Special funds take record 24pc market share as MMFs fade

Special funds, a sub-category of unit trusts, captured a record 23.9 percent market share in March 2026 as investors flocked to the investment vehicles in search of relatively higher returns.

Money market funds (MMFs), which invest primarily in Treasury bills and commercial bank fixed deposits, lost ground over the same period, with their market share falling to 51.9 percent from 64.4 percent a year earlier.

Both categories nevertheless recorded growth as total assets under management (AUM) rose to Sh851.7 billion in the quarter ended March 2026 from Sh756.3 billion in December 2025, according to data from the Capital Markets Authority (CMA).

A special fund is a type of collective investment scheme (CIS) or unit trust that invests according to a fund manager’s strategy and typically focuses on non-traditional assets such as real estate, private equity, offshore stocks and commodities.

The structure comes with fewer investment restrictions, allowing fund managers to concentrate on selected asset classes, including higher-risk instruments that can generate market-beating returns but also expose investors to significant losses.

Yield hunt

Returns from special funds have generally outperformed those offered by traditional MMFs, which have been affected by the prevailing low-interest-rate environment.

The CMA has attributed the segment’s growth to rising retail investor interest and the development of innovative products by fund managers.

‘The trend highlights the continued strong interest in the fund management segment among the general public, particularly in the special funds segment,’ the CMA said.

‘As a result, both established and new players, alongside newly approved funds, are attracting significant interest as they expand their portfolios and respond to demand for innovative products, as evidenced by increased number of applications for grant of fund manager licence from new players and existing and licensed investment banks initially not in the fund management space expressing interest and applying to establish CIS businesses.’

Assets under management in special funds rose 25 percent between December 2025 and March 2026 to Sh162.4 billion. In comparison, MMF assets grew four percent to Sh423.7 billion.

The share of special funds within the unit trust industry has increased from 17.5 percent in March 2025.

Market shift

The number of individual special funds also rose from 29 to 38 during the same review period.

The Standard Investment Bank (SIB) Mansa-X shilling-denominated and dollar-denominated special funds remain the largest in the category, with market shares of 64.9 percent and 8.6 percent respectively. The two funds manage Sh132.1 billion and Sh17.4 billion in assets respectively.

Other special funds include Faida Investment Bank’s Oak Multi Asset Special Kenya Shilling Denominated Fund, the Madison Wealth Special Fund and the Britam Special Fund Fixed Income Fund.

Overall, the Sanlam Unit Trust Scheme remains the largest collective investment scheme, with a market share of 18.9 percent and assets of Sh161 billion. It is followed by the Standard Investment Trust Fund and the CIC Unit Trust Scheme, which manage Sh153.1 billion and Sh103.1 billion respectively.

The number of CIS investors increased by more than one million, from 2.5 million in March 2025 to 3.63 million in March 2026, supported by growing awareness of savings and investment products.

As of the end of March, the CMA had approved 62 collective investment schemes, of which 43 were active.

Despite losing market share, MMFs remain the most popular investment fund category ahead of special funds, fixed-income funds, equity funds and balanced funds.

He started working out at 50. At 62, he’s lean, ripped and thriving

‘You’ve lost some weight. Last time, you looked much bulkier and more built…’ a visibly concerned Patrick Kondo tells me when we meet for the second time at Nairobi’s Parklands Sports Club.

‘I lost my father three weeks ago. I haven’t been quite myself,’ I answer.

It has been exactly a month since our paths first crossed. We met during a gruelling outdoor workout session where a group of fitness enthusiasts had made it a tradition to invite strangers for a Saturday morning endurance challenge at the club.

On that day, 62-year-old Kondo was the oldest participant in the group. The youngest was 25.

At 62, the gas and oil consultant is in the shape of his life. With just eight percent body fat, visible abs form a neat cube pattern beneath his blue training bib.

Veins crisscross his lean arms and legs in tight, web-like patterns, the kind of definition that tells the story of a man whose fitness would put many people, even those half his age, to shame. Kondo looks every bit the seasoned athlete you know.

‘That’s what you get when you stay disciplined and consistent,’ he chuckles when I point out how rare it is these days for men to keep a flat stomach, let alone visible abs.

What eventually pushed him into exercise was something far less dramatic: a bruised ego.

‘I hadn’t retired yet, and there was this lady friend who was a fitness freak. Every minute she was doing something active,’ Kondo recalls, smiling.

‘She never liked my physique at all. She didn’t think I looked attractive in that physique. She’d tell me bluntly that she didn’t like how I looked, that I was too thin for a man, and that every suit I wore looked oversized, like I was a hanger walking around in it. She would bluntly tell me that. That got to me. As a man, you know how it stings when a woman says something that bruises your ego like that. That uncomfortable truth stayed with me.’ Kondo chuckles again.

For a while, Kondo brushed it off or tried to. But life kept reminding him.

‘My boss was a few years older than me, and every time we travelled overseas for work, the first thing he’d do after checking into the hotel was go for a run. Didn’t matter how packed our schedule was, he always found time. And that got me thinking. First, someone tells me my physique isn’t attractive to look at, then my boss, someone older than me, is always out running while I do nothing. That was enough push to start.’

Twelve years later, that bruised ego and a decision made during a work trip to Burundi have evolved into a way of life, measured in weights lifted, kilometres logged and half-marathon personal bests.

Exercise in retirement

Kondo, who now spends his retirement years consulting for companies, sitting on corporate boards, and overseeing family business interests in hospitality and construction, still remembers those humbling moments that pushed him to take the first step.

‘When I started, I could barely manage a kilometre on the treadmill. Now I run 21 kilometres in under two hours.’

Having taken part in nine half marathons, his personal best of one hour 44 minutes at the Nairobi City Marathon two years ago still makes him smile.

‘I’d never imagined I could do that kind of time. I wasn’t even trying to break a record. I just joined the pacemakers, felt good, and kept going.’

When he first began, he weighed 69 kilos.

‘My highest weight was about 69 kilogrammes. I wasn’t overweight. I was just unfit. I had no muscle. If I climbed a few office stairs, I would get exhausted and sometimes struggle for breath.’

He first started by taking the stairs to his office on the 11th floor every morning. Then one kilometre on the treadmill became two. Two became three. Three became four.

50km every week

By 2015, he was running about 50 kilometres a week. The mileage transformed his fitness but steadily stripped away his weight, reducing him from 69kg to 62 kilos.

There was one problem: he was getting thinner rather than stronger, and his knees were beginning to complain.

‘When you run a lot, you become very lean, with little muscle. I started looking thin, almost frail. And as you age, you need muscle, not less of it.’

And just as he was trying to figure out what to do, another woman showed up again.

His week now runs like clockwork. Monday is chest day, Tuesday legs, Wednesday rest, Thursday chest again, Friday full body, and Saturday the notorious outdoor endurance ‘Konki’ session, the same gruelling group workout where we first met.

‘After Konki, which is always an hour and a half, I always head straight to the treadmill for an hour-long run, on an incline,’ he laughs.

Sundays are sacred. He does nothing but recharge.

‘I take a sedentary life that day, rest, drink lots of water, and eat protein. The body doesn’t need much food when it’s recovering.’

Not prove anything

Now he trains alongside men and women in their 20s and 30s, lifting the same weights they do.

At an age when many of his peers are complaining about aching joints and dwindling energy, Kondo is matching men and women enough to be his children.

‘There are even a few exercises I can do better than some of them. Strength builds over time, and there are things I can do better than they can,’ he says with a grin.

Kondo is also realistic about ageing.

‘The body will slow down, I’ve made peace with that,’ but insists that consistent effort is what keeps the slowdown gradual rather than sudden. Even when pain shows up, he doesn’t stop entirely. ‘That pain is trying to ground you. If you let it, you’ll be grounded forever. You still seek treatment, but you keep moving however little.’

It’s advice he extends well beyond the gym. To his peers, who wave off exercise.

‘There are those of my peers who think I have lost it with my workout obsession at this age. Some think going to the gym at my age means I’m trying to prove something. But really, it’s like anything worthwhile in life. I always say to them, the easy path is walking into a bar, ordering a beer, then another, and drowning it with nyama choma. It is always a feel-good moment that you will end up paying for dearly. Many have.’

For Kondo, fitness has now become about much more than muscles, but rather life lessons. The greatest lesson has been discovering just how much the human mind and body are capable of.

‘What fitness taught me is that we can achieve much more than we think. Most people give up before they even try. They say, ‘I can’t do that.’ But if you put in the effort, stay consistent, and believe in yourself, you will be surprised by what is possible. I was never a runner. I had never lifted weights. I started that at 50, and now look at what I can do at 62.’

State unlocks Sh3.5bn for Kenya Power Last Mile project dues

The government has approved the withdrawal of Sh3.5 billion to facilitate the settlement of outstanding obligations under the Last Mile Connectivity Project (LMCP), signalling a renewed push to advance the initiative aimed at improving electricity access for rural households.

A report by the Office of the Controller of Budget (CoB) shows that National Treasury Cabinet Secretary John Mbadi approved the release of Sh3.5 billion to the State Department for Energy on January 29, 2026, to settle loans and grants owed by Kenya Power under the project.

Kenya rolled out the LMCP in 2015 with financial support from the African Development Bank (AfDB), the World Bank, the Japan International Cooperation Agency (JICA), the French Development Agency (AFD), the European Union and the European Investment Bank.

‘To facilitate Kenya Power meet outstanding obligations under the Last Mile Connectivity Project (Loan revenue Sh2.5 billion, Grant revenue Sh400 million, Loan A-I-A (Appropriations in Aid) Sh500 million, Grant A-I-A Sh100 million),’ Controller of Budget Margaret Nyakango said of the amount approved by Mr Mbadi for the State Department for Energy.

The LMCP aims to improve the connection of Kenyan households to the national grid and support the government’s goal of achieving universal electricity access.

The government has been implementing the programme through Kenya Power and the Rural Electrification and Renewable Energy Corporation (Rerec).

Under the programme, households located within 600 metres of an earmarked transformer are connected to electricity at a subsidised cost of about Sh15,000. Beneficiaries initially paid Sh30,000 for the connection.

In the year ended June 2025, Kenya Power reported 163,092 Last Mile customers.

‘Since its inception, the Last Mile Connectivity Project (LMCP) has been rolled out in five project phases, progressively expanding electricity access to underserved communities throughout the country,’ the power utility said in its report.

Rural reach

The report shows that the programme has significantly expanded electricity access across the country, with the first three phases alone connecting more than 900,000 households at a combined cost of about Sh50.3 billion.

The first phase, funded by the AfDB, connected 314,200 customers across all 47 counties and was completed in 2020.

The second and third phases, funded by the World Bank and AfDB respectively, were completed in 2022 and added a further 598,500 connections across 46 counties.

Ongoing phases launched in 2023 are targeting an additional 260,000 customers through funding from the European Union, European Investment Bank, French Development Agency and Japan International Cooperation Agency, with a combined investment of Sh24.2 billion.

A sixth phase funded by the AfDB commenced in 2025 and focuses on strengthening the electricity network through substations and medium-voltage lines while benefiting an estimated 150,000 customers.

Separately, the government, through Kenya Power and Rerec, has connected more than 163,000 customers under an ongoing programme covering all 47 counties.

Community health workers get dedicated medical insurance cover

The National Treasury has allocated funds for a dedicated medical insurance scheme for Community Health Promoters (CHPs), marking the first time such a scheme will be funded through the national budget.

The Treasury has proposed Sh396 million for CHP health insurance in the financial year starting in July, a provision that was not included in previous budgets.

This marks a shift from previous arrangements. In 2025/26, for example, the government set aside Sh3.2 billion for CHP stipends and operational support, but made no specific provision for medical insurance. The new standalone allocation is the first explicit budgetary commitment to protecting CHPs against health risks associated with their work.

‘As a country, we value the services offered by our health workers. To build workforce capacity, I propose Sh3.2 billion for stipends and Sh396 million for medical insurance for Community Health Promoters,’ Treasury Cabinet Secretary John Mbadi said.

Safety net

CHPs are trained community members who serve as a link between communities and formal health facilities. Often travelling on foot or by motorcycle, they conduct home visits, provide health education, support disease surveillance and facilitate referrals, particularly in underserved and hard-to-reach areas.

Kenya has deployed more than 107,800 CHPs across all 47 counties, with each promoter responsible for about 100 households. Shared across the workforce, the Sh396 million allocation amounts to approximately Sh3,672 per CHP annually.

Since their formal rollout in October 2023, CHPs have reached 2.7 million households within four months, delivering services to an estimated 13.5 million Kenyans and screening more than 1.1 million people for high blood pressure.

Despite their growing role, CHPs have historically operated with limited support. Stipend payments only began in February 2024 under a cost-sharing arrangement between the national and county governments. Under the arrangement, each level of government contributes Sh2,500 per month, providing a total stipend of Sh5,000.

In practice, however, many counties pay between Sh2,000 and Sh3,500, and the amounts are often inconsistent. Until now, medical insurance has not formed part of the CHP benefits package.

The proposed allocation addresses this longstanding gap. CHPs working in remote and challenging environments face occupational health risks but have lacked an institutional safety net in the event of illness or injury.

Beyond improving welfare, insurance coverage could strengthen workforce retention and motivation, helping sustain continuity in community-based health services.

Agricultural insurance to be offered separately amid rising climate risks

The government has proposed a major overhaul of Kenya’s agricultural insurance market by creating a standalone class of underwriting business targeting risks unique to the farming sector.

In his budget speech, Treasury Cabinet Secretary John Mbadi announced that the government will amend the Insurance Act to formally establish agricultural insurance as an independent insurance category.

The proposal marks the clearest regulatory shift yet towards ring-fencing agricultural risk cover from broader insurance classes as climate shocks intensify pressure on farmers and food systems.

‘The government has initiated amendments to the Insurance Act to establish agricultural insurance as a standalone class of insurance business,’ Mr Mbadi told Parliament during the budget presentation.

‘This reform will strengthen the regulatory framework for agricultural risk management and support food security, financial inclusion, and sustainable agricultural development.’

The reforms are expected to reshape how insurers design, price and capitalise products covering crops and livestock against risks such as drought and floods, among other farm-related disasters.

Currently, agricultural insurance products are largely housed under general insurance business despite carrying risk characteristics significantly different from conventional motor, property or medical covers.

The shift builds on earlier reforms that introduced micro insurance as a standalone cover category aimed at expanding low-cost coverage to low-income and informal sector populations.

Agriculture shares many of the same challenges that drove the micro insurance reforms, including low penetration rates, irregular incomes, small-ticket policies, as well as high vulnerability to shocks.

Insurance penetration in Kenya remains below three percent of gross domestic product, with agricultural coverage accounting for only a tiny fraction of total insured risks despite farming remaining a critical economic sector.

Agriculture contributes roughly a fifth of Kenya’s GDP directly and employs millions of households either formally or through smallholder farming activities.

Risks within the sector have intensified in recent years as climate variability increasingly disrupts rainfall patterns and agricultural productivity across the country.

Repeated drought cycles have wiped out crops and livestock in arid and semi-arid regions while floods have simultaneously destroyed farms in high-rainfall areas.

Kenya has previously rolled out subsidised crop and livestock insurance schemes targeting smallholder farmers through partnerships involving government, insurers and development agencies.

Uptake has, however, remained relatively low due to affordability challenges and limited awareness, as well as difficulties in assessing farm-level risks.

Agricultural insurance products are also significantly more complex to structure as losses are often systemic rather than isolated, meaning one weather event can trigger massive simultaneous claims.

Unlike motor accidents or property losses that occur independently, drought or flood events can affect entire regions and overwhelm insurers if risks are poorly diversified.

Currently, limited historical farm-level data remains one of the biggest obstacles to scaling agricultural insurance products profitably.

Treasury upholds July plan for counties single account in reforms drive

The government will extend the Treasury Single Account (TSA) framework to county governments from July, committing to a plan aimed at tightening control of public cash flows and management of pending bills.

The TSA is a unified structure of government bank accounts that enables the consolidation and optimum utilisation of government cash resources.

Treasury Cabinet Secretary John Mbadi said the rollout will begin with the automation of county exchequer requisition processes before counties progressively migrate into a centralised TSA architecture.

The reforms form part of a broader push by the National Treasury to consolidate oversight of public funds and reduce idle balances across government accounts, tightening expenditure controls.

‘As I had informed this House in last year’s Budget Statement, the government has been implementing the TSA framework to strengthen cash management and improve efficiency of public financial operations,’ he told Parliament on Thursday.

‘Building on this momentum, in the financial year 2026/27, the government will extend the TSA framework to county governments by completing the automation of county exchequer requisition processes, after which counties will progressively migrate to a TSA architecture mirroring that of the national government.’

Payment batches

Under the framework, ministries, departments and agencies transact through linked accounts under a consolidated treasury structure rather than maintaining fragmented, standalone bank accounts.

The model directly links invoices to specific payment batches submitted by ministries and departments before funds are released, introducing an additional verification layer to prevent irregular payments.

The Treasury says the system has already delivered major savings at the national government level following rollout across ministries and departments.

According to Mr Mbadi, the government reduced overdraft financing costs at the Central Bank of Kenya (CBK) by 61 percent during the current financial year after implementing the TSA framework.

The savings stem largely from improved visibility of government cash balances, reducing the need for emergency borrowing while idle funds remain scattered across public institutions.

Historically, government entities often held significant unused balances in commercial bank accounts even as the Treasury borrowed expensively to meet immediate financing obligations.

The fragmentation has, for years, complicated cash planning and weakened oversight over public finances across both national and devolved government structures.

The extension is also expected to strengthen management of pending bills, which remain one of the biggest fiscal and operational challenges facing national and county governments.

Counties have repeatedly faced accusations of accumulating unpaid supplier bills despite holding cash balances in separate accounts across commercial banks.

The reforms come at a time when the government is under pressure to improve fiscal discipline amid widening deficits, rising debt obligations and constrained borrowing space.

East Africa private investment deals surge amid tough funding terms

The number of disclosed private investment deals in the East African region rose to 41 in the first four months of the year, up from 34 a year earlier, despite tougher external financing conditions for private equity (PE) and venture capital firms.

These corporate deals include mergers, acquisitions, PE investments and exits, and investments by venture capital firms and development finance institutions (DFIs).

Kenya accounted for the bulk of the deals with 23 transactions, followed by Uganda (10), Ethiopia and Tanzania (3 each), and Rwanda (2).

Analysis of regional deals by advisory firm I and M Burbidge Capital, however, shows that the disclosed value of this year’s deals fell to $324.4 million (Sh41.9 billion) from $685.3 million (Sh88.6 billion) in the first four months of 2025.

The lower disclosed value relative to the number of deals suggests that many of the transaction values were kept private. It may also indicate that the transactions had lower ticket prices compared to the corresponding period last year.

Several PE and venture capital firms do not announce the financial value of their transactions, citing confidentiality clauses in deal agreements.

This year, the firms have transacted deals under difficult investment conditions due to the war in Iran. I and M Burbidge Capital noted that higher inflation has been driving capital flows toward developed markets, making it harder for emerging and frontier economies to attract investments.

‘Global macroeconomic conditions in April 2026 remained challenging as persistent inflation, elevated energy prices, and geopolitical tensions continued to pressure emerging markets,’ said I and M Burbidge Capital in its review.

‘Nevertheless, resilient infrastructure investment, regional trade integration, and growth in agriculture and services continued to support East Africa’s medium-term investment outlook despite heightened global volatility.’

I and M Burbidge Capital tracks such deals every month in Kenya, Uganda, Tanzania, Rwanda and Ethiopia, segregating them by sector and the type of institutions involved.

Nairobi’s status as the regional financial and air transport hub helps attract deals to the country, including for those firms looking to establish a regional presence.

In Kenya, some of the larger deals this year have included the Sh5.2 billion acquisition by German air cargo company Celebi Cargo GmbH of freight handling firm Transglobal Cargo Centre Limited from businessman Peter Muthoka.

Transglobal, trading as Africa Flight Services (AFS), handles export freight such as flowers and vegetables at Jomo Kenyatta International Airport (JKIA).

In other deals, agriculture firm AgDevCo made a Sh1.94 billion follow-on investment in Victory Group, an East African aquaculture company producing and distributing Nile tilapia on Lake Victoria.

Nigerian lender Zenith Bank also completed the full acquisition of Kenya’s Paramount Bank Limited in April for an estimated Sh996 million, marking its entry into the East African market.

In January, global fund Mirova also announced a Sh2.45 billion investment in Cold Solutions Kiambu, which provides temperature-controlled warehouse and logistics services for the agriculture and pharmaceutical sectors in Kenya.

In terms of deal types, private equity investments have been the most common in the region at 25 this year, followed by mergers and acquisitions at nine transactions, venture capital investments (four), DFI investments (three) and one PE exit.

In the first four months of 2025, there were 11 PE and venture capital deals apiece, seven mergers and acquisitions, four DFI investments and one PE exit.

Family Bank sets June 23 for listing on NSE

Family Bank has set June 23 as its listing date on the Nairobi Securities Exchange (NSE) after receiving the Capital Market Authority’s (CMA) approval.

The mid-sized lender will be listing 1.66 billion shares currently owned by 6,345 shareholders by way of introduction, indicating it will not be raising additional capital during the process.

Listing by introduction will provide liquidity for existing shareholders and bring onboard other investors who would otherwise not invest in the stock which has been trading over-the-counter (OTC) market since 2006.

Standard Investment Bank has been appointed as the lead transaction advisor, with PricewaterhouseCoopers (PwC) as the reporting accountants and Mboya Wangong’u and Waiyaki Advocates as legal advisors.

‘Family Bank has received formal approval from the CMA to list on the NSE by way of introduction,’ said the bank’s Managing Director Nancy Njau.

‘With the approval, the bank will list on the NSE on June 23, further reaffirming its commitment to deliver sustainable growth and marks the next step in the bank’s growth trajectory and long-term value creation journey,’ she added.

The bank’s listing will be the second this year following Kenya Pipeline Company’s initial public offering in March. Its listing will push the number of listed banks to 12, thus enhancing the sector’s influence on the bourse.

Analysts expect that the listing of the bank will also serve to reduce the ownership of the founder, Titus Muya and his associates, which remained above the 30 percent mark.

‘The founding family’s 31.9 percent shareholding is viewed unfavourably. The bank is actively working to further dilute the founding family’s shareholding to comply with regulatory expectations,’ reads a recent credit rating report issued by South African rating agency, GCR Ratings.

Last year the bank raised Sh8 billion through a private placement, which had targeted Sh6.1 billion, being oversubscribed by 31.4 percent.

Mr Muya sat out the capital raising resulting in his direct stake of 5.6 percent being diluted to 4.4 percent. Daykio Plantations, a real estate company owned by Mr Muya, saw its shareholding shrink to 9.53 percent from 12.1 percent.

The Estate of the late Rachael Njeri, associated also with the Muya family, had its stake drop to ten percent from 12.8 percent.

Persons associated with him such as Brian Muyah, Ann Muya, Mark Keriri and Sheila Kahaki Muya fell off the list of top ten meaning their stake of 2.6 percent shareholding each had fallen below 2.07 percent.

Mr Keriri, the vice-chairman of the bank, was disclosed to have a 2.01 percent stake.

Kenya Tea Development Agency Holding limited, the largest single shareholder, increased its stake to 18.9 percent having participated in the capital raising.

The Local Grill: Where Nairobians go to eat beef without guilt

The cows bred for steak here are treated like royalty.

They are fed well. They are kept comfortable. Nobody shouts at them. No loud rock music. No banging doors. No unnecessary stress. In short, a life many cows can only dream of. And when the hour finally comes, they are not made aware that they are about to be slaughtered. It all happens with great dignity. Humanely, if there is a thing like that for cows.

I imagine the butchers pause afterwards, remove their caps and observe a minute of silence, and perhaps, of sorrow.

But man must eat. And man must eat cow.

So they engage in what is called conscientious butchering. The animal is carefully and skillfully skinned, cleaned and prepared. The beef is then aged under carefully controlled conditions, allowing connective tissue to break down naturally while excess moisture evaporates. This, I gather, is where tenderness is born.

And so when you visit The Local Grill at Nairobi’s Village Market, as I did last weekend, and stare at the menu with its parade of cuts and cooking styles, you find yourself thinking, these cows died a good, dignified death. Which somehow makes you feel less of a savage.

The ambience deserves mention. It has a matte finish and, my favourite feature, long, big windows overlooking the courtyard. I ordered a whisky. Lady ordered some cocktail or other and narrated how, at the age of eight, she was once chased by a cow in the village. She stumbled, fell, got up, cried, and kept running. And the cow kept charging. Great vengeful tale as you wait for steak.

You would think such an experience would turn someone into a vegetarian. Not her.

She later cut through the rump while I worked through the sirloin. The meat was excellent. Of course it is. It is, in the end, the most honest transaction in the city: a life taken seriously, a meal eaten the same way. You leave convinced that great steak is not made in a kitchen. It is made long before that.

Carol Koech: ‘You could do everything right and still earn nothing’

Maybe you have wondered if you will ever meet someone from Olenguruone, way out on the edge of the Mau Forest. Maybe you haven’t. Maybe you know it only as the name of a road connecting Nairobi’s Kileleshwa and Lavington. Then you meet Carol Koech, the vice president for Africa at the Global Energy Alliance for People and Planet.

She grew up there.

‘I watched the forest recede,’ she recalls.

Decades later, Koech found herself in Lagos, Nigeria on an assignment for General Electric, helping Nigeria build power plants. She would go on to become Country President for Schneider Electric East Africa, the first Kenyan woman to lead a multinational energy company in the region. Yet even as she travelled across the continent, negotiated major energy deals and visited project sites under armed escort, one thought kept nagging at her.

“My mother was still living in the dark,” she says. “She had no electricity.”

There she was, helping build the infrastructure that powered economies, while back home, the woman who had raised her remained disconnected from it. Something about that gap – between the scale of the work she was doing and the village she had left behind – refused to let her settle.

So she began paying attention differently. Slowly, she started moving her career toward the people in the dark.

Today, Koech leads the Africa operations of an alliance founded during COP26 by the Rockefeller Foundation, the IKEA Foundation and the Bezos Earth Fund, with a mandate to end energy poverty across the continent. Through an initiative called Point One, she is also urging corporations to commit 0.1 percent of their revenue to development work. Not charity, she insists, development.

“I belong to the corporate world,” she says. “I’ve been there for years. But now I’m on this side, and I can see exactly how corporates can plug in.”

Olenguruone, it turns out, was never just where she came from. It was always where she was going.

Isn’t it ironic that you work your way up to a nice office like this, with a great skyline of the city, but then barely notice it?

I know. My day is usually so busy, I have no time to appreciate this view. I’m rarely still – if I’m not on calls, I’m on a plane somewhere. When I came here for the first time, I remember thinking, ‘this would be a good place to think.’ Ha! People look at this and think it must be a privilege – a corner office on the ninth floor. But I have very little attachment to things like this. I’m much more mission-driven. I could just as easily work from that house over there, as long as I’m doing work that feels meaningful.

But surely, it must feel good.

[Shrugs] I feel like I’ve gone through the phases of getting attached to stuff and privilege. Those things don’t excite me anymore.

When was the turnaround?

I have no idea. But I think, over the years, once you realise these things are within reach, they stop being the things that define you or give meaning to your life.

What’s the meaning to your life?

The work I do is really what makes me want to wake up. The job is quite demanding, but just the thought that it’s going to make a difference in someone’s life makes me want to do it more and more. For me, energy poverty is personal.

I would travel to Nigeria, with front and back escorts taking me to remote project sites, and I’d think about her. There I was, sitting in big rooms and negotiating big contracts, yet my mother was still in the dark.

That was when I started shifting my career toward solving it. This role feels like the culmination of that path.

Anything interesting happened in your childhood?

No, but my name should be interesting to you. People don’t realise it’s a Kenyan name – it almost always passes for a German one. In Germany, Carol is also a man’s name, so every time I show up somewhere outside Kenya, people are expecting a German man. Koech is Koch in Germany.

I’ve spent most of my career in a male-dominated industry, so when I arrive for an energy conversation, and people see the name, they make assumptions about my gender. Almost 90 percent of the time, people ask me how to pronounce it.

So, a normal childhood…

[Laughs] [Laughs] I grew up in Olenguruone, on the edge of the Mau Forest. Life revolved around school and chores. By the time I was 10, I could milk cows, carry milk to the dairy, and fetch water from the river. That’s how we grew up – multitasking, solving problems, working hard.

What stayed with me was how often that hard work went to waste. Acres of cabbage planted, no market. Milk tasted of cabbage. The milk truck couldn’t reach us when the roads were bad, and when the milk spoiled in transit, it came back the next day. You could do everything right and still earn nothing.

If we’d had reliable energy and cold storage nearby, much of that wouldn’t have happened. I saw firsthand how one missing piece of infrastructure could undo months of hard work.

What would you very quickly want to forget about your childhood?

What would I want to forget? Honestly, nothing. I enjoyed growing up where I did. In fact, I’m very proud of where I come from and where I am today. When I look at the journey, it’s been a very long path.

Would you describe it as a success?

[Pause] I think it’s just…I don’t know what you define as success. I would say I’m happy.

How come you people – business leaders, industry captains – are always so hesitant to claim success? Is it humility or the finality of success?

[Pause] Look, success is different for me. I’ve made a significant career shift. I was a CEO in the corporate world, and now I work in development. To many people, it looked like career suicide. But even when I was leading Schneider Electric and living in Dubai, I kept thinking about that woman in the village.

So, you are solving the world’s problems. What personal problems are you solving?

I don’t know. Maybe I’m trying to solve the poverty I grew up around. I don’t want to call it a disadvantage, but I grew up in a place with very low levels of development and came to realise that people’s lives can change dramatically when a few key things are put in place. Perhaps that’s what I’m solving for. I’ve never really thought about the question that way, so I’d probably need more time to answer it properly.

What are some of the preconceptions about the development world you are shedding off?

I assumed people in the development world weren’t as busy as those in corporate, and that there was less clarity and less innovation. Coming into this space has completely challenged that. The work is demanding, and there’s significant innovation here – not always product innovation, but innovation around solving real-life problems and building partnerships.

The other big shift is how the development world approaches problems from a much broader perspective. In corporate, you’re focused on a specific business objective. Here, you’re forced to think about systems and the bigger picture.

When do you stop to smell the flowers?

I used to do a lot more hiking when I had the time. These days, I have a fairly serious morning routine. Sleep is non-negotiable – in bed by 10pm, up by 5:30am. Before I leave the house, I’ve taken care of my physical, mental and spiritual well-being. I journal, meditate, pray and spend time in silence.

Over the years, I’ve learned the importance of being present – of allowing my mind to become quiet instead of constantly racing ahead. I sit with my thoughts, observe them, acknowledge them and let them pass. That practice has helped me stay calm even in difficult situations. When crises come, I don’t panic easily because I’ve learned how to anchor myself.

Care to share these personal challenges, if that’s okay?

I’ve had to care for both my father and my mother-in-law through cancer. My father’s journey lasted three and a half years before he died. I then cared for my mother-in-law for two years, and she died in my house.

Experiences like that change you. They make you see life very differently. The things you consider important shift. When you’re caring for someone who is dying, and there’s nothing you can do to stop it, it takes you to a different level of emotional pain. It stretches your emotional threshold in ways you can’t fully understand until you’ve lived through it.

I have a terrible question. What do you remember about your dad’s final moment?

A year after my father died, I was on a flight from Lagos to Nairobi, watching a film about cancer. By the end of it, my grief surfaced. I wrote him a long letter and cried through the entire flight. When I landed, I felt as though I had finally grieved.

My father had throat cancer. After it returned, he could no longer eat and needed a stent. I remember him talking about how much he missed potatoes. I took a photograph of him in his hospital bed that day. It was the last picture I ever took of him. He died the following day. We were very close, and I had been part of his recovery from alcoholism for many years before he died.

How did his death change you?

I see life from a very pragmatic perspective now. Pain is a season – you adjust, adapt, and eventually it passes. But every death takes a piece of you with it. After my mother-in-law died, I felt something in my capacity for empathy had changed.

I could see someone going through pain and think, you’ll be okay, rather than feeling overwhelmed by their suffering. Caring for her was especially difficult because it coincided with my promotion to CEO. She was diagnosed in 2020 and spent much of that period in my care.

What people don’t always realise is that caregiving isn’t only about the patient – it’s also about managing everyone around them. There were mornings when relatives would arrive in a Probox unannounced, [laughs] just as I was preparing for leadership meetings. It was a lot to carry at once.

What does your husband find so frustrating about you?

[Laughs] He’d probably say I’m untameable. Once I’ve decided to go after something, I just can’t stop. My husband has been incredibly supportive of my career throughout. He worked in banking and now manages various interests – real estate, farming. These days he’s also the more present parent, since our youngest son is only 12.

If there’s one thing he probably finds difficult about me, it’s that once I’ve decided to pursue something, I don’t know how to stop. When I commit to something, I feel compelled to see it through to the end.

What’s your first identity?

I’m all those things – mother, wife, CEO – but first and foremost, I see myself as a person with a purpose. Raising my children is a very important part of my life, but I also know that parenting is a season. I can already see the empty nest on the horizon.

My mother devoted herself completely to raising us, and honestly, I’m not even a quarter of the parent she was. Sometimes I feel I haven’t been a very good student of hers. But at the same time, I also feel that I’m more than that. I’m more than the biological responsibilities I’ve been given.

What do you really suck at?

I struggle with small talk.

As I’ve gotten older, I’ve found it harder to maintain certain friendships because I’m not very good at conversations that revolve around other people. I genuinely can’t retain gossip; my brain just doesn’t seem to have space for it. Because of that, maintaining certain friendships can be difficult, especially friendships that were built around convenience rather than shared purpose.