Category: Business Daily

Safaricom plans to bar the use of retained earnings for share buybacks under proposed changes to its articles of association that will be tabled at its upcoming Annual General Meeting (AGM).

The telco, in a notice to shareholders ahead of the July 31 AGM, has proposed an amendment to Article 134 of its internal rules to redefine how directors can allocate company reserves. The proposal is part of the special business to be considered alongside routine agenda items.

Under the proposed changes, Safaricom’s directors will retain the discretion to set aside portions of profits as reserves before recommending dividends. However, the proposed amendment seeks to restrict the application of these reserves by barring their use in acquiring the company’s own shares.

‘The directors may, before recommending any dividend… set aside out of the profits of the company such sums as they think proper as a reserve… applicable for any purpose to which the profits of the company may be properly applied… either be employed in the business of the company or be invested in the business of the company or be invested in such investments (other than shares of the company) as the directors may… think fit,’ reads the AGM agenda.

Latest disclosures show Safaricom held Sh165.74 billion in retained earnings at the group level at the end of March 2026, compared with Sh256.74 billion at the company level. The retained earnings offer a rich buffer despite years of distributing about 80 percent of net profit to shareholders.

The company has never implemented a share buyback since it listed on the Nairobi Securities Exchange (NSE) in June 2008.

Kenya first introduced share buybacks through the Companies Act, 2015 but the Capital Markets Authority introduced regulations to guide the process in November 2021.

The effecting of buyback rules in late 2021 means Safaricom would not have used such a programme to support its share price when it traded below its Sh5 listing level for about five years after joining the Nairobi bourse in 2008.

SAFARICOM BY PATRICK ALUSHULA

Subsequently, Safaricom’s share price rallied and has traded at a major premium, leading the NSE in terms of market value.

The proposed amendments show that the reserves may only be deployed in the business or invested in instruments other than Safaricom’s own stock.

Directors will also continue to have the option of carrying forward undistributed profits where deemed prudent.

Share buybacks, which involve a company purchasing its own shares from the market, are typically used to return excess cash to shareholders in a tax-efficient process or to support share prices.

Stock repurchases have the effect of raising the stakes and earnings for continuing shareholders.

By reducing the volume of outstanding shares in the market, they are also likely to lift a company’s value, especially if the business remains profitable and continues to grow.

When a company buys part of its shares, remaining investors benefit through a higher claim on earnings and dividends without incurring any tax expense.

When they receive a dividend, however, they pay withholding taxes of between five percent and 15 percent (depending on residency status), unless they qualify for exemption.

Critics of share buybacks say this use of capital faces various major risks, including consuming a company’s cash when it may need funds for investment in operations.

A company may also buy back its shares when they are not cheap -as measured by the firm’s fundamentals. In this case, winners are shareholders offloading their stakes to the entity.

Use of stock repurchases is more widespread in developed markets where companies also pay dividends.

Safaricom buys shares from the open market to award senior executives, including the CEO, as part of their performance-based compensation package. The practice differs from share buyback, which is aimed at returning value to shareholders or supporting the stock price.

In Kenya, listed firms such as Nation Media Group and Centum Investment Company have executed share buybacks in recent years, while unlisted players such as Synergy Industrial Credit have also adopted the strategy.

Other companies, including Jubilee Holdings and Absa Bank Kenya, have amended their articles of association to create room for buybacks, signaling its widening appeal in the market.

However, Safaricom’s proposed restriction suggests a preference for more traditional capital allocation strategies, including reinvestment in the business and dividend distribution.

Formalisation of the restriction on use of retained earnings for share buybacks looks set to reinforce Safaricom’s dividend policy by ensuring the money is primarily directed towards business growth and shareholder payouts rather than share repurchase programmes.

Safaricom’s proposed resolution requires approval by shareholders at the AGM, where it will be considered as a special resolution. If adopted, the changes will guide future decisions on profit retention and reserve utilisation.

Kenya Airways (KQ) has secured a second landing slot at Dubai International Airport, the world’s busiest airport for international passenger traffic, allowing it to launch a second daily flight to the city, days after its arch-rival Emirates added a third Nairobi-Dubai service.

The national flag carrier is set to more than double its capacity on the Nairobi-Dubai route, with an additional daily flight set to commence on September 1, as competition intensifies on the lucrative route.

This comes just days after Emirates, one of the few carriers that operates direct flights between Nairobi and Dubai, added a third daily flight, highlighting growing demand on the route.

KQ’s chief commercial and customer officer Julius Thairu told Business Daily the decision to add a second flight on the route followed receipt of regulatory approvals, and was driven by demand.

‘We are currently operating 7 weekly (daily) flights and growing to 14 weekly (double daily) flights from September 1. Frequency increases are subject to demand, aircraft availability, operational readiness, slot allocation, and the required regulatory approvals,’ Mr Thairu said in an email response.

Sources familiar with the issue had told Business Daily that KQ has unsuccessfully sought an additional landing slot in Dubai for years, despite Emirates and three other airlines from the United Arab Emirates having multiple landing slots in Nairobi and Mombasa.

Other UAE-based airlines flying to Nairobi and Mombasa are Etihad, which operates direct flights to and from Abu Dhabi; flyDubai, which flies to Nairobi and Mombasa from Dubai; and Air Arabia, which flies directly to and from Sharjah.

KQ had protested the unfair treatment in Dubai, which violated the Bilateral Air Service Agreement (BASA) between Kenya and the UAE and gave Emirates an unfair competitive advantage on the route, sources said.

The Kenya Civil Aviation Authority and the State Department for Aviation and Aerospace Development did not respond to requests for comment on the unfairness allegations.

With the addition of a third daily flight, served with a 350-seater Boeing 777, Emirates increased its daily capacity on the Nairobi-Dubai service to over 900 passengers, dwarfing KQ’s 147 by far.

Currently, KQ uses a Boeing 737-8, with a 147 passengers capacity for the daily Dubai flights. Mr Thairu did not disclose which equipment will be used on the second flight, but it is suspected it could deploy the recently returned 400-seater Boeing 777 or a second Boeing 737-8.

‘Any decision to add frequencies is made after a full commercial and operational assessment, including aircraft availability, crew planning, airport slots, passenger demand, and network connectivity,’ Mr Thairu said.

Dubai is among the most lucrative destinations to fly to from Nairobi, making it an important route for KQ. Despite the disruptions due to the Iran war, Dubai was among the best performing destinations from Nairobi, with a total capacity of 248,802 passengers flying out of Nairobi between January and June 2026, according to data by AeroTrail.

In June, Dubai was the second best performing route, with a total capacity of 51,149 flying out of Nairobi, second only to Nairobi-Mombasa, which is Kenya’s busiest domestic route, served by over 5 airlines.

In 2025, KQ earned Sh9.7 billion from its Dubai flights, accounting for 6 percent of its total turnover, highlighting how important the market is to the flag carrier.

The World Bank Group deems gains arising from creation of Kenya’s National Infrastructure Fund (NIF) short-term, stressing the need for deeper reforms to achieve a lower budget deficit and ease debt pressures.

Kenya has bet on the new infrastructure fund to move some of its development financing needs from the budget (off-balance sheet) and create fiscal space to cater for other spending requirements such as expenditures on social services and health.

The National Infrastructure Fund is expected to mobilise up to Sh5 trillion by crowding in private capital, raising Sh10 for every Sh1 invested in the vehicle.

The World Bank, while crediting creation of the fund as positive, however, calls for sustained structural and governance reforms to ensure strong growth and employment creation.

The multilateral lender has recommended key reforms to anchor fiscal consolidation and debt sustainability including increasing productivity by ending market distortions and the promotion of a more equitable and redistributive fiscal policy.

‘Privatisation efforts and asset sales are expected to fund commercially viable infrastructure projects through a new National Infrastructure Fund. However, this would not address the underlying structural weaknesses in revenue mobilisation and spending efficiency, underscoring the need for sustained fiscal consolidation and reforms,’ the World Bank said in a new Kenya Economic Outlook report.

‘The Government of Kenya intends to use the proceeds of privatisation through the fund. Even if these efforts and prospective proceeds offer short-term relief, sustained structural and governance reforms will be critical to ensure strong growth and job creation that is led by the private sector.’

Despite the proposed off-balance sheet funding for major infrastructure projects to relieve budget pressures, spending for the budget starting July 1, 2026, is projected to rise to Sh4.8 trillion from Sh4.6 trillion in the previous cycle. Spending on development is estimated to be slightly lower at Sh749 billion in the period, from Sh758.4 billion previously.

The projected fiscal deficit is only estimated to narrow slightly to Sh1.11 trillion for the cycle to June 30, 2027, from Sh1.19 trillion previously.

The government has initiated privatisation of select State-owned enterprises (SOEs) to reduce fiscal pressures and contingent liabilities.

The government has partially privatised Kenya Pipeline Company by selling 65 percent of its shares through an initial public offering (IPO), retaining a 35 percent stake and raising Sh106.3 billion in the transaction.

The government has also recently completed its partial divestment from Safaricom, selling a 15 percent stake to South Africa’s Vodacom Group Limited for Sh34 per share and generating an estimated Sh244.5 billion including an upfront dividend payment from its remaining 20 percent stake in the business.

Proceeds from KPC and Safaricom transactions are set to provide seed capital for the National Infrastructure Fund.

On Thursday, National Treasury Cabinet Secretary John Mbadi appointed Centum Investment Company chief executive officer James Mworia, Fahima Ali, Christopher Kibui and Latoya Ouma to be members of the fund’s board for a period of three years as the government moves to fully constitute the vehicle.

WORLD BANK BY KEPHA MUIRURI

Lawrence Kibet and Mohammed Abdirahman have also been appointed to the fund’s board.

The World Bank has further cut its growth projection for Kenya this year to 4.3 percent from the previous 4.4 percent, reflecting the impact of the Middle East conflict on Kenya’s macroeconomic outlook.

The World Bank recently disbursed Sh97 billion ($750 million) to Kenya from its second development policy operations (DPO) to support key fiscal reforms and provide key resources for the country’s budget.

The institution expects Kenya’s fiscal deficit to remain elevated and average 5.6 percent in the 2026-2028 period, keeping debt levels high and limiting fiscal space.

‘Without stronger policy action, fiscal vulnerabilities are likely to persist, as debt service obligations remain high, and expenditure pressures continue,’ the World Bank added.

‘Planned privatisation of select State-owned enterprises is expected to provide only limited direct fiscal relief, as most proceeds are expected to finance infrastructure investment.’

Businesswoman Mary Wambui Mungai has lost her bid to stop Equity Bank’s takeover of her luxury Glee Hotel after the High Court declined to suspend the lender’s appointed administrator.

The court said the hotel had not shown sufficient grounds to justify the interim orders it sought while challenging the administration.

It ruled that the hotel had not disputed the existence of an outstanding debt, which the bank said stood at Sh9.1 billion, and found no evidence that the administrator had disrupted the hotel’s operations since taking office on July 6.

The court also held that Glee Hotel’s offer to deposit Sh400 million pending determination of the bank’s insolvency petition was not proportionate to the debt claimed by the bank.

‘All these factors taken together favour not granting any interim orders at this point,’ Justice Freda Mugambi said.

‘The administrator is an officer of the court, and should it evidently become clear to this court that there is a need to intervene, there are mechanisms under the Insolvency Act to do so.’

The ruling leaves administrator Kamal Anantroy Bhatt in control of the five-star Nairobi hotel as the court first considers preliminary objections challenging the suit before addressing the substantive dispute over the administration.

Glee Hotel had asked the court to suspend the administration and restrain the administrator from exercising powers under the Insolvency Act, arguing that allowing the process to continue would render its challenge meaningless.

Appearing for the hotel, lawyer Emmanuel Mumia argued that the administration had begun damaging the hotel’s commercial standing, saying publicity surrounding the takeover had prompted key clients to reconsider their business with the establishment.

‘We have demonstrated in the supporting affidavit and attached material as to how the hotel is negatively affected commercially, even by a mere storyline in the media,’ he told the court.

He said allowing the administration to continue before the application was heard would leave nothing for the court to determine because the administrator would already have assumed full control: “They will take over the hotel. They will withdraw funds for whatever purpose because they have the power to do so. They will fire or hire staff.’

Mr Mumia further told the court that longstanding institutional clients had already begun exiting business relations with the hotel.

‘We had to do letters to ChildFund to stay. We have attached evidence of the communication we had with the World Bank for them to stay and continue supporting the applicant in the form of its hospitality functions,’ he told the court.

He maintained the hotel was not disputing its debt and offered to deposit Sh400 million with Equity Bank as security while the case proceeds. The lawyer added that the applicant was committed to clearing the debt by November 30.

Asked by the court how much remained outstanding according to the hotel, Mr Mumia said the figure was Sh7.75 billion, reflecting a consent settlement reached earlier this year.

But Equity Bank disputed that figure, arguing the debt had ballooned to Sh9 billion as of July 3 and termed the proposed deposit ‘a drop in the ocean.’

Senior Counsel Kiragu Kimani, appearing for the bank, urged the court to reject the interim application, arguing that it sought substantive relief during a mention of the case scheduled only for directions.

He also said jurisdiction had been challenged through preliminary objections, requiring the court to determine those issues before considering any other application.

The judge directed the parties to file submissions on the preliminary objections and fixed July 23 for a ruling on those objections before issuing further directions on the main application.

The bank further argued that the hotel had failed to honour a consent judgment that gave it time to settle the debt and that there was no evidence the administrator had mismanaged the business since assuming office.

In its ruling, the court agreed there was no material before the court showing disruption caused by the administrator.

‘I have not been provided with specific evidence of the disruption that has so far been created by the administrator as of now since taking over the running of the company,’ the court said.

‘The apprehension that the administrator could therefore run down the business is at this point unsubstantiated.’

The legal dispute stems from a February consent under which Equity agreed to accept Sh7.75 billion in full settlement of borrowings owed by Ms Mungai and related entities if payment was made within agreed timelines through refinancing.

After the settlement failed and an earlier court reprieve expired, Equity appointed an administrator over Glee Hotel effective July 6.

Thinking of exploring Spanish wine but not sure where to begin? You are not alone. Spain is one of the world’s largest wine producers, with hundreds of grape varieties and dozens of distinct wine regions. While that can seem overwhelming, understanding a few basics makes it much easier to choose a bottle with confidence.

“The first thing to know about Spanish wine is that it offers some of the best value for money in the world,” says Arnaud Lisoir of Spanish winery Sierra Cantabria. “The wines are fruity, well-balanced and full of flavour from the very first sip. They also offer remarkable diversity because every region brings its own character.”

For Victoria Mulu-Munywoki, a wine consultant and sommelier, Spain’s appeal lies in its ability to combine centuries of tradition with accessibility.

“Every major wine-producing country has its own identity,” she says. “France is known for terroir, Italy for regional diversity and indigenous grapes, and California for innovation and precision. Spain stands out because it embraces time-honoured winemaking while remaining approachable. You don’t have to spend a fortune to enjoy beautifully aged wines.”

As Kenya’s wine culture continues to evolve, she believes Spanish wines are perfectly placed to satisfy increasingly adventurous consumers.

It all starts with the grape

Like any wine-producing country, Spain’s identity begins with its grapes.

“There is no miracle in winemaking,” says Arnaud. “Good wine starts with good grapes, and Spain has exceptional conditions for growing them.”

The country’s signature red grape is Tempranillo, the foundation of many of Spain’s most celebrated wines. Depending on the region, it also goes by names such as Tinta Fina, Cencibel and Tinta del País.

Tempranillo typically produces medium- to full-bodied wines with flavours of cherry, plum and blackberry. When matured in oak, those fruit flavours are complemented by notes of vanilla, tobacco, leather and gentle spice. The grape is also prized for its smooth tannins and excellent ageing potential.

Another important red variety is Garnacha, known internationally as Grenache.

“It’s softer and juicier than Tempranillo, with flavours of ripe strawberry, raspberry and Mediterranean herbs,” says Victoria. “Those herbaceous notes often resonate with the Kenyan palate, making it a very food-friendly wine.”

Wine lovers who enjoy bold reds should also look out for Monastrell, especially from the Jumilla region.

“If you like Cabernet Sauvignon, Monastrell is a fantastic alternative,” she says. “It produces concentrated wines with dark fruit and spice, and it’s becoming one of Spain’s most exciting varieties.”

Spain also produces exceptional white wines.

Among the best known is Albariño, an aromatic grape that delivers citrus, peach and subtle saline notes, making it an excellent companion for seafood.

Another favourite is Verdejo, appreciated for its fresh citrus flavours and herbal character that pairs easily with a wide variety of foods.

A lesser-known variety, Xarel·lo, plays a crucial role in Spain’s famous sparkling wine, Cava, contributing freshness, structure and ageing potential.

Grape variety tells only part of the story. Climate, altitude and geography also shape a wine’s personality.

“Tempranillo is a perfect example,” says Arnaud. “The same grape produces completely different wines depending on where it’s grown. Warmer regions create richer, fuller wines, while cooler areas preserve freshness and elegance.”

Victoria, who has lived and worked in Spain, says travelling through the country’s wine regions feels like visiting different countries.

“The Atlantic produces lighter, fresher wines, while Mediterranean climates create riper, richer styles. In higher-altitude vineyards, cool nights preserve acidity despite intense sunshine, producing wines with remarkable balance.”

Among Spain’s most famous regions is Rioja, home to elegant, age-worthy Tempranillo wines that have become the country’s international calling card.

Nearby, Ribera del Duero produces darker, more concentrated expressions thanks to its high altitude and dramatic temperature swings between day and night.

Wine lovers seeking powerful reds should also explore Priorat, where steep vineyards produce intensely flavoured, mineral-driven wines.

For white wine enthusiasts, Rías Baixas in Galicia is the place to look. Its cool Atlantic climate creates crisp Albariño wines bursting with citrus and vibrant acidity.

No discussion of Spanish wine would be complete without Jerez de la Frontera, the birthplace of Sherry.

“Sherry is probably one of the world’s most misunderstood wines,” Victoria says. “It ranges from bone-dry Finos to intensely sweet Pedro Ximénez styles, offering something for almost every palate.”

Spanish wine labels often reveal not just where a wine comes from, but how long it has been aged before release.

A Crianza spends at least two years ageing, including time in oak barrels. These wines are generally fruit-forward, approachable and ready to drink.

A Reserva is aged for a minimum of three years, with at least one year in oak.

“That extra ageing creates greater complexity,” Victoria explains. “You’ll often notice softer tannins alongside flavours of dried fruit, leather and spice.”

The most prestigious classification is Gran Reserva, aged for at least five years, including two years in oak.

“Gran Reservas are usually made only in exceptional vintages,” she says. “If producers don’t believe the harvest was outstanding, they simply won’t make one.”

However, she cautions against assuming that older automatically means better.

“Age adds character, not greatness. Great wine is about balance, precision and choosing a bottle that suits the occasion.”

One of Spanish wine’s greatest strengths is its versatility at the dining table. Tempranillo pairs beautifully with nyama choma, where its ripe fruit and firm structure complement smoky grilled meat. Garnacha works particularly well with hearty dishes.

“It’s excellent with bean stews, matoke and spicy meals,” says Victoria. “Its ripe fruit softens the heat of spices without overpowering the food.”

For richly aromatic dishes such as biryani, she recommends a Rioja Reserva, whose complexity mirrors the layers of spice

Sparkling Cava is a natural choice for appetisers, pairing effortlessly with samosas, mishkaki, fried cassava and brunch dishes. Its bubbles refresh the palate between bites.

Seafood lovers should reach for Albariño, whose bright acidity complements grilled prawns, octopus and coconut-based coastal dishes.

Verdejo is equally versatile, pairing well with salads, grilled chicken, pizza and even pilau.

“I’d happily drink Verdejo with pilau because the acidity cuts through both the fat and spice,” Victoria says.

Even traditional meals such as ugali, sukuma wiki and beef stew work well with a juicy Garnacha or a soft Rioja Crianza.

Asked to recommend just a few bottles for someone new to Spanish wine, both experts agree that Tempranillo should be the starting point.

Victoria’s ideal introduction includes three wines: a Rioja Reserva, an Albariño from Rías Baixas, and a Sherry.

“The Rioja Reserva introduces you to Spain’s iconic red wine style, Albariño showcases the country’s outstanding whites, and Sherry reveals one of Spain’s best-kept secrets,” she says.

Together, they offer an excellent introduction to the diversity, quality and remarkable value that have made Spanish wines favourites around the world.

Word from a well-placed insider: the government is about to go shopping, again, for a strategic investor to run and refinance Telkom Kenya. It is the height of irony that a multibillion-shilling national security asset is being left to bleed out in a regulatory and ownership wasteland.

Privatised in 2007, Telkom Kenya’s ownership has been a game of pass-the-parcel – from France’s Orange to the private equity group Helios, to full renationalisation, and finally to a little-known Emirati entity called Infrastructure Corporation of Africa (ICA).

The Cabinet announced ICA’s entry on October 3, 2023. Nearly three years later, the deal still hasn’t closed. Insiders say the milestones agreed with ICA keep being quietly pushed back, and that threats to cancel the deal for non-performance have gone nowhere.

The company is functionally uninvestable: it cannot raise capital, restructure its balance sheet, or commit to a strategy while its ownership hangs in the air.

The backstory matters. In the twilight of Uhuru Kenyatta’s administration, the Treasury invoked Article 223 of the Constitution to spend Sh6 billion – without parliamentary approval – buying out Helios’ 60 per cent stake. By the time William Ruto took office, Telkom was 100 per cent taxpayer-owned. We paid for it.

Then, on October 3, 2023, the new Cabinet reversed course: it rescinded the Helios buyout, picked ICA as the incoming majority shareholder, and directed the government to work with Helios to transfer its stake directly to ICA. That handover has since stalled completely.

The EACC’s corruption case over the original transaction has gone nowhere either- the Director of Public Prosecutions found the evidence insufficient, twice. Whatever the courts eventually decide, the pattern speaks for itself: politicians got their headlines, investigators filed their reports, lawyers billed their fees, and the company kept bleeding.

This is not merely a third-place mobile operator losing ground to Safaricom and Airtel – that framing understates the stakes. Telkom Kenya manages the National Optical Fibre Backbone Infrastructure (NOFBI) on behalf of the Ministry of ICT, the terrestrial network linking government offices, hospitals, and public institutions across all 47 counties. It also holds Kenya’s stakes in the undersea cables connecting the country to the world: roughly 22.5 per cent of TEAMS, 10 per cent of LION2, and landing-partner status on EASSy, DARE1 and PEACE.

Leaving the custodian of that infrastructure in limbo – while American Tower Corporation (ATC) periodically switches off transmission masts over billions in unpaid lease debt – is not just a governance failure.

It’s a national security exposure dressed up as a shareholder dispute, made more absurd by a government simultaneously touting a National Broadband Strategy promising another 100,000 km of fibre by 2030, even as the custodian of its existing backbone teeters on insolvency.

If ICA is indeed on its way out, Kenya is about to run this experiment a third time. The problem was never that the government wants a new investor – Telkom genuinely needs fresh capital and competent management.

Deep-pocketed players

But without a rigorous, competitive bidding process to attract deep-pocketed players, the likely outcome isn’t a strategic investor at all. It’s another set of well-connected intermediaries extracting fees from a shrinking company, while the vultures circling Telkom’s genuinely profitable data and infrastructure business quietly wait their turn.

There’s a structural fix that keeps being discussed and never acted upon. A 2018 McKinsey study commissioned by Telkom found that its data and fibre infrastructure business – the cable stakes, the NOFBI contract, enterprise and wholesale data – was fundamentally sound and profitable, even as the mobile business was being structurally outcompeted.

If that finding still holds, the logic is obvious: stop rescuing Telkom as one bundled entity. Separate the profitable infrastructure business from the loss-making mobile arm so each can be run, valued, and – if necessary – recapitalised or sold on its own terms.

A profitable fibre operation shouldn’t have to subsidise a mobile business that has already lost the subscriber war. Any serious investor conversation should start from that separation, not with auctioning off the whole tangled company as one unit – a structure that favours opaque, insider-brokered deals over clean, competitive ones.

In hindsight, the government’s 2020 refusal to approve a Telkom-Airtel merger looks like the moment this mess became inevitable. Kenya has since lurched from one improvised ownership fix to the next – nationalisation, then an Emirati sale that still hasn’t closed, and now, apparently, an unwinding of that sale too. Kenya has run this experiment badly twice.

A third attempt conducted in the same way won’t save Telkom. It will simply hand the profitable half of a national asset to whoever has the best political connections, rather than the most capital.

Kenya has earned global recognition as Africa’s “Silicon Savannah”, building a reputation as a leader in innovation, entrepreneurship and digital transformation.

Digital platforms have played a significant role in that journey by connecting people, creating income opportunities and helping businesses reach more customers. Preserving this momentum requires a regulatory environment that is predictable, balanced and responsive to the realities of a fast-changing digital economy.

As ride-hailing and delivery platforms expand across East Africa, governments are understandably reviewing how best to regulate the sector. Discussions around pricing models, licensing requirements and operational standards are both necessary and timely.

The challenge is ensuring that new rules protect consumers and drivers without undermining the innovation and flexibility that have fuelled the industry’s growth.

One example is dynamic pricing, which adjusts fares according to real-time demand and supply. While often debated, it helps maintain service availability during peak periods, encourages more drivers onto the road when demand is high and improves reliability for passengers. Any regulatory approach should consider how such mechanisms contribute to a well-functioning transport ecosystem while safeguarding fairness for all users.

Similarly, discussions about the operation of digital platforms at transport hubs such as airports provide an opportunity to improve access, competition and the overall travel experience. As Kenya continues to position itself as a regional tourism and business destination, seamless mobility remains an important part of that experience.

Kenya’s success as a digital hub has been built on policies that encourage innovation and investment. Clear, practical and consistent regulations can reinforce that reputation by giving businesses the confidence to invest, expand and create jobs. Regulatory certainty benefits the entire ecosystem, from drivers and small businesses to consumers and investors.

The question is no longer whether digital platforms should be regulated, but how regulation can strike the right balance. Effective regulation promotes accountability, safety and consumer protection while preserving the flexibility that enables innovation and economic participation.

Digital platforms have become part of the infrastructure supporting modern economies. They facilitate transport, commerce and employment while creating opportunities for thousands of Kenyans. As policymakers shape the next phase of regulation, there is an opportunity to develop frameworks that encourage responsible innovation and inclusive growth rather than constrain it.

By adopting smart, forward-looking regulation, Kenya can strengthen its position as Africa’s digital leader and provide a model for the rest of the continent-one that delivers lasting benefits for drivers, passengers, businesses and the wider economy.

The birth of my first child in 2018 revealed how unreliable electricity can undermine healthcare in rural Kenya. Frequent power outages disrupted vaccine storage, forcing families to travel long distances only to discover vaccines were unavailable. While I could sometimes find alternatives, many mothers could not afford the extra transport costs or time away from caregiving.

My experience as a technical manager in a rural hospital had already exposed me to the challenges healthcare workers face in preserving vaccines and other temperature-sensitive medicines during blackouts. Many clinics lack refrigeration, requiring health workers to transport vaccines over long distances, often in extreme heat that threatens their effectiveness. It became clear that this was not just an energy problem but a healthcare access challenge that disproportionately affects women and rural communities.

That realisation inspired us to establish Drop Access in 2021, a Kenyan company developing locally manufactured technologies for underserved and off-grid communities. Our flagship innovation, VacciBox, is a portable solar-powered refrigerator that safely stores vaccines, blood, oxytocin and other temperature-sensitive medical supplies between 2°C and 8°C without relying on grid electricity. Its portability enables healthcare workers to take lifesaving services closer to remote communities.

Climate change is making these challenges even more urgent. Rising temperatures and extreme weather place additional strain on fragile healthcare systems, particularly in vulnerable settings such as Kakuma refugee camp, where reliable cooling is essential.

One lesson has shaped our journey: the best innovations come from the communities they are designed to serve. Healthcare workers and local residents continuously refined VacciBox, ensuring it addressed real-world needs rather than assumptions.

As governments seek cost-effective ways to strengthen healthcare systems, locally manufactured solutions offer a path to greater resilience. Africa has the talent and ingenuity to build technologies tailored to its own realities.

By investing in community-driven innovation and local manufacturing, the continent can expand healthcare access and ensure that quality care is no longer determined by geography or unreliable infrastructure.

The Kenya Revenue Authority (KRA) plans to overhaul the income tax return filing infrastructure by abandoning the Excel file download and adopting use of a web-based system as it seeks to streamline filing following changes brought about by Finance Act 2026.

The law has amended Section 52 of the Income Tax Act to introduce a staggered system for filing income tax returns, with natural persons expected to file by the end of the fourth month following the end of their year of income.

Non-natural persons will be expected to file by the close of the sixth month following the end of their year of income.

The change means that effective January 1, 2027, Kenyans relying on employment income, most of whom have a December year-end, will be expected to file their returns by April 30 while companies will still be expected to file returns by June 30. KRA now says to further buttress the changes brought about by staggered income tax return filing, it will switch to a web-based system which means that taxpayers will now file returns directly on a browser over the internet as opposed to having to download and populate an Excel file as they have been doing.

‘We have staggered returns in Finance Act 2026 so that individual returns will be due by April 30 and the non-natural persons’ returns will be due by June 30. Are we transferring the problem we had in June to April? Absolutely not because there are other things we are doing to ensure the system will be stable,” KRA’s Chief Manager in charge of Policy and Tax, Josephine Mugure, said at a townhall convened by the Institute of Certified Public Accountants (ICPAK).

‘The first thing is that we are introducing web-based returns so that we will not require taxpayers to fill the Excel file anymore. It will be web-based and significantly simplified,” Mugure said.

Web-based return filing, which is expected to be rolled out in the course of 2027, will be the latest among a number of measures that KRA has taken to streamline the income tax return filing process and widen visibility of the country’s taxable base.

On April 1, 2026, KRA introduced filing of Income Tax Returns via social media platform WhatsApp as it targeted boosting compliance amongst Kenyans whole income tax returns were not complicated.

KRA BY JULIANS AMBOKO

The taxman says the planned overhaul of the Income Return Filing System includes widening the scope of the filing that can be done via WhatsApp to accommodate more complex and voluminous returns.

The upgrade of WhatsApp Income Tax return filing includes equipping KRA’s AI-powered virtual assistant, Shuru, with stronger capabilities.

‘We want to expand what filing Kenyans will be able to do via WhatsApp so that it won’t just be what we have had for employees,” Mugure said.

“We will expand it such that you will be able to file a whole range of returns via WhatsApp. In 2027, Shuru will have been here for more than six months and whatever teething problems she encountered this year will have been resolved and she will be of better use.’

Kenya started Incomes and Expenses Validation on January 1, 2026 in a measure that was designed to set the stage for adoption of auto-population of Income Tax Returns by KRA.

Finance Act 2026 has since anchored auto-population of Income Tax Returns in law by amending Section 75 of the Tax Procedures Act to provide that KRA may use ICT systems including eTIMS invoices, Withholding Tax Certificate, Customs data and third-party data to generate an auto-populated Income Tax Return on behalf of a taxpayer.

I am not the loudest when it comes to football. Actually, I consider myself an orphaned silent CEO fan in football.I do not have a club tattooed on my heart. I do not wake up at 2am to watch Champions League. I do not argue about referees, club formations, or who should have been substituted.

People often ask me, ‘if you’re not loyal to any football club, then why do you watch the 2026 Fifa World Cup matches?’

The truth is, I do not watch football for loyalty. I watch football for leadership. I watch because football teaches me things that boardrooms, strategy documents, and leadership books cannot.

I watch because patterns reveal themselves in real time; patterns of winning, patterns of collapse, patterns of pressure, patterns of behaviour.

I watch because football is a mirror of a leadership lab. It exposes the truth about systems, psychology, and decision-making under pressure. It shows me how leaders behave or ought to behave when the world is watching and when the world is collapsing. It is like watching a live case study in leadership, exposing cognitive fatigue, emotional overload, tactical indiscipline, and behaviour under pressure.

The Fifa World Cup matches remind me of former Manchester United coach Sir Alex Ferguson’s book ‘Leading’, where he says that ‘the last minutes of a match are won not by muscles, but by mentality.’

I also watch to see how coaches behave: who panics, who stays calm, who argues with referees, who anticipates danger, who loses emotional control.

Just as Sir Alex said, just like many organisations, a leader’s behaviour becomes the team’s behaviour. And in this World Cup, African teams mirrored their leaders in the final stretch. From this World Cup, I have picked patterns on why some teams rise in the last 15 minutes and why others collapse.

I watched Côte d’Ivoire dominate Norway, then lose concentration for one second as striker Erling Haaland punished them at 86 minutes. I watched DR Congo hold out against England for 80 minutes until metabolic fatigue broke them. I watched South Africa protect the lead against Canada in the round of 32 stage, stop pressing, lose verticality and concede in the second minute of time added on in the second half. I watched Egypt survive the group stage through discipline, then collapse mentally when Argentina increased intensity.

These collapses are not football collapses; they are leadership collapses. Because football is not played only by 22 players. It is played by the emotional climate around them.

Think Morocco; their win is the result of European football culture embedded inside an African team.

In 2018, Morocco returned to the World Cup after 20 years. They played well but lacked finishing power and tactical maturity. They exited at the group stage. They already had a team with exposure in European football. In 2022, Morocco shocked the world with its historic run to the World Cup semi-finals.

First African and Arab team to reach the semifinals. Beat Spain (round of 16). Beat Portugal (quarterfinals). Finished fourth overall. That was the birth of Morocco’s mental system. And today, in 2026, they are back in the quarterfinals. Morocco proved 2022 was not a miracle; it was a system. Morocco’s squad is almost entirely Europe-based.

But teams like Kenya, Uganda, Tanzania, Zambia, DR Congo, South Africa, Namibia, Mozambique and Angola have far fewer players in top European leagues. But think of giants like Nigeria, Ghana, Cameroon, Côte d’Ivoire, they have Europe-based players, some of them not necessarily in the elite tactical environments such as the English Premier League, Spanish La Liga, or Italian Serie A ‘where mental systems are built.’

Most African teams often walk into stadiums carrying a heavier emotional load than their opponents. The issue is ‘mental exposure versus mental isolation.’