EAC regulators eye common insurance supervision rules

Insurance regulators from six East African countries are moving towards common supervision rules in a push to create a more harmonised insurance market and ease compliance for companies operating across borders.

The East African Insurance Supervisors Association (EAISA), bringing together regulators from Kenya, Uganda, Tanzania, Rwanda, Burundi and the Democratic Republic of Congo, adopted a harmonised insurance core principles assessment template during a recent meeting held in Nairobi.

The template, which includes about 25 principles, will provide a common basis for evaluating supervisory standards, identifying regulatory gaps and promoting peer learning. This sets the stage for closer alignment of supervisory practices, with the regulators agreeing to convene in December 2026.

‘The outcomes of the meetings mark a further step towards a more integrated, coordinated and technology-enabled regional insurance supervisory framework, with stronger emphasis on consumer protection, harmonised regulation and effective cross-border cooperation,’ read the joint communiqué.

The exercise is expected to identify differences in national regulations and supervisory practices that could be addressed as the region moves towards regulatory convergence.

‘This is work in progress. We agreed to carry out assessments against 25 insurance core principles and compare notes in December. The idea is to move towards one market,’ said Godfrey Kiptum, chief executive of Kenya’s Insurance Regulatory Authority (IRA).

The move could reduce regulatory differences for insurers operating in more than one East African market, particularly as companies expand their regional footprints and businesses increasingly operate across national borders.

Kenyan insurers such as Jubilee, Britam, ICEA LION, Old Mutual, CIC, APA Apollo, GA and Mayfair have operations across EAC countries, making the push for common regulations relevant.

‘Having common regulations will make compliance easier for insurance companies operating across multiple EAC countries. Product development will become easier, and it will also make supervision of market conduct more effective,’ Mr Kiptum said.

Closer supervisory cooperation could also improve the handling of risks that require regional responses, including large infrastructure projects, trade-related exposures and natural catastrophes.

Many insurers face an increasingly regional risk environment, with businesses, infrastructure and supply chains operating across borders and exposure to risks such as floods, drought, cyber threats and other climate-related events spreading beyond individual markets.

EAISA meeting approved the development of regional guidelines on insurance complaints management, which are intended to establish common minimum standards for fair and timely handling of policyholder complaints while retaining national legal requirements.

The regulators also approved guidelines for monitoring and evaluation to improve the comparability of insurance market data and support evidence-based supervision.

The association further backed a harmonised approach to digital transformation, with emphasis on interoperability, consumer protection, cybersecurity and improved access to insurance services.

A regional insurance sandbox framework was also muted to give regulators a common approach to overseeing innovation in insurance technology.

The regulators approved the progression of the Regional Integrated Insurance Supervisory Software (RIISS), which is expected to strengthen information sharing and technology-enabled supervision across member regulators.

The initiatives are aimed at reducing regulatory fragmentation as insurers expand across the region and digital products make it easier to serve customers across borders.

EAISA also selected Kenya to host its secretariat for the next five years, giving the association a permanent base for coordinating the implementation of its regional supervisory agenda.

10 years on, pastoralists still wait for the community land promise

Today, September 21, marks 10 years since Kenya’s Community Land Act came into force, giving effect to a constitutional promise that communities would have stronger rights over land held under customary tenure.

For pastoralists, whose livelihoods depend on shared access to rangelands, water points, grazing areas, livestock corridors and dry season reserves, that promise remains unfinished. The issue goes beyond land ownership.

Kenya’s drylands support most of the country’s livestock, provide critical wildlife habitats and are attracting investment in conservation, renewable energy, tourism and carbon projects.

Secure community land rights determine whether local people benefit from these opportunities or are excluded from them. Community land tenure allows communities to manage shared resources such as water and pasture, develop drought mitigation plans, resolve resource conflicts and invest collectively in restoring degraded landscapes.

It also opens opportunities to participate in carbon credit projects and benefit from the growing carbon economy through shared governance.

Momentum is building for faster registration. The Sajili Ardhi Ya Jamii campaign, backed by a coalition of advocacy groups supported by Namati, is urging the government to register all community land by 2030. About 60 per cent of Kenya’s land is occupied by Indigenous Peoples and local communities, yet only seven per cent of land eligible for formal community tenure has been registered.

The principle emerging from pastoralists is straightforward: Nothing for us without us. It was the defining message at the Global Pastoralist Gathering in Ulaanbaatar, Mongolia, held alongside the recently concluded United Nations Convention to Combat Desertification COP17.

The Ulaanbaatar Declaration called for pastoralists to have direct and equitable access to land restoration and climate finance, and a stronger voice in decisions affecting their lands and livelihoods. Mali Ole Kaunga, founder and executive director of IMPACT Kenya, says those commitments must translate into faster action on secure land tenure, pastoral mobility, rangeland restoration and community resilience.

The message is particularly relevant for Kenya. Where community land remains unregistered or fragmented, pastoralists struggle to protect grazing systems, negotiate investments and safeguard seasonal mobility. Subdivision and competing land claims can weaken livelihoods and undermine environmental management.

As attention shifts from the land COP to the upcoming biodiversity and climate COPs, Kenya has an opportunity to align its domestic actions with its international commitments.

The Ministry of Lands and the National Land Commission should accelerate community land registration, while agencies overseeing climate and conservation programmes must ensure investments respect community rights and deliver transparent benefits.

The CEO who swore by bow ties and bold decisions to stand out

Before answering, Donald Wangunyu pauses. His eyes shoot up to the left, searching the corners of his brain, looking for the right words. When he finds them, it’s an avalanche, a problem of abundance. But when the CEO of FourFront Management is not thinking, he is doing stuff. Having conversations with the dead, à la the philosopher Zeno of Citium. Or wearing bow ties, his dash of magic, or madness, depending on who you ask. He is a bit of a craftsman himself. ‘I am redesigning my wedding ring,’ he says.

He is also a systems man. Even as we take a walk at his home in Nairobi’s Kitisuru, where he is supervising some construction projects, his movements seem practised, like those of someone who did everything according to the way it was set out in some book. ‘Whoever can make whatever is complex simple,’ he says, ‘will be paid very good money.’ That’s his superpower. He is less interested in the mechanics of decisions, of making the right decision, but instead, making the decision right. Simplicity, not simplism.

Donald, what’s the greatest part about being you? The experiences that I have had, both difficult and enjoyable, have enabled me to perceive the world in the moment. Meaning that I have a very clear view that history is memory and the future is imagination. Therefore, the ability to extract all the value from this present moment, and the feelings I have about it, and being able to share those feelings, in my opinion, is the best part about being Donald.

What’s one rule you live by? I’ll give you three. One, information is not the same as a decision. Meaning that in our world today, we are surrounded by information. In fact, using technology, you can reference global knowledge, the history of humanity, but that doesn’t give you the right to delegate the decision. It will always be yours, whether it’s a personal or professional decision. A lot of people, especially younger people, don’t want to make decisions, especially one-way decisions, like getting married or what career path to take, but all of those are decisions one must make.

Two, you’ve got to think in systems. ‘Follow your passion” is an absolutely wrong idea. Passion comes from being good at what you do. And if you’re good at what you do, you’ll be passionate about it. What you should do is build discipline to drive you forward even on days when you don’t feel like doing it. Discipline, with the right system, allows you to achieve anything.

Third is curiosity. Don’t settle for what you know today. Stay curious. Imposter syndrome makes people want to stay in their position. Put those three things together: discipline, curiosity, and the ability to simply make a decision even though that decision will close options, and that’s what shapes everything.

Was there a moment in your life that challenged that rule? How much time do we have [chuckles]? You know, one would say that unless you feel the challenge, trigger imposter syndrome, and have to build a new system, you haven’t pushed yourself hard enough. You’re just doing the same thing you did yesterday. For example, I wear bow ties. I woke up one day and said, “I’ll just wear bow ties.” And I’ve been in rooms with 1,000 people, and I’m the only person wearing a bow tie. That creates attention. For someone to purposely seek attention, it means they’re pushing the boundaries, and you can feel it in your guts. I like that feeling. If your work and it feels fun and easy, you haven’t found your edge. I look to experience that as much as possible until exhaustion sets in, because psychologically, you’re fighting.

Speaking of, what’s one hard thing you’ve done lately? I do nothing but hard things. Deciding how my children are going to perceive me and creating a foundation for them from a religious perspective required very deep study, to the extent that I discovered an order of the Catholic Church for lay people who studied scripture deeply. That was on the back of deciding that every day I’d read for half an hour, no matter what. That presents a danger of not being of service to mankind-you’re consuming and building knowledge for your own self. Of course, that leads into the work that I do, which is primarily all research and development in terms of what we’re doing to bring trading on the Nairobi Securities Exchange to the common person.

What’s the one money lesson you’d really want to ingrain into your son? The first is, speak up. The next is, build experiences into the children. I was doing a high-level talk in Uganda, and I took my son to give him a really clear understanding of what’s going on in the world. He got to see dignitaries, how they are handled, and what a holding room is. Ditto, my daughter, when I was doing a talk about two weeks ago. I took her. They are grounded in real experiences of what people are talking about and things that are happening. You don’t set out to make money; you set out to solve a problem. To solve a problem, you have to observe mankind or observe humanity. Speak up. You have to go against the grain because you’re trying to solve it.

Was that how you grew up? Once we hit teenagehood, our parents introduced money discussions. I played in the orchestra when I was at St Mary’s playing double bass, and I got to the level where I needed to practice more hours than I could get access to the instrument at school. So, of course, you come and ask your parents, “Okay, can I get a double bass?” And my mother sat me down and said, “Okay, if we get you a double bass, it means we’ll have to get all your siblings something. Are you sure this is the kind of cost you want to bring to us?” And I said, “You know what? I’ll talk to my music teacher.”

I also remember when we needed to choose a university to go to. If every school will teach you 1 + 1 = 2, quantify the value you’re buying. When one quantifies the value of an international school, he’s quantifying his career, where the children are in terms of being global citizens, and the relationships they build in school, which is beyond just 1 + 1 = 2.

You grew up under a successful father; what kind of pressure does that bring? There were 15 years when we spent pretty much every day going to work together. We made every decision with me observing, right down to the correct phrasing of letters for particular effects. We did it for 15 years, but when we got back home, he greeted me again as a father. There is normal employer-employee pressure, but he created a very clear distinction between home and work. My mother forbade us from talking business at the dinner table, even as adults. So you come home, have a cup of tea, and talk about life and the pursuit of happiness.

How are you being a different father than the one you had? I am trying to do much of the same, so I’m into a Catholic upbringing. My father is an entrepreneur, and I inherited that. I’m trying to expand on the foundation the previous generation built. You have three choices: maintain it, grow further from it, or expand. One of the challenges, if you take the view of maintaining, is that you have siblings, so what was managed by one person gets split between siblings. If you expand into different areas, you allow everyone to build their own visions into the structure and create different outcomes. If I could do what my father did, I would be successful.

The challenge is in understanding what the world means for my daughter as a young woman. Questions like, “Is it okay to cry in a professional environment? How does she balance being a professional, a wife, and a mother? And for my son, how he sees me treating his mother, because that affects how he will treat his wife.

What’s a lie about fatherhood that you no longer believe? The idea of ‘happy wife, happy life” is absolutely wrong [chuckles]. “Happy spouse, happy house” is the way to go. The fathers of our generation need to create stability for the family, but they must first be stable themselves. If your interior life is not stable, there is absolutely no way the house will be stable.

How has your interpretation of the word “husband” changed over the years? There are two types of husbands. The first is a temptation to give away the authority, coming from a lack of understanding of stability. Men tend to waver: either giving away authority, so the house doesn’t have a stable direction, or lording over the house. Nobody teaches husbands how to do that. But once you understand how to put your authority at the service of the household, then you remain at the centre, and everyone flourishes around you, knowing that whatever storms come, there is a harbour at the centre.

Kenya Association of Stockbrokers and Investment Banks Chairman Donald Wangunyu during an interview in Kitusuru, Nairobi on August 27, 2026.

Bonface Bogita | Nation Media Group

What habit has best improved your life? Systems thinking, and reading every day, even if it’s just 10 to 20 minutes. Read every day. Before you know it, you’ll have read more books than most people will. By my calculation, it takes about two to three years. Then, think in systems; don’t rely solely on passion. For instance, I need to lose weight, so I tell my personal trainer, “I hate exercising, so your job is to engage me in conversation so I forget that I’m exercising.” So, the system I needed to create was engaging the mind.

What’s a book you’d gift your son? Ego Is the Enemy by Ryan Holiday, so he can be clear with his interior.See things as they are, says the book. When you see a big fancy car, that’s just transportation. Don’t get overwhelmed by the extra meanings people attach to things. That’s ego. Keeping up with the Joneses is the easiest way to get broke.

What’s something nice you’ve done for yourself lately? I am redesigning my wedding ring, myself. I’ve been married 18 years, and my ring fell into a cistern. I’ve been designing one for the last six months.

Will you go the whole way, including renewal of vows? [chuckles] I don’t know, because I can’t answer that question without permission. But I’ve put a budget together, and I’m redesigning a ring for the person I am today rather than who I was 18 years ago.

Yours alone, or plus hers? She will look at mine and then create hers.

What has marriage brought to your life that being a senior bachelor would not? Everything. Even at SIB Bank, my mother was the secretary while my father was in the office. Marriage is the platform upon which you succeed. Life doesn’t truly start until you get married and learn how to manage finances as a couple, rather than remaining roommates with “my money vs your money.” Then, getting children forces you to think beyond yourselves.

If you could have learned a lesson early in life, what would it have been? Go out there and do things without creating psychological barriers for yourself. If you’re not feeling anxious or experiencing imposter syndrome, you are not pushing hard enough.

What are you secretly good at? Clarifying a decision. In meetings, stripping away noise and fluff and identifying the exact decision that needs to be made. That’s why I am in the room.

What do people often get wrong about you? That I am outgoing [chuckles]. I am very good at doing what I need to do, but it takes a lot of energy to get there and much more energy to recover. I enjoy it, but I am not outgoing at all.

How do people show you love? Enabling silence. Being in the same space without necessarily having to make noise or perform. The presence in itself is enough.

What’s your top tip against life’s mental storms? If you’re struggling with a problem, think about it really hard, then go to sleep and let your subconscious work on the problem. Remember, “Ego is the enemy”, so see things as they are, and build systems. If you get demoted at work, with a smaller office, but you are still getting a salary, then your ego is your enemy.

What’s your idea of a good weekend? Exploring new places. We set a family rule not to go to the same restaurant twice in the same year. My main hobby is grilling and exploring spices and foods.

What’s your go-to grill? Pork, especially the burnt ends with maple syrup.

What do you know that I should know? Engage with the stock exchange because it’s a national asset and the potential of the country, and money will be made there whether you participate or not. Also, build a base of genuine relationships with as many people as possible and invest in those relationships. They say you can determine how wealthy someone will be by how many people they can call and put in a room together.

New technology drives Kenya’s internet growth

Advancements in technology such as low-Earth-orbit (LEO) satellites and advanced wireless links are powering Kenya’s internet growth as networks race to get more people connected.

Latest data from the Communications Authority of Kenya (CA) shows fixed internet subscriptions grew 32.4 percent between June 2025 and June 2026.

Fibre optic is the largest fixed internet technology, with subscriptions rising to 1.57 million in June, 29.7 percent higher than the 1.21 million recorded in June last year.

But newer technologies are allowing operators to expand connectivity without relying entirely on traditional infrastructure.

Radio technology recorded a 471.1 percent year-on-year growth to 8,606 subscriptions from 1,507 last June.

“Radio technology grew particularly high by 471.1 percent, mainly attributed to the roll-out of radio technology by Airtel, Jamii Telecommunication and Fiberlink Ltd,” the CA said.

Radio frequency internet uses wireless radio signals instead of physical copper or fiber optic cables to deliver high-speed internet to homes and businesses.

Similarly, satellite technology subscriptions increased 54.4 percent year-on-year to 27,695 in June from 17,939, driven by the entry and expansion of LEO satellite services such as Starlink.

These new technologies offer a way of reaching locations where laying fibre or building conventional cellular infrastructure can be difficult or expensive.

CA said satellite bandwidth capacity declined 19.1 percent year-on-year to 0.360 gigabits per second (Gbps) in June from 0.445 Gbps in June 2025, mainly because of the migration from traditional very small aperture terminal (VSAT) technology to LEO technology.

Unlike traditional satellite systems, LEO constellations operate much closer to Earth, allowing them to provide lower-latency connections and higher speeds.

Airtel Africa last year partnered with SpaceX, the parent company of Starlink, to introduce direct-to-cell (D2C) technology across its 14 African markets beginning this year.

D2C is designed to address so-called dead zones – areas without reliable internet connectivity because of geographical barriers, infrastructure gaps or the difficulty of deploying conventional networks.

Instead of requiring a satellite dish or other specialised equipment, the technology allows compatible mobile phones to communicate directly with LEO satellites, extending basic connectivity to areas where mobile towers have not reached, including remote locations.

Safaricom’s South African parent company, Vodacom, also signed an Africa-wide deal with SpaceX last November that will see the Kenyan telco integrate Starlink satellite technology for data relay into its mobile network.

In this case, traditional cell towers are equipped with a satellite terminal that transmits data directly to the LEO constellation, which then routes it to the core network.

Mobile data continues to dominate Kenya’s internet market, with subscriptions reaching 64.3 million at the end of June, up 9.7 percent from 58.6 million a year earlier.

The latest CA data shows mobile broadband accounted for 85.5 percent of total subscriptions, with 4G remaining the most adopted broadband technology at 48.3 million users.

The expansion of 4G and 5G networks is also accelerating smartphone adoption as consumers move away from basic handsets and use their phones for increasingly data-heavy activities.

The total number of mobile devices connected to networks stood at 79.7 million by the end of June, equivalent to a penetration rate of 149.4 percent.

Safaricom previously said it has 33.16 million smartphones on its network.

Kenya’s largest telco has invested more than Sh500 billion in capital expenditure over the past decade, including Sh55.8 billion last year.

Of this, Sh38.6 billion went into network infrastructure, alongside investments in new data centres, distribution infrastructure and software applications.

Airtel Africa invested $884 million (Sh114.3 billion) in capital expenditure during the year ended March 2026, mainly on network expansion, while adding more than 3,250 infrastructure sites across its 14 African markets.

The company says its 4G network now reaches 75.6 percent of the population across its markets, while 96.7 percent of data traffic comes from customers using 4G and 5G smartphones.

Smartphone penetration on Airtel’s network stood at 49.5 percent as of March.

These investments are driven by Kenya’s rising demand for speed. CA data shows that the fixed internet market is expanding as more customers take mid-tier broadband connections and ultra-fast services.

Connections in the 256 kilobits per second (Kbps) to below two megabits per second (Mbps) category rose to 113,438 in June from 49,790 a year earlier.

At the other end, connections offering at least 1 Gbps more than doubled to 1,853 from 701 over the same period.

The increase reflects the growing use of video streaming, online education, remote work, e-commerce, cloud computing and other digital services that require faster and more stable connections.

‘Fixed internet services in the country are experiencing unprecedented growth, driven by intense competition, a shifting digital economy, and aggressive infrastructure roll-outs,’ the regulator said.

This has created a market for technologies capable of delivering high speeds without the limitations of older infrastructure.

Kenya should build a minerals industry, not simply mine

During the recent AmCham Business Summit in Nairobi, one message came through clearly: Kenya is standing at an extraordinary moment.

Critical minerals define international economic policy. Governments want secure supply chains, manufacturers need materials, and technologies are driving demand for minerals used in everything from smartphones to energy infrastructure and advanced defence systems.

Kenya has much of what it needs to seize this opportunity. Its mineral potential is real, and it pairs that with a sophisticated financial sector, a verified warehouse system, and growing technical expertise.

Add access to the Port of Mombasa and its position as East Africa’s commercial hub, and Kenya is already emerging as a leader among African countries seeking to turn natural resources into industrial development.

But mineral potential is not enough. As United States Ambassador to mineral-rich Guinea, I saw natural resources attract enormous investment without producing broad-based prosperity. Geology opens the door; policy, technology, and political will determine what comes through it.

Mining has historically been a conservative industry; capital-intensive, technically difficult, and rightly cautious about risk. But caution can hold back progress. When the industry says something cannot be done, it often means it has not been done before or would disrupt an established business model. Kenya should not accept that answer.

The Kenyan government has laid down a challenge: minerals should not be extracted and shipped overseas for higher-value work elsewhere. Processing, beneficiation, and more surrounding activity should take place in Kenya.

The technology, expertise, and capital exist. What is required is clear government direction and companies prepared to innovate.

Kenya should insist on tomorrow’s technology today: extraction and processing techniques that reduce energy and water consumption, improve recovery rates, and manage environmental risks. Projects should be designed around Kenyan processing capacity, supported by infrastructure that lets mines strengthen the wider economy.

The tender for the niobium and rare-earth prospect at Mrima Hill is an immediate opportunity to apply these principles. The minerals identified there are used in electronics, high-strength alloys and permanent magnets. Yet further exploration and economic analysis are needed. The task is not to rush into extraction, but to select a partner capable of establishing what is technically, economically, environmentally, and socially feasible.

The right partner will bring financing and modern technology, build Kenyan expertise, and recognise that a prospecting licence does not replace environmental, land-use, or other statutory approvals. It will engage communities early enough for their knowledge and concerns to shape the project.

Africa also needs greater ownership over how its minerals are traded and priced. Today, the benchmarks that matter globally are still set through institutions far removed from the countries producing the resources. The London Metal Exchange, for example, is based in Britain and owned by Hong Kong Exchanges and Clearing.

Africa should not remain only a source of material while pricing, financing, and market power sit elsewhere.

The continent should develop a minerals marketplace offering transparent price discovery, certified inventories, traceable transactions, and access to finance. Nairobi’s financial sector, technology and regional connectivity make it a natural home. Existing initiatives provide a foundation, but the ambition should be a credible African minerals and metals platform serving producers continent-wide.

The United States should support that ambition. American companies can bring capital, expertise, advanced environmental practices, and global customers. The US government can support participation through commercial diplomacy, development finance, and technical partnerships. Kenya brings resources, talent, clean-energy potential, and a fast-growing regional market.

This is not aid, nor should it be framed as a geopolitical contest in which Kenya must choose sides. It is a partnership between equals, based on mutual commercial interest.

Mining, processing, and building markets are difficult. But difficult does not mean impossible. Kenya’s government says a different model can be built. The private sector should take up that challenge and African governments must stop taking no for an answer.

NSE reclaims Sh4trn valuation on Friday rally

The Nairobi Securities Exchange (NSE) recouped some of its losses on Friday after large bank stocks rallied on the day to push investor wealth back to the Sh4 trillion level.

Market capitalisation -the measure of investor wealth- rose Sh56.24 billion on Friday to close the week at Sh4.004 trillion.

Coming into the session, the bourse was on a losing run that had seen its valuation drop by Sh337 billion since hitting its all-time peak of Sh4.285 trillion on September 3.

The slide however opened an opportunity for investors to buy at a discount some of the blue-chip stocks that have recently touched all-time highs. Co-operative Bank of Kenya was the top gainer among the five large listed companies, adding 8.9 percent to Sh34.80 per share, which translated to a Sh16.7 billion jump in valuation to Sh204.7 billion.

Equity Group followed with a market cap gain of Sh9.43 billion to Sh371.7 billion, after its share added 2.6 percent to Sh98.50 on Friday.

KCB Group’s valuation rose Sh8.8 billion to Sh279.6 billion as its share price closed the day 3.3 percent higher at Sh87 per unit.

Safaricom added Sh4 billion to its valuation to Sh1.41 trillion, as its share price only rose by 0.3 percent to Sh35.30 at the close of the week.

These large stocks had accounted for the bulk of the losses seen over the previous week-and-a-half.

Equity, KCB and Co-op Bank traded at all-time highs of Sh106, Sh98.55 and Sh38.55 per share respectively as of September 3, while Safaricom was trading at a multi-year high of Sh37.94 per share.

The stocks had rallied throughout August, ultimately triggering a selloff by investors who were looking to actualise the capital gains they had accumulated in the period.

When sellers outnumber buyers in a session, prices tend to trend downwards as those offloading units quote their stocks at the lower end of the daily price limit in the hope of securing takers for their shares ahead of competing sellers.

Alternatively, when there is higher demand than supply, sellers are able to quote and get paid prices that are near the upper daily limit, setting off a rally.

For foreign investors, rising global risks also contributed to selling activity from the second week of September.

Attacks by Yemeni Houthi rebels on the Red Sea shipping channel caused a jump in benchmark oil prices, triggering fears of a new round of higher global inflation.

Due to the rising geopolitical tension, the yield on US 10-year bonds hit the key five percent threshold for the first time since 2023.

The US Federal Reserve also raised its benchmark rate by 0.25 percentage points last week, signalling concerns of higher inflation in the world’s largest economy.

The benchmark US 10-year bond rate and the Fed rate are a closely watched gauge of market inflation expectations, influencing capital movement across the globe.

Safaricom widens mobile market lead over Airtel

Safaricom increased its share of Kenya’s mobile subscriptions to 69.8 percent in the three months to June, widening its lead over Airtel, which gained ground in broadband and mobile money.

Communications Authority of Kenya (CA) data shows Safaricom’s share of mobile subscriptions rose from 68.9 percent in March and 66.8 percent in December 2025.

Airtel’s share, meanwhile, fell to 26.8 percent from 27.6 percent in March and 29.2 percent in December.

Safaricom also retained the largest share of mobile broadband subscriptions at 64.4 percent, although it was a decrease from 64.5 percent in March.

Airtel’s broadband share increased to 31.9 percent from 31.8 percent in March.

In mobile money, Safaricom’s M-Pesa continued to dominate the market with an 88.8 percent share at the end of June, down from 89.1 percent in March.

Airtel Money increased its share to 11.1 percent from 10.9 percent in March.

Telkom Kenya recorded the least market shares, with 0.6 percent in both mobile and broadband segments, and a zero percent share in the mobile money market.

Safaricom has been strengthening its position in mobile subscriptions, while Airtel has maintained a larger share of the broadband market than its share of mobile subscriptions would suggest.

In September 2025, Safaricom held 65.3 percent of mobile subscriptions, 62.7 percent of mobile broadband subscriptions and 89.7 percent of mobile money, compared with Airtel’s 30.7 percent, 33.5 percent and 10.3 percent respectively.

Kenya’s largest telco has maintained a dominant position in mobile money, while Airtel has gradually increased its share of the segment even as its overall mobile subscription share has declined.

M-Pesa is Safaricom’s largest unit and is on course to generate half of the telco’s profits. In the year to March, Safaricom’s revenue rose to Sh414.1 billion from Sh371.4 billion in the same period a year earlier, reflecting a 11.5 percent growth.

M-Pesa revenue rose 13.4 percent from Sh182.7 billion, accounting for 45.6 percent of Safaricom’s sales.

Revenue from mobile data rose 14.4 percent to Sh83.3 billion, while fixed internet to homes and offices rose 12.2 percent to Sh20.2 billion.

Safaricom has been ramping up its data business to offset stagnating mobile calls. Its voice revenue has been falling due to saturation and the adoption of internet-based alternatives like WhatsApp and Messenger.

Airtel Africa does not disclose its performance data for specific markets like Kenya. For the year ended March 2026, the firm said data revenues from its East Africa operations, which cover Kenya, Tanzania, Uganda, Rwanda, Zambia and Malawi, jumped to $930 million (Sh120 billion) from $755 million (Sh97.7 billion) a year earlier.

Mobile money revenues rose to $1 billion (Sh129 billion) from $747 million (Sh96.7 billion).

CA’s latest data shows Safaricom commands a 36.1 percent share of Kenya’s fixed internet market, with 1,024,950 subscriptions.

Jamii Telecommunications has 541,003 subscribers, representing 19.1 percent, while Wananchi Group commands 10.4 percent with 294,375 subscribers.

The CEO who swore by bow ties and bold decisions to stand out

Before answering, Donald Wangunyu pauses. His eyes shoot up to the left, searching the corners of his brain, looking for the right words. When he finds them, it’s an avalanche, a problem of abundance. But when the CEO of FourFront Management is not thinking, he is doing stuff. Having conversations with the dead, à la the philosopher Zeno of Citium. Or wearing bow ties, his dash of magic, or madness, depending on who you ask. He is a bit of a craftsman himself. ‘I am redesigning my wedding ring,’ he says.

He is also a systems man. Even as we take a walk at his home in Nairobi’s Kitisuru, where he is supervising some construction projects, his movements seem practised, like those of someone who did everything according to the way it was set out in some book. ‘Whoever can make whatever is complex simple,’ he says, ‘will be paid very good money.’ That’s his superpower. He is less interested in the mechanics of decisions, of making the right decision, but instead, making the decision right. Simplicity, not simplism.

Donald, what’s the greatest part about being you? The experiences that I have had, both difficult and enjoyable, have enabled me to perceive the world in the moment. Meaning that I have a very clear view that history is memory and the future is imagination. Therefore, the ability to extract all the value from this present moment, and the feelings I have about it, and being able to share those feelings, in my opinion, is the best part about being Donald.

What’s one rule you live by? I’ll give you three. One, information is not the same as a decision. Meaning that in our world today, we are surrounded by information. In fact, using technology, you can reference global knowledge, the history of humanity, but that doesn’t give you the right to delegate the decision. It will always be yours, whether it’s a personal or professional decision. A lot of people, especially younger people, don’t want to make decisions, especially one-way decisions, like getting married or what career path to take, but all of those are decisions one must make.

Two, you’ve got to think in systems. ‘Follow your passion” is an absolutely wrong idea. Passion comes from being good at what you do. And if you’re good at what you do, you’ll be passionate about it. What you should do is build discipline to drive you forward even on days when you don’t feel like doing it. Discipline, with the right system, allows you to achieve anything.

Third is curiosity. Don’t settle for what you know today. Stay curious. Imposter syndrome makes people want to stay in their position. Put those three things together: discipline, curiosity, and the ability to simply make a decision even though that decision will close options, and that’s what shapes everything.

Was there a moment in your life that challenged that rule? How much time do we have [chuckles]? You know, one would say that unless you feel the challenge, trigger imposter syndrome, and have to build a new system, you haven’t pushed yourself hard enough. You’re just doing the same thing you did yesterday. For example, I wear bow ties. I woke up one day and said, “I’ll just wear bow ties.” And I’ve been in rooms with 1,000 people, and I’m the only person wearing a bow tie. That creates attention. For someone to purposely seek attention, it means they’re pushing the boundaries, and you can feel it in your guts. I like that feeling. If your work and it feels fun and easy, you haven’t found your edge. I look to experience that as much as possible until exhaustion sets in, because psychologically, you’re fighting.

Speaking of, what’s one hard thing you’ve done lately? I do nothing but hard things. Deciding how my children are going to perceive me and creating a foundation for them from a religious perspective required very deep study, to the extent that I discovered an order of the Catholic Church for lay people who studied scripture deeply. That was on the back of deciding that every day I’d read for half an hour, no matter what. That presents a danger of not being of service to mankind-you’re consuming and building knowledge for your own self. Of course, that leads into the work that I do, which is primarily all research and development in terms of what we’re doing to bring trading on the Nairobi Securities Exchange to the common person.

What’s the one money lesson you’d really want to ingrain into your son? The first is, speak up. The next is, build experiences into the children. I was doing a high-level talk in Uganda, and I took my son to give him a really clear understanding of what’s going on in the world. He got to see dignitaries, how they are handled, and what a holding room is. Ditto, my daughter, when I was doing a talk about two weeks ago. I took her. They are grounded in real experiences of what people are talking about and things that are happening. You don’t set out to make money; you set out to solve a problem. To solve a problem, you have to observe mankind or observe humanity. Speak up. You have to go against the grain because you’re trying to solve it.

Was that how you grew up? Once we hit teenagehood, our parents introduced money discussions. I played in the orchestra when I was at St Mary’s playing double bass, and I got to the level where I needed to practice more hours than I could get access to the instrument at school. So, of course, you come and ask your parents, “Okay, can I get a double bass?” And my mother sat me down and said, “Okay, if we get you a double bass, it means we’ll have to get all your siblings something. Are you sure this is the kind of cost you want to bring to us?” And I said, “You know what? I’ll talk to my music teacher.”

I also remember when we needed to choose a university to go to. If every school will teach you 1 + 1 = 2, quantify the value you’re buying. When one quantifies the value of an international school, he’s quantifying his career, where the children are in terms of being global citizens, and the relationships they build in school, which is beyond just 1 + 1 = 2.

You grew up under a successful father; what kind of pressure does that bring? There were 15 years when we spent pretty much every day going to work together. We made every decision with me observing, right down to the correct phrasing of letters for particular effects. We did it for 15 years, but when we got back home, he greeted me again as a father. There is normal employer-employee pressure, but he created a very clear distinction between home and work. My mother forbade us from talking business at the dinner table, even as adults. So you come home, have a cup of tea, and talk about life and the pursuit of happiness.

How are you being a different father than the one you had? I am trying to do much of the same, so I’m into a Catholic upbringing. My father is an entrepreneur, and I inherited that. I’m trying to expand on the foundation the previous generation built. You have three choices: maintain it, grow further from it, or expand. One of the challenges, if you take the view of maintaining, is that you have siblings, so what was managed by one person gets split between siblings. If you expand into different areas, you allow everyone to build their own visions into the structure and create different outcomes. If I could do what my father did, I would be successful.

The challenge is in understanding what the world means for my daughter as a young woman. Questions like, “Is it okay to cry in a professional environment? How does she balance being a professional, a wife, and a mother? And for my son, how he sees me treating his mother, because that affects how he will treat his wife.

What’s a lie about fatherhood that you no longer believe? The idea of ‘happy wife, happy life” is absolutely wrong [chuckles]. “Happy spouse, happy house” is the way to go. The fathers of our generation need to create stability for the family, but they must first be stable themselves. If your interior life is not stable, there is absolutely no way the house will be stable.

How has your interpretation of the word “husband” changed over the years? There are two types of husbands. The first is a temptation to give away the authority, coming from a lack of understanding of stability. Men tend to waver: either giving away authority, so the house doesn’t have a stable direction, or lording over the house. Nobody teaches husbands how to do that. But once you understand how to put your authority at the service of the household, then you remain at the centre, and everyone flourishes around you, knowing that whatever storms come, there is a harbour at the centre.

Kenya Association of Stockbrokers and Investment Banks Chairman Donald Wangunyu during an interview in Kitusuru, Nairobi on August 27, 2026.

Bonface Bogita | Nation Media Group

What habit has best improved your life? Systems thinking, and reading every day, even if it’s just 10 to 20 minutes. Read every day. Before you know it, you’ll have read more books than most people will. By my calculation, it takes about two to three years. Then, think in systems; don’t rely solely on passion. For instance, I need to lose weight, so I tell my personal trainer, “I hate exercising, so your job is to engage me in conversation so I forget that I’m exercising.” So, the system I needed to create was engaging the mind.

What’s a book you’d gift your son? Ego Is the Enemy by Ryan Holiday, so he can be clear with his interior.See things as they are, says the book. When you see a big fancy car, that’s just transportation. Don’t get overwhelmed by the extra meanings people attach to things. That’s ego. Keeping up with the Joneses is the easiest way to get broke.

What’s something nice you’ve done for yourself lately? I am redesigning my wedding ring, myself. I’ve been married 18 years, and my ring fell into a cistern. I’ve been designing one for the last six months.

Will you go the whole way, including renewal of vows? [chuckles] I don’t know, because I can’t answer that question without permission. But I’ve put a budget together, and I’m redesigning a ring for the person I am today rather than who I was 18 years ago.

Yours alone, or plus hers? She will look at mine and then create hers.

What has marriage brought to your life that being a senior bachelor would not? Everything. Even at SIB Bank, my mother was the secretary while my father was in the office. Marriage is the platform upon which you succeed. Life doesn’t truly start until you get married and learn how to manage finances as a couple, rather than remaining roommates with “my money vs your money.” Then, getting children forces you to think beyond yourselves.

If you could have learned a lesson early in life, what would it have been? Go out there and do things without creating psychological barriers for yourself. If you’re not feeling anxious or experiencing imposter syndrome, you are not pushing hard enough.

What are you secretly good at? Clarifying a decision. In meetings, stripping away noise and fluff and identifying the exact decision that needs to be made. That’s why I am in the room.

What do people often get wrong about you? That I am outgoing [chuckles]. I am very good at doing what I need to do, but it takes a lot of energy to get there and much more energy to recover. I enjoy it, but I am not outgoing at all.

How do people show you love? Enabling silence. Being in the same space without necessarily having to make noise or perform. The presence in itself is enough.

What’s your top tip against life’s mental storms? If you’re struggling with a problem, think about it really hard, then go to sleep and let your subconscious work on the problem. Remember, “Ego is the enemy”, so see things as they are, and build systems. If you get demoted at work, with a smaller office, but you are still getting a salary, then your ego is your enemy.

What’s your idea of a good weekend? Exploring new places. We set a family rule not to go to the same restaurant twice in the same year. My main hobby is grilling and exploring spices and foods.

What’s your go-to grill? Pork, especially the burnt ends with maple syrup.

What do you know that I should know? Engage with the stock exchange because it’s a national asset and the potential of the country, and money will be made there whether you participate or not. Also, build a base of genuine relationships with as many people as possible and invest in those relationships. They say you can determine how wealthy someone will be by how many people they can call and put in a room together.

Employers face rising costs from staff’s sitting lifestyle

How long do you sit in a day? When I asked those around me this question, their first response was six to eight hours. However, when we went through their daily activities, that figure quickly changed to double digits, signalling just how unaware we are of how long we sit.

Data from a fitness and lifestyle application offered by Old Mutual Group dubbed Thrive showed 74.1 percent of 31,734 engaged users are sedentary for more than 12 hours a day.

‘Sedentary does not mean being lazy but rather a long period awake, with very low energy use such as sitting, reclining or lying down,’ Dr Isaac Nzioka, head of digital business at Old Mutual says.

‘Fourteen sedentary hours can accumulate surprisingly easily. A normal day can contain movement and still be dominated by sitting,’ he adds.

The app found that most users spent an average of seven hours on a desk doing work-related duties while three hours went into TV and phone usage including scrolling or reading.

Other sedentary hours were used in commuting and during meals.

‘The point is not that every day looks exactly like this. It is that ordinary routines can quietly add up, so exercise and regular movement breaks matter,’ says Dr Nzioka.

The doctor recommends including movement breaks every 30 to 60 minutes, walking while talking or while on audio call, use of stairs and walking part of the commute.

‘You should aim for 150 to 300 minutes of moderate activity in a week plus strength work on two days,’ he added.

The long sedentary hours have been associated with a myriad of problems such as back pains, cardiovascular diseases and Type 2 diabetes.

‘It is concerning, especially in my case, because most of the patients I’m seeing with issues to do with the low back and hips are just because of living a sedentary lifestyle, especially sitting for long hours,’ says Jamin Mwangi, a physiotherapist at Zuri Health.

‘It’s ironic that people who are seated, not engaging in any strenuous activity are the ones getting very serious issues to do with the musculoskeletal system,’ he adds.

Mr Mwangi notes at least two of the six patients he sees in a day have back problems, mainly arising from sedentary living.

The physiotherapist reckons our bodies were not designed to be seated for more than an hour, beyond which we put excessive pressure on the low back and hips. Other challenges associated with long sitting hours include accumulation of dead weight around the mid-section as enzymes that help break down fats become less active.

Dr Nzioka also notes during sedentary state, inactive muscles absorb less glucose from the bloodstream causing blood sugar problems. In a long sitting position, leg muscles pump less blood, resulting in unhealthy blood circulation in the body.

As technology and virtual working increase the amount of time employees spend seated, sedentary behaviour has become an important workplace wellbeing concern.

Some companies such as Absa Bank Kenya have started activities that trigger active competition among its staff.

Staff are placed in teams dubbed kayas in which members accumulate their daily walking steps with the winning team taking a cash prize of up to Sh5 million.

‘Our focus is not only on organised sport, but on making movement accessible and sustainable for colleagues with different roles, locations and fitness levels. We are seeing greater awareness of personal wellbeing, alongside stronger colleague engagement and teamwork,’ sys Mumbi Kahindo, Chief People Officer at Absa Bank Kenya.

‘Employers have an important role in creating environments that make it easier for people to move, recharge and succeed,’ she adds.

The physiotherapist emphasises on the need to exercise over and above taking breaks during working hours.

‘I normally advise people to ensure they engage in some form of exercise at the end of the day. If you can’t afford to go to the gym, you can download a step track on your phone and ensure you do at least 10,000 steps,’ says Mr Mwangi.

EAC regulators eye common insurance supervision rules

Insurance regulators from six East African countries are moving towards common supervision rules in a push to create a more harmonised insurance market and ease compliance for companies operating across borders.

The East African Insurance Supervisors Association (EAISA), bringing together regulators from Kenya, Uganda, Tanzania, Rwanda, Burundi and the Democratic Republic of Congo, adopted a harmonised insurance core principles assessment template during a recent meeting held in Nairobi.

The template, which includes about 25 principles, will provide a common basis for evaluating supervisory standards, identifying regulatory gaps and promoting peer learning. This sets the stage for closer alignment of supervisory practices, with the regulators agreeing to convene in December 2026.

‘The outcomes of the meetings mark a further step towards a more integrated, coordinated and technology-enabled regional insurance supervisory framework, with stronger emphasis on consumer protection, harmonised regulation and effective cross-border cooperation,’ read the joint communiqué.

The exercise is expected to identify differences in national regulations and supervisory practices that could be addressed as the region moves towards regulatory convergence.

‘This is work in progress. We agreed to carry out assessments against 25 insurance core principles and compare notes in December. The idea is to move towards one market,’ said Godfrey Kiptum, chief executive of Kenya’s Insurance Regulatory Authority (IRA).

The move could reduce regulatory differences for insurers operating in more than one East African market, particularly as companies expand their regional footprints and businesses increasingly operate across national borders.

Kenyan insurers such as Jubilee, Britam, ICEA LION, Old Mutual, CIC, APA Apollo, GA and Mayfair have operations across EAC countries, making the push for common regulations relevant.

‘Having common regulations will make compliance easier for insurance companies operating across multiple EAC countries. Product development will become easier, and it will also make supervision of market conduct more effective,’ Mr Kiptum said.

Closer supervisory cooperation could also improve the handling of risks that require regional responses, including large infrastructure projects, trade-related exposures and natural catastrophes.

Many insurers face an increasingly regional risk environment, with businesses, infrastructure and supply chains operating across borders and exposure to risks such as floods, drought, cyber threats and other climate-related events spreading beyond individual markets.

EAISA meeting approved the development of regional guidelines on insurance complaints management, which are intended to establish common minimum standards for fair and timely handling of policyholder complaints while retaining national legal requirements.

The regulators also approved guidelines for monitoring and evaluation to improve the comparability of insurance market data and support evidence-based supervision.

The association further backed a harmonised approach to digital transformation, with emphasis on interoperability, consumer protection, cybersecurity and improved access to insurance services.

A regional insurance sandbox framework was also muted to give regulators a common approach to overseeing innovation in insurance technology.

The regulators approved the progression of the Regional Integrated Insurance Supervisory Software (RIISS), which is expected to strengthen information sharing and technology-enabled supervision across member regulators.

The initiatives are aimed at reducing regulatory fragmentation as insurers expand across the region and digital products make it easier to serve customers across borders.

EAISA also selected Kenya to host its secretariat for the next five years, giving the association a permanent base for coordinating the implementation of its regional supervisory agenda.