Category: Business Daily

The smartest investment move you can make has nothing to do with the highest returns, and everything to do with knowing where you stand.

At almost every Chama meeting in Kenya, the same scene plays out. Someone mentions an opportunity with unusually high returns.

Hands go up. Phones come out. Nobody wants to be left behind, and that fear of missing out is quietly becoming one of the costliest investment decisions Kenyans are making today.

The problem is not investing. The problem is starting with the wrong question. We ask “how much return?” when we should be asking “is this right for me?”

“A high yield on the wrong investment is not an opportunity. It is a trap dressed in attractive numbers.”

High returns mean nothing without context. Before placing a single shilling, four things matter more than yield:

What am I investing for? school fees, a home, retirement? How stable is my income if circumstances change? How quickly might I need this money back?

How much loss can I absorb without destabilising my family?

With salaries under pressure, emergency savings low, and insurance penetration still thin, investing without a strategy is not ambition, it is exposure.

One bad outcome. One missed payment. One financial shock and years of progress unravel.

The investments that rarely get applause at Chama meetings, money market funds, bonds, long-term pension plans – are often the ones quietly doing the most important work: protecting capital, providing liquidity, and compounding reliably over time.

Stability is not boring. For most families, it is the foundation everything else is built on.

The future belongs not to those chasing the highest returns, but to those who built foundations strong enough to survive uncertainty.

Wealth built with intention lasts. Wealth built under pressure rarely does. The question is never which investment pays the most right now, it is which investment is right for you right now.

Think back to the last time you walked into a room with a chandelier. Chances are, you paused for a moment. Maybe the light caught your eye, or maybe it simply made the space feel warmer and more inviting. That’s the magic of chandeliers-they do more than brighten a room, they set the mood.

‘There has definitely been a rise in demand for chandeliers,’ says Abdul Qadir, director of Glow Lighting, a decade old player in the sector. ‘It has been building over the last decade with a noticeable acceleration in the past five years.’

The growth, he notes, has been fueled by urbanisation, rising construction, and market diversification. Once the preserve of Nairobi’s elite and luxury hotels, chandeliers are now finding their way into middle class homes, office lobbies, and retail showrooms.

‘Homeowners make up about 55 percent of sales, mainly through renovations and new residential developments,’ Abdul explains. ‘Commercial spaces-offices, showrooms, retail outlets and hospitality projects-make up about 35 percent.’

Interior designers and architects, though not always direct buyers, have become powerful intermediaries. Their influence has grown as lighting has shifted from an afterthought to a design element integrated early in construction.

‘It’s the ideal time,’ says Danielle Ruguru of Vintage Lighting. ‘You can estimate how many fixtures are required and where best to place them, avoiding the cost and mess of rewiring later.’

Chandelier categories

Danielle categorises the market into three broad styles: vintage pieces from the 1930s to 1950s, mid century designs from the 1950s to 1980s, and contemporary fixtures that dominate current demand. Age often shapes preference, with buyers over 35 leaning towards vintage and mid century, while younger clients gravitate to sleek contemporary forms.

‘However, preferences differ. Sometimes you’ll find someone in their 70s choosing a modern piece, while a younger client goes for a vintage fixture. Ultimately, it comes down to personal taste,’ she says.

Abdul notes that today’s market has become increasingly trend-driven, with demand shifting away from the traditional perception of chandeliers.

‘Today’s best-sellers include LED ring chandeliers, reinvented classic crystal chandeliers, art-piece designs, modern minimalist fixtures and linear lighting options,’ he says.

Prices

But even as trends and design preferences continue to shape demand, pricing remains a big factor influencing access to chandeliers.

At Glow Lighting, prices vary depending on a chandelier’s size, material, complexity and design. Budget options range between Sh2,000 and Sh10,000, while mid-range pieces typically retail between Sh10,000 and Sh50,000. Premium fixtures, on the other hand, can cost Sh150,000 and above.

And while the number of chandeliers purchased per household has remained relatively stable, Abdul notes that consumers are increasingly willing to spend more on individual pieces.

‘About 60 to 70 percent of customers buy one statement chandelier for a main room and complement it with supporting lighting,’ he says. ‘People are spending more per piece rather than increasing the number of units in a house.’

Capital-intensive business

According to Danielle, the chandelier business is not an easy one to enter, largely because of the high capital requirements.

‘It’s a capital-intensive business,’ she says. ‘Customers prefer to see the product physically before purchasing, so you’ll need to have a showroom display. But you cannot have a display with just one piece. You need at least five to 10 pieces.’

As a result, even dealers targeting the lower end of the market at a small scale still require substantial upfront capital.

‘If you are stocking chandeliers that cost around Sh7,000, your display stock alone could already cost about Sh70,000,’ she says. ‘And those are just the display pieces. You will still need additional units in storage. If you take about 10 pieces, you are already looking at roughly Sh700,000.’

And that is just the price for the stock. Additional costs of running the business include rent, shipping, storage, salaries, and electricity.

‘Electricity is a big one because your product is lighting, and naturally, you need to keep most of your display fixtures turned on throughout the day,’ she says.

The hidden costs

Beyond operational expenses, the business also faces some hidden costs that eat into profits, particularly through breakages and installation-related damages.

‘Sometimes customers come in, touch something and accidentally break it,’ says Danielle. ‘In other cases, something might go wrong during installation, and the chandelier is dropped or damaged.’

Both Glow Lighting and Vintage Lighting rely on local and imported products. Some of the most common sourcing challenges include delays, damages during transportation, and rising taxes. Finding and establishing a rapport with a good supplier is another challenge, especially since it can determine the quality and quantity of goods you receive.

‘Some suppliers won’t even talk to you if you are buying below a certain quantity, while others, depending on your relationship, offer discounts above a certain quantity,’ says Danielle.

Outshining the competition

With more dealers joining the decorative lighting business, competition has intensified over the years, but according to the two sellers, quality remains one of the key differentiators in the increasingly crowded market.

‘Someone may buy a chandelier, and after a few years the metal starts fading or changing colour,’ says Danielle. ‘So quality becomes very important, especially for customers investing in long-term spaces like homes or hotels.’

She also adds that customers are becoming more discerning, with many prioritising durability and finish over simply choosing the cheapest option available.

When I walk into Fancy Cuts at the Nanak building along Kimathi Street, I find Edwin Nyamu seated on the couch. His clients know him as Razorcode Barber. He is 24 years old, and the walls around him tell the story of his unlikely success. Award plaques line the space: Barber of the Year 2024, Hairdresser of the Year 2025, Pride of Kenya Awards, back-to-back.

But before the awards, he had his struggles. Four years ago, Edwin had no barbershop, no clients and no skills whatsoever. He had just quit a job as a cashier at a betting shop in Kawangware because, as he puts it, the work ‘messed up my morals’. He knew he needed a real skill to build a life on.

‘I did not go to school or undertake any training; I taught myself,’ Edwin says. He reached out to a friend from high school who had trained as a barber and asked for guidance. Then he bought some clippers and started practising. His younger siblings and dad became his practice subjects.

‘I remember there was a time when my dad wore a cap for a whole week because I gave him a terrible haircut. It was a Mohawk.’

His first machine was an Oraimo clipper, which cost him Sh2,500. It was the last of his savings, but that machine became his ticket to bigger things.

With help from his mentor, a barber named Hanson, Edwin applied for an interview at Mancave Grooming, one of Nairobi’s most famous barbershops at the time. On interview day, Edwin brought a friend to demonstrate his skills. He had cut this friend’s hair three times before, so he knew what to do. Even so, his hands shook as four officials watched him work.

‘One of them, Madam Rachel, saw the look of despair on my face. But she also saw my determination and decided to give me a chance.’

Edwin got the job and was sent to the Mancave branch in Karen, a wealthy suburb in Nairobi. He spent about five months getting to know the rhythm of a community-based barbershop, where the regular clients became like family. But Edwin wanted more. He wanted the fast pace and diverse styles of Nairobi’s Central Business District.

Some barbers told him that he would need to spend at least three years in Karen before he would be ready for the CBD. Edwin did not wait. Instead, he explored other opportunities and found work at Be Spa and Hair Studio in Bazaar Plaza in the city centre. Outside his normal working hours, he offered free haircuts to celebrities and influencers in exchange for publicity on their platforms.

‘Sometimes you have to give before you can take,’ Edwin explains. “I posted every cut I did on my social media, and it attracted more and more attention.’

By the end of 2022 and the beginning of 2023, famous people had already started mentioning him on their social media pages, which meant that his work was being seen by more people. Soon after, clients started paying for his services, and his reputation quickly grew.

He has since worked with big names including Nyashinski, Alikiba, Jux, Mr Tee, Lusene Donzo from the US, Mc Gogo, DJ Daffy, DJ Jocker, Matata and Samidoh, to name a few. A quick look at his Instagram and TikTok pages reveals the high quality of his work, from the clean, sharp cuts and fades to the precise styling that has made him stand out in the industry.

On March 1, 2024, Edwin received a call from a woman named Joy. She said that a special client needed a quick haircut. ‘No names were mentioned, and there were no specifics. I didn’t think twice; I just went for it. The venue was Uhuru Gardens at the Madfun Xperience concert.’

On arrival, Edwin was ushered backstage by the bodyguards. He was led to where the client was seated and ready for a cut. It was Burna Boy, the Nigerian Odogwu.

‘That night I thought to myself, if I stopped cutting hair that day and went home without ever speaking to anyone there, I would have achieved more than I could have ever wished for. I was literally shaking,’ Edwin recalls.

The artist paid him in cash. ‘It was a bundle of dollars. I quickly shoved it in my pocket. Later on, when I converted the money, oh my days, it was a lot. Over two thousand dollars.’

The international clients kept coming. A South Sudanese millionaire who flew to Nairobi paid a deposit before landing and tipped generously after a simple bald head shave.

In April 2024, Edwin was cutting hair in the presidential suite at the JW Marriott. The IDA21 Summit for Africa and the Connected Africa 24 Summit brought high-profile delegates to Nairobi, and Edwin was called in to groom the hair of the Angolan delegates.

Edwin runs his business on three levels. Firstly, he offers home services, travelling to clients and bringing his tools and expertise to their doorstep. ‘This is how busy executives and high-profile individuals prefer to get haircuts – in the comfort of their own space.’

Secondly, he provides services at events, concerts, corporate functions and celebrity appearances. Edwin shows up with his equipment and handles the grooming of artists and guests on site.

Finally, there is the in-shop experience at Fancy Cuts, where clients come for the full treatment from the whole team. ‘Most of my big deals come from home services and events, where convenience comes at a premium.’

Edwin has his own rate cards. ‘For international clients at events, I charge from Sh65,000. For local celebrities and events, the rate is between Sh30,000 and Sh50,000, depending on the time taken and the services offered. At the shop, a basic haircut starts at around Sh2,000. With enhancements like special products and treatments, it goes up to Sh3,500.’

Most of his services are not impromptu; his clients make bookings via his working catalogue. ‘Some people even book as early as two months in advance.’

Opening Fancy Cuts in 2024 required capital.

Between rent deposits, goodwill payments, interior design and licensing, the start-up cost was around Sh4.5 million. ‘Fancy Cuts is not just a personal investment, but a partnership. It was easier to get the required funds because of the partnership,’ Edwin explains.

The shop has a team of eight people: There are four barbers; two beauticians offering facials, manicures, pedicures and back massages; one receptionist; and one cleaner.

‘Hiring top barbers is expensive. Skilled barbers who earn five figures a month require contracts, just like football players. You have to poach a talented barber from another shop.’

Edwin himself pulls in about Sh200,000 monthly as a barber, a figure he has maintained for the past year. ‘I am blessed to be earning a living, and I can grow my career with it. The money I make allows me to invest outside the barbershop.’

His future plans are ambitious. ‘We are going to franchise and open high-end barbershops in Kileleshwa and Kilimani. This is just the beginning.’

He has also treated himself to his first car, a 2018 Mercedes-Benz C 200, which he bought last year. ‘I mean, I have to show up in style for these high-end clients,’ Edwin chuckles.

However, success has not come without its setbacks. In February 2025, Edwin received a personal invitation to the Barber Grammys in California – a prestigious competition where the world’s best barbers showcase their skills. He was set to represent the whole of Africa.

‘I innocently showed them my M-Pesa balance and transactions, and my bank statement. They said what I had wasn’t enough,’ says Edwin, still frustrated by the memory. The rejection stung, but it did not break him. Instead, he channelled that energy into winning local competitions. That year, he won Barber of the Year at the Pride of Kenya Awards.

When asked to define a good haircut, Edwin doesn’t hesitate: ‘A good haircut is the kind of detail that changes the way a man carries himself. It’s the neatly shaped edges and clean fades. It is confidence stitched into every line; a statement of identity; the feeling of walking tall.’

Perhaps that is why men are willing to pay premium prices, not just for a service, but for an expression that makes them feel seen, refined and important. After all, as the saying goes, when you look good, you feel good.

Rubis Energy Kenya has taken a minority stake of 49 percent in Rubisol, a solar joint venture firm created two years ago to tap into the growing uptake of green energy by homes and businesses in the East Africa region.

The majority shareholding is in the hands of Solarise Africa. Rubis and Solarise Africa launched the firm in November 2024 in efforts to grab a share of the growing uptake of solar power by families and those keen on easing reliance on the national grid.

Ownership details of the joint venture has been disclosed by Rubis, the parent firm of Rubis Energy Kenya. The capital invested in the business was not immediately clear.

Rubisol develops rooftop structure shades and ground-based facilities, helping customers to utilise the vast solar potential and reduce their monthly power bills.

Uptake of solar power plants is on the rise in Kenya, a market that Rubis is keen to tap into and boost its fortunes in the regional energy market. Rubis is the third biggest oil marketer in Kenya.

‘The group offers its professional customers solarisation of their assets through its subsidiary Rubisol. The objective is to develop rooftop facilities, shades and ground-based facilities to provide our customers with de-carbonised electricity under long-term contracts,’ Rubis says in its latest annual report for the year ended December 2025.

Solarise Africa is a pan-African company that manufactures solar and other clean energy appliances. The firm had 79 contracted sites across Kenya, South Africa, Rwanda and Uganda as at the end of 2024.

Rubisol is keen to deepen its presence in Kenya, Uganda and Rwanda before venturing into the other markets in the region.

Rubisol recently set up a solar plant with 485 kilowatt-peak (kWp) for B. Braun Pharmaceuticals in Athi River in June last year.

High power bills and frequent blackouts are major drivers of the uptake of solar power plants in Kenya as homes and companies opt for reliable supplies besides cutting costs.

A report by the Energy and Petroleum Regulatory Authority (Epra) shows that Solar photovoltaic systems make the highest contribution to the country’s captive generation capacity at 326.7 MW, which accounts for 51.86 percent of the total captive capacity as at December 2025.

Besides wealthy homes, firms such as Coca Cola, Bamburi Cement, carbon dioxide manufacturer Carbacid Investments, Africa Logistics Properties, Mombasa International Airport and International Centre of Insect Physiology and Ecology have installed solar power plants.

Increased presence in the solar market offers Rubis an opportunity to boost revenues.

in the wake of a stiff competition in its traditional forte of fossil fuels.

Rubis lost the largest market share among oil marketing companies (OMCs) in the six months to December 2025 with the firm’s share dropping to 13.77 percent from 15.43 percent a year earlier.

Besides Rubis, TotalEnergies Marketing Kenya is also diversifying from the fossil fuel market. TotalEnergies recently revealed that it has installed 30 charging stations for electric vehicles (EVs) and motorbikes, through joint ventures.

TotalEnergies is the second biggest oil marketer in Kenya with a share of 14.01 percent, behind Vivo energy at 20.56 percent.

France’s CMA CGM has agreed to invest $820 million to modernise and expand two terminals at the Port of Mombasa under a co-operation framework with the Kenyan government.

The firm announced the deal, signed on the sidelines of the Africa Forward Summit in Nairobi earlier this week, co-hosted by Kenya’s President William Ruto and France’s Emmanuel Macron.

The investment will upgrade two Mombasa Container Terminals at a time when the port is seeing increased cargo flows. Last year, Mombasa handled 2.11 million TEUs, a growth of 5.5 percent from the previous year.

CMA CGM, present in Kenya since 2005, said the investment will raise cargo-handling capacity, strengthen regional trade corridors, and enhance Kenya’s connectivity to global shipping routes amid growing maritime demand.

The upgrade is expected to support rising trade volumes, improve supply chain efficiency, and position Mombasa as a stronger regional hub for local, regional and international markets.

It will also improve inland logistics networks linking Kenya to East and Central Africa.

Mombasa hosts East Africa’s largest port and serves several landlocked countries, including Uganda, Rwanda, South Sudan and the Democratic Republic of Congo.

With record cargo levels, Mombasa is said to be operating at almost full capacity. This has prompted the government to introduce reforms, including transitioning the port into a landlord model. In April, the National Treasury said it had opened several Kenya Ports Authority assets to private investors.

These include Mombasa Port Container Terminal II (berths 20-22) and Mombasa Port Container Terminal (berths 23-24).

The CMA CGM investment is likely happening under this arrangement, as the company has pledged to reinforce its logistics and maritime capacities in East and Central Africa.

The company added that the agreement with the Kenyan government was part of a broader strategy to develop port infrastructure, integrate logistics, and decarbonise transport chains across Africa.

CMA CGM said its funding for Mombasa follows the recent opening of an African regional office in Abidjan, Côte d’Ivoire.

In recent years, CMA CGM has become heavily involved in port upgrades across Africa. In Nigeria, for instance, it is part of the 100 percent electric barge project at the Lekki Deep Sea Port. In Egypt and Morocco, the company has also invested in container terminal infrastructure.

CMA CGM is currently involved in the operation and development of nine container terminals on the continent, including Kribi in Cameroon, Lekki in Nigeria, and a new deepwater terminal in Pointe Noire, Congo.

While Mombasa attracted the French deal, Kenya’s greenfield port of Lamu also celebrated an operational milestone this week.

The port received MV Baltimore Express, the largest containership ever to dock at any port in East and Central Africa. The Post-Panamax vessel, measuring 369 metres in length, arrived from Oman’s Salalah port.

In 2025, Lamu’s cargo volume rose by more than 900 percent, from 74,380 tonnes in 2024 to 799,161 tonnes last year, partly due to its growing transshipment role.

Lamu Port General Manager Abdulaziz Mzee said docking of MV Baltimore Express, the largest ship in East and Central Africa, signifies the facility’s ability to handle ultra-large vessels.

‘This call lifts Lamu’s profile on the global maritime map, comparable to some of the world’s most developed ports such as Singapore, Rotterdam, and Hamburg,’ said Mr Mzee.

Lamu Port is unique among regional facilities owing to its naturally deep harbour.

Its first three operational berths feature depths of 17.5 metres and quay lengths of 400 metres, accommodating massive modern Panamax vessels.

By contrast, Mombasa’s berths are 15 metres deep and 300 metres long.

Lamu is therefore designed for larger neo-Panamax vessels of up to 12,000 TEUs, while Mombasa handles smaller ships of up to 10,000 TEUs.

‘Lamu Port’s infrastructure specifications and depth allow Panamax and Post-Panamax ships to sail into the channel with minimal or no dredging. Many other African ports require constant dredging to deepen seabeds enough to accommodate mega ships and remain competitive. That’s a plus for us,’ said Mr Mzee.

Kenya will buy a stake in the planned 650,000-barrel-a-day oil refinery fronted by Africa’s richest industrialist, Aliko Dangote.

President William Ruto said the country will invest in the multibillion-shilling project through the National Infrastructure Fund, a State-backed investment vehicle created to mobilise long-term financing for major infrastructure projects.

The refinery could cost up to $20 billion (Sh2.58 trillion), an outlay that could see Kenya take a minority stake in the plant.

Mr Dangote recently said he prefers Kenya as the site for the mega refinery oil that will serve the Eastern Africa region, seemingly walking back on his previous push to build it in Tanzania.

Tanzanian President Samia Suluhu lashed at his Kenyan counterpart for announcing that Dangote’s refinery would be built in Tanga without consulting her.

‘We have an infrastructure project for the development of an East African refinery. Dangote tells me that this project will cost anywhere between $16.0 billion and $20.0 billion. Kenya will invest through the National Infrastructure Fund. We do not want to be held hostage any more by the Strait of Hormuz,’ President Ruto said.

Dangote Group is currently undertaking a feasibility study to determine which location among the ports of Mombasa, Lamu and Tanga would be best positioned to host the East African refinery.

A refinery is used to process and purify raw materials such as crude oil into usable products like petrol, diesel, kerosene and other industrial fuels.

For the raw materials, Dangote is focused on the oil discoveries in Uganda, which are expected to be exported through a pipeline to Tanzania. Kenya is also on course to start commercially producing oil in Turkana County.

For the East African refinery to get off the ground, Mr Dangote said, he would need Ruto to offer land, some East African finance and, most importantly, protection from what he called the dumping of cheap fuel from the likes of Russia or India.

East Africa currently imports all of ?its refined petroleum products, mainly from the Middle East, leaving the region vulnerable to the supply disruptions and price spikes that have been seen ?during the US-Israeli war on Iran.

Kenya, and many other African countries – including oil-producing nations – have to pay higher prices for petroleum products because the final cost includes refinery margins charged by foreign processors.

However, Dangote wants to change this, starting with his home country, Nigeria, a major crude oil producer that for years imported most of its refined petroleum products.

‘The ball is in the hands of President Ruto,’ he said, in reference to the Kenya refinery plan. ‘Whatever President Ruto says is what I’ll do.’

Dangote, who built his industrial empire through cement, has been expanding his footprint in Kenya through the acquisition of a tour company and restaurant chain Java House.

Alterra Capital, a private equity firm with wealthy backers including Mr Dangote, entered the East African tourism market last year through the full acquisition of Pollman’s Tours and Safaris Limited (Pollman’s). Alterra is said to have paid Sh4 billion for the acquisition.

Earlier in January, Alterra and another PE fund, Phatisa, signed an agreement in March to fully acquire restaurant chain Java House for an undisclosed amount from emerging-market investor Actis. The acquisition marked Dangote’s entry into the Kenyan market.

Talk of a new massive oil refinery in Africa follows the long-awaited completion of Dangote’s own $20 billion (about Sh2.6 trillion) refinery in Lagos, Nigeria’s coastal commercial capital.

It comes as the fallout from the war in Iran highlights the significance of local refining capacity.

‘I’m leaning more towards Mombasa because Mombasa has a much larger, deeper port.’ He compared Kenya’s port to Tanga, the proposed Tanzanian site for the refinery to process oil from Uganda and the open market. Dangote estimated that it would cost $15 billion to $17 billion to build.

‘Kenyans consume more. It’s a bigger economy,’ he said, adding that crude oil for the refinery could be transported by ship and need not be located near a pipeline that will carry oil nearly 1,500 kilometres from Ugandan oilfields to the Tanzanian coast at Tanga.

Dangote and Dr Ruto seem to have struck a chord, with the Nigerian featuring among the prominent individuals present at the Kenyan President’s inauguration ceremony in late 2022.

The visit signalled that Dangote could soon expand his business empire into Kenya, particularly in the areas of cement and fertiliser, which have been of interest to President Ruto’s administration.

Mr Dangote had previously tried to invest in Kenya, but in 2017 pushed back plans to set up his Dangote Cement plant in the country to 2021.

The company, which received a licence to prospect for limestone in Kitui County, was planning to set up two cement factories, one in Nairobi and another in Mombasa.

Mr Dangote already has cement factories in Ethiopia and Tanzania. The 2.5 million tonnes-per-year plant in Ethiopia was commissioned in 2015 and remains among the largest cement factories in the country.

In Tanzania, Dangote Cement operates a three-million-tonnes-per-year cement plant in Mtwara, commissioned in December 2015 and considered the largest cement factory in the country.

The Nigerian tycoon also has cement plants in Zambia with a production capacity of 1.5 million tonnes annually, Cameroon (1.5 million tonnes) and Congo Brazzaville (1.5 million tonnes). Dangote Cement now has a total production capacity of about 48.6 million metric tonnes annually across Africa.

According to Forbes, Aliko Dangote remains Africa’s richest man with an estimated net worth of about $28.5 billion, driven largely by his interests in cement, sugar and oil refining.

Dangote told Financial Times in an interview that for the East African refinery to get off the ground, he would need Ruto to offer land, some East African financing and, most importantly, protection from what he called the dumping of cheap fuel from countries such as Russia or India.

‘There is no refinery in the world that can survive without that protection,’ he said. ‘If we have an agreement, we can start this year.’

Kenya has overtaken Nigeria in the list of countries with the fastest growing companies in Africa in the Financial Times ranking, cementing it as one of the continent’s dynamic business hubs.

South Africa topped the list.

The Financial Times Africa’s Fastest-Growing Companies 2026 ranking, now in its fifth year, shows that Kenya has leapfrogged Nigeria into second place in terms of the number of companies represented.

South African companies consolidated their dominance, notching up no fewer than 51 of the 130 fastest-growing businesses. Kenya had 17 top-ranked companies, Nigeria (16), Mauritius (12) and Tunisia, which made a first-time appearance in the top 5, had 6.

Last year, Nigeria had 28.

In Kenya, several big businesses, including Naivas and Kenya Airways, have joined the usual roster of fintechs and start-ups.

The ranking tracks revenue growth over the 2021-2024 period.

The list includes relatively young firms such as General Printers 2021 Limited, M-Kopa, Kofisi Hospitality Group and The Avenue Group as well as established ones such as KCB Group, Co-operative Bank of Kenya, Kenya Airways (KQ), Kenya Power, Naivas, Quick Mart and Carbacid Investment.

The ranking, compiled with research company Statista, is based on compound annual growth in revenues (CAGR), measuring how quickly firms have expanded their top line over the review period.

Firms that made it to the list had a growth rate ranging from 9.27 percent (Roff Industries) to 311.17 percent to Thndr Technology Holding for Financial Investments from Egypt.

Kenya’s representation on the list across sectors such as financial technology, retail, manufacturing and clean energy, signals diversification beyond the traditional dominance of banking and agriculture.

The publication explains that to be included in the list, a company must have revenue of at least $100,000 (Sh12.92 million) generated in 2021 and $1.5 million (Sh193.8 million) in 2024, with the growth in the topline being organic. In addition, the firm must be an independent company (not a subsidiary or branch office of any kind) and headquartered in an African country.

General Printers 2021 Limited was ranked as the fastest growing company in Kenya and 13th on the continent, with a CAGR of ?118.49 percent in the four years through 2024. It was followed by Turaco Microfinance (72.01 percent), M-Kopa (43.01 percent), KQ (38.98 percent) and Carbacid (31.6 percent).

The presence of mid-sized and established firms points to a corporate landscape where growth is no longer confined to start-ups. Companies are increasingly scaling into larger enterprises, supported by regional expansion and improved access to capital.

Kenya’s rise to second place marks a shift in the continental pecking order, reflecting the growing depth and resilience of its private sector at a time when peers such as Nigeria face macroeconomic headwinds.

Also featured in the list of top 10 fastest growing firms in Kenya were Fourth Generation Capital Group with a CAGR of 31.6 percent, Kofisi (27.25 percent), Greenlight Planet (26.28 percent), KCB (22.89 percent) and Quick Mart (22.07 percent).

Companies such as M-Kopa, Kofisi, Greenlight Planet (the seller of Sun King products), and Quick Mart point to the range of business models driving expansion – from asset-financing platforms and electric mobility solutions to modern retail chains tapping into changing consumer habits.

Mic Global Risks (20.24 percent), Impax Business Solutions (19.87 percent) Kenya Power (17.05 percent), Naivas (16.32 percent), Co-op Bank (15.74 percent), Avenue Group (15.74 percent and Craft Silicon (10.29 percent) closed the list of Kenyan firms that made it to the list.

Kenya’s strong showing in the FT ranking also highlights the continued rise of Kenya’s technology ecosystem, with Nairobi maintaining its position as a regional innovation hub. Fintech and software firms remain among the fastest-scaling businesses, supported by high mobile penetration, digital payments infrastructure and growing investor interest in scalable solutions.

Nigeria’s marginal drop in representation reflects the strain of currency volatility, high inflation and investor caution, which have slowed corporate expansion despite the country’s large market size.

South Africa continued to dominate in the ranking, highlighting the advantages of deeper capital markets, stronger corporate structures and a larger pool of established firms.

The Kenya Revenue Authority (KRA) could gain sweeping powers to freeze a taxpayer’s bank accounts or assets even where the disputed tax assessment is under appeal, should Parliament approve the Finance Bill 2026 in its current form.

The Finance Bill 2026, which Treasury has tabled before the National Assembly, seeks to amend the Tax Procedures Act by deleting a clause that currently shields taxpayers involved in disputes with the KRA from being issued with agency notices once they have formally appealed the taxman’s decision.

An agency notice is a directive issued by the taxman under Section 42 of the Tax Procedures Act, compelling a third party, such as a bank or employer, to recover unpaid taxes from a defaulter’s account and remit them to KRA.

The proposed amendment is likely to rekindle long-running disputes between taxpayers and KRA over the taxman’s use of agency notices to freeze bank accounts before disputes are fully determined by courts and the Tax Appeals Tribunal.

‘Section 42 of the Tax Procedures Act is amended in subsection (14), by deleting paragraph (e),’ reads part of the Finance Bill 2026.

Paragraph (e) bars KRA’s Commissioner from issuing agency notices if the taxpayer has appealed against an assessment. KRA issues a tax assessment, or liability, in case of a dispute, inviting the taxpayer either to accept or reject it.

Even where the taxpayer rejects the assessment, KRA still considers the debt due and can proceed to issue agency notices to banks or other income streams linked to the taxpayer.

Tax experts reckon that should the National Assembly approve the deletion, it would mean that whether or not a taxpayer appeals a tax assessment, KRA would still be free to issue an agency notice.

This is the fifth time the National Treasury has attempted to introduce this amendment. The first time, it came with a rider requiring taxpayers to first pay 50 percent of the assessed tax before appealing. The threshold was later reduced to 20 percent before the riders were eventually dropped altogether.

‘If the previous attempts were rejected, why does it keep coming back?’ Robert Waruiru, a tax partner at Igeria and Ngugi Advocates, asked.

The High Court recently dealt a blow to aggressive debt recovery methods used by KRA, blocking the agency from directly raiding a taxpayer’s bank accounts to recover dues, citing violations of due process.

The court nullified agency notices issued to NCBA Bank Kenya and Stanbic Bank Kenya, which had been directed to remit funds held in accounts belonging to Katahira and Engineers International Limited.

Mr Waruiru speculates that Kenya might be borrowing from positions adopted in Uganda and Tanzania. In Uganda, a taxpayer pays an agreed amount with the Commissioner, while in Tanzania the tax authority withholds a third of the assessed tax.

There are fears that this provision could be abused, especially if KRA fails to expeditiously refund money collected from taxpayers who later win their appeals.

‘For businesspeople, the issue is that you are pulling cash out of my business, so I have to borrow to get cash. Why?’ wondered Waruiru.

Tanzanian conglomerate MeTL Group is planning a Sh6.5 billion ($50 million) soft drinks plant in Mombasa, setting up a rare regional challenge to Coca-Cola and Pepsi in Kenya’s highly concentrated beverages market.

Construction of the multi-billion shilling plant is expected to start within the next year, and marks the company’s first major investment in Kenya, as Tanzanian investors flock to the neighbouring country in expansion bids.

It will produce MeTL’s signature beverages, including Mo Cola, Mo Xtra and Mo Malto, which have gained popularity in Tanzania with cut-price drinks that have challenged established market leader Coca-Cola.

Mo Cola is named after Mohammed Dewji, the chief executive of MeTL, who Forbes ranked as East Africa’s richest person with a net worth of $2.1 billion (Sh271 billion).

Like in Tanzania, Mr Dewji hopes to undercut Coca-Cola prices in the quest for market share.

He will follow in the footsteps of Softa Bottling Company, the only Kenyan firm that took global giant Coca-Cola head-on and almost succeeded. Softa was started in 1997 by business tycoon Peter Kuguru.

‘I’m setting up a plant in Uganda, and I have land in Mombasa now, and I’m looking into setting up a carbonated soft drink plant,’ Mr Dewji said in an interview with the Business Daily on Wednesday.

‘We are right now at the drawing table, but we think that it is very possible that within 12 months, we may be able to break ground,’ added the tycoon who was in Nairobi to attend the Africa Forward Summit.

More than 30 African government leaders, as well as heads of multilateral financial institutions and business executives from across Africa and France, attended the Nairobi summit.

Mr Dewji owns Mohammed Enterprises Tanzania Limited (MeTL) Group, one of Tanzania’s largest conglomerates, serving the needs of Tanzania’s largely poor population with everything from sugar and spaghetti to fuel and pens.

The investment adds to a wave of big-ticket investments by Tanzanian tycoons in Kenya over the past five years, underlining the growing influence of regional capital in East Africa’s largest economy.

Having reportedly overtaken Coca-Cola sales in Tanzania within a decade of launch, MeTL’s entry into Kenya’s soft drinks market is expected to intensify competition in a sector long dominated by multinational brands.

In Tanzania, MeTL’s beverages have carved out market share, partly by positioning themselves as more affordable alternatives in a price-sensitive market.

Its signature drink, Mo Cola, would retail at about Sh15 in Kenya for the 300 ml bottle, against the industry average of Sh40, giving it a competitive edge which has helped it grow its market share in Tanzania fast.

Mr Dewji said the company intends to pursue a similar strategy in Kenya, targeting low-income consumers who remain underserved by mainstream beverage brands.

However, analysts say challenging Coca-Cola’s dominance in Kenya will require deep distribution networks, sustained marketing investment and regulatory fairness in a market where several smaller brands have previously struggled to survive.

Some lower-cost brands that once sought to penetrate the Kenyan market, including Softa, eventually collapsed under intense competition from larger players.

‘In Kenya, I think what is needed is a beverage product that focuses on poor consumers. Most of the brands available do not carter for that consumer group. But also, fair trade practices will help a newcomer survive,’ argued Stephen Mutoro, the head of the Consumers Federation of Kenya, a lobby.

Currently, Coca-Cola’s closest rival in Kenya is Kevian Kenya, the maker of Pick and Peel, with about 4.8 percent market share, followed by Excel Chemicals (2.3 percent), Highlands (1.6 percent), Del Monte (1.4 percent), and Suntory (0.48 percent). The rest share the remaining 19.5 percent.

Mr Dewji said his company was leaning towards a complete greenfield entry into to Kenya, but is also considering the possibility of buying out a player or merging with another one.

‘We cannot afford to ignore Kenya because it is the largest economy in our region. Yes, Kenya is more advanced, more competitive, but if you’re taking a long-term tenure, then it is definitely a country that you cannot ignore,’ he said.

Outside the fast-moving consumer goods industry, Mr Dewji is also eyeing the Kenyan energy and hospitality industries as the company’s next expansion frontier, as the sectors record sustained growth.

In energy, Mr Dewji is considering investing in power production as an independent power producer, as well as in transmission, following the liberalisation of the energy sector by the government.

He is also looking to construct hotels in Kenya, but has yet to settle on a location. This follows President William Ruto’s announcement during the Africa-Forward Summit that the government is leasing out land on which investors can construct hotels.

The planned expansion would make Mr Dewji one of several Tanzanian tycoons to make major investments in Kenya in recent years, highlighting Nairobi’s increased attractiveness to regional investors.

Among the latest deals was the acquisition of Bamburi Cement by Tanzania’s Amsons Group, owned by businessman Edha Abdallah Munif, while energy investors Ally Edha Awadh and Rostam Azizi have also expanded their liquefied petroleum gas operations into Kenya.

The Treasury is seeking to impose a 16 percent value-added tax (VAT) on Kenya’s 42 payment platforms, such as Pesapal, Kenswitch, Airtel Money and M-Pesa, which could trigger an increase in user fees for money transfer services.

A Treasury official said that fees earned by the owners of platforms would attract VAT, arguing that the tax will not apply to consumers’ mobile money transfer services and other money transfer services.

‘The person who supplies ICT to enable payments, including paybills or tills, is the one subject to VAT,’ Albert Mwenda, the director-general of budget at the Treasury, told the Business Daily.

‘Persons making payments would be out of the scope for VAT as they are not supplying any services.’

But the payment service providers look set to transfer the burden to consumers in the form of higher money transfer fees.

Safaricom has previously opposed a tax increase on mobile phone-based transfers, saying that it would likely mostly hurt the poor, most of whom do not have bank accounts and rely on mobile transfer services such as M-Pesa.

VAT, however, is deemed a consumption tax, payable by the end user, as revenues earned by payment service providers (PSPs) are generated from user fees.

M-Pesa, which Safaricom pioneered in 2007, now has around 37.91 million users in Kenya, handling billions of shillings in daily transfer volumes-a low-hanging fruit with the capacity to generate outsized profits.

Its double-digit growth in the year to March made the Kenyan unit of Safaricom the first to cross the Sh100 billion mark in earnings, underlining its cash-generation capacity.

Tax experts have argued against the proposal, seeing it as detrimental to the growth of digital payments and expect providers like Safaricom, Airtel and Pesapal to resist the amendment.

Michael Mburugu, a partner at PKF Kenya tax advisory service division, expects Safaricom to lobby hard against the proposal, noting that the levying of VAT on payment service providers will largely translate into higher user charges.

‘If you look at the financial services that are proposed to basically move from VAT-exempt to taxable status, you will note that they touch on money transfers and M-Pesa services involve money transfers,’ he said.

‘As to whether there will be any lobbying against it that can be expected, especially given the velocity and number of transactions being done nowadays on M-Pesa. You can imagine the impact of a VAT introduction at the rate of 16 percent on money transfer services.’

VAT charges are widely passed on to consumers, as they are seen as an end-user charge, implying that mobile-money wallet operators like Safaricom and Airtel would be unlikely to absorb the costs.

The Treasury clarified that M-Pesa was licensed by the Central Bank of Kenya (CBK) as a pay service provider (PSP), rendering charges on transfers subject to VAT under current proposals.

Some M-Pesa service charges like Fuliza and M-Shwari would, however, remain VAT-exempt as they involve partnerships between the operator and commercial banks.

‘It depends on what you are considering. M-Pesa is licensed by CBK as a PSP, but there are financial services that they partner with banks to provide. So, it’s [the application of VAT] all dependent on the service,’ Mr Mwenda said.

The proposal in the Finance Bill is seen as biased towards traditional banking institutions and a discouragement for investments in fintech solutions.

Automated teller machine (ATM) transactions, telegraphic money transfer services, foreign exchange transactions, cheque handling and loan underwriting are all deemed financial services and thereby exempt from VAT.

The issuance of securities for money, provision of guarantees and the issue, transfer and receipt of dealings with bonds or stocks are also exempt from VAT.

A senior tax advisor at corporate law firm Bowmans Law, David King’ori, warned that the application of VAT on money transfers via platforms like M-Pesa could amount to double taxation.

‘M-Pesa user charges are already expensive and this would only be a step in the wrong direction. This could ultimately sideline some users from using formal financial services,’ he said.

M-Pesa charges Sh7 for transfers between Sh101 and Sh500 and a maximum Sh108 for transfers above Sh50,000, while low-value transactions below Sh100 are zero-rated.

The proposal to apply VAT on money transfer platforms follows a High Court ruling that saw judges bar the Kenya Revenue Authority (KRA) from collecting tax from PSPs, including Pesapal and Kenswitch.

The High Court suit pitted Limited and the Commissioner of Domestic Taxes, with the judge ruling that the services of receiving, transferring and processing payments on behalf of third parties or merchants were exempt from VAT.

The VAT Act currently exempts financial services from VAT, including money transfer services and the acceptance of over-the-counter payments of household bills.

Kenya has 42 PSPs, including Kenya Airports Parking Services (KAPS), Craft Silicon Limited and Cellulant Kenya Limited.

M-Pesa payment volumes rose by 25.1 percent in the year to March 2026, hitting 46.4 billion unique transactions in the period from 37.1 billion transactions previously.

The value of the 46.4 billion combined transactions, meanwhile, jumped 8.9 percent to hit Sh41.7 trillion from Sh38.3 trillion previously.

Safaricom was able to charge 42.2 percent of the transactions or 19.6 billion deals, helping it earn a record Sh182.7 billion for the period as M-Pesa revenues, a rise of 13.4 percent from Sh161.1 billion in the previous period to March 2025.

M-Pesa revenues made up 44.2 percent of Safaricom’s earnings for the year ended March 2026.

The number of monthly active M-Pesa customers in Kenya rose by 13.3 percent to 37.91 million from 33.46 million, while the average number of chargeable transactions per customer jumped to 38.6 from 37.3.