unit had planned to treat 1,107,365 hypertensive patients during the year, but only managed to reach 593,198.

This represented a sharp reversal from the previous two years, when the programme had exceeded its goals. In 2022/23, the unit reached 513,805 patients against a planned target of 1,100,000. In 2023/24, it surpassed its target of 350,000 by treating 411,627 hypertensive patients.

Programme remarks attributed the earlier success to increased public awareness, but the shortfall in 2024/25 was attributed to a lack of funding, particularly for medication.

‘Targets for the financial year 2022/23 and 2023/24 were surpassed due to increased awareness. The target was not achieved in 2024/25 due to a lack of funding, particularly for medication,’ the report read.

Additionally, 112,454 of the missed cases in 2024/25 were diabetes patients. The programme had targeted 383,246 diabetic patients for treatment, but only 270,792 were reached.

This shortfall follows a pattern of underperformance in diabetes care over the past three financial years.

In 2022/23, the unit treated only 179,028 of the planned 226,310 patients, and in the following year, this figure was 220,036 against a target of 250,000.

‘Targets for financial year 2022/23 and 2023/24 were not met due to low awareness levels and poor reporting. The target was not achieved in 2024/25 due to a lack of funding, particularly for medication,’ it read.

The NCD Prevention and Control Unit cited inadequate funding for medicines as the main obstacle to achieving its targets and undoing the progress made in the two preceding financial years.

While the programme did not specify how much funding was lacking for these medicines, the shortfall reflects a broader financing crisis at the national medicines supplier during the same period.

During the financial year ending June 2025, the Kenya Medical Supplies Authority (Kemsa) fulfilled only 41 percent of orders placed by facilities, falling far short of its 90 percent target.

At the same time, the Ministry of Health had requested an additional Sh5 billion from the Treasury to help Kemsa restock, but only Sh1.5 billion was approved in the supplementary budget for the year.

For the current financial year, the Treasury has allocated Kemsa Sh20.9 billion, which is expected to help clear supplier debts, stabilise the supply chain and take over the procurement responsibilities that were previously covered by donor-funded health commodity programmes.

Government procurement prices show that amlodipine 5 mg costs approximately Sh15 per month when purchased in bulk for public hospitals, while a telmisartan-amlodipine combination costs around Sh518 per month.

In retail pharmacies, patients typically pay around Sh150 a month for amlodipine, while losartan 50 mg can cost approximately Sh1,260 monthly.

Patients with diabetes who require insulin pay about Sh800-Sh1,100 for a 10 ml vial of Mixtard 30/70, which is one of the most expensive commonly used medicines for chronic disease management.

National surveys estimate that between 24.5 percent and 28.6 percent of Kenyan adults have hypertension, meaning that roughly one in four to nearly one in three adults live with the condition.

Meanwhile, diabetes is estimated to affect about three to four percent of adults nationally, equating to over 800,000 people.

Growing testosterone business as men pay over Sh10,000 a week, but doctors warn of risks

The surge in demand for testosterone therapy has opened up a lucrative market for clinics and wellness providers, but it has also raised concerns that some Kenyan men are exposing themselves to potentially serious long-term side effects by taking the treatment for a condition they do not have.

More men are buying testosterone to deal with symptoms such as fatigue, weight gain, low libido and declining fitness, but urologists and endocrinologists say many of these men do not have low testosterone; instead, the symptoms are often linked to lifestyle factors.

Dr Onyango Oluoch is a consultant urological surgeon at a clinic in 5th Avenue Suites, Nairobi. He has watched the number of men coming to the clinic grow steadily.

‘Many have normal testosterone levels, while others have symptoms caused by stress, poor sleep, obesity, diabetes, depression, anxiety, medication side effects, alcohol use, relationship difficulties, or other health conditions,’ he says.

To be diagnosed with testosterone deficiency, a man must have both clear symptoms and consistently low testosterone levels confirmed through proper tests.

Deceptive marketing

These men are showing up at clinics in part because of how testosterone is old. On social media, wellness platforms, and at some clinics, it’s pitched as a shortcut to feeling younger, stronger, and mentally sharper. Dr Onyango says this is misleading.

‘Testosterone being marketed as an anti-ageing, energy-boosting, or performance-enhancing product can be misleading,’ he says.

‘Testosterone is a prescription hormone treatment intended for men with genuine deficiency, not a shortcut to improved fitness, youthfulness, or sexual performance.’

He says testosterone is not the only thing driving a man’s energy or sex life. The mind, emotions, relationship quality, blood flow, nerves, sleep, stress, and general health all play a role. Men who are struggling sexually or feeling drained should not assume the answer is a hormone injection.

Hormonal assessment cost

Before he prescribes treatment, Dr Onyango screens for diabetes, obesity, high blood pressure, high cholesterol, cardiovascular disease, sleep apnoea, depression, anxiety, thyroid problems, medication side effects, alcohol use, and stress. He says sexual health problems almost always have more than one cause.

A total testosterone test costs about Sh2,500. Luteinising hormone is Sh2,500. Prolactin is Sh2,500. Sex hormone-binding globulin runs around Sh5,000, and free testosterone, which is the portion of the hormone in the blood that is available for use by body tissues, costs roughly Sh6,000.

Altogether, a basic hormonal assessment can cost between Sh12,500 and Sh20,000 before adding a consultation fee or any additional investigations.

Injectable testosterone is generally less expensive than gels. Gels often provide steadier hormone levels but cost more over time.

Monitoring must continue long after treatment begins, covering fertility, heart health, prostate health, blood counts, and sleep.

The key question

For young men of reproductive age, Dr Onyango says that before starting testosterone therapy, there is one key question every patient must answer. ‘Do they desire to have children? This is because this therapy can profoundly impact treatment options,’ he says.

For men who want children, the approach changes significantly.

But beyond who qualifies and who does not, there is a harder conversation that specialists say is rarely discussed. What does this treatment actually do to the body when it is given to the wrong person, or even to the right one without proper care?

Dr Muigai Mararo, a consultant urological surgeon based in Nairobi’s Upper Hill, has seen those consequences up close.

‘When you talk about testosterone replacement therapy, this means you are replacing testosterone, and this should be for people who do not have testosterone,’ he explains.

The medical term for this condition is hypogonadism, where the body produces little or no testosterone and, as a result, very little sperm.

Those who need it

To qualify, a man needs two things confirmed. First, low testosterone showing in at least two separate lab tests. Second, real symptoms that are actually caused by testosterone deficiency. The blood test must be done at an accredited laboratory, between 8am and 10am, while fasting.

‘That is the time you usually have a spike in testosterone, so you get the correct figure,’ Dr Muigai says. ‘Eating may reduce your testosterone.’

The men who genuinely need testosterone replacement therapy (TRT) fall into two groups in his experience. The first is young men who lost their testicles to a condition called testicular torsion, while in school. When torsion happens, the testicle twists and loses its blood supply. It is a medical emergency that must be treated within six to eight hours or the testicle dies permanently.

He currently has three patients on lifelong TRT for this reason, the oldest being 29 years old.

‘Younger men who have lost their testicles may notice that their beards are not growing, that their voice is not deepening, or that their breasts are enlarging,’ Dr Muigai says.

The second group is older men whose testosterone has dropped naturally with age.

The symptoms of low testosterone often start with fatigue before any sexual signs appear. Low libido, erectile dysfunction, muscle loss, and growing belly fat follow. Some men develop brain fog, have trouble concentrating, become irritable, or cannot sleep properly.

He describes a pattern he sees too often. Men with erectile problems walk into clinics, get a testosterone injection, feel briefly better, then crash when the injection wears off. By the time they reach him, they have had two or three injections and still feel unwell.

‘That was a wrong indication,’ he says. ‘Probably their erection problem was because of psychological issues.’

He warns that by giving testosterone to someone who did not need it, the body stops producing its own testosterone, starting a cycle that is very hard to break.

The risks go beyond that. TRT can cause blood clots in the legs that travel to the lungs. It can weaken bones and raise the chance of fractures. In men with undetected prostate cancer, it can make the disease spread faster.

Fertility concerns

The biggest concern for younger men getting the injections with proper diagnosis and follow-up is infertility. Injecting synthetic testosterone tells the body to shut down its own production, which also shuts down sperm production.

‘You go get an injection of testosterone, the next thing is you will come to me because you are not able to have children,’ Dr Muigai says.

When these men drastically stop TRT without proper care, withdrawal can set in. The weight comes back. The fatigue returns. Libido drops, and erections become difficult again. In extreme cases, the liver can also be damaged. ‘It is not an innocuous therapy,’ he warns. ‘It comes with serious, sometimes life-threatening complications.’

For men whose testosterone has dipped because of lifestyle, the answer is not an injection. Obesity, poor sleep, chronic stress, no exercise, and heavy drinking all reduce levels without wiping them out entirely. Excess belly fat is especially harmful because it converts testosterone into oestrogen.

‘Go exercise. Manage your sugar. Manage your stress. Quit alcohol and smoking. You do not need to start testosterone replacement therapy unless you absolutely have to,’ Dr Muigai says.

On cost, he says an injection costs about Sh1,200 every two weeks. Gels cost around Sh5,000. But money, he says, is not the real problem. ‘The biggest issue is not cost but misuse.’

Problem of misuse

The problem of misuse and misdiagnosis is one that Dr Vic Albert says he encounters just as often in his practice.

Dr Vic Albert offers advanced urology procedures and treatments. Most of the men who come to him asking about testosterone do not qualify once properly evaluated. The typical picture is a man in his 30s, 40s, or 50s.

Many of them have poor sleep, chronic stress, obesity, lack of exercise, are heavy alcohol users, depressed, or have diabetes, and not really a testosterone-related condition.

‘Some marketing creates the impression that testosterone is a shortcut to youth, confidence, muscle gain, or business success,’ he says.

The risk, he says, is that normal ageing or an unhealthy lifestyle gets turned into a medical problem that does not exist. ‘Good medicine starts by asking why a man feels unwell rather than immediately reaching for testosterone,’ he says.

Dr Vic notes that erectile dysfunction can sometimes be the body’s first signal of underlying heart disease, which makes a thorough check essential before anything else.

For men who want more energy or better gym results, he points to what he calls the four pillars of men’s health: sleep, exercise, nutrition, and weight management.

‘For many men, improving sleep alone can significantly improve energy levels and even increase natural testosterone production,’ he says. Resistance training, losing body fat, managing diabetes, cutting alcohol, and handling stress can all shift things considerably.

He acknowledges that lifestyle changes take longer than a hormone injection to show results, but argues the foundation they build is stronger.

‘If we can raise your natural testosterone and improve your health at the same time, that is usually better than immediately starting lifelong hormone therapy,’ he tells his patients.

On long-term effects, Dr Vic is honest about what remains unknown. ‘There are still unanswered questions because relatively few studies follow patients continuously for several decades,’ he says.

Specialists are still watching cardiovascular outcomes, prostate health, fertility effects, and how lifelong therapy changes ageing. What he does know is that starting TRT is rarely a short-term decision.

‘Many men will require ongoing treatment and monitoring for years,’ he says.

Before any man begins, he asks one cardinal question. ‘I always ask patients to think carefully about whether they are treating a true deficiency or chasing a lifestyle goal.’

His position on both sides of that question is clear. ‘Testosterone is not a fountain of youth. For the right patient, it can be life-changing. For the wrong patient, it can create problems that never existed in the first place. The key is proper diagnosis, proper monitoring, and treating the man, not just the laboratory number.’

Governance will decide whether Kenya’s capital market revival lasts

Kenya’s capital market is showing encouraging signs of recovery after years of subdued activity.

Trading volumes at the Nairobi Securities Exchange have improved, mergers and acquisitions are on the rise, and new public securities offers have emerged after a prolonged IPO drought.

While these developments point to renewed momentum, transactions alone do not signal a healthy market. The durability of this recovery will depend on one factor above all others: governance.

Kenya’s experience has repeatedly shown that investor confidence rests on strong institutions, credible regulation and effective oversight, particularly during periods of political uncertainty.

The post-2022 election period demonstrated how quickly confidence can evaporate. Foreign portfolio investors exited in large numbers as domestic political tensions compounded global economic uncertainty, leaving the market increasingly dependent on long-term domestic investors.

Today’s recovery is being driven largely by domestic, regional and strategic investors rather than a broad return of foreign capital. Cross-border transactions and renewed listing activity reflect growing confidence in regulatory stability, but they do not eliminate structural risks. Markets can process major deals while remaining vulnerable if governance standards are weak or inconsistently enforced.

Disclosure remains a cornerstone of Kenya’s capital markets. Prospectuses, information memoranda and continuous reporting requirements provide investors with essential information about businesses and their risks.

Yet disclosure alone cannot prevent corporate failure. Kenya has witnessed regulated institutions collapse despite audited accounts and regulatory compliance. The lesson is clear: transparency informs investment decisions, but governance protects them.

Effective governance is reflected in independent boards, sound oversight, robust internal controls and clear accountability.

Boards must challenge management, oversee risk and ensure disclosures accurately represent a company’s financial position rather than its preferred narrative. Independence on paper is insufficient if directors cannot exercise objective judgment or resist undue influence.

As Kenya approaches another election cycle, regulators must move beyond checking compliance boxes.

Greater scrutiny of board independence, related-party transactions and governance structures before public offers are approved can help identify risks before they undermine market confidence. Supervision should focus not only on whether governance frameworks exist, but whether they function effectively in practice.

Capital follows confidence, confidence depends on trust, and trust is built through consistent governance and proactive regulation. If governance remains strong, the current recovery could mature into lasting resilience. If it weakens, history suggests investors will once again retreat to the sidelines.

Over 600,000 hypertensive, diabetes patients miss treatment on funding woes

A total of 626,621 patients with high blood pressure and diabetes missed treatment in the 2024/2025 financial year due to insufficient funding, particularly for essential medications, according to performance data from the Non-Communicable Diseases (NCD) Prevention and Control programme.

Essential medicines used to manage these conditions include amlodipine, losartan, enalapril, hydrochlorothiazide and nifedipine for hypertension and metformin, insulin and glibenclamide for diabetes.

This marked one of the steepest treatment gaps recorded for these two chronic conditions in recent years. Of the patients affected, 514,167 were hypertensive patients. The unit had planned to treat 1,107,365 hypertensive patients during the year, but only managed to reach 593,198.

This represented a sharp reversal from the previous two years, when the programme had exceeded its goals. In 2022/23, the unit reached 513,805 patients against a planned target of 1,100,000. In 2023/24, it surpassed its target of 350,000 by treating 411,627 hypertensive patients.

Programme remarks attributed the earlier success to increased public awareness, but the shortfall in 2024/25 was attributed to a lack of funding, particularly for medication.

‘Targets for the financial year 2022/23 and 2023/24 were surpassed due to increased awareness. The target was not achieved in 2024/25 due to a lack of funding, particularly for medication,’ the report read.

Additionally, 112,454 of the missed cases in 2024/25 were diabetes patients. The programme had targeted 383,246 diabetic patients for treatment, but only 270,792 were reached.

This shortfall follows a pattern of underperformance in diabetes care over the past three financial years.

In 2022/23, the unit treated only 179,028 of the planned 226,310 patients, and in the following year, this figure was 220,036 against a target of 250,000.

‘Targets for financial year 2022/23 and 2023/24 were not met due to low awareness levels and poor reporting. The target was not achieved in 2024/25 due to a lack of funding, particularly for medication,’ it read.

The NCD Prevention and Control Unit cited inadequate funding for medicines as the main obstacle to achieving its targets and undoing the progress made in the two preceding financial years.

While the programme did not specify how much funding was lacking for these medicines, the shortfall reflects a broader financing crisis at the national medicines supplier during the same period.

During the financial year ending June 2025, the Kenya Medical Supplies Authority (Kemsa) fulfilled only 41 percent of orders placed by facilities, falling far short of its 90 percent target.

At the same time, the Ministry of Health had requested an additional Sh5 billion from the Treasury to help Kemsa restock, but only Sh1.5 billion was approved in the supplementary budget for the year.

For the current financial year, the Treasury has allocated Kemsa Sh20.9 billion, which is expected to help clear supplier debts, stabilise the supply chain and take over the procurement responsibilities that were previously covered by donor-funded health commodity programmes.

Government procurement prices show that amlodipine 5 mg costs approximately Sh15 per month when purchased in bulk for public hospitals, while a telmisartan-amlodipine combination costs around Sh518 per month.

In retail pharmacies, patients typically pay around Sh150 a month for amlodipine, while losartan 50 mg can cost approximately Sh1,260 monthly.

Patients with diabetes who require insulin pay about Sh800-Sh1,100 for a 10 ml vial of Mixtard 30/70, which is one of the most expensive commonly used medicines for chronic disease management.

National surveys estimate that between 24.5 percent and 28.6 percent of Kenyan adults have hypertension, meaning that roughly one in four to nearly one in three adults live with the condition.

Meanwhile, diabetes is estimated to affect about three to four percent of adults nationally, equating to over 800,000 people.

Judiciary prepares to swear in 45 governors

The Judiciary is preparing to swear in the 45 elected governors Thursday in line with provisions of the Assumption of the Office of Governor Act, 2012.

The Act requires that governors-elect be sworn in on the first Thursday after the tenth day following the declaration of the final results by the Independent Electoral and Boundaries Commission (IEBC).

That is, the first Thursday after 10 days since the IEBC declared the governor as having won the election.

The law states that the swearing-in of the governor-elect shall occur in a public ceremony before a High Court judge. The Judiciary has appointed 47 judges to preside over the swearing-in of the newly elected county chiefs.

The IEBC postponed gubernatorial elections for Kakamega and Bungoma counties. The oath or affirmation by the governors will take place not earlier than 10.00 am and not later than 2.00 pm.

The Assumption of the Office of Governor Act 2019, provides for the formation of a special transition committee to spearhead the process of handing over power in the counties.

The Act establishes an Assumption of the Office of Governor Committee that comprises 13 members in each of the 47 counties. Members of the committee include the respective County Commissioner, a representative of the National Police Service, a National Intelligence Service representative, and the County Secretary.

The Assumption of the Office of County Governor Committee is required to publish, by notice in the Kenya Gazette and the County Gazette, the date, time and place for the conduct of the swearing-in ceremony.

The Act require the Assumption of the Office of Governor Committee, in consultation with the Governor-elect, to carry out the necessary preparations for the purpose of the assumption of office by the governor-elect.

The law allows the governor-elect to request, in writing, for any information they deem necessary from a county public officer.

The Act compels a county public officer to provide the information requested by the governor-elect within a reasonable time.

Officials who fails to comply with the governor-elect request commits an offence and are liable, on conviction, to a fine not exceeding Sh300,000 or to imprisonment for a term not exceeding one year, or to both.

During the swearing-in ceremony, the governor-elect and his or her deputy will take and subscribe to the oath or affirmation of office as prescribed in the First Schedule section of the Assumption of the Office of Governor Act 2019.

Upon taking or subscribing to the oath or affirmation, the governor shall sign a certificate of the inauguration in the presence of the High Court Judge who conducts the swearing-in ceremony.

Most Assumption of the Office of County Governor Committees have issued gazette notices appointing Thursday, August 25 as the date for swearing-in of governors.

‘We wish to notify the general public that pursuant to the Assumption of Office of Governor Act, 2019, the inauguration and swearing-in ceremony of the Kericho County Governor-elect Eric Mutai Kipkoech and Deputy Governor Kirui Fredrick Kipngetich, shall be held on Thursday, 25th August 2022 at the Kericho Green Stadium starting at 9 am,’ Joel Bett, the county secretary and chairperson of the committee said in a notice.

Could phone-based insurance secure Kenya’s device financing boom?

Two days after leaving hospital, Hellen Atieno returns to her grocery stall in Mariwa trading centre in Migori County, with more than just the fatigue of a week-long illness. She is desperate to recover lost time.

The days she spent in the hospital meant no sales, no income, and no means of paying the Sh67 ($0.52) daily instalment for the phone she bought on credit about two months earlier, risking her ability to stay connected.

Then her phone buzzes. Sh7,000 ($54) has just been deposited in her mobile money wallet, enough to settle her debts for the week, restock her business, and begin again.

‘I was not working for a whole week, so I didn’t have any money when I left the hospital. The insurance money really helped me start again,’ she says, adding that she’d borrowed from a friend to prepay a week’s instalments for the phone to stay online.

Ms Atieno got the Sh7,000 payout because her financed phone comes embedded with a health insurance policy. It pays Sh1,000 for each day of hospitalisation, to cover medical bills, or to just help recoup lost income.

First introduced by a device financier in 2024 to solve biting defaults on hire purchase phones, the embedded insurance model is picking pace in Kenya, with more vendors and financiers now looking to take it up and expand it beyond devices.

Today, the idea that began as a way to reduce losses on the booming buy now pay later (BNPL) business is emerging to be one of Kenya’s fastest-growing channels for distributing insurance, helping lenders protect repayments while bringing first-time covers to thousands of people who’d otherwise never had any form of insurance in their lifetime.

Kenya, despite being among Africa’s most developed countries, has one of the world’s lowest insurance penetration rates, currently at 2.44 percent, according to the Insurance Regulatory Authority, compared to Africa’s average of 2.7 percent and the world’s 5.4 percent.

Insurance penetration is the total value of premiums paid as a percentage of GDP.

Expansion of access has been slow. In the decade to December 2024, access improved only marginally from 6.1 percent of the population to 6.3 percent. Even the State-sponsored Social Health Insurance Fund (SHIF) covers less than a quarter of the people.

Affordability and lack of awareness have historically been the main barriers, cited by more than 80 percent of the uninsured, according to the latest Financial Access Survey. Now, insurance coming with financed phones is attempting to hack both.

In Africa, Kenya has one of the most advanced device financing markets, and embedding insurance in financed phones could offer a replicable model to expand insurance access on the continent.

‘Many Kenyans have always thought insurance is for the rich, and for years it was reserved for the rich. This model is proving otherwise,’ said Nzioki Ndeti, a microinsurance researcher and head of Shield Assurance.

Yet expanding insurance access was not the inspiration behind the idea. It was the pain of losing millions in non-performing device loans.

For a market where small economic shocks such as a short illness can mean zero income, the industry was forced to become creative.

‘Whenever we called defaulters to follow up on payments, they said, ‘I was sick, I couldn’t pay’; ‘my child was sick,’ or ‘I lost the phone’. So we thought, what if we added an insurance aspect to the devices?’ Recounted Martin King’ori, general manager at M-Kopa Kenya, the firm that pioneered the embedded insurance model in financed phones.

Defaults on device financing have been stark since the Covid-19 slump. While the model began to pick pace in the mid-2010s, several businesses that attempted it have since collapsed, and the ones that remain, including M-Kopa, struggled to break even or sustain profitability.

Lipa Later, for instance, which had raised over Sh2.1 billion ($16.6 million) to finance phones and other household items, collapsed last year after mounting defaults strained its operations. Shortly after, Wabeh, another BNPL startup, folded over the same challenge.

Often, these firms are helpless in the face of defaults.

In a tax dispute with the Kenya Revenue Authority in 2024, M-Kopa revealed that any attempt to recover devices on which customers had defaulted costs over twice the actual value of the gadgets.

Watu Credit, an asset financing firm focusing on motorcycles, three-wheelers, and smartphones, told Business Daily that it has recorded much higher default rates on phones than other assets it finances, but its only remedy is remote device locking.

Yet, rising phone prices and increasing costs of living have made device financing an evergreen market, and an essential one to Kenya’s digitisation goals.

Today, just 32 percent of the smartphones sold in Kenya cost less than Sh13,000 ($100), down from over 50 percent in 2019, according to tech market research firm Omdia. This has caused an affordability crunch for the crucial devices, pushing many towards financing options.

And amid defaults, embedded insurance has renewed hope to the country’s device financing model.

An M-Kopa spokesperson told Business Daily that since introduction of the health insurance aspect in January 2024, defaults have dropped dramatically, although they did not disclose specific rates.

‘Over 75 percent of customers who made claims report that the insurance helped ease their daily payment obligations during hospitalisation, precisely the moment when repaying a phone loan would otherwise be at risk,’ M-Kopa told Business Daily in an emailed response.

‘This has proved that insurance reduces the financial shocks that could push customers into default during emergencies.’

M-Kopa did to provide specific default rates before and after the insurance addition, saying it is trade sensitive. But users and vendors on the ground report a better repayment discipline. Ms Atieno, for instance, said the benefit of health insurance does inspire her not to default. ‘I know if I don’t pay I’ll lose the benefits. I’ve seen what it can do, I don’t want that to go away,’ she said.

Christopher Mwita, an agent selling financed M-Kopa devices, believes the insurance has given him an edge against competitors. Many of the customers he gets now are asking specifically for ‘phones with insurance.’

‘Selling these lipa mdogo mdogo (pay as you go) things is not easy, but the insurance has really made my work easy,’ he averred.

Sustaining the instalments coming is, however, not the be-all end-all of the embedded insurance. According to Mr Ndeti, what really matters is what happens after the phone is all paid up. ‘Does the user continue with the health insurance?’

When still paying for phones, the insurance premiums are invisible to the consumer because they are part of the daily instalments. Many of the customers don’t even know the insurer or the policy terms. Afterwards, it is upon Turaco, the microinsurance provider, to retain them.

‘With basic follow-up on WhatsApp, we manage to retain about 15 percent of these users, but with more intensive follow-up, through calls for instance, we realise a conversion rate of about 30 to 40 percent,’ said Rachel Levenson, Turaco’s chief commercial officer.

Ms Atieno is covered by SHIF, but over 75 percent of the M-Kopa users access insurance for the first time through the devices, according to Turaco’s internal review, and Ms Levenson reckons the conversion rate, is laudable given the nature of the market and the target.

‘It’s an added cost and the people we’re selling to are very price sensitive,’ she said.

Generally, the idea of microinsurance, especially for health, seems alien to Kenya – a market where less than 10 percent of insurers make profit from underwriting in medical segments. As a result, health insurance has become very expensive, and offering it at cheap premiums sounds impossible.

In addition to the small margins, fraud is a significant threat to the model. Turaco has invested heavily in artificial intelligence to curb fictitious claims and hasten settlements. But with premiums of only up to Sh50 a month, there’s only so much any insurer can do.

With the cheaper premiums comes an added cost for customers – AI. Humans barely, if ever, intervene in the claims processing, a factor that has meant claimants sometimes try multiple times to convince the robot their claims are real.

‘To keep the premiums low, we have to invest in the technology to catch fraud and improve claims processing,’ Ms Levenson said.

Ideally, Turaco says its claims should take at most four hours to process, but users report turnaround times of at least two days, and sometimes running into weeks.

But beyond the claims challenges, critics say the added insurance might be masking what is ultimately very expensive credit. Typically, financed devices end up being as much as three times the cash price, a cost borne fully by the buyer. But device financiers say this is the price of the risk.

‘It’s not overcharging. There’s a clear risk attributed to this type of loan, which is part of the cost, and that’s why it’s not the same as buying in cash. Remember, we’re also borrowing from banks, and we need to repay our loans as well,’ argued Andrii Volokha, East Africa general manager at Watu Credit.

However, without enforced credit scoring, all borrowers are treated equally, leading to high interest rates for everyone despite their risk profile. Experts argue this has led to overpricing of the products.

‘No one disputes that lending to a daily-earning, thin-file borrower carries more risk than lending to a salaried customer, and that risk has a price,’ argued Duncan Motanya, chairperson of the Fintech Association of Kenya.

‘Our concern is narrower and more specific: in parts of this market, the borrower appears to be charged for that risk twice…many asset-financing providers appear to price financed devices fairly uniformly across customers, rather than offering visibly lower rates to lower-risk borrowers.’

But the concept of embedding insurance on financed assets targeting low-income households, including motorcycles, house electronics, and even agricultural equipment, is gaining traction fast in the country, and with it, breaking traditional barriers to insurance. Watu Credit, for instance, is now also considering it.

‘We’ve seen a lot of interest from asset financiers, and we’re open to rolling out the service beyond M-Kopa, and beyond device financing,’ said Ms Levenson.

As microinsurance also begins to pick up pace in the country, with traditional insurers venturing into it, embedment in credit facilities is proving to be the fastest way to spur uptake, although with risks.

‘The poor also need to be insured. They also face risks,’ argued Mr Ndeti.

‘The only way to insure them is through products like that one.’

For Ms Atieno, as she goes about her day serving customers who had long endured her absence, the phone she feared losing due to a default now buzzes constantly with client payments. As the sun sets, she pays her daily instalment, and with it, an insurance premium. For Kenya’s device financing industry, every rescued repayment like this carries the cost of keeping the model itself alive.

Audit reveals hiring scam in Attorney General’s office

The Office of the Attorney-General has been accused of presiding over a recruitment scam that saw candidates who never applied for jobs hired alongside those lacking the required academic qualifications, in a damning verdict that exposes deep-rooted irregularities in public sector hiring.

An independent audit by the Public Service Commission (PSC) found that the State Law Office-mandated to advise the government on legal matters and uphold the rule of law-breached multiple constitutional, statutory and regulatory requirements governing public sector recruitment.

The audit followed an order issued by the Employment and Labour Relations Court on May 29, 2025, directing the PSC to investigate, monitor and evaluate the organisation, administration and personnel practices in the Office of the Attorney-General.

The court ordered the commission to file its report by December 31, 2025.

The audit paints the picture of a State institution where recruitment procedures were routinely disregarded, with the PSC concluding that appointments were made outside the constitutional and statutory framework governing public service recruitment.

Among the gravest findings was that some successful candidates were appointed despite not appearing in the original long list of applicants, which means they never applied for the advertised positions.

Others were shortlisted and eventually hired despite lacking the mandatory academic and professional qualifications required in the job advertisements.

“There were candidates who were shortlisted, yet they did not meet the shortlisting criteria as per the advertisements and others were shortlisted yet they had not applied for the jobs as they were not in the long list,” said PSC chairperson Francis Meja in a report dated June 30, 2026, and seen by the Business Daily.

“There were candidates who were appointed and yet they were not in the long list or they did not provide the requisite academic and professional qualifications at the point of application,” added the report.

The recruitment under scrutiny was conducted through advertisements published between April and June 2024, with the main State Counsel II vacancies advertised on April 15, 2024, and closing on May 21, 2024.

The PSC found that at least 18 shortlisted Legal Clerk Assistant IV candidates and 27 shortlisted State Counsel II candidates did not meet the advertised qualification threshold.

It further established that 14 Legal Clerk Assistant IV candidates and eight State Counsel II candidates appeared in the recruitment process despite not being on the original long list of applicants.

The report also found that seven candidates for the position of State Counsel II were appointed despite lacking qualifications such as a Bachelor of Law degree, a postgraduate diploma from the Kenya School of Law or a certificate of admission as an advocate.

Twelve Legal Clerk Assistant IV candidates were similarly approved despite lacking mandatory qualifications, including computer proficiency certificates.

The audit further uncovered major procedural flaws.

The interview panel did not indicate the pass mark, failed to rank candidates and did not explain the basis upon which successful applicants were recommended for appointment.

The final appointment list submitted to the Attorney-General omitted interview scores, the selection criteria and the pass mark used to determine successful candidates.

In addition, the PSC found that different versions of applicant lists were used during recruitment, with one list capturing applicants’ qualifications while another omitting them.

The commission also established discrepancies between the number of applicants on the original long list and those who eventually appeared on the shortlist, raising questions about the integrity of the recruitment records.

The commission warned that shortlisting, interviewing and appointing candidates who lacked the requisite qualifications undermined service delivery, exposed public funds to misuse and eroded confidence in merit-based recruitment.

It also cautioned that failure to observe ethnic diversity in appointments risked breeding perceptions of discrimination and weakening public trust in government institutions.

The findings reinforce concerns raised by the Employment and Labour Relations Court when it nullified more than 200 promotions undertaken by the Attorney-General’s Office in late 2024.

In the May 29, 2025 judgment, Justice Byram Ongaya ruled that the promotions had been undertaken without competitive recruitment and failed to satisfy constitutional requirements on merit, gender and ethnic diversity.

The court also declared unconstitutional amendments introduced through the Statute Law (Miscellaneous Amendments) Act, 2024, that had transferred some of the PSC’s constitutional human resource functions to the Attorney-General.

Justice Ongaya held that the Advisory Board established under the Office of the Attorney-General Act lacked legal authority to appoint or promote officials and directed that all appointments and promotions be undertaken through fair competition under the PSC.

He further ordered the PSC to investigate the organisation, administration and personnel practices at the State Law Office, culminating in the latest audit.

The revelations come less than three years after the PSC launched a government-wide purge of public officials who secured jobs and promotions using forged academic and professional certificates.

At the time, the commission directed ministries, departments and agencies to dismiss officials found to have used fake credentials, declaring such appointments null and void and recommending criminal investigations where fraud was established.

The future of Kenya’s healthcare depends on collaboration, not tech

Across Africa, healthcare is undergoing a profound transformation. Population growth, urbanisation, shifting disease burdens, rising healthcare costs, and rapid technological advancement are fundamentally changing how healthcare is delivered, financed, and experienced.

At the same time, citizens are becoming more informed and demanding better access, greater transparency, and higher quality care.

These evolving expectations are creating both immense opportunities and significant challenges for healthcare systems across the continent.

Traditionally, healthcare providers, insurers, and technology companies have operated within distinct spheres. Providers focused on delivering care. Insurers concentrated on financing healthcare services and managing risk. Technology providers built solutions to support specific functions within the ecosystem.

While each played a critical role, the lack of integration often resulted in inefficiencies, fragmented patient experiences, delayed decision-making, and escalating costs.

Today, however, these sectors are becoming increasingly interconnected, and the future of healthcare will be determined by how effectively they work together.

One of the most pressing issues facing healthcare systems today is affordability. Across both developed and emerging markets, medical inflation continues to outpace economic growth. Advances in treatment, increased utilisation of healthcare services, and the growing prevalence of chronic illnesses are placing unprecedented pressure on healthcare financing systems.

Governments are grappling with limited resources, insurers are managing increasing claims costs, and healthcare providers are striving to maintain quality while controlling operational expenses. The challenge is no longer simply about financing healthcare; it is about ensuring that healthcare remains accessible, sustainable, and effective for future generations.

Leadership must move beyond traditional approaches to cost management and begin focusing on system-wide efficiency.

This requires a shift from reactive decision-making to proactive planning, enabled by better information and stronger collaboration across the healthcare ecosystem.

The leaders who will shape the future of healthcare are those who understand that sustainability cannot be achieved through isolated interventions. It requires integrated solutions that address the interconnected nature of healthcare delivery, financing, and administration.

At the centre of this transformation lies data. Healthcare has never had more information at its disposal. Every patient visit, diagnosis, prescription, laboratory test, and insurance claim generates valuable data. Yet despite this abundance, many healthcare systems remain information-rich but insight-poor.

Data is often fragmented across institutions, making it difficult to gain a comprehensive understanding of patient journeys, healthcare utilisation patterns, or emerging risks. As a result, opportunities to improve outcomes, reduce inefficiencies, and strengthen accountability are frequently missed.

The ability to transform data into actionable intelligence is becoming one of the defining capabilities of modern healthcare systems.

Technology now enables organisations to identify patterns, predict trends, and make informed decisions with a level of speed and accuracy that was previously unimaginable. Artificial intelligence, predictive analytics, and automation are helping organisations detect fraud, streamline claims processing, improve patient experiences, and optimise resource allocation.

More importantly, these technologies are enabling healthcare stakeholders to move from reactive management to proactive intervention.

This shift is important in the insurance sector, where the balance between access, affordability, and sustainability has never been more delicate. Insurers are expected to provide quality coverage while managing rising healthcare costs and protecting against fraud, waste, and abuse.

Technology is becoming the mechanism through which this balance can be achieved. By providing greater visibility into healthcare utilisation, improving claims integrity, and enabling more informed decision-making, digital solutions are helping insurers create greater value for both healthcare providers and members.

However, technology alone is not enough. One of the greatest misconceptions in digital transformation is the belief that technology itself drives change. In reality, technology is only an enabler.

Sustainable transformation requires leadership. It requires leaders who are willing to challenge legacy systems, rethink traditional operating models, and foster collaboration across sectors that have historically operated independently.

The success of digital transformation initiatives is determined not by the sophistication of the technology deployed, but by the clarity of the vision guiding its implementation.

As healthcare systems become increasingly digital, trust is emerging as one of the most important factors influencing adoption and long-term success. Patients want assurance that their personal information is secure. Healthcare providers need confidence that technology will support rather than complicate care delivery.

Insurers require transparency and accountability to make accurate decisions.

Policymakers must ensure that innovation advances public interest while maintaining appropriate safeguards. Building this trust requires strong governance, clear regulatory frameworks, ethical leadership, and a commitment to responsible innovation.

This is particularly relevant as artificial intelligence becomes more embedded within healthcare and insurance systems.

While AI presents tremendous opportunities to improve efficiency and decision-making, it also raises important questions around accountability, transparency, data privacy, and fairness.

Leaders have a responsibility to ensure that innovation is accompanied by robust governance structures that protect both institutions and the people they serve. The goal should not simply be to adopt technology faster, but to adopt it responsibly and strategically.

Perhaps the most significant shift taking place today is the transition from fragmented healthcare transactions to connected healthcare ecosystems. Increasingly, patients expect seamless experiences that extend beyond individual healthcare encounters.

They expect healthcare providers, insurers, pharmacies, and other stakeholders to operate as part of a coordinated system. Achieving this vision requires greater interoperability, stronger partnerships, and a shared commitment to improving outcomes rather than optimizing individual processes.

The future of healthcare will not be built by any single institution. It will be shaped through collaboration between governments, healthcare providers, insurers, technology companies, regulators, and development partners.

Success will depend on our collective ability to align incentives, share insights, and leverage technology to address real-world challenges.

The organizations that thrive in this environment will be those that recognize the value of ecosystem thinking and invest in building meaningful partnerships.

Ultimately, leadership at the intersection of healthcare, insurance, and technology is about more than managing organizations. It is about shaping systems.

It is about ensuring that healthcare remains accessible and affordable, that resources are used efficiently, and that innovation delivers tangible benefits to the people and communities it is intended to serve. It is about creating a future where technology strengthens trust, where data informs better decisions, and where healthcare systems are resilient enough to meet both today’s demands and tomorrow’s challenges.

The convergence of healthcare, insurance, and technology is no longer a future possibility. It is today’s reality.

The question before us is not whether this transformation will happen, but whether we will provide the leadership required to ensure it delivers meaningful and lasting impact. The decisions we make today will determine not only the future of our organizations but the future of healthcare itself.