Category: Business Daily

A transport company seeking Sh1.5 billion in damages from Absa Bank Kenya over an alleged data breach has told the court it has engaged an independent auditor to quantify the financial losses it claims to have suffered following the alleged unlawful disclosure of its confidential banking records to a third party.

New Mega Africa, which is suing the bank over the alleged breach, sought more time to present the auditor’s expert report, telling the court that the auditor is currently undertaking field assignments outside the country.

At the same time, one of the bank’s intended witness has withdrawn from the case, citing personal reasons. In a letter copied to the parties and the court, Ms Sophie Omondi said the proceedings had taken a toll on her personal life and that she wished to move on.

“For the foregoing reasons, I wish to withdraw as a witness in the case,” she said.

She indicated that the decision also applied to a related case involving the same parties pending before a Nairobi court.

The developments came as former Absa Bank Coast Region Sector Head for Business Banking Mr Evans Murumba testified that New Mega Africa’s confidential financial information was disclosed to third parties in breach of customer confidentiality, evidence the company says supports its claim that the alleged data breach caused it substantial financial losses.

Mr Murumba told the court that New Mega Africa had been a strong performing customer whose credit facilities were progressively increased after the bank established that the business was financially sound.

According to him, the company’s fortunes changed during the Covid-19 pandemic after its key client, Tororo Cement, extended its payment period, straining the transporter’s cash flow and forcing it to seek an extension of its temporary overdraft before later applying for a restructuring of its credit facilities.

“I do confirm that the bank gave the company a temporary overdraft line as it looked for a suitable supplier who will not only take the guarantee on the new terms but also give it an extra limit of Sh5 million to cushion it in the short run,” said Mr Murumba.

He said that despite recommending the restructuring request and assuring the company that approval would be secured within seven days, the process stalled following the transfer of the client’s relationship from one manager to another.

Mr Murumba testified that the delays coincided with what he described as an unlawful disclosure of the company’s confidential financial information by then relationship manager, Mr Wycliffe Makori, to a third party.

He said that after a meeting at the company’s offices attended by himself, Mr Wycliffe Makori and the then incoming relationship manager, Ms Omondi, the bank assured the company that its restructuring request would be processed urgently.

However, about an hour after the meeting, the company’s director, Mr David Abai, telephoned him to report that he had received a call from Mr Jared Makori, then the Kenya National Highways Authority regional manager.

According to Mr Murumba, Mr Jared Makori informed him (Mr Abai) that Mr Wycliffe Makori had disclosed that New Mega Africa was facing financial difficulties, that the bank was considering recalling its credit facilities and auctioning its securities, and warned him against entering into any financial dealings with the company.

“The purpose of the call was to warn him against any potential financial dealings with the company. Mr Wycliffe Makori further advised Mr Jared Makori to inform all other friends or businesses who would potentially enter into any financial dealings with the plaintiff to exercise extreme caution,” Mr Murumba said.

He testified that he considered the disclosure a blatant breach of customer confidentiality, duty of care and data protection laws.

He added that when he summoned Mr Wycliffe Makori to explain himself, the relationship manager admitted making the call.

“The actions by Mr Wycliffe Makori were, in my view, not in good faith and amounted to utter misconduct. When reviewed alongside his reluctance to hand over the client relationship to Ms Omondi, I found it deeply disturbing because it amounted to a blatant breach of client confidentiality, duty of care and data protection laws, mainly intended to cause panic and reputational damage to the client among its business associates,” Mr Murumba said in his witness statement adopted as evidence.

Absa Bank has denied the allegations.

Although he escalated the matter for investigations and disciplinary action, Murumba said he was later informed that the bank had concluded there was no material risk arising from the disclosure and recommended no further action.

“I was also cautioned that admitting such an allegation to the company director or even taking disciplinary action would be tantamount to the bank admitting liability,” he testified.

Murumba further told the court that opposition to the company’s restructuring request later intensified after concerns were raised internally over its ownership structure, despite his disagreement with those concerns.

He said the prolonged delays left the company unable to obtain additional financing while all its assets remained charged to the bank, eventually crippling its operations.

“I watched the company’s business crumble due to its inability to execute the existing contracts. The most significant one was the repossession of the eleven brand new trucks that had been leased to it by Mombasa Cement,” he said.

Murumba added that after issuing Wycliffe with a verbal warning and raising concerns over the bank’s handling of the matter, he began experiencing resistance in pursuing the company’s restructuring request.

“As a longstanding banker, I am aware that all banks, including Absa, train their staff on the legal implications of failing to protect client information, including obligations relating to data protection, duty of care and customer confidentiality,” he said.

Mr Jared also testified, confirming that Wycliffe had called him and discussed New Mega Africa’s financial position.

“The conversation happened. I can confirm,” he said.

However, when questioned by the bank’s lawyer, he said he had no recording of the conversation.

He also denied having any business interest in the company, saying he only knew its director, Mr Abai.

In the suit, New Mega Africa, which transports clinker from Kenya to Tororo, Uganda, for cement manufacture and processing, accuses Absa Bank of financial sabotage by disclosing its confidential financial information to third parties without its consent.

The company alleges the bank breached its duty of confidentiality by printing and sharing its financial statements without authority, exposing sensitive information to strangers.

It further claims that the bank’s failure to approve its loan restructuring request promptly, coupled with prolonged delays in responding to repeated requests, crippled its operations.

According to the company, the leaked financial information scared away potential financiers, who declined to extend credit after concluding that it was financially distressed and incapable of servicing additional loans.

Absa Bank has denied the allegations, maintaining that neither it nor its employees disclosed the company’s financial information or warned third parties about its financial position.

The bank argues that the data breach claims are baseless and without merit, adding that internal investigations found no evidence of wrongdoing by the bank or any of its staff.

The horrific fire at Utumishi girls school in Nakuru left the nation traumatised. This was followed by a series of identical fires across many boarding secondary schools leading to temporary closures. While investigations into circumstances that led to the tragedy at Utumishi are ongoing, several leaders have proposed reintroduction of corporal punishment. I disagree.

Corporal punishment was banned in Kenyan schools in 2001 and was later outlawed in all settings and for all persons in the Constitution 2010. The reason justification was due to widespread cases of serious student injuries including fatalities.

Outright abuses were inherent in the caning model. These abuses included collective punishment, excessive caning, punishment out of malice and for minor offenses.

The most inhumane reason for corporal punishment was connected to poor exam performance. In the latter there were cases when students would be caned for every question failed. This often led to an atmosphere of terror where some learners could even succumb to enuresis out of fear.

The modern world guided by scientific evidence has moved on from corporal punishment. The World Health Organization opposes this based on the harm caused. While the physical dangers are obvious, the psychological harm is often hidden but long lasting.

Physical abuse in the name of corporal punishment can hamper brain development, cause post-traumatic stress disorder, depression, anxiety and school refusal. The child’s ability to learn is impaired and the scars may follow them into adulthood. Children who are physically abused through caning are conditioned to use violence as adults.

The Kenya Psychiatric Association (KPA) in a 2022 paper, takes a position against any form of punishment related to academic performance. KPA says intellectual capacity of students varies based on many factors including genetic, psychological and environmental. A student with a learning disability in Mathematics or reading will not improve through physical torture.

The association proposes use of rewards to motivate students to perform better. KPA disapproves corporal punishment in its entirety.

Psychiatrists propose use of alternatives to corporal punishment that should be proportionate to mistakes committed. The association further recommends mental health assessment for students who show repeated cases of indiscipline.

Many factors may be responsible for unrest in our schools. These factors include poor living conditions, inadequate food and overcrowding.

The number of students in our high schools has doubled and, in some cases, tripled in the last 20 years. Even in the best-case scenario where teacher to student ratio is favourable and all other conditions are addressed; these overpopulated schools are unmanageable.

The strategy to avert future cases of indiscipline should include the building of new schools to ease the pressure on management. The standards articulated in our educational policies need to be upheld. It is also important to equip teachers with skills to address social psychological challenges among students. Scrapping boarding schools in one fell swoop is simplistic, impractical and escapist.

The phenomenon of group think needs special attention. When a human being finds themselves in a group – as often happens among high school students – they lose their personal identity, are forced to conform and the outcome may be violence directed towards a group identified as the enemy.

In a landmark experiment, Solomon Asch demonstrated that 75 percent of adult humans would make an incorrect decision when faced with the pressure to conform to a group. The results of this experiment partly explain the reasons behind the holocaust, terrorism, shakahola massacre and school fires.

Teens, grappling with questions of identity face an even higher risk of social influence which may be propagated through the media when coverage may unwittingly confer heroic status on culprits.

As the country reflects on the recent anarchy in our schools, the temptation to embrace solutions straight from the gut must be avoided. Scientific evidence should form the foundation for interventions.

The current evidence condemns corporal punishment in favour of school mental health programmes as they will equip our young people with requisite skills needed to grow into happy and responsible citizens.

The cost of a healthy plate of food in Kenya has risen by 75.79 percent over the past eight years, new data from a group of United Nations agencies shows, pushing nutritious meals further out of reach for over 43 million Kenyans even as the country’s food insecurity crisis persists.

The data shows that the cost of a healthy diet in Kenya climbed from $2.56 (about Sh114.68 at current purchasing power parity rates) per person per day in 2017 to $4.50 (about Sh201.6) in 2025. The IMF has set Kenya’s current purchasing power parity (PPP)-the rate primarily used to compare living standards and economic productivity across nations-at 44.8 against the international dollar.

The data is from a survey conducted by UN agencies including the Food and Agriculture Organisation (FAO), the International Fund for Agricultural Development, the United Nations Children’s Fund, the World Food Programme and the World Health Organization.

According to the FAO, a healthy diet is adequate, diverse, balanced, and moderate, ensuring that people receive the necessary nutrients while avoiding harmful excesses.

The cost estimates are based on what the FAO calls a ‘healthy diet basket’, which is a combination of the cheapest locally available foods across six food groups: starchy staples, animal-source foods, legumes, nuts and seeds, oils and fats, fruits, and vegetables, standardised to provide 2,330 kilocalories per day. It is designed as a cost floor, not a record of what people actually eat, and does not capture the cost of preparing food or how it is shared within a household.

In 2017, a healthy diet in Kenya was cheaper than the Eastern African sub-regional average ($2.56 versus $2.84). By 2025, the two had nearly closed the gap, with Kenya at $ 4.50 and Eastern Africa as a whole at $4.34. Kenya’s 2025 cost also sits close to the average for lower-middle-income countries globally, $4.36, the income group that Kenya belongs to.

Rising diet costs across Africa are attributed to climate shocks affecting harvests, elevated fuel and transport costs, reliance on food imports, post-harvest losses, and volatility in global markets-particularly for nutrient-dense foods such as fruits, vegetables, legumes, and lean proteins, which make up the most expensive part of a healthy diet. In the region, animal-source foods, fruits and vegetables together account for close to 70 per cent of the total cost of a healthy diet, despite contributing less than half of its calories.

‘Inflation continued to raise food prices in 2025…The percentage of people who cannot afford a healthy diet (PUA) remains highest in Africa, where it is estimated to have reached 66.6 percent in 2025, more than double the levels currently estimated for Asia (28.9 percent) and Latin America and the Caribbean (25.7 percent),’ reads the report.

That 75.8 percent increase outpaced the global average, which rose from $2.94 to $4.28 over the same period, and pushed Kenya’s diet cost above the world average for the first time in the series, even though the country remains a lower-middle-income economy with far lower average incomes than many high-income countries with cheaper healthy diets.

Meanwhile, 76.3 percent of Kenyans, or about 43.9 million people, could not afford a healthy diet in 2025, up from 69.8 percent (34.3 million people) in 2017. The situation worsened in 2021, when 78.0 percent of the population was priced out of a healthy diet, at the height of pandemic-era disruption and the food and fuel price shocks that followed.

That means Kenya added roughly 9.6 million people to the ranks of those unable to afford proper nutrition in eight years.

‘When healthy food becomes unaffordable, households typically shift toward cheaper, calorie-dense but nutrient-poor foods, a pattern linked to childhood stunting and a rising burden of diet-related non-communicable diseases such as diabetes and hypertension,’ said the report.

Kenya’s food unaffordability rate is now higher than both the Sub-Saharan Africa average (73.5 percent) and the Africa-wide average (66.6 percent), and more than double the global average of 32.7 percent. It is also marginally higher than the Eastern Africa subregional average of 76.5 percent, a group that includes Ethiopia, Uganda, Tanzania, Rwanda and Somalia, among others.

The number of banks cutting Pesalink fees has nearly doubled to 19, as lenders roll out free transfers of up to Sh1,000 and a flat charge of Sh20 on larger transactions to attract retail payment flows.

The move, which represents a discount from the charges of up to Sh250 that customers have been paying for Pesalink transfers, aims at capturing a bigger share of person-to-person payments. The discounted price applies to any transaction from a participating financial institution to another.

The number of banks and microfinance banks who have agreed to the discounted tariff has risen from 10 in under two months and now includes five of the top 10 lenders in Kenya.

Absa Bank Kenya and Stanbic Bank Kenya have become the latest major banks to enrol, joining KCB Bank Kenya, Diamond Trust Bank and Prime Bank who had lowered the rates by mid May this year.

Other new entrants are HFCB, Victoria Commercial Bank, Access Bank Kenya, Citibank N.A Kenya, Commercial International Bank and Faulu Microfinance Bank.

Under the new model, transfers of up to Sh1,000 are free, while any amount above that up to Sh999,999 attracts a flat Sh20 fee regardless of value. The new tariff is a shift from tiered pricing that has traditionally characterised bank transfers.

The initiative, dubbed ‘Tuma Direct na Mbao,’ signals a co-ordinated effort by lenders to make bank-based transfers more attractive at a time when mobile money platforms such as M-Pesa continue to dominate everyday payments.

Safaricom’s M-Pesa, which dominates person-to-person mobile money transfers, charges tiered fees based on transaction value.

M-Pesa transfers of up to Sh100 are free, while those between Sh101 and Sh500 attract a fee of Sh7. Transactions ranging from Sh501 to Sh1,000 cost Sh33, with charges increasing progressively to Sh108 for the maximum permitted transfer of Sh250,000.

In comparison, Pesalink’s new pricing presents a cheaper option for low- to mid-value transactions within banks’ wallets, presenting competition in the retail transactions space. Banks have also been innovating in the payment space through pay bill numbers as opposed to the traditional card-based deals.

Completing the list of 19 players offering the reduced charges on Pesalink are GT Bank, SBM Bank, Paramount Bank, Credit Bank, Ecobank Kenya, Bank of Baroda, Choice Bank and Caritas Microfinance Bank.

Pesalink CEO Gituku Kirika said in May this year talks are ongoing to onboard more banks in a development that promises to boost person-to-person deals through banks. Among large banks, Equity Bank Kenya, Co-operative Bank of Kenya, Standard Chartered Bank Kenya, NCBA Bank Kenya and I and M Bank are yet to join.

Mr Kirika said the pricing overhaul is part of a broader strategy to make digital payments affordable, predictable and easier for consumers.

‘We have been championing for a long time the reduction of the cost of payments and also the standardisation of it so that it is easier for consumers to understand what they are paying. We are talking to more players so that it becomes an industry-wide price that can ride on volumes,’ he said.

Banks are seeking to claw back transaction volumes from mobile money services, particularly in the person-to-person segment where convenience and cost have historically tilted the market in favour of telcos.

Pesalink, operated by Integrated Payment Services Limited under the Kenya Bankers Association, has evolved into an instant payment switch connecting more than 195 financial institutions, including banks, saccos and fintech wallets. The platform is also expanding its reach to telcos as part of a broader push towards interoperability.

Currently, the system processes over one million transactions monthly, with the value of daily transactions being between Sh5 billion and Sh6 billion.

Pesalink is also working to simplify transactions, particularly in addressing the complexity associated with bank transfers that require detailed account information.

The sector plans to switch to simpler identifiers such as mobile phone numbers or identity card numbers instead of bank account details that are cumbersome to master.

Shares of insurance firm Britam have jumped to an 11-year high of Sh19.95 in the wake of a rally this month on investors’ expectations that the company will resume paying dividends after a six-year drought.

The company’s stock has gained 60 percent in the last three weeks, double the gain it had made in the first six months of the year. Its year-to-date gain of 119 percent is only second to Car and General (136 percent) among the top-performing stocks at the Nairobi Securities Exchange (NSE).

The company’s market capitalisation -the measure of investor wealth-has now risen by Sh18.7 billion to Sh50.3 billion over the three weeks as a result of the share price rally.

Analysts said that the counter has seen speculative trading by local investors attracted by the announcement earlier this year that the company is cleaning up its balance sheet by paying down accumulated losses of Sh5.88 billion.

The Company Act bars an institution from paying dividends if it has accumulated losses.

“There is no special market action driving the rally, other than the balance sheet cleanup that has some investors seeing the prospect of resumption of dividend payments. The demand has come from local investors, particularly fund managers,” said Melody Ndanu, a research analyst at Standard Investment Bank.

Britam shareholders approved a resolution to use part of its share premium of Sh13.2 billion to clear the accumulated losses during the firm’s annual general meeting in May, clearing the way for a resumption of dividend payments.

Share premium represents the excess amount paid by investors for newly issued shares above their par value. Reduction in share premium does not affect the shareholding of a company or its equity position.

Before dipping into the premium, Britam had been relying on dividends from its subsidiaries to cut back the accumulated losses over five years, given that it is not an operating entity.

Britam operates life assurance, general insurance and asset management in seven countries, including Kenya, Rwanda, Uganda, Tanzania, South Sudan, Mozambique and Malawi.

The company has now gone for six years without paying dividends, but its managing director, Tom Gitogo, said in March that clearing the accumulated losses would open the door to a payout this year, possibly an interim dividend. The company reported a 10 percent growth in net profit for the year ended December 2025 to Sh5.5 billion, up from Sh5 billion in 2024.

Among the six listed insurers at the NSE, only Britam and Sanlam Allianz Holdings failed to pay a dividend in 2025. Sanlam Allianz reported a net profit of Sh838 million last year, but has not paid a dividend for 12 straight years.

The other listed insurance firms have recorded lower gains compared to Britam in the year-to-date. Kenya Re has a gain of 18 percent to Sh3.55 per share since the beginning of the year, while Jubilee Holdings’ share price has appreciated 12 percent to Sh375.50.

Sanlam Allianz Holdings is up 3 percent to Sh8.72 per share, CIC Insurance is flat at Sh4.56 and Liberty Holdings has shed 10 percent to trade at Sh9.10 per share.

Overall, only Britam and Car and General have recorded share price gains above 100 percent this year, with the next best performers being I and M Group (63 percent), Uchumi Supermarkets (62 percent) and Kenya Airways (61 percent).

The bourse has added Sh959.6 billion or 33 percent in investor wealth in the period, partly boosted by the new listings of Kenya Pipeline Company (KPC) and Family Bank, which have injected a combined Sh206.7 billion in new wealth into the market

Britam has gained 60 percent in the last three weeks, double the gain it had made in the first six months of the year. Its year-to-date gain of 119 percent is only second to Car and General (136 percent) among the top-performing stocks at the Nairobi Securities Exchange (NSE).

The company’s market capitalisation -the measure of investor wealth-has now risen by Sh18.7 billion to Sh50.3 billion over the three-week period as a result of the share price rally.

Analysts said that the counter has seen speculative trading by local investors attracted by the announcement earlier this year that the company is cleaning up its balance sheet by paying down accumulated losses of Sh5.88 billion.

The Company Act bars an institution from paying dividends if it has accumulated losses.

“There is no special market action driving the rally, other than the balance sheet cleanup that has some investors seeing the prospect of resumption of dividend payments. The demand has come from local investors, particularly fund managers,” said Melody Ndanu, a research analyst at Standard Investment Bank.

Britam shareholders approved a resolution to use part of its share premium of Sh13.2 billion to clear the accumulated losses during the firm’s annual general meeting in May, clearing the way for a resumption of dividend payments.

Share premium represents the excess amount paid by investors for newly issued shares above their par value. Reduction in share premium does not affect shareholding of a company, ort its equity position.

Prior to dipping into the premium, Britam, had been relying on dividends from its subsidiaries to cut back the accumulated losses over a five-year period, given that it is not an operating entity.

Britam operates life assurance, general insurance and asset management in seven countries, including Kenya, Rwanda, Uganda, Tanzania, South Sudan, Mozambique and Malawi.

The company has now gone for six years without paying dividends, but its managing director Tom Gitogo said in March that extinguishing the accumulated losses would open the door to a payout this year, possibly an interim dividend.

The company reported a 10 percent growth in net profit for the year ended December 2025 to Sh5.5 billion, up from Sh5 billion in 2024.

Among the six listed insurers at the NSE, only Britam and Sanlam Allianz Holdings failed to pay a dividend in 2025. Sanlam Allianz reported a net profit of Sh838 million last year, but has not paid a dividend for 12 straight years.

The other listed insurance firms have recorded lower gains compared to Britam in the year-to-date. Kenya Re has a gain of 18 percent to Sh3.55 per share since the beginning of the year, while Jubilee Holdings’ share price has appreciated 12 percent to Sh375.50.

Sanlam Allianz Holdings is up three percent to Sh8.72 per share, CIC Insurance is flat at Sh4.56 and Liberty Holdings has shed 10 percent to trade at Sh9.10 per share.

Overall, only Britam and Car and General have recorded share price gains above 100 percent this year, with the next best performers being I and M Group (63 percent), Uchumi Supermarkets (62 percent) and Kenya Airways (61 percent).

The bourse has added Sh959.6 billion or 33 percent in investor wealth in the period, partly boosted by the new listings of Kenya Pipeline Company (KPC) and Family Bank which have injected a combined Sh206.7 billion in new wealth into the market.Charles Mwaniki

cmwaniki@ke.nationmedia.com

Insurance firm Britam’s share has jumped to an 11-year high of Sh19.95 after rallying this month on expectations among investors that the company will resume paying dividends after a six-year drought.

The company’s stock has gained 60 percent in the last three weeks, double the gain it had made in the first six months of the year. Its year-to-date gain of 119 percent is only second to Car and General (136 percent) among the top performing stocks at the Nairobi Securities Exchange (NSE).

The company’s market capitalisation -the measure of investor wealth-has now risen by Sh18.7 billion to Sh50.3 billion over the three-week period as a result of the share price rally.

Analysts said that the counter has seen speculative trading by local investors attracted by the announcement earlier this year that the company is cleaning up its balance sheet by paying down accumulated losses of Sh5.88 billion.

The Company Act bars an institution from paying dividends if it has accumulated losses.

“There is no special market action driving the rally, other than the balance sheet cleanup that has some investors seeing the prospect of resumption of dividend payments. The demand has come from local investors, particularly fund managers,” said Melody Ndanu, a research analyst at Standard Investment Bank.

Britam shareholders approved a resolution to use part of its share premium of Sh13.2 billion to clear the accumulated losses during the firm’s annual general meeting in May, clearing the way for a resumption of dividend payments.

Share premium represents the excess amount paid by investors for newly issued shares above their par value. Reduction in share premium does not affect shareholding of a company, ort its equity position.

Prior to dipping into the premium, Britam, had been relying on dividends from its subsidiaries to cut back the accumulated losses over a five-year period, given that it is not an operating entity.

Britam operates life assurance, general insurance and asset management in seven countries, including Kenya, Rwanda, Uganda, Tanzania, South Sudan, Mozambique and Malawi.

The company has now gone for six years without paying dividends, but its managing director Tom Gitogo said in March that extinguishing the accumulated losses would open the door to a payout this year, possibly an interim dividend.

The company reported a 10 percent growth in net profit for the year ended December 2025 to Sh5.5 billion, up from Sh5 billion in 2024.

Among the six listed insurers at the NSE, only Britam and Sanlam Allianz Holdings failed to pay a dividend in 2025. Sanlam Allianz reported a net profit of Sh838 million last year, but has not paid a dividend for 12 straight years.

The other listed insurance firms have recorded lower gains compared to Britam in the year-to-date. Kenya Re has a gain of 18 percent to Sh3.55 per share since the beginning of the year, while Jubilee Holdings’ share price has appreciated 12 percent to Sh375.50.

Sanlam Allianz Holdings is up three percent to Sh8.72 per share, CIC Insurance is flat at Sh4.56 and Liberty Holdings has shed 10 percent to trade at Sh9.10 per share.

Overall, only Britam and Car and General have recorded share price gains above 100 percent this year, with the next best performers being I and M Group (63 percent), Uchumi Supermarkets (62 percent) and Kenya Airways (61 percent).

The bourse has added Sh959.6 billion or 33 percent in investor wealth in the period, partly boosted by the new listings of Kenya Pipeline Company (KPC) and Family Bank which have injected a combined Sh206.7 billion in new wealth into the market.

The world’s largest asset management firms, like Janus Henderson and BlackRock, are seeking a piece of the Kenyan business through local partnerships, expanding domestic investors’ access to offshore markets.

UK-based asset management firm Janus Henderson has become the latest major player to enter the Kenyan market through a strategic partnership with the AXYS Group, joining other global household names like BlackRock and Vanguard.

Janus Henderson has become the latest major player to enter the Kenyan market through a strategic partnership with the AXYS Group, joining other global household names like BlackRock and Vanguard.

The collaboration establishes a direct channel through which institutional and private investors can access offshore funds managed by Janus Henderson.

The move reflects a broader industry shift where Kenyan investment banks and fund managers are pushing for offshore investments in response to investors changing preferences for hard currency and geographically diversified portfolios.

The local players have evolved to either create their own active offshore-focused funds or leverage partnerships with already established firms in the global arena.

Digital investment platform Ndovu Wealth Management, for instance, offers access to global equities and exchange-traded funds (ETF) in markets like the US through collaborations with asset managers, including BlackRock and Vanguard.

The firm’s platform functions as a gateway to institutional-grade funds, allowing Kenyans to access global financial markets like ETFs and fractional shares of firms such as Apple and Nvidia at a significantly lower entry cost.

BlackRock has an asset base of $15.3 trillion, covering mostly inflows across its ETFs, while Vanguard’s AUM is tabulated at $12 trillion.

Both fund managers count millions of investors across the globe and their assets under management are more than 100 times the size of Kenya’s GDP.

AXYS Investment Bank, formerly AIB-AXYS stock brokerage, has created an integrated cross-border platform which combines execution, custody and advisory capabilities.

Janus Henderson deploys an active investment framework anchored on fundamental research, portfolio discipline and vigorous risk assessment.

The strategies deployed cover global equities, fixed income and multi-asset allocations, designed to respond to shifts in monetary policy, liquidity conditions and regional growth trends.

“Investor allocation is increasingly influenced by the need to manage currency exposure and navigate divergent economic cycles. This partnership introduces an additional set of tools for constructing portfolios that are responsive to those conditions while remaining grounded in disciplined investment processes,” said Bansri Pattni, the chief executive of AXYS Investment Bank.

The firm says the partnership will help it support allocations beyond domestic markets while maintaining alignment with local regulatory requirements.

The asset manager was set up in 1934 as Henderson Administration before merging with the Denver-founded Janus Capital in 2017. The firm estimates its assets under management (AUM) at £366.7 billion and has 26 offices globally.

Three-quarters or 65 percent of the firm’s AUM is in North America, while 26 percent of assets are in Europe, the Middle East and Africa, with the balance in the Asia Pacific region.

Nearly half, or 49 percent, of the assets are held by intermediary investors, while 32 percent of the AUM is held by institutional investors and the remaining share is held by retail investors.

The introduction of Janus Henderson funds in Kenya forms part of AXYS Investment Bank’s broader approach to developing its offshore investment offering through the inclusion of third-party asset managers, alongside leveraging its internal capabilities.

Most local fund managers have opted to explore offshore markets by leveraging internal capabilities, launching multi-asset funds and dollar-denominated investment vehicles to attain the goal.

Most of the products created sit under the collective investment schemes/unit trusts ecosystem, including dollar-denominated money market funds (MMFs), fixed income and equity funds and special funds.

Investment banks in Kenya have leveraged their expertise to transition into fund management, unveiling unit trust businesses to join a ‘gold-rush’ underpinned by strong interest in pooled investments by Kenyans.

The number of investment banks in the unit trusts space has more than doubled over the last five years to 10, from four previously as of March 2026, as per an analysis by this publication.

Janus Henderson counts the partnership with AXYS Investment Bank as an important step in growing its African footprint.

“This partnership is an important step in our strategic expansion across Africa, underscoring our long-term commitment to the region,” said Meshal Jaber, a Managing Director and the asset management firm.

Kenya’s electric mobility push is running into a new hurdle as the high cost of establishing battery-swapping stations slows expansion into rural areas, exposing the financial limits of a business model that has fuelled the sector’s rapid growth in major cities and towns.

Battery swapping has become the backbone of Kenya’s electric motorcycle industry, allowing riders to replace depleted batteries within minutes instead of waiting hours for them to recharge.

To extend these networks beyond urban centres, companies have increasingly turned to franchising. But the model is struggling to gain traction because of the high upfront investment required, threatening to slow the next phase of Kenya’s transport electrification.

In the recently launched E-Mobility Policy, electric motorcycles are expected to play a central role in cutting transport emissions, with electric two-wheelers targeted to account for at least 30 percent of all motorcycles by the end of next year and the entire fleet by 2050.

They currently account for less than 10 percent.

Spiro, which operates one of Kenya’s largest battery-swapping networks, has suspended its franchising programme as it seeks ways to reduce the minimum capital required from investors after finding that the cost had become a major barrier to uptake.

Of the company’s 416 battery swap stations, only 64, or about 15 percent, are franchise-operated, most of them in Nairobi, Mombasa and Kisumu. The company had hoped franchising would accelerate nationwide expansion, but prospective investors fell well short of expectations.

“Most of the people who were attracted to the programme could not, first of all, meet the bare minimum that we required. So we’ve put the [franchising] programme on hold for now, until otherwise advised,” said Rymond Kitunga, Spiro’s deputy country head for Kenya.

Under the model, franchisees were required to spend between Sh400,000 and Sh600,000 on civil and electrical works alone. They would also need to lease premises and hire staff, pushing the initial investment for a single swap station to about Sh1 million.

The capital requirement has proved too high for many of the small entrepreneurs the company hoped would spearhead the rollout of battery-swapping infrastructure outside major towns.

Becoming a motorcycle distributor required an even larger commitment. Investors needed at least Sh12 million in capital and were expected to recruit a minimum of 50 franchisees to establish battery-swapping and charging stations.

With franchising on hold, Spiro has instead relied on its own balance sheet to expand its network. Most of its swap stations remain concentrated in urban areas, with only limited coverage in rural Kenya, mainly in western counties.

“We’ve rolled out swap stations in mapped-out areas specifically to support where we are already doing commercial operations,” said Mr Kitunga. “We’re also partnering with several entities to ensure that the network spreads much faster.”

Among its partners are oil marketers Galana, Petrocity and Rubis, as well as the Catholic and Episcopal churches, which are leveraging their nationwide footprints to host battery swap stations.

Arc Ride is pursuing a similar strategy. The electric motorcycle manufacturer has deployed automated battery swap stations at selected TotalEnergies service stations and is seeking additional partnerships to expand its network.

Rather than relying on franchisees to establish full swap stations. Arc Ride installs its own automated battery-swap cabinets that allow riders to exchange batteries by scanning a quick response (QR) code. Even so, its network remains limited to Nairobi and Nakuru.

Some innovators are trying to reduce the cost of deploying swap infrastructure. In Kisumu, startup E-Safiri has developed battery swap stations powered by optoelectronic concentrators – high-efficiency solar technology that generates more electricity from fewer panels.

“For us to be able to give everybody access to EVs and charging networks, the most important thing is reducing the cost,” said Carol Ofafa, E-Safiri’s founder and chief executive.

The technology, developed by Ms Ofafa in collaboration with researchers at Glasgow Caledonian University, cuts the capital cost of establishing swap stations by more than half.

Within a year of adopting the technology, E-Safiri expanded its network of rural and peri-urban swap stations in Kisumu from four to eight. To further lower costs, it has also adopted automated battery swap cabinets similar to Arc Ride’s.

Electric motorcycles have so far driven Kenya’s e-mobility transition. Of the roughly 25,000 electric vehicles on Kenyan roads, more than 24,000 are motorcycles, accounting for about 96 percent of the total.

Yet expansion into rural Kenya – where motorcycles are the dominant mode of transport and an economic lifeline for millions – has lagged because of the slow rollout of charging infrastructure and limited electricity access.

But even if the cost challenge is overcome, another obstacle remains: battery interoperability.

Most manufacturers have designed their motorcycles to work only with their own batteries.

“The real barrier is actually in the standardisation of the battery itself,” said Ms Ofafa. “Each manufacturer is building batteries and battery management systems that are different, which makes it harder to have an interoperable network.”

The government plans to introduce common charging standards by June 2027, but Ms Ofafa argues that rural e-mobility will struggle to scale until batteries themselves become more interoperable: “The cell chemistry varies from one battery operator to the next, so you need to be extra careful in terms of standards, safety and usability,” she said.

Dealmaker Belgrad Kenne has been revealed as the majority owner of the investment firm that recently acquired a controlling 60 percent stake in fund manager Nabo Capital from Centum Investment Company for an estimated Sh271 million.

Company records show that Dr Kenne holds a 70 percent stake in Rock Investment Bank, equivalent to 1.75 million shares, with the remaining 30 per cent, or 750,000 shares, held by an entity known as Glamour City Limited.

Rock Investment Bank acquired the 60 percent stake in Nabo Capital at the end of June, ending Centum’s majority ownership after more than a decade. The value of the transaction was not disclosed, but Nabo Capital had a fair value of Sh452.3 million as of March 2025, when Centum owned it outright, according to the Nairobi Securities Exchange-listed firm’s annual report.

Dr Kenne, who also serves as Rock Investment Bank’s managing director, recently led advisory work on the Kenya Pipeline Company (KPC) initial public offering in March, in which the government raised Sh106 billion through the sale of a 35 percent stake to the public.

The company records list four other directors of Rock Investment Bank – Ivy Jepchumba Cherwon, Wanjiru Waithaka, Gregory Ochieng Manyala and Clifford Otieno – but only Dr Kenne is listed as a beneficial owner.

Rock Investment Bank was initially licensed as an investment adviser by the Capital Markets Authority (CMA) in July 2025, authorising it to offer investment planning and portfolio management services. It traded as Rock Advisors Limited after obtaining the licence.

In February 2026, the CMA upgraded the firm’s licence to operate as an investment bank, prompting its rebranding to Rock Investment Bank.

Investment banks offer a broader suite of services, including market research, corporate advisory, wealth management and proprietary trading.

Rock has built its reputation by advising companies on mergers, acquisitions, capital raising and corporate restructuring, while also offering stockbroking and wealth management services.

The acquisition of Nabo Capital gives Dr Kenne’s firm immediate control of one of Kenya’s established fund managers, allowing it to broaden its offerings as competition for institutional and retail savings intensifies.

Nabo Capital was established by Centum in 2013 to tap growing demand for professional fund management from pension schemes, corporates and high-net-worth individuals.

The firm manages investments across government securities, listed equities, corporate bonds and money market instruments for both institutional and retail investors.

Kenya’s asset management industry has expanded rapidly over the past decade as pension assets have grown and more retail investors have shifted their savings into professionally managed investment products.

A growing middle class has also fuelled demand for such products as households increasingly diversify their savings beyond property.

Assets under management (AuM) by collective investment schemes rose to Sh851.7 billion in March 2026, from Sh111 billion five years earlier, according to the latest CMA data.

Money market funds (MMFs) remain the largest segment of the unit trust industry, with assets under management of Sh442.2 billion, accounting for 51.9 percent of the industry’s total AuM.

The dominance of MMFs is, however, being challenged by special funds, which typically offer higher returns because they face fewer investment restrictions.

By the end of March 2026, special funds had increased their assets under management to Sh203.57 billion, representing 23.9 percent of the industry’s total, up from Sh86.7 billion, or 17 percent, in March 2025.

After a second viewing, I can confirm the suspicions I had the first time around. This movie is overhyped, however, that doesn’t mean The Odyssey (2026) is not a cinematic event. It is easily one of the most entertaining, fast-paced big-screen experiences of the year. However, it’s not flawless, and it definitely does not sit at the top tier of Nolan’s filmography.

I need you to keep in mind that we live in a world where 300, Ben-Hur, Gladiator, Jason and the Argonauts(1963) , and Troy exist. We have a clear understanding of what an epic looks and feels like.

While Nolan clearly wanted to deliver his own definitive, grounded version of Homer’s classic poem, I think his own movie Interstellar remains a far superior modern adaptation of an odyssey than what he has given us with this movie.

Don’t get me wrong, this is an enjoyable, detailed blockbuster, but it lacks the spark that can inspire the next generation of filmmakers.

Because of the grounded approach, the film lacks the wonder that comes with an epic. But before we get ahead of ourselves

Story

The Odyssey is a 2026 epic fantasy action film written and directed by Christopher Nolan.

An adaptation of Homer’s ancient Greek epic poem The Odyssey, starring Matt Damon as Odysseus, the king of Ithaca, it chronicles his long and perilous journey home after the Trojan War and his encounters with mythical beings as he attempts to reunite with his wife, Penelope, played by Anne Hathaway.

The ensemble cast includes Tom Holland, Robert Pattinson, Lupita Nyong’o, Samantha Morton, Zendaya and Charlise Theron amongs other familiar faces. Nolan and his wife Emma Thomas produced the film through their production company.

From a pure filmmaking perspective, the technical execution is obviously perfect and the results here are surprisingly realistic and effective. While the promotional material heavily marketed the towering Giants, the smaller, quieter choices display his directorial mastery.

The picture framing and composition throughout the film are beautiful. In the final act, when Odysseus disguises himself as a beggar, the deliberate use of deep shadows to obscure his face against a stark white cloth makes for a good-looking picture.

The sequence where the crew is transformed into animals is unsettling. The scene uses close-ups and good editing to make for a believably terrifying moulding ordeal.

Some moments are unsettling to the point of bordering on horror, some that feel lifted directly from a painting, when you see them, you will know.

There is a distinct tactility to the costumes. The standout is Agamemnon’s armour, which looks both cool and terrifying. The visual language of the costumes helps differentiate the groups, especially when they enter Troy.

Like in another Nolan movie, Tenet, the sound design single-handedly saves the film’s weaker moments. In his quest for realism, the choreography here is deliberately scrappy, rough and unflashy.

Real fights are messy and unpredictable, which unfortunately makes for dull action set pieces on screen.

However, the incredible soundscape and the booming musical score elevate these mediocre action sequences, injecting a sense of tension into scenes like the initial infiltration of Troy that would otherwise fall flat. There are also small sound details, like one in a cave, that prove the sheer amount of thought put into this story.

The final confrontation inside the palace is narratively satisfying because of the foundation set in place by the source material, and the chemistry between Damon and Holland is great, but the actual swordplay is too clumsy, we will get to that.

All I am saying is that the fundamental aspects of the original story are here and well put together using Nolan’s signature time-jump style.

The cost of star power

If you are wondering, Lupita is okay in this, but she doesn’t have a lot of screen time.

Where the film loses me is the casting. I completely understand this is how the filmmaking business is supposed to work, get big superstars, sell more tickets, and possibly win a few awards.

But Nolan is traditionally a film purist who strives for immersion, yet the ensemble cast picked for this film shatters the illusion.

Instead of casting unknown Greek actors with distinct Mediterranean features to ground and immerse us in the ancient world, the studio populated the film with the most recognisable superstars of our generation.

Every time the narrative starts to draw you in, a famous face yanks you right back out. It is impossible to stay immersed in ancient Greece when you are looking at Matt Damon playing Odysseus.

He is a fantastic actor, but he is fundamentally Jason Bourne. The same for Tom Holland as Telemachus, or Zendaya as Athena.

Everytime they pop up on screen you can help but think about Spider- Man: Brand new day which is coming out in the coming week.

Hathaway delivers a dramatic, emotionally charged performance as Penelope, she is great especially in the first act, which is a drama and performance-driven segment.

Pattinson is brilliant as a detestable bad guy, though just in terms of pure villainy, Hawkins steals the show.

The sheer volume of star power feels highly manufactured. The studio clearly constructed this diverse, star-studded lineup, which even features Travis Scott and Zendaya, in a move that feels like a simple play to draw young crowds, international markets, and specific demographics into theatres.

It feels like a corporate studio note forced onto a director who usually prioritises artistic purity. For the casual film fan, these performances are great and highly entertaining.

For a cinephile, the constant parade of A-listers creates a distracting sense of star fatigue. Oppenheimer was star studded too? I hear you ask. The Odyssey is explicit in it’s setting and time period that it locks it’s character to a particular time, race and region.

The trade-off of realism

My frustration extends to the character of Agamemnon, who looks spectacular in his promotional posters and trailers. His armour design is cool, yet his actual role in the film amounts to nothing more than “aura farming” (posing dramatically to look stoic and cool) without fighting. He is built up as a brutal, terrifying figure, but we never see him unleash that savagery in battle.

With a look like that, it felt like a wasted opportunity.

The action sequences as a whole suffer from this rigid commitment to realism. The sequence involving the Giants feels entirely unnecessary to the narrative, seemingly added solely to justify the studio’s marketing push for the 70mm IMAX format.

Nolan’s decision to downplay the mythological presence of the Greek gods is a double-edged sword. He provides logical, grounded explanations for most of the supernatural elements, framing the narrative around the conflicting, subjective recollections of the Trojan War participants.

While this psychological approach to the consequences of war is clever, the relentless pursuit of realism strips away the fantastical elements that make Homer’s story so entertaining.

The Odyssey is supposed to be a fantastical, highly imaginative journey. By muting the divine interventions and, for example, leaving the mythical sirens obscurred in the background or changing an important age-related trick in the third act, the film loses its whimsical chore. We are left with a technically well-put-together, dramatic shell of a grand story.

This is a good cinematic experience, but I wouldn’t call it a masterpiece. While the first watch is incredible, the rewatchability value here is low.

Performance excellence is what separates good organisations from truly outstanding ones. It is an organisation’s proven ability to deliver consistent, superior results through clear goals, disciplined execution, skilled and motivated people, streamlined operations and an unwavering commitment to continuous improvement.

At its core, it turns ambitious visions into real, measurable outcomes, reliable achievement of objectives, exceptional service that delights stakeholders, higher productivity with smarter use of resources, decisions grounded in solid evidence and constant enhancement of systems, capabilities, and workflows.

Old performance management approaches no longer fit today’s fast-changing digital world.

Technology is evolving rapidly, customer expectations are rising and uncertainty is constant, forcing leaders to rethink how organisations operate and define success.

Digital transformation is also about aligning strategy, people, processes, and technology into one coherent system. Speed, data-driven decisions, automation, and artificial intelligence (AI) are now essential for staying relevant and competitive.

According to McKinsey’s State of AI 2025 report, released in November 2025 following a major global survey, the use of AI in at least one business function jumped dramatically, from 55 percent in 2023 to 78 percent in 2024 and 88 percent in 2025.

At the same time, the number of people connected to the internet has grown from about 4.9 billion in 2020 to over 6 billion today, reaching roughly 74 percent of the world’s population.

These shifts are reshaping daily realities for organisations everywhere and creating an urgent need for better data practices, deeper skills, stronger automation, and more enlightened leadership.

The old performance playbooks are simply no longer enough. As leaders, we must now build performance excellence that is fit for this digital age by intentionally aligning our core organisational pillars.

Strategy gives us the north star as it defines where we are going, what matters most, and how we will measure progress while staying flexible enough to seize emerging opportunities.

People are the heart and soul of everything; no matter how brilliant the plan, it is their expertise, leadership, teamwork, creativity and ability to adapt that ultimately determine whether we succeed.

In the digital era, this means we must continuously invest in building data literacy, comfort with AI, and the resilience to embrace change.

Processes are the pathways that make work flow smoothly – well-designed ones cut out waste, reduce mistakes, and allow us to scale with agility.

Technology, when used wisely, becomes a powerful partner that brings speed, real-time visibility, predictive insights, and automation to support and amplify human effort rather than replace it.

When these four elements are in congruence, it becomes easier for organisations to achieve higher efficiency, stronger accountability, quicker and better decisions, outstanding customer experiences, and results that last even when the environment gets tough.

Look at Toyota for example, where a deep culture of continuous improvement, empowered people, disciplined processes and smart technology has created decades of excellence.

Or Netflix, which successfully transformed from a DVD rental business into a global streaming giant by aligning visionary talent, flexible ways of working, and powerful cloud technology.

Of course, the journey is rarely smooth. Many organisations struggle with unclear priorities that scatter energy, weak accountability that slows progress, and an over-reliance on technology without properly preparing their people and processes, a trap often called the digital fallacy.

Additionally, cultural resistance, patchy data quality, and stubborn silos between departments continue to hold many back. These are human challenges that demand human solutions rooted in wise, courageous leadership.

This is why the role of today’s manager is both challenging and deeply meaningful.

We must act as orchestrators, translating big strategy into everyday action, nurturing teams that are adaptable and ready for the future, guiding change with empathy and clarity, keeping performance on track with meaningful metrics and smart tools, constantly improving how work gets done, and building a culture where accountability and excellence feel natural.

When we do this, consistently measuring ourselves against proven standards, alignment stops being a nice idea and becomes the way we actually work.