Shah family paper wealth doubles to Sh17.35bn on I&M Group share rally

I and M Group founder and director Suresh Raja Shah and his two sons have seen the value of their shares in the bank double to Sh17.35 billion following a 94 percent rally on the stock to an all-time high of Sh69.50 in the last one year.

Mr Raja Shah holds a stake of 10.06 percent in the bank in his name, equivalent to 174.9 million shares, which are now valued at Sh12.16 billion, up from Sh6.25 billion a year ago.

Mr Sarit Shah, who also serves as an executive director in I and M, has seen the value of his 37.6 million shares or 2.16 percent stake in the lender jump to Sh2.61 billion from Sh1.34 billion in June 2025.

The 2.14 percent stake held by his brother Sachit Shah, who serves as a non-executive director, is now valued at Sh2.58 billion, from Sh1.33 billion previously. I and M Bank’s market capitalisation-the measure of investor wealth- stood at Sh120.94 billion at close of trading on Tuesday.

The bank’s stock has emerged as the top gainer in the banking segment on the NSE over the past year, beating Co-operative Bank (up 91.6 percent), DTB (87.7 percent) and Stanbic Holdings (70.4 percent).

Bank stocks have been rallying due to positive investor sentiment after they announced higher profits and dividends in the 2025 financial year.

‘The segment was seen as undervalued from last year, trading below book value, even before adding the growth that has been driven by higher profits and dividends,’ said Wesley Manambo, a senior research associate at Standard Investment Bank.

‘For I and M, investors are also pricing in the bank’s agility in the region where it has a wide presence.’

The sector’s overall valuation gain of 67 percent to Sh1.58 trillion has handed major shareholders such as the Shah family handsome capital gains on their stocks, rewarding them for years of ownership they have maintained in the lender.

The Shahs hold their I and M Bank shares through various investment vehicles, primarily the lender’s three top shareholders Minard Holdings Limited, Tecoma Limited and Ziyungi Limited, whose directors include Mr Raja Shah.

By the end of May 2026, the three entities held a combined 54.93 percent stake with a market value of Sh66.43 billion in I and M.

The family’s Bhagwanji Raja Charitable Foundation also holds a 2.43 percent stake in the bank, which is currently valued at Sh2.94 billion at yesterday’s closing share price.

The bank’s other major shareholder is East Africa Growth Holding -an investment vehicle managed by private equity firm AfricInvest- with a stake of 15.14 percent or 263.4 million shares that are now valued at Sh18.3 billion. EAGH has made a gain of Sh7.6 billion on the price of Sh10.7 billion at which it acquired its I and M stake in two separate transactions in 2024.

The PE fund initially bought a 10.13 percent holding equivalent to 167.53 million shares from UK development finance institution British International Investment for a reported Sh6.5 billion in June 2024.

In this transaction, EAGH paid a premium to acquire the shares, which were valued at Sh3.01 billion on the NSE at the time.

Four months later, the PE fund bought an additional 86.5 million shares (4.97 percent stake) for Sh4.2 billion in what was a direct equity investment in the bank.

I and M Bank issued the additional shares to facilitate the transaction, in the process diluting existing investors including the Shah family.

The new units were priced at Sh48.42 each, representing a premium of 93 percent on the lender’s prevailing share price of Sh25.05 when the disclosure was made on October 13, 2024.

Besides the capital gains on their stock, the Shahs also banked Sh936.3 million in May from dividends for their shares in the bank, which raised its per-share cash distribution to Sh3.75 in the year to December 2025 from Sh3 in 2024.

Mr Raja Shah earned Sh656 million in dividends, while his two sons got about Sh140 million each. The family foundation was paid Sh158.5 million in the cash distribution.

The payout placed the family firmly on the list of the NSE’s banking sector dividend kings. They joined the likes of Equity Group chief executive James Mwangi, who earned Sh734.9 million from his 127.8 million shares in the lender, and Co-operative Bank of Kenya CEO Gideon Muriuki, who earned Sh337.5 million from his 2.3 percent or 135 million shares in Co-op.

NCBA Group chairman James Ndegwa and his brother Andrew Ndegwa, who is also a director in the bank, earned Sh543.1 million and Sh550.9 million respectively in dividends from their 76.5 million and 77.6 million shares in the bank.

How hobby of collecting tiny cars became big business

‘My husband is a creative who loves collecting things,’ says Brenda, who co-founded Diecast Kenya, a business specialising in die-cast miniature cars and accessories, with her husband.

‘In 2021, he went on Amazon and bought some diecast cars for his personal collection. When they arrived, we got into diecast photography, creating different scenes and making the cars look life-sized against different backgrounds.’

Neither of them imagined that the hobby would one day evolve into a business. But as they shared the images on social media, fellow enthusiasts began asking about the models and whether they were available for purchase.

‘And that’s how we became a business,’ Brenda says. ‘We started with about 20 pieces that cost around Sh50,000, but it wasn’t until 2024, when we became more active on our TikTok page, that the demand really took off.’

Revving demand

What once required monthly restocks of about 200 miniature cars has since grown into a venture that brings in the same quantity every week to meet demand from customers across East Africa.

‘We started as a shop for collectors, but there are only so many collectors,’ Brenda says.

‘So now we present them as unique gifts.’

This strategy has helped them reach a broader customer base beyond hobbyists and automotive enthusiasts. While collectors remain its core market, Diecast Kenya now attracts many customers who purchase the miniature cars as gifts for birthdays, Valentine’s Day, Father’s Day, and other special occasions.

‘Most of our busy seasons are actually the gifting seasons,’ she says. ‘And while there are those who buy them for women, they are mostly gifts for men. A lot of our clients tell us we’ve made it easier to shop for men beyond the usual socks, ties, and perfumes.’

Beyond their sentimental value

The choice of model is often intentional, Brenda says. Some buyers select aspirational dream cars, while others look for replicas that mirror vehicles the recipient either already owns or has owned. This personalisation is part of the appeal.

‘We’ve actually expanded our offerings beyond the cars themselves to services such as customised number plates, as well as accessories such as miniature garages, display cases, and framed Formula One circuits. So, for example, if someone’s favourite Formula One track is Silverstone and they prefer a Mercedes Formula One car, we can mount the miniature car on a map of the circuit and present it as a framed display piece.’

These framed Formula One pieces have become some of their best-selling products. But even as the business strives to keep up with market trends and customer preferences, Diecast Kenya remains mindful of the commercial realities of stocking high-end products.

‘Some of the models that people ask about can cost as much as $330 (Sh42,000),’ Brenda explains.

‘Those are premium collector’s items. So, unless we know there is a customer who is willing and able to pay that price, we avoid stocking them. For instance, there’s a model we stocked back in 2023, the Land Cruiser 100 series, that should have been retailing at around Sh25,000, but we would sell it at Sh15,000.’

The catalogue

Still, their catalogue spans a wide range of models, from vintage and luxury cars to sports cars, commercial trucks, and trailers. They also come in different scales, from the smaller 1:64 replicas to the larger, more detailed 1:18 models.

‘The 1:64 models are the most affordable, retailing from Sh500,’ Brenda says. ‘The larger ones go for about Sh7,950. The accessories, however, like the garage, tend to be on the higher side. Depending on the size, they can cost around Sh10,000.’

Biggest hurdles

The couple imports their products predominantly from China and Japan, exposing the business to challenges such as cargo delays and fluctuating taxes. Yet Brenda says one of their biggest hurdles is educating potential customers about what die-cast models are and why they command the price points that they do.

‘Some people do not understand what we are selling and the price points we give them,’ Brenda says.

‘Die-cast cars are not like plastic toy cars. They are metallic and therefore durable, highly detailed, exact replicas of the real cars, only produced on a smaller scale.’

Size is another common area of contention. ‘Clients who are unfamiliar with die-cast models and how the scaling works often come to the shop expecting very large items,’ Brenda says. ‘Many people equate size with value for money, but that is not always the case, especially with die-cast models.’

Growth plans

Backed by a strong, loyal community and growing demand, Diecast Kenya is now looking to expand their offerings beyond miniature cars.

‘I believe there’s a miniature version of everything,’ Brenda says. ‘So far, we’ve introduced miniature planes as well as framed maps of local airports, and they’ve been doing really well.’

‘Someone once asked for a miniature CT scanner to gift a doctor they knew,’ Brenda says. ‘These are feel-good items that people enjoy displaying, so we are planning to introduce more options.’

LEGO car sets

Genuine Household Dealers has taken a different approach to the market. Rather than ready-made die-cast models, the enterprise specialises in LEGO car sets that customers can assemble before displaying them in their homes or offices.

‘We have been selling household items for about three years, but we only started stocking the display cars about a year and a half ago,’ says Isaac Andivi, store manager and sales correspondent. ‘In this business, you always have to find creative products that set you apart from everyone else.’

Imported from China, the LEGO car sets arrive unassembled, with hundreds of small intricate pieces, an LED frame, and an instruction manual. For many customers, putting together the model is part of the appeal, offering hours of entertainment before the finished product takes pride of place on a wall, shelf, or desk.

For those who prefer to skip the building process, however, the shop offers an assembly service.

For now, the business only stocks Formula One models, targeting the sport’s growing fan base. Each set retails for Sh25,000.

‘We stock four models; Mercedes, McLaren, Red Bull, and Ferrari,’ Isaac says. ‘People who follow Formula One racing are always interested in such items, while others buy them simply because they make for unique decor pieces.’

Best-sellers

Like Diecast Kenya, Genuine Household Dealers records its highest sales during the gifting seasons, notably around the end of the year, when companies hold office parties. During such peak periods, the business can sell up to 10 models, compared with as few as two pieces in quieter months.

‘The Mercedes is our best-selling model, with the Ferrari not too far behind,’ he says.

Like many import-dependent ventures, the enterprise grapples with shipping delays and damages incurred to the delicate LEGO pieces during transit, which add to the overall cost of doing business.

Despite these challenges, however, Isaac says the growing community of enthusiasts continues to fuel demand, with some purchasing multiple pieces at a go or coming back to expand their collections.

Chief Justice caught in face-off over Sh340bn Diageo-Asahi deal

Chief Justice Martha Koome has been drawn into a fresh face-off over the growing number of court battles over the planned Sh340 billion sale of British multinational Diageo’s entire 65 percent stake in East African Breweries (EABL), as well as its holding in spirits maker UDV Kenya, to Japanese beverage firm Asahi Group Holdings.

Rival litigants have written to the CJ seeking administrative intervention while urging opposite approaches to managing multiple court cases challenging the transaction.

EABL asked for all cases touching on the transaction to be centrally managed by one High Court judge or court station, but JILK Construction and its co-petitioners urge the Chief Justice to reject the request, saying that such a move would unfairly disadvantage litigants pursuing earlier claims.

The latest exchange follows EABL’s June 23 letter asking the Chief Justice to coordinate all court proceedings linked to the transaction, arguing that parallel litigation in different courts has created a risk of conflicting rulings.

Days later, lawyers representing JILK Construction Company, Bertha Wanjiru, Mary Njeri Wanyutu and engineer Sammy Maina Kamau urged the Chief Justice to reject that request, saying it would prejudice their longstanding claims against Diageo and its subsidiaries.

The opposing letters expose sharply different views on how the courts should handle litigation surrounding one of the country’s largest corporate deals.

The legal dispute concerns the proposed sale of 65 percent of shares held by the United Kingdom’s Diageo PLC in EABL to Japan’s Asahi Group Holdings, a transaction valued at about $2.3 billion (Sh340 billion).

Under the deal, Asahi would take full control of Diageo Kenya Limited, the investment vehicle through which the British firm holds its EABL stake.

The Japanese company would also acquire Diageo’s 53.68 percent stake in UDV Kenya. EABL holds the remaining shares in UDV Kenya and also retains management control of the unit.

EABL advocates, in their letter to the Chief Justice, said successive lawsuits filed in different courts have undermined legal certainty after judges in Nairobi repeatedly declined to stop the deal only for the High Court in Machakos to later issue conservatory orders freezing its implementation.

The brewer cited earlier rulings dismissing applications by beer supplier Bia Tosha Distributors and JILK Construction, as well as another Nairobi decision declining interim orders on public interest grounds.

“Our client is concerned that persons desirous of hindering completion of the transaction are now engaged in forum shopping across separate court stations,” EABL’s lawyers, Iseme, Kamau and Maema Advocates, wrote.

They added that the practice “amounts to a clear abuse of the court process and offends the principle of judicial comity between courts of concurrent jurisdiction.”

EABL asked the Chief Justice to assign all current and future High Court proceedings relating to the transaction to one judge or court station, expedite the pending cases and consider activating specialised tribunals established under the capital markets and competition laws.

The brewer said the transaction, valued at about $2.3 billion, could generate Sh42 billion in capital gains tax while providing certainty for shareholders, employees, suppliers and investors across Kenya, Uganda and Tanzania.

However, JILK Construction rejected those arguments in a June 26 response by Kinoti and Kibe Advocates, saying the request for administrative intervention overlooked disputes that began years before Diageo agreed to sell its EABL stake.

The firm said its claims arise from the construction of Kenya Breweries’ Kisumu plant between 2017 and 2019 and include arbitration, constitutional, commercial and criminal proceedings that remain pending.

It argued that those disputes should not be subordinated merely because Diageo has decided to dispose of its Kenyan investment.

“Our clients, however, appreciate to have all the cases involving Diageo PLC expedited and determined on priority in order to ensure that the substantive justice envisaged under Article 159 of the Constitution is achieved as Kenya bids goodbye to Diageo PLC,” the lawyers wrote.

The response also challenged EABL’s criticism of the Machakos conservatory orders, arguing that Kenya Breweries itself had previously obtained ex parte orders in December 2024 suspending publication of an arbitral award arising from the Kisumu dispute.

JILK said Diageo and its subsidiaries had benefited from interim court orders in the past and therefore could not fairly complain when similar relief was granted to other litigants.

The company further argued that the real issue before the courts was balancing the commercial interests of a multinational company seeking to exit Kenya against the rights of Kenyan claimants pursuing unresolved disputes.

Diageo announced the sale in December 2025 as part of a global strategy to streamline its portfolio and reduce debt.

The acquisition would give Asahi control of Diageo Kenya, EABL and Diageo’s majority stake in UDV Kenya, subject to regulatory approvals.

Finance Act 2026 and a tale of two tax decisions

The Finance Act, 2026 has introduced two significant tax changes that directly overturn recent court decisions in Kenya.

The changes affect the withholding tax (WHT) treatment of card transactions and VAT on outsourced labour.

Together, they show Parliament’s power to reshape the tax landscape even after courts have spoken.

In December 2025, the Supreme Court delivered its judgment in Barclays Bank of Kenya (Absa) v Commissioner for Domestic Taxes.

The dispute over taxation of card transactions is among Kenya’s longest-running tax battles.

It began over 15 years ago when the Kenya Revenue Authority (KRA) demanded WHT from Barclays Bank (now Absa Bank) on interchange fees and payments made to international card companies such as Visa, Mastercard, and American Express.

For years, the bank argued that interchange fees were cost-sharing arrangements between issuing and acquiring banks, and that payments to card companies were facilitation charges, not royalties. The KRA countered that both fell within the scope of WHT.

The row went through multiple rounds of litigation with conflicting outcomes. Because it predated the Tax Appeals Tribunal (established in 2015), it was first heard directly by the courts. In May 2015, the High Court nullified the KRA’s assessment, but in November 2020 the Court of Appeal reversed that ruling, siding with the taxman.

Given the significance of the issues, Absa Bank sought and obtained certification for the matter to be heard by the Supreme Court as one of general public importance.

The Supreme Court delivered its verdict on December 5, 2025, holding that interchange fees are neither management nor professional fees and that payments to card companies are not royalties. Consequently, these payments are not subject to WHT.

For banks, the ruling ended a long and costly tax dispute, with many viewing it as the final resolution of the matter. That relief, however, has proved short-lived.

The Finance Act, 2026 has now legislated the exact opposite position. Interchange fees are now expressly classified as management or professional fees, while payments to card companies are deemed royalties. Both will now be subject to WHT.

This reversal of what was widely regarded as the final judicial position is expected to increase tax and compliance costs for banks, payment processors, and merchants. A significant portion of these additional costs is likely to be passed on to consumers.

At the same time, a different story has unfolded in relation to firms involved in outsourcing of labour.

In May 2025, the High Court in Commissioner of Domestic Taxes v Techsavana Company Limited held that VAT applies to the entire invoice amount in staff outsourcing arrangements, including salaries, statutory deductions and service fees.

The court reasoned that outsourcing firms are the legal employers and, therefore, all related costs form part of the taxable supply.

The Finance Act, 2026 has, however, reversed this position by amending the VAT Act to exempt staff costs from VAT. As a result, outsourcing firms will only charge VAT on their service fees and not on salaries or statutory deductions.

This change will reduce the tax burden for outsourcing companies and their clients, making outsourced services more affordable in sectors such as IT, security, and cleaning.

The two amendments tell very different stories. On the one hand, Parliament has expanded the tax base by overriding the Supreme Court’s decision on interchange fees and payments to card companies. On the other hand, it has narrowed the tax base by overturning the High Court’s ruling on VAT on outsourced labour.

The implications for businesses are significant. Banks and payment service providers will face higher tax and compliance costs, which may ultimately be passed on to merchants and consumers.

By contrast, outsourcing firms and their clients benefit from lower VAT costs, potentially encouraging greater use of outsourced services across various sectors.

Ultimately, these developments serve as a reminder that, in tax matters, a court victory may not always be the final chapter. Parliament can still rewrite the playbook.

Governance will decide whether Kenya’s capital market revival lasts

Kenya’s capital market is showing encouraging signs of recovery after years of subdued activity.

Trading volumes at the Nairobi Securities Exchange have improved, mergers and acquisitions are on the rise, and new public securities offers have emerged after a prolonged IPO drought.

While these developments point to renewed momentum, transactions alone do not signal a healthy market. The durability of this recovery will depend on one factor above all others: governance.

Kenya’s experience has repeatedly shown that investor confidence rests on strong institutions, credible regulation and effective oversight, particularly during periods of political uncertainty.

The post-2022 election period demonstrated how quickly confidence can evaporate. Foreign portfolio investors exited in large numbers as domestic political tensions compounded global economic uncertainty, leaving the market increasingly dependent on long-term domestic investors.

Today’s recovery is being driven largely by domestic, regional and strategic investors rather than a broad return of foreign capital. Cross-border transactions and renewed listing activity reflect growing confidence in regulatory stability, but they do not eliminate structural risks. Markets can process major deals while remaining vulnerable if governance standards are weak or inconsistently enforced.

Disclosure remains a cornerstone of Kenya’s capital markets. Prospectuses, information memoranda and continuous reporting requirements provide investors with essential information about businesses and their risks.

Yet disclosure alone cannot prevent corporate failure. Kenya has witnessed regulated institutions collapse despite audited accounts and regulatory compliance. The lesson is clear: transparency informs investment decisions, but governance protects them.

Effective governance is reflected in independent boards, sound oversight, robust internal controls and clear accountability.

Boards must challenge management, oversee risk and ensure disclosures accurately represent a company’s financial position rather than its preferred narrative. Independence on paper is insufficient if directors cannot exercise objective judgment or resist undue influence.

As Kenya approaches another election cycle, regulators must move beyond checking compliance boxes.

Greater scrutiny of board independence, related-party transactions and governance structures before public offers are approved can help identify risks before they undermine market confidence. Supervision should focus not only on whether governance frameworks exist, but whether they function effectively in practice.

Capital follows confidence, confidence depends on trust, and trust is built through consistent governance and proactive regulation. If governance remains strong, the current recovery could mature into lasting resilience. If it weakens, history suggests investors will once again retreat to the sidelines.

The future of Kenya’s healthcare depends on collaboration, not tech

Across Africa, healthcare is undergoing a profound transformation. Population growth, urbanisation, shifting disease burdens, rising healthcare costs, and rapid technological advancement are fundamentally changing how healthcare is delivered, financed, and experienced.

At the same time, citizens are becoming more informed and demanding better access, greater transparency, and higher quality care.

These evolving expectations are creating both immense opportunities and significant challenges for healthcare systems across the continent.

Traditionally, healthcare providers, insurers, and technology companies have operated within distinct spheres. Providers focused on delivering care. Insurers concentrated on financing healthcare services and managing risk. Technology providers built solutions to support specific functions within the ecosystem.

While each played a critical role, the lack of integration often resulted in inefficiencies, fragmented patient experiences, delayed decision-making, and escalating costs.

Today, however, these sectors are becoming increasingly interconnected, and the future of healthcare will be determined by how effectively they work together.

One of the most pressing issues facing healthcare systems today is affordability. Across both developed and emerging markets, medical inflation continues to outpace economic growth. Advances in treatment, increased utilisation of healthcare services, and the growing prevalence of chronic illnesses are placing unprecedented pressure on healthcare financing systems.

Governments are grappling with limited resources, insurers are managing increasing claims costs, and healthcare providers are striving to maintain quality while controlling operational expenses. The challenge is no longer simply about financing healthcare; it is about ensuring that healthcare remains accessible, sustainable, and effective for future generations.

Leadership must move beyond traditional approaches to cost management and begin focusing on system-wide efficiency.

This requires a shift from reactive decision-making to proactive planning, enabled by better information and stronger collaboration across the healthcare ecosystem.

The leaders who will shape the future of healthcare are those who understand that sustainability cannot be achieved through isolated interventions. It requires integrated solutions that address the interconnected nature of healthcare delivery, financing, and administration.

At the centre of this transformation lies data. Healthcare has never had more information at its disposal. Every patient visit, diagnosis, prescription, laboratory test, and insurance claim generates valuable data. Yet despite this abundance, many healthcare systems remain information-rich but insight-poor.

Data is often fragmented across institutions, making it difficult to gain a comprehensive understanding of patient journeys, healthcare utilisation patterns, or emerging risks. As a result, opportunities to improve outcomes, reduce inefficiencies, and strengthen accountability are frequently missed.

The ability to transform data into actionable intelligence is becoming one of the defining capabilities of modern healthcare systems.

Technology now enables organisations to identify patterns, predict trends, and make informed decisions with a level of speed and accuracy that was previously unimaginable. Artificial intelligence, predictive analytics, and automation are helping organisations detect fraud, streamline claims processing, improve patient experiences, and optimise resource allocation.

More importantly, these technologies are enabling healthcare stakeholders to move from reactive management to proactive intervention.

This shift is important in the insurance sector, where the balance between access, affordability, and sustainability has never been more delicate. Insurers are expected to provide quality coverage while managing rising healthcare costs and protecting against fraud, waste, and abuse.

Technology is becoming the mechanism through which this balance can be achieved. By providing greater visibility into healthcare utilisation, improving claims integrity, and enabling more informed decision-making, digital solutions are helping insurers create greater value for both healthcare providers and members.

However, technology alone is not enough. One of the greatest misconceptions in digital transformation is the belief that technology itself drives change. In reality, technology is only an enabler.

Sustainable transformation requires leadership. It requires leaders who are willing to challenge legacy systems, rethink traditional operating models, and foster collaboration across sectors that have historically operated independently.

The success of digital transformation initiatives is determined not by the sophistication of the technology deployed, but by the clarity of the vision guiding its implementation.

As healthcare systems become increasingly digital, trust is emerging as one of the most important factors influencing adoption and long-term success. Patients want assurance that their personal information is secure. Healthcare providers need confidence that technology will support rather than complicate care delivery.

Insurers require transparency and accountability to make accurate decisions.

Policymakers must ensure that innovation advances public interest while maintaining appropriate safeguards. Building this trust requires strong governance, clear regulatory frameworks, ethical leadership, and a commitment to responsible innovation.

This is particularly relevant as artificial intelligence becomes more embedded within healthcare and insurance systems.

While AI presents tremendous opportunities to improve efficiency and decision-making, it also raises important questions around accountability, transparency, data privacy, and fairness.

Leaders have a responsibility to ensure that innovation is accompanied by robust governance structures that protect both institutions and the people they serve. The goal should not simply be to adopt technology faster, but to adopt it responsibly and strategically.

Perhaps the most significant shift taking place today is the transition from fragmented healthcare transactions to connected healthcare ecosystems. Increasingly, patients expect seamless experiences that extend beyond individual healthcare encounters.

They expect healthcare providers, insurers, pharmacies, and other stakeholders to operate as part of a coordinated system. Achieving this vision requires greater interoperability, stronger partnerships, and a shared commitment to improving outcomes rather than optimizing individual processes.

The future of healthcare will not be built by any single institution. It will be shaped through collaboration between governments, healthcare providers, insurers, technology companies, regulators, and development partners.

Success will depend on our collective ability to align incentives, share insights, and leverage technology to address real-world challenges.

The organizations that thrive in this environment will be those that recognize the value of ecosystem thinking and invest in building meaningful partnerships.

Ultimately, leadership at the intersection of healthcare, insurance, and technology is about more than managing organizations. It is about shaping systems.

It is about ensuring that healthcare remains accessible and affordable, that resources are used efficiently, and that innovation delivers tangible benefits to the people and communities it is intended to serve. It is about creating a future where technology strengthens trust, where data informs better decisions, and where healthcare systems are resilient enough to meet both today’s demands and tomorrow’s challenges.

The convergence of healthcare, insurance, and technology is no longer a future possibility. It is today’s reality.

The question before us is not whether this transformation will happen, but whether we will provide the leadership required to ensure it delivers meaningful and lasting impact. The decisions we make today will determine not only the future of our organizations but the future of healthcare itself.

Britam marks Sh2bn for startups as it expands venture capital arm

Insurer Britam plans to invest up to Sh1.9 billion ($15 million) in financial and insurance technology startups in Kenya and other markets where it operates, as it expands its venture capital arm amid increasing competition from non-traditional insurers.

Through its incubation hub BetaLab, the insurer plans to invest up to Sh1.9 billion in startups across the seven markets where it operates over the next four years, using a mix of equity and debt financing.

Want lasting success? Think small to grow big

‘You can’t be seen, until you learn to see’ — marketing whiz, Seth Godin.

Is “How can we reach more customers?” the first question to ask? Or, should one start by asking, “Which small group of customers can we understand so well that we become their obvious choice?” Is it true that “No business plan survives first contact with customers?” Are managers best described as: predicably irrational? And, does organisation change often start with just one person?

Focus on a minimum viable marketSeth Godin argues that instead of trying to appeal to everyone, enterprises should identify the smallest market that can sustain their business and serve it exceptionally well.

Best way to do this is start with a specific group of people who share a common problem, identity, or aspiration. For instance, those on a lower income who need affordable quality health care, with a stress on prevention and wellness. Or, residents on the coast who need a short-term loan, but want to avoid the high interest rates of log book lenders.

Next step is to continually polish the product, offering to have a ‘wow’ factor.

Fancy term for this is having a product market fit. Meaning you create such remarkable value so that customers enthusiastically recommend you to others. Nothing persuades like word of mouth recommendations. Focus should be on building trust and belonging, not just transaction volumes and profitability. Then, wait to become indispensable to your loyal client niche before expanding.

Remember we make purchases based on how we want to feel. Our often-irrational emotions drive us. To begin with a minimum viable market approach helps to ask questions like, for instance: Who is it for? What change are you helping them make? Why will they tell others? Stress is not on the maximum reach, but more on building the relationship, based on being the most relevant.

In rolling out a minimum viable market approach start with filling in a three-sentence marketing promise.

1) My product is for people who believe …

2) I will focus on people who want …

3) I promise that engaging with what I make will help you get …

Marketing has shifted, from the days of almost industrial hype, scams and pressure which doesn’t work in the long run. Today, the focus is trying to make a difference by seeing and understanding the customers you seek to influence. All of which starts with a conversation.

Predictably irrational

Research by Nobel laureate Daniel Kahneman (along with Amos Tversky), showed people are not fully rational in the traditional economic sense. Instead, at best we are ‘predictably irrational’.

Managers do not make random mistakes. They make systematic errors in judgment and decision-making because our brains rely on mental shortcuts called heuristics. These are the mental shortcuts or ‘rules of thumb’ we use to solve problems, make judgments, and process information quickly.

This ‘default factory setting’ programming allows our brains to bypass time-consuming, complex analysis, conserving mental energy, but can often lead to systematic errors or cognitive biases. An example of this is that when facing uncertainty, managers weigh potential losses far more heavily than equivalent gains. This bias is known as loss aversion.

Businesses frequently frame their products to highlight what consumers might lose if they do not make a purchase. Prime example of this is software companies who offer free access to premium features for a limited time. Once users integrate the software into their daily routines, canceling feels like a loss of utility, greatly increasing the likelihood of an upgrade.

Irrational rules

‘When in doubt, assume that people will act accordingly to their current irrational urges, ignoring information that runs counter to their beliefs, trading long-term for short short-term benefits and most of all, being influenced by the culture they identify with’ says Godin.

But how do organisations change for the better? Truth is, companies are constantly in a state of flux, but a shift happens based on one uncomfortable truth.

One driving force

For every company that has made a profound performance shift there is [generally] one person, who made it happen. This is not a politically correct way of looking at organisation ‘transformations’ but there is always someone who acts the mitochondria in the cell that provides the energy to make that needed shift in direction.

‘Every organisation – every project – is influenced by a primary driving force. Some restaurants are chef-driven. Silicon Valley is often tech-driven. Investment firms in New York are money-driven, focused on the share price, or the latest financial manipulation.

The driver, whichever one you choose, is the voice that gets heard the clearest, and the person with that voice is the one who gets to sit at the head of the table’ writes Godin.

What do you see? Can you think of a radical performance improvement in Kenya that did not start with one person as the driving force?

Growing testosterone business as men pay over Sh10,000 a week, but doctors warn of risks

The surge in demand for testosterone therapy has opened up a lucrative market for clinics and wellness providers, but it has also raised concerns that some Kenyan men are exposing themselves to potentially serious long-term side effects by taking the treatment for a condition they do not have.

More men are buying testosterone to deal with symptoms such as fatigue, weight gain, low libido and declining fitness, but urologists and endocrinologists say many of these men do not have low testosterone; instead, the symptoms are often linked to lifestyle factors.

Dr Onyango Oluoch is a consultant urological surgeon at a clinic in 5th Avenue Suites, Nairobi. He has watched the number of men coming to the clinic grow steadily.

‘Many have normal testosterone levels, while others have symptoms caused by stress, poor sleep, obesity, diabetes, depression, anxiety, medication side effects, alcohol use, relationship difficulties, or other health conditions,’ he says.

To be diagnosed with testosterone deficiency, a man must have both clear symptoms and consistently low testosterone levels confirmed through proper tests.

Deceptive marketing

These men are showing up at clinics in part because of how testosterone is old. On social media, wellness platforms, and at some clinics, it’s pitched as a shortcut to feeling younger, stronger, and mentally sharper. Dr Onyango says this is misleading.

‘Testosterone being marketed as an anti-ageing, energy-boosting, or performance-enhancing product can be misleading,’ he says.

‘Testosterone is a prescription hormone treatment intended for men with genuine deficiency, not a shortcut to improved fitness, youthfulness, or sexual performance.’

He says testosterone is not the only thing driving a man’s energy or sex life. The mind, emotions, relationship quality, blood flow, nerves, sleep, stress, and general health all play a role. Men who are struggling sexually or feeling drained should not assume the answer is a hormone injection.

Hormonal assessment cost

Before he prescribes treatment, Dr Onyango screens for diabetes, obesity, high blood pressure, high cholesterol, cardiovascular disease, sleep apnoea, depression, anxiety, thyroid problems, medication side effects, alcohol use, and stress. He says sexual health problems almost always have more than one cause.

A total testosterone test costs about Sh2,500. Luteinising hormone is Sh2,500. Prolactin is Sh2,500. Sex hormone-binding globulin runs around Sh5,000, and free testosterone, which is the portion of the hormone in the blood that is available for use by body tissues, costs roughly Sh6,000.

Altogether, a basic hormonal assessment can cost between Sh12,500 and Sh20,000 before adding a consultation fee or any additional investigations.

Injectable testosterone is generally less expensive than gels. Gels often provide steadier hormone levels but cost more over time.

Monitoring must continue long after treatment begins, covering fertility, heart health, prostate health, blood counts, and sleep.

The key question

For young men of reproductive age, Dr Onyango says that before starting testosterone therapy, there is one key question every patient must answer. ‘Do they desire to have children? This is because this therapy can profoundly impact treatment options,’ he says.

For men who want children, the approach changes significantly.

But beyond who qualifies and who does not, there is a harder conversation that specialists say is rarely discussed. What does this treatment actually do to the body when it is given to the wrong person, or even to the right one without proper care?

Dr Muigai Mararo, a consultant urological surgeon based in Nairobi’s Upper Hill, has seen those consequences up close.

‘When you talk about testosterone replacement therapy, this means you are replacing testosterone, and this should be for people who do not have testosterone,’ he explains.

The medical term for this condition is hypogonadism, where the body produces little or no testosterone and, as a result, very little sperm.

Those who need it

To qualify, a man needs two things confirmed. First, low testosterone showing in at least two separate lab tests. Second, real symptoms that are actually caused by testosterone deficiency. The blood test must be done at an accredited laboratory, between 8am and 10am, while fasting.

‘That is the time you usually have a spike in testosterone, so you get the correct figure,’ Dr Muigai says. ‘Eating may reduce your testosterone.’

The men who genuinely need testosterone replacement therapy (TRT) fall into two groups in his experience. The first is young men who lost their testicles to a condition called testicular torsion, while in school. When torsion happens, the testicle twists and loses its blood supply. It is a medical emergency that must be treated within six to eight hours or the testicle dies permanently.

He currently has three patients on lifelong TRT for this reason, the oldest being 29 years old.

‘Younger men who have lost their testicles may notice that their beards are not growing, that their voice is not deepening, or that their breasts are enlarging,’ Dr Muigai says.

The second group is older men whose testosterone has dropped naturally with age.

The symptoms of low testosterone often start with fatigue before any sexual signs appear. Low libido, erectile dysfunction, muscle loss, and growing belly fat follow. Some men develop brain fog, have trouble concentrating, become irritable, or cannot sleep properly.

He describes a pattern he sees too often. Men with erectile problems walk into clinics, get a testosterone injection, feel briefly better, then crash when the injection wears off. By the time they reach him, they have had two or three injections and still feel unwell.

‘That was a wrong indication,’ he says. ‘Probably their erection problem was because of psychological issues.’

He warns that by giving testosterone to someone who did not need it, the body stops producing its own testosterone, starting a cycle that is very hard to break.

The risks go beyond that. TRT can cause blood clots in the legs that travel to the lungs. It can weaken bones and raise the chance of fractures. In men with undetected prostate cancer, it can make the disease spread faster.

Fertility concerns

The biggest concern for younger men getting the injections with proper diagnosis and follow-up is infertility. Injecting synthetic testosterone tells the body to shut down its own production, which also shuts down sperm production.

‘You go get an injection of testosterone, the next thing is you will come to me because you are not able to have children,’ Dr Muigai says.

When these men drastically stop TRT without proper care, withdrawal can set in. The weight comes back. The fatigue returns. Libido drops, and erections become difficult again. In extreme cases, the liver can also be damaged. ‘It is not an innocuous therapy,’ he warns. ‘It comes with serious, sometimes life-threatening complications.’

For men whose testosterone has dipped because of lifestyle, the answer is not an injection. Obesity, poor sleep, chronic stress, no exercise, and heavy drinking all reduce levels without wiping them out entirely. Excess belly fat is especially harmful because it converts testosterone into oestrogen.

‘Go exercise. Manage your sugar. Manage your stress. Quit alcohol and smoking. You do not need to start testosterone replacement therapy unless you absolutely have to,’ Dr Muigai says.

On cost, he says an injection costs about Sh1,200 every two weeks. Gels cost around Sh5,000. But money, he says, is not the real problem. ‘The biggest issue is not cost but misuse.’

Problem of misuse

The problem of misuse and misdiagnosis is one that Dr Vic Albert says he encounters just as often in his practice.

Dr Vic Albert offers advanced urology procedures and treatments. Most of the men who come to him asking about testosterone do not qualify once properly evaluated. The typical picture is a man in his 30s, 40s, or 50s.

Many of them have poor sleep, chronic stress, obesity, lack of exercise, are heavy alcohol users, depressed, or have diabetes, and not really a testosterone-related condition.

‘Some marketing creates the impression that testosterone is a shortcut to youth, confidence, muscle gain, or business success,’ he says.

The risk, he says, is that normal ageing or an unhealthy lifestyle gets turned into a medical problem that does not exist. ‘Good medicine starts by asking why a man feels unwell rather than immediately reaching for testosterone,’ he says.

Dr Vic notes that erectile dysfunction can sometimes be the body’s first signal of underlying heart disease, which makes a thorough check essential before anything else.

For men who want more energy or better gym results, he points to what he calls the four pillars of men’s health: sleep, exercise, nutrition, and weight management.

‘For many men, improving sleep alone can significantly improve energy levels and even increase natural testosterone production,’ he says. Resistance training, losing body fat, managing diabetes, cutting alcohol, and handling stress can all shift things considerably.

He acknowledges that lifestyle changes take longer than a hormone injection to show results, but argues the foundation they build is stronger.

‘If we can raise your natural testosterone and improve your health at the same time, that is usually better than immediately starting lifelong hormone therapy,’ he tells his patients.

On long-term effects, Dr Vic is honest about what remains unknown. ‘There are still unanswered questions because relatively few studies follow patients continuously for several decades,’ he says.

Specialists are still watching cardiovascular outcomes, prostate health, fertility effects, and how lifelong therapy changes ageing. What he does know is that starting TRT is rarely a short-term decision.

‘Many men will require ongoing treatment and monitoring for years,’ he says.

Before any man begins, he asks one cardinal question. ‘I always ask patients to think carefully about whether they are treating a true deficiency or chasing a lifestyle goal.’

His position on both sides of that question is clear. ‘Testosterone is not a fountain of youth. For the right patient, it can be life-changing. For the wrong patient, it can create problems that never existed in the first place. The key is proper diagnosis, proper monitoring, and treating the man, not just the laboratory number.’

Shah family paper wealth doubles to Sh17.35bn on I&M Group share rally

I and M Group founder and director Suresh Raja Shah and his two sons have seen the value of their shares in the bank double to Sh17.35 billion following a 94 percent rally on the stock to an all-time high of Sh69.50 in the last one year.

Mr Raja Shah holds a stake of 10.06 percent in the bank in his name, equivalent to 174.9 million shares, which are now valued at Sh12.16 billion, up from Sh6.25 billion a year ago.

Mr Sarit Shah, who also serves as an executive director in I and M, has seen the value of his 37.6 million shares or 2.16 percent stake in the lender jump to Sh2.61 billion from Sh1.34 billion in June 2025.

The 2.14 percent stake held by his brother Sachit Shah, who serves as a non-executive director, is now valued at Sh2.58 billion, from Sh1.33 billion previously. I and M Bank’s market capitalisation-the measure of investor wealth- stood at Sh120.94 billion at close of trading on Tuesday.

The bank’s stock has emerged as the top gainer in the banking segment on the NSE over the past year, beating Co-operative Bank (up 91.6 percent), DTB (87.7 percent) and Stanbic Holdings (70.4 percent).

Bank stocks have been rallying due to positive investor sentiment after they announced higher profits and dividends in the 2025 financial year.

‘The segment was seen as undervalued from last year, trading below book value, even before adding the growth that has been driven by higher profits and dividends,’ said Wesley Manambo, a senior research associate at Standard Investment Bank.

‘For I and M, investors are also pricing in the bank’s agility in the region where it has a wide presence.’

The sector’s overall valuation gain of 67 percent to Sh1.58 trillion has handed major shareholders such as the Shah family handsome capital gains on their stocks, rewarding them for years of ownership they have maintained in the lender.

The Shahs hold their I and M Bank shares through various investment vehicles, primarily the lender’s three top shareholders Minard Holdings Limited, Tecoma Limited and Ziyungi Limited, whose directors include Mr Raja Shah.

By the end of May 2026, the three entities held a combined 54.93 percent stake with a market value of Sh66.43 billion in I and M.

The family’s Bhagwanji Raja Charitable Foundation also holds a 2.43 percent stake in the bank, which is currently valued at Sh2.94 billion at yesterday’s closing share price.

The bank’s other major shareholder is East Africa Growth Holding -an investment vehicle managed by private equity firm AfricInvest- with a stake of 15.14 percent or 263.4 million shares that are now valued at Sh18.3 billion. EAGH has made a gain of Sh7.6 billion on the price of Sh10.7 billion at which it acquired its I and M stake in two separate transactions in 2024.

The PE fund initially bought a 10.13 percent holding equivalent to 167.53 million shares from UK development finance institution British International Investment for a reported Sh6.5 billion in June 2024.

In this transaction, EAGH paid a premium to acquire the shares, which were valued at Sh3.01 billion on the NSE at the time.

Four months later, the PE fund bought an additional 86.5 million shares (4.97 percent stake) for Sh4.2 billion in what was a direct equity investment in the bank.

I and M Bank issued the additional shares to facilitate the transaction, in the process diluting existing investors including the Shah family.

The new units were priced at Sh48.42 each, representing a premium of 93 percent on the lender’s prevailing share price of Sh25.05 when the disclosure was made on October 13, 2024.

Besides the capital gains on their stock, the Shahs also banked Sh936.3 million in May from dividends for their shares in the bank, which raised its per-share cash distribution to Sh3.75 in the year to December 2025 from Sh3 in 2024.

Mr Raja Shah earned Sh656 million in dividends, while his two sons got about Sh140 million each. The family foundation was paid Sh158.5 million in the cash distribution.

The payout placed the family firmly on the list of the NSE’s banking sector dividend kings. They joined the likes of Equity Group chief executive James Mwangi, who earned Sh734.9 million from his 127.8 million shares in the lender, and Co-operative Bank of Kenya CEO Gideon Muriuki, who earned Sh337.5 million from his 2.3 percent or 135 million shares in Co-op.

NCBA Group chairman James Ndegwa and his brother Andrew Ndegwa, who is also a director in the bank, earned Sh543.1 million and Sh550.9 million respectively in dividends from their 76.5 million and 77.6 million shares in the bank.