Category: Business Daily

Water features such as tiered fountains, ponds and waterfalls have become one of the most sought-after additions in modern homes. They change the atmosphere of a space in ways that few other elements can.

‘There’s something about hearing the sound of flowing water and observing the rhythm of its movement that relaxes you,’ says John Shamala, a senior landscape architect at Shama Landscape Architects.

A water feature in the home, he notes, offers a space for meditation, reflection and relaxation.

But beyond their aesthetic and calming appeal, water features can serve both functional and economic purposes in a home.

In warmer regions like Kisumu and Mombasa, John explains, water features are often used to create a cooler microclimate within a space.

‘They help cool the area and allow people to enjoy spaces that might otherwise feel too hot,’ he says.

Additionally, small installations may attract birds to drink or bathe, elevating the home into a vibrant, natural ecosystem.

John also notes that incorporating such features can can raise property value and often become points of negotiation in sales or rentals.

Factors to consider

But while water features might appear effortless, John says they require a lot of careful planning.

‘The best ones feel natural in the space, are easy to maintain, and align with how the home owner uses their outdoor space,’ he says.

Several factors come into play long before installation begins. One of these considerations is space.

‘Nowadays, plot sizes are shrinking, often leaving home owners with limited outdoor space after construction,’ John explains. ‘Naturally, this affects the type and scale of features that can be accommodated.’

For balconies and small spaces, the landscape architect recommends wall fountains, wall cascades, water walls, or indoor table top fountains. For slightly larger spaces like small courtyards, tiered fountains and small ponds work well, while waterfalls, bigger ponds and streams, are generally more suited to large spaces.

Budget is another key factor.

‘Water features are not cheap,’ John says, noting that they involve more than just the visible structure. ‘Pumps, piping, filtration systems and water circulation all contribute to the overall cost, making it important for home owners to plan accordingly.’

Access to both water and a reliable power supply to power the pumps is also critical. Because most features operate on a recirculating setup, a steady water supply is needed to keep them functioning properly and prevent issues such as airlocks.

And while many people rely on conventional electricity, John recommends solar-powered systems, which he says are increasingly being adopted as a more sustainable alternative.

Safety, particularly in homes with young children, must also be taken into account.

‘Open water elements like ponds or streams can sometimes be quite deep,’ he says. ‘With children around, there is the risk of them falling in, and that must be carefully considered beforehand.’

Placement and maintenance matter as well. Features located near trees or heavy vegetation cover, for instance, may require more frequent cleaning due to falling leaves and debris, which may clog up the system.

Another factor that plays a significant role in the decision-making is the overall architectural style of the home.

‘The rule of thumb is to always introduce elements that are in line with the original style,’ John advises. ‘A mismatch can make the feature feel out of place.’

Ultimately, however, it all comes down to the intended purpose of the feature. Whether the goal is to create a focal point, mask noise, enhance visual appeal, or offer relaxation, clarity of intent helps to guide both its design and execution.

Beyond how a feature fits into a space, its success also depends on how well it functions. For Benson Muriuki, a water engineer and founder of Benfel Stone and Water, most water features operate on one core principle: continuous, recirculating movement.

‘A water fountain has to have water moving,’ he says. ‘You see it, you hear it, and that’s how the calming effect is achieved.’

Fountains, waterfalls or cascades?

While terms such as fountains, waterfalls and cascades are often used interchangeably, Benson notes that they differ slightly when it comes to the design.

‘Cascades typically involve water flowing over multiple levels, almost like a relay, while waterfalls mimic a more natural drop over a raised surface,’ he says.

‘Fountains, on the other hand, act as a broader category that can incorporate various styles, including jet systems where water is pushed through an opening to create upward or outward streams.’

Whatever the design though, the underlying principle remains the same: water is pumped from a reservoir through a pre-planned path before flowing back and being recycled in a continuous loop.

Maintenance

Keeping that system running smoothly requires regular upkeep, something that many home owners greatly underestimate.

‘The biggest challenge is maintaining the water quality,’ Benson says. ‘If it’s not filtered or treated, you start seeing algae or sediments.’

Clogging is another common issue. When debris such as leaves and dust enter the system, pumps, which are central to circulation, are particularly vulnerable. To address this, Benson suggests incorporating chemical treatments and filtration systems to maintain water clarity and prevent buildup.

Filtration systems, he explains, significantly reduce the frequency of cleaning. In relatively clean environments, a filtered system may go for months without needing thorough cleaning.

Without filtration however, both the water and the mechanism may need to be cleaned and replaced as frequently as every two months.

What determines the cost?

When it comes to the cost of installation, Benson says smaller fountains can start from around Sh60,000, while medium-sized installations may cost approximately Sh200,000. Larger, more elaborate systems, complete with lighting and fancy designs, can run into hundreds of thousands or even exceed Sh1 million.

Beyond installation, there are ongoing costs. While some providers may offer maintenance for an initial period, long-term upkeep, which includes cleaning, repairs and system checks, typically comes at an additional cost.

Rising demand

But while uptake remains slow, Benson says demand has grown in recent years, with more home owners exploring ways to incorporate water features into their spaces.

‘I’ve been in this industry since 2015. Some people see it as an excessive expense without direct returns so they shy away from it, but more people are taking it up,’ he says. ‘I have seen a percentage growth of over 25 percent.’

For ponds and streams, Carllewis Chweya, a landscape architect at Aquascapes, says more often than not, the approach shifts from purely mechanical systems to managing a balancing between both technical systems and natural processes.

Defining the two, he says ponds typically hold water within a defined space, while streams are designed to mimic natural flow and give the effect of a flowing river within a property.

‘Ponds serve different purposes depending on the home owner’s needs,’ he explains. ‘Some people install them purely for aesthetics, while others use them to store water, especially in areas where supply is inconsistent.’

The intended purpose often determines the design of the pond. Ornamental ponds, such as reflective pools and koi ponds are among the most common for enhancing aesthetics.

‘Reflective pools are designed to reflect the surrounding architecture or landscape on the water surface and create a sense of elegance and invite contemplation,’ Carllewis says. ‘Koi ponds include fish which bring in colour and add a visual dimension to the space.’

Other types include swimming ponds, which offer a chemical-free alternative to traditional pools and rely on natural biological processes to keep the water clean. Irrigation ponds on the other hand, serve a more functional purpose in storing water.

Still, it is possible for one pond to serve multiple functions at the same time. Of all the water features, ponds and streams tend to require the largest chunks of space, the highest installation costs, and naturally, the highest levels of maintenance.

‘A pond is not just something you install and leave,’ Carllewis says. ‘It requires regular monitoring to ensure the water quality is maintained, especially if it includes plants or fish.’

Unlike mechanical fountains, ponds often incorporate a mix of different natural elements including aquatic plants such as papyrus reeds, water lilies, duckweed and algae, which play a crucial role in naturally filtering impurities, oxygenating the water, regulating the temperature for fish and providing them with an additional food source. However, these plants must be carefully managed to prevent overgrowth.

‘Plant coverage in a pond should be maintained at no more than 60 percent,’ he says. ‘If left to cover the entire surface, they can end up doing more harm than good, including suffocating fish if you have some.’

With fish, predator birds must also be considered, using options such as bird scare tape to keep them away.

Maintenance of such systems further includes regular cleaning, monitoring of water levels, ensuring the pumps remain functional and where applicable, feeding and caring for the fish.

In some cases, maintenance may need to be done several times a week to keep the system healthy and visually appealing. However, simpler ponds, primarily those used for water storage, require less frequent intervention, with maintenance focused mainly on checking the mechanical components.

It is also important to maintain water movement to minimise the risk of breeding mosquitoes.

‘Mosquitoes breed wherever the water is stagnant,’ Carllewis says. ‘So install a pump to ensure motion or add a fountain. You can also add fish because they feed on the mosquito eggs.’

To curb excessive water use, Carl suggests incorporating dam liners to prevent the water from infiltrating the ground and necessitating frequent top ups. To limit evaporation, he further recommends digging the pond deep during excavation, using shade plants and keeping the water in motion. He also advocates for using rain water to re-fill the ponds.

Like with other water installations, the costs vary depending on size, materials and even site conditions (type of soil and the excavation requirements). According to Carl, a small pond can start from Sh150,000, with larger, more complex features, costing significantly more.

For those willing to commit, all three experts emphasise the importance of involving a specialist – not just a regular plumber – regardless of how simple or complex the feature may seem.

Across Vihiga County in western Kenya, massive granite boulders dot the landscape, spilling across hillsides, farmlands and open fields. They are silent markers of a vast mineral resource long seen as both a blessing and a missed economic opportunity.

This is because beneath the rugged, and sometimes mossy, surfaces of the boulders, or miamba as they are popularly known locally, lie reddish and greyish stones, which have for years been quarried in small quantities by artisanal miners and sold cheaply in raw form.

These blocks are then cut, polished and processed into high-value construction materials such as floor tiles, countertops, wall cladding, gravestones, terrazzo chips and ballast-products which fetch far higher returns than the raw blocks currently sold by artisanal miners.

This has been happening as demand for finished stone products in Kenya’s construction sector continues to rise.

Nearly two years ago, the government sought to change that story by proposing to set up a granite processing plant to use controlled mechanical cutting techniques to minimise waste.

By setting up the country’s first large-scale granite processing plant in Ebuyangu, West Bunyore Ward, State officials pledged to turn Vihiga’s geological abundance into a hub of industrial activity: crushing, trimming, grounding and polishing the raw stone into finished construction materials valued for their strength, longevity and aesthetic appeal.

The project was also meant to feed into the Affordable Housing Programme under President William Ruto’s Bottom-Up Economic Transformation Agenda (BETA), lowering construction costs by reducing reliance on imports.

Today, however, that vision has stalled. The government says it is considering re-opening the search for a private investor to revive the Sh2.5 billion Vihiga granite processing plant after the initial contractor failed to begin construction, leaving behind an idle 10-acre site and raising fresh concerns about the execution of Kenya’s mining value-addition strategy.

Secretary of Mines and CEO of the Mining Rights Board in the Ministry of Mining, Blue Economy and Maritime Affairs, Thomas Mutwiwa, said the project has effectively collapsed, forcing the government back to the drawing board.

‘We may have to go back to the drawing board and look for another investor,’ Mr Mutwiwa said. ‘We gave out the contracts. The procedures were followed, but this contractor simply could not deliver, could not begin the works as we had agreed.’

The project had been awarded to Equip Agencies Limited in July 2024 under a Build-Operate-Transfer (BoT) model following competitive tendering that required bidders to demonstrate financial capacity and technical experience in mining or mineral processing.

At the time, expectations were high. During the groundbreaking ceremony on July 27, 2024, Vihiga Governor Wilber Ottichilo described the project as a long-awaited catalyst for local economic transformation.

The plant, the governor said, would create hundreds of jobs, boost the value of locally mined granite, and provide a ready market for artisanal miners who have traditionally operated on the margins of the formal economy.

Then Mining Principal Secretary Elijah Mwangi underscored the scale of the opportunity, citing preliminary geological data indicating that granite deposits in Vihiga span more than 60,000 acres-estimated at 50 trillion tonnes.

The facility was also positioned as a landmark in Kenya’s mining sector, the first of its kind, designed to anchor a government policy shift from exporting raw minerals to processing them locally.

Under the BoT arrangement, Equip Agencies was expected to mobilise the full Sh2.5 billion investment, construct and operate the plant, recover its costs over time, and eventually transfer ownership back to the government.

To qualify, the firm was required to submit audited financial statements for three years and demonstrate experience in value-added industries.

Nearly two years later, the site remains dormant.

There is no construction, no equipment, and no visible sign that a project once billed as transformative ever moved beyond the ceremonial launch. The failure has raised questions about the robustness of investor vetting, the enforcement of contractual obligations, and the risks inherent in relying on private capital to drive industrial policy.

The Vihiga setback comes even as the government pursues similar value-addition projects across the country with mixed results.

In Kakamega, a gold refinery intended to formalise and monetise artisanal gold production is nearing completion, but has also faced some delays. Mr Mutwiwa said the project is about 80 percent complete, having missed its initial June 2025 deadline due to legal and contractual challenges.

US tech giant Meta has begun rolling out advertising on WhatsApp in Kenya, marking a major shift for the messaging service that could open new revenue streams and marketing tools for local businesses.

The company said users will start seeing ads within WhatsApp’s ‘Updates’ tab, specifically in Status and Channels. Personal chats, calls and private messages will remain end-to-end encrypted and free of advertising.

‘You’ll start seeing relevant ads in Status and Channels,’ Meta said in a message to WhatsApp users in Kenya.

The rollout follows a global announcement made last June, with early deployments in markets such as India, where WhatsApp plays a central role in daily communication.

Sponsored content will now appear between users’ contacts’ organic Status updates, similar to Stories ads on Instagram, and as promoted Channels within the Updates tab, WhatsApp said.

For businesses, the change introduces a new avenue to reach customers directly within the app. Advertisers can run campaigns in the Status feed to promote products and services, with ads designed to initiate instant conversations.

When a user taps a Status ad, it opens a direct chat with the business. Industry players say this could offer a more conversational, high-engagement alternative to traditional digital advertising on platforms such as Facebook and Instagram, where ads typically redirect users to external websites.

Unlike conventional e-commerce funnels (the customer journey from first interaction to final purchase), WhatsApp allows businesses to complete the entire transaction within the app, reducing drop-off rates associated with external links.

Meta has not disclosed pricing for WhatsApp ads in Kenya, but advertising on its other platforms typically varies by market. In Kenya, Instagram and Facebook Stories ads cost between Sh500 and Sh2,000 per day for small and medium-sized businesses.

Pricing models

The tech giant runs two models: cost-per-click (CPC), where the advertiser pays only when a user clicks the ad, and cost-per-thousand impressions, abbreviated as CPM (cost per mille), which means paying for every 1,000 times an ad is viewed, regardless of interaction.

CPC rates range from Sh10 to Sh50, while CPM ranges between Sh200 and Sh1,000.

WhatsApp has more than 3 billion monthly active users globally and is one of the most widely used social platforms in Kenya, reaching about 54.4 percent of the population, according to data from the Communications Authority of Kenya (CA).

The introduction of ads marks a significant shift for WhatsApp, which has largely operated without traditional advertising since its acquisition by Meta, then Facebook, in 2014. Until then, WhatsApp users were required to pay an annual fee of $1 for an ad-free experience. Meta scrapped the fee shortly after the $19 billion (Sh2.4 trillion at current exchange rates) acquisition.

Since 2018, businesses have relied on WhatsApp Business, a standalone application designed for small business owners to connect with customers. The platform offers free features such as product catalogues, automated replies and broadcast messaging.

It also has paid API (application programming interface) services for larger enterprises, which allow high-volume messaging and integration with customer relationship management (CRM) systems.

The API’s costs range from Sh3,000 to Sh7,000 per month, plus per-message charges depending on message type. Marketing messages are costlier than utility messages, such as those providing order updates and payment alerts, and service messages such as customer care responses.

The introduction of ads is also likely to reignite privacy concerns surrounding Meta’s data practices. The company has faced scrutiny globally over data collection and targeted advertising, particularly in jurisdictions such as the European Union.

Meta maintains that WhatsApp’s core privacy protections remain intact. In the announcement to Kenyans this week, the firm said personal messages, calls, Status updates, shared locations, contacts and group memberships are not used to target ads.

The company said ad personalisation will rely on data such as a user’s country code, age, device information, general location, content engagement and ads interacted with.

Users will be able to manage their ad experience, including viewing recent advertisers, hiding or reporting ads, and controlling which advertisers they see.

Meta also said it is developing a subscription option that would allow users to remove ads from the Status and Channels sections, although the feature has not yet been launched.

Joseph Waweru is preparing to open another Bata depot in Molo, betting on a town that many investors once avoided.

Just a decade ago, its past was enough to keep capital away. Today, rising land prices, a growing population and renewed business activity are turning it into one of Nakuru County’s most closely watched growth centres.

That shift is perhaps most visible in the land market. In 2015, an eighth-acre plot in Molo sold for about Sh350,000. Today, similar parcels fetch between Sh2 million and Sh2.5 million.

A 50 by 100 plot in the outskirts now goes for about Sh1.3 million, up from Sh600,000, while plots near the main tarmac linking the town to Kuresoi, Elburgon and Njoro are selling for between Sh1.4 million and Sh1.5 million.

The surge reflects renewed investor confidence in a town still rebuilding its economic identity. Molo’s population has grown to about 270,000, according to the 2019 census, driven by rising demand for housing and business space.

Several factors are underpinning the town’s revival. Its location along the Nakuru-Eldoret highway provides a strategic link to major markets, while the agriculturally rich areas of Njoro and Kuresoi continue to anchor trade in the region.

Devolution has also played a role. In July 2022, Molo, alongside Gilgil, was elevated to municipality status, unlocking funding from county and national governments as well as development partners. The town now receives at least Sh50 million annually for urban infrastructure development.

A difficult past

Yet Molo’s resurgence comes against the backdrop of a difficult past. The town was among the hardest hit during the 2007-2008 post-election violence, which disrupted businesses, displaced residents and stalled development.

It had experienced similar unrest in 1992, leaving a lasting imprint on investor sentiment. For residents, the turnaround has been gradual but visible.

‘I came here in 2005 when people were moving to Molo in search of jobs and business opportunities. Construction of commercial buildings had picked up, but everything stalled during the violence,’ says Peter Onduso, a long-time resident.

Recovery began to take shape after 2013, following the onset of devolution.

‘Since then, the town has bounced back and is now one of the busiest commercial centres in Nakuru County,’ he says.

As confidence returned, stalled construction projects resumed and new ones emerged. Investors who once avoided the town are now competing for space, drawn by its growing commercial potential.

Expanding business footprint

Banks, telecommunications firms and small businesses have steadily expanded their footprint. Financial institutions such as Co-operative Bank, Equity Bank and KCB have strengthened their presence, while businesses ranging from hotels and restaurants to M-Pesa shops, salons and mini-supermarkets have proliferated.

The influx has in turn driven demand for housing, prompting private developers to put up residential and commercial buildings. However, the growing population has also led to a housing shortage, pushing rents higher over the past five years.

Despite the upward pressure, Molo remains relatively affordable compared to larger urban centres.

‘Food is affordable and readily available compared to major towns in the region. Rent is also relatively low, you can get a single room for about Sh2,500, while a one-bedroom house can cost as little as Sh5,000,’ says Milka Kemunto, a local teacher.

An economist’s take

Economic analysts attribute the town’s growth to a combination of available land, improved security and its proximity to key transport corridors.

‘Molo’s expansion is anchored on its strong agricultural base, supported by surrounding areas such as Njoro and Kuresoi,’ says analyst John Kimani, adding that more businesses may increasingly relocate from larger towns in search of lower costs.

Data from the Nakuru County Department of Finance and Economic Planning shows that annual revenue collection from Molo has risen to between Sh50 million and Sh60 million, up from about Sh20 million before devolution.

Lingering challenges

Still, challenges remain. Residents cite poor road networks, unreliable water supply and frequent power outages as constraints to faster growth.

‘If roads like the Molo-Njoro route are improved, it will boost business and reduce transport costs,’ says Jimson Ndung’u, who runs an M-Pesa outlet in the town.

Others believe infrastructure upgrades could position Molo to compete with larger regional centres such as Nakuru, Kericho and Naivasha.

Railway boost

The town’s prospects may also receive a boost from the ongoing revamp of the Nakuru-Kisumu metre-gauge railway line, which passes through Molo. Improved rail connectivity is expected to enhance the movement of goods and people, further strengthening its appeal to investors.

For entrepreneurs like Waweru, as well as Jimson Ndung’u, who runs an M-Pesa shop, the shift is already clear. A town once defined by uncertainty is now attracting fresh capital, with investors from different communities moving in and expanding their footprint.

The Ministry of Health plans to include haemophilia, a bleeding disorder, into the Social Health Authority (SHA) benefits package, hoping to cut treatment costs for some patients in Kenya who currently pay up to Sh130,000 for a single treatment dose.

Medical Services Principal Secretary Ouma Oluga said that the government is working to expand access to care and ensure that haemophilia patients are not excluded due to cost or delayed diagnosis. However, the ministry has not yet revealed the budget allocation or the implementation timeline.

Haemophilia is a rare inherited disorder with no cure that affects the blood’s ability to clot. This exposes patients to prolonged bleeding, internal haemorrhages, joint damage, and, in severe cases, death.

‘We are strengthening hemophilia care by expanding access, integrating it into the SHA, and ensuring that no patient is left behind due to cost or delayed diagnosis,’ said Dr Oluga.

A single child’s dose of clotting factor, the medicine used to control bleeding, costs between Sh50,000 and Sh130,000, depending on severity, while adult doses can be more than double that amount.

Patients requiring preventive treatment, involving regular infusions to avoid bleeding episodes, face lifetime costs running into millions of shillings annually.

According to the Kenya Haemophilia Association (KHA), around 5,000 people in Kenya are living with haemophilia, but only around 1,200 have received a formal diagnosis, a disparity attributed to limited diagnostic capacity and the absence of a national patient registry.

Meanwhile, the KHA, through its treasurer, James Kago, has presented a public petition to the National Assembly, calling for urgent intervention to improve access to diagnosis, treatment, and funding.

The petition proposes the classification of clotting factor concentrates as essential medicines, the establishment of additional treatment centres, and the recognition of haemophilia as a disability, which would enable patients to access support through the National Council for Persons with Disabilities.

‘It’s unfortunate haemophilia is not catered for under the Social Health Authority, and we appeal to the government to factor the condition under SHA,’ said Mr Kago.

Without comprehensive public funding, patients largely depend on donations, which currently only meet around 30 percent of the clotting factor needs of those diagnosed. Consequently, many are forced to rely on blood-derived treatments that require hospitalisation and carry a higher risk.

Treatment options for haemophilia include on-demand clotting factor infusions to manage bleeding episodes and prophylactic regimens, which are administered several times a week to prevent complications such as joint damage.

Currently, however, no clotting factor concentrate is registered with the Pharmacy and Poisons Board, and most public health facilities lack the capacity to diagnose and manage haemophilia.

Newer therapies, including extended half-life products and non-factor treatments such as emicizumab, which is administered via subcutaneous injection, remain largely inaccessible in Kenya.

For the better part of most mornings in March, movement across Nairobi came at a cost. Flooded roads turned highways into parking lots. Deliveries got stuck. Shopkeepers couldn’t open on time. For a farmer in the Rift Valley, similar rains meant a destroyed harvest and further added to concerns on food security.

For all of us, it meant a sharper reminder – Kenya’s economy is already paying the price of climate risk, every day, in lost productivity, destroyed harvests, and emergency response costs. The question is no longer whether Kenya can afford climate action. It’s whether we can afford to delay it.

However, the debate around Kenya’s climate response still leans heavily on policy targets, donor commitments, and long-term ambitions. What is slowing capital is who carries the risk of financing the transition.

For commercial banks, lending to renewable energy, clean transport, or sustainable agriculture is not constrained by awareness but by structure.

These projects take longer to break even and their returns are unpredictable, having uncertain cash flows, often lack the collateral on which traditional credit models are built and treated the same as traditional business loans, even though they’re different.

From a balance sheet perspective, they are difficult assets. Consequently, banks often hesitate not because they oppose green investment, but because the risk does not get priced appropriately. This is where the enablement through risk-sharing guarantees becomes important.

By absorbing part of the perceived risk, guarantees change how banks can assess climate-aligned lending. These do not make projects less risky. They make them lendable within existing financial frameworks, hence the difference between announcing climate commitments and actually moving money.

Encouragingly, Kenya’s financial system is already moving in this direction. The introduction of the Kenya Green Finance Taxonomy has created a baseline for what qualifies as green, reducing ambiguity and limiting the scope for misallocation.

At the same time, frameworks linked to the Central Bank of Kenya are pushing lenders to account for climate exposure in their portfolios.

Flood damage to collateral, disrupted supply chains, and declining agricultural yields are no longer externalities. They are already showing up in loan performance and asset quality, ensuring that climate risk is internalised into credit decisions.

That explains why guarantees are becoming central. They represent a move away from a grant-driven model, where climate finance sits outside the market, to a structure where public or development capital is used to unlock private lending. In practical terms, this allows banks to extend credit into sectors they would otherwise shy from, while still protecting their capital base.

The problem, however, is not funding, but execution, with few projects being structured to be financed. Despite stronger frameworks, many businesses, particularly SMEs, cannot meet the technical, reporting, and structuring requirements that green financing demands.

This has created a persistent gap between available capital and actual disbursement, risking stalling the transition.

Without investment in project preparation, technical support, reporting capability and standardisation, guarantees risk becoming underutilised instruments, available, but not fully deployed.

Climate finance, in this sense, is as much an execution problem as it is a funding problem.

In addition, most green investments in Kenya today do not yet stand on purely market terms. They still rely on some level of de-risking through guarantees, concessional funding or policy incentives.

That does not invalidate the model. It defines its current phase. Guarantees are not a permanent solution, but a bridge to a market where climate-aligned investments can compete without support.

Kenya has made progress. Regulatory clarity is improving. Financial institutions are adapting. New instruments are entering the market. But the pace of climate shocks is outstripping the pace of capital deployment.

Each flood event, each disrupted supply chain, each lost harvest reinforces the same pressure point: the economy is already paying for climate risk.

If guarantees are the mechanism that allows banks to price and absorb that risk, then their role is not peripheral but foundational at this stage of the journey. They are what convert climate exposure into investable opportunities.

For policymakers, the priority is scale and standardisation. For financial institutions, it is integration into core lending strategy, not side portfolios. For businesses, it is readiness by structuring projects that can meet the threshold for financing.

The transition will not be funded by policy intent or donor goodwill alone. It will be funded by financial structures that make risk acceptable, and capital deployable.

The Treasury has moved to exempt internal property and share transfers within companies from capital gains tax (CGT), in changes meant to lower the cost of restructuring and succession planning.

The Income Tax (Amendment) Bill 2026, which has been tabled by the chairman of the Budget Appropriation Committee of the National Assembly and Molo MP Kimani Kuria, seeks to widen the gains on similar transactions that already enjoy exemptions from stamp duty, through the Finance Act of 2025.

‘The principal object of this Bill is to amend the Income Tax Act to provide for exemption of capital gains tax in the transfer of property by a company to its shareholders as part of an internal reorganisation, or on transfer of property to the company by the shareholders as consideration for the transfer,’ the memorandum of the Bill reads in part.

Companies carrying out internal reorganisation within the group had for years been subjected to the two taxes, raising the cost of non-commercial restructures. The taxes also made it costly for firms to settle internal transactions between shareholders using property and share transfers.

In Kenya, CGT is levied at a rate of 15 percent on a net gain when disposing of or transferring property, land, and shares.

There are exemptions for property transfers between immediate family or in divorce settlements, and on sales of listed shares at the Nairobi Securities Exchange.

Transfers between property dealers are also exempt from CGT, with the consideration being treated as trading income rather than a capital gain. Similarly, certain types of property transfers within real estate income trusts (Reits) are not subject to CGT.

Similar to Section 117 (1, r) of the Stamp Duty Act, the property being exempted from GCT in the Income Tax Act amendments should be transferred to the shareholders in proportion to the size of their stakes in the company immediately before the transfer.

In the case of shares, they must relate to a subsidiary of the company undertaking the transfer. Therefore, property and share transfers to third parties will not be exempt from the capital gains taxes.

Tax experts have welcomed the move to extend the tax exemption to CGT, saying that it aligns Kenya with global tax practices that make a distinction between non-commercial restructuring and ordinary asset transfers.

‘It will allow companies to do internal reorganisation more efficiently. We can also expect that the amendment will encourage such transactions to happen more frequently, because at times the shareholder you sit with is easier to deal with than an external party,’ said Alex Kanyi, a Partner at CDH Kenya.

Stamp Duty is levied at a rate of four percent for property transfers in urban areas in Kenya, and two percent in rural areas. For transfers of shares and increases in share capital, the rate stands at one percent.

Reits have also been pushing the Treasury to reinstate their exemption from Stamp duty for their property transfers in order to bolster appetite for alternative property investment channels in Kenya.

The transfer of property between development Reits and Investment Reits was exempted from Stamp duty as per Section 96A of the Stamp Duty Act, but this clause lapsed in December 2022. Therefore, all instruments executed after January 2023 have been liable for the full stamp duty.

Old money is silent-perhaps as silent as the billions quietly minted by reclusive tycoon Mohamed Jaffer, who for decades has dictated the wheat and other imported cereals that end up on Kenyan dinner plates, as well as the gas used to cook them.

With a keen nose for cash-minting opportunities, Mr Jaffer has built a reputation for pulling off mega deals in times of crisis-often unseen and unheard, operating firmly in the shadows.

Now in his late 70s, the Mombasa-based businessman is known among industry insiders as intensely private, methodical and fiercely protective of his commercial turf.

But a controversial fuel import deal-where One Petroleum Ltd is said to have shipped in 60,000 tonnes of fuel outside the government-to-government import scheme-is dragging the low-profile billionaire into the public spotlight.

Mr Jaffer is among top oil sector executives summoned by the Directorate of Criminal Investigations (DCI) over the multimillion-shilling saga that has already seen senior energy officials resign.

Energy Principal Secretary Mohamed Liban, Kenya Pipeline Company (KPC) Managing Director Joe Sang and Energy and Petroleum Regulatory Authority (Epra) Director-General Daniel Kiptoo all stepped down after their arrest in connection with the same scheme.

Besides Mr Jaffer, the DCI has also summoned Angeline Maangi and Paul Limo to record statements over the imports.

But it is the summoning of Mr Jaffer-a tycoon with a stranglehold on critical port infrastructure-that has raised the most eyebrows.

Styled in business circles as the ‘port man,’ Mr Jaffer has over the years entrenched his dominance at the Port of Mombasa, maintaining an iron grip over strategic import channels.

Through the MJ Group, which he chairs, alongside his son Mujtaba, Mr Jaffer has long exercised control over grain and LPG handling at the port. Increasingly, however, his influence appears to be extending into petroleum products-placing him at the centre of Kenya’s most critical supply chains.

A police source privy to the probe told the Business Daily that Mr Jaffer informed investigators he is unwell and would send a representative to record a statement on behalf of One Petroleum Ltd.

The summons allows the firm to dispatch any representative to explain how it came to import the 60,000 tonnes of fuel.

Investigations further show that the consignment had elevated levels of sulphur, benzene and manganese-exceeding specifications set by the Kenya Bureau of Standards.

In a statement dated April 7, One Petroleum said it was among four firms that responded to an emergency fuel supply request issued by the Energy ministry, adding that it would withdraw the super petrol from the market.

Mr Jaffer’s interests extend far beyond fuel. His footprint spans edible oils, fertiliser and clinker terminals-cementing his position as one of the most influential private players in Kenya’s maritime trade.

For over three decades, he enjoyed exclusive control over bulk grain imports-including wheat, rice and maize-into Kenya and the wider region, including Uganda, South Sudan, Rwanda and the Democratic Republic of Congo, as well as supplies to the World Food Programme.

But he started small.

From a collapsed car dealership of the 1960, Mr Jaffer started again in 1974 with a Sh20,000 loan and went into pallet manufacturing up until 1983.

When the pallet business started slowing down, Mr Jaffer moved into the container business, and ultimately came up with the idea of bulk grain handling after realising that bagging could be done at the silos for a reduced cost and with reduced waste instead of at the quayside.

His ascendency to the billionaire ranks, has counted in stronger political links built in the Moi-era and cemented in the Kibaki regime, with late Prime Minister Raila Odinga known to defend the tycoon’s turf.

Since 2000, the Kenya Ports Authority had licensed Grain Bulk Handlers Limited, which rebranded to Bulkstream Limited-to handle all bulk grain imports at berths 3 and 4 of the Port of Mombasa.

The exclusive mandate, initially granted for eight years to allow recovery of investment costs, expired in February 2008.

Its expiry triggered sustained pressure to liberalise the sector and introduce competition, driven by surging cereal imports-particularly wheat, whose volumes have grown significantly over the years.

The end of the monopoly has since opened a new commercial battleground between Mr Jaffer and interests linked to Mining Cabinet Secretary Hassan Joho.

Traders had long complained that reliance on a single handler led to delays and high storage charges, prompting KPA to approve construction of a second grain-handling facility.

Seeing a fresh opportunity, Mr Jaffer inked an agreement to sell a controlling stake in the grain bulk handling business to a fund manager controlled by South Africa’s Old Mutual Group.

In 2022, the authority awarded a Sh5.9 billion contract to firms associated with the Joho family to build the second facility, citing food security concerns and the need to reduce reliance on a single operator.

The award triggered a protracted legal battle over procurement procedures, with the High Court initially quashing the deal before the Court of Appeal reinstated it.

The Supreme Court has since overturned that decision, ruling that the procurement failed to meet constitutional thresholds on fairness and transparency.

Meanwhile, Mr Jaffer’s dominance in liquefied petroleum gas (LPG) is also facing fresh challenges.

Tanzanian businessman Rostam Aziz, is setting up a rival gas terminal at Dongo Kundu through Taifa Gas, in what could mark the most serious attempt yet to break Mr Jaffer’s grip on the sector.

The High Court recently cleared the Sh16 billion project, allowing construction of a 30,000 tonne LPG facility-escalating what is shaping up to be a high-stakes battle between East Africa’s energy heavyweights. Even as these commercial rivalries intensify, investigators are widening the scope of the fuel import probe.

Detectives have recorded statements from at least 28 individuals drawn from both the public and private sectors, including members of the Vehicle Alignment Committee-a body that coordinates fuel imports and monitors national reserves.

Documents seen by the Business Daily show the committee met on March 18 with 29 attendees, including representatives from the Energy ministry, Epra, KPC, the Kenya Revenue Authority and the National Oil Corporation of Kenya.

Private sector players present included representatives from One Petroleum, Oryx Energies, Gulf Energy, TotalEnergies, Vivo Energy, Rubis Energy and others.

It is at this meeting that the controversial importation outside the government-to-government framework is said to have been initiated.

Former Energy PS Mr Liban reportedly justified the move as a response to supply risks linked to geopolitical tensions in the Gulf region.

So far, senior officials questioned have denied wrongdoing, maintaining that the imports were approved at higher levels to avert a looming fuel shortage.

For Mr Jaffer, however, the episode marks a rare moment in the spotlight for a man who has spent decades building a vast commercial empire quietly-and largely out of public view.

Kenya will issue its debut $500 million (Sh64.5 billion) green sovereign bond before the close of the current financial year in June with the help of the World Bank.

The Central Bank of Kenya (CBK) says that the planned issuance of the green bond is still part of the external financing pipeline earmarked for execution before the close of the current financial year in June.

A Sovereign Green Bond refers to a government fundraiser that seeks to raise money for projects that promote environmental sustainability such as renewable energy, clean transportation and green housing.

‘The Sustainability Linked bond is part and parcel of the Development Policy Operation (DPO) because the World Bank is helping us with it,’ CBK Governor, Dr Kamau Thugge, told the the Business Daily on the sidelines of the Spring Meetings in Washington DC.

‘Obviously there has been some delay but it is certainly not off the table and as we make progress on the DPO we also expect to be making progress on the Sustainability Linked bond.’

Kenya had earlier planned to issue the green bond in March but ended up prioritising smoothing out its debt maturity profile by issuing a fresh $2.25 billion (Sh290.4 billion) Eurobond in February.

This allowed it to buy back $415.0 Million (Sh53.6 billion) worth of Eurobond, which were maturing in 2028 and 2032.

If successful, Kenya will be joining nations like Nigeria which issued Africa’s first Sovereign Green Bond in December 2017 raising $29.7 million and Egypt which raised $750.0 million in September 2020.

Issuance of green bonds has been identified as part of Kenya’s long-term strategy of diversifying funding sources to meet revenue shortfalls without piling too much pressure on the real economy through high domestic borrowing.

‘On the external end, the target is a mix of concessional financing and new instruments such as Sustainability Linked Bonds. The government will explore innovative financing options such as sustainability linked bonds, diaspora bonds, domestic retailbonds, debt swaps, Samurai and Panda bonds,’ the Medium-term Debt Strategy 2026/27 – 2028/29 states.

Kenya faces mounting pressure for unlocking new sources of external financing after the latest round of talks with the International Monetary Fund (IMF) for a new programme and financing in Washington DC were met with push back for expenditure rationalization.

Supplementary Budget I 2025/26 pushed the current financial year’s fiscal deficit to Sh1.3 trillion from Sh923.2 billion, significantly eroding Kenya’s chances of inking a new deal with the IMF.

‘On the status of talks for a new programme, we continue to have discussions with the government of Kenya. We have pointed out to the government that there needs to be a path toward credible fiscal consolidation and that is one of the things that we would like to see for discussions on a new programme with Kenya to advance,’ IMF Africa Director, Abebe Selassie, told the Business Daily.

Successful issuance of a dollar based green bond will strengthen Kenya’s hard currency inflows at a time when the government has been aggressively building buffers to provide a cushion against shocks such as those stemming from the war in the Middle East.

Kenya’s stock of foreign exchange reserves stands at $13.3 billion (Sh1.7 trillion) translating to 5.6 months of import cover.

‘Over the last two years we have been able to build our reserves to a fairly sizeable level. It’s important to look at what has happened with the exchange rate,’ Dr. Thugge says.

‘The reason why we built these reserves was to have a very orderly depreciation in the event of a shock. When this crisis happened, the Shilling was at about 129 and it smoothly went up to 130. The ceasefire was announced and it has since retraced its path back.’

Kenya now hopes that strong hard currency inflows including $1.9 billion (Sh245.3 billion) from the government partial divestiture from Safaricom Plc, at least $750.0 million (Sh96.2 billion) worth of World Bank financing and $500.0 million (Sh64.5 billion) worth of Green Bond proceeds will bolster its foreign exchange reserves and stave of rising pressures.

Picture this: you are at a routine check-up, the one you kept postponing for months because you were busy or felt fine, or because something else always seemed more urgent.

You sit across the doctor, slightly impatient and already mentally back at the office. She runs a few standard tests but finds nothing dramatic.

Then she pauses, looks at the results and tells you that your liver enzymes are slightly elevated and that she would like you to have an ultrasound just to be sure.

You’re not worried, you feel fine, as usual.

A few days later, you receive a diagnosis for a condition you have never heard of. It has been developing quietly while you were working late, eating on the go, unwinding with a drink at the end of a long day and telling yourself that you would start exercising properly the following month.

The bad news

This is how most men find out they have been living with metabolic dysfunction-associated steatotic liver disease (MASLD) for years.

Experts call it the silent epidemic of our time, and it is far more common and serious than most people realise.

But what actually happens inside your liver?

Think of your liver as the engine room of your body. It filters your blood, burns fat, keeps your blood sugar stable and quietly processes everything you eat and drink every day without asking for anything in return.

However, when fat begins to accumulate inside liver cells due to the metabolic pressures of modern living, problems start to arise.

The cells swell and become sluggish, triggering inflammation. Slowly, the liver that has been working so hard for you starts to lose the battle.

“Basically, normal cells are replaced by fatty tissue or filled with fat bubbles, which makes them more swollen and less functional,” says Dr Brian Misoi, a consultant hepatobiliary surgeon at Aga Khan University Hospital. ‘Then there’s inflammation in the liver that can progress in different ways.’

Left unchecked, Dr Misoi says, this inflammation advances to fibrosis-the formation of scar tissue. If left unchecked, fibrosis can progress to cirrhosis, where the liver essentially hardens and stops functioning properly.

“At that stage, the damage is permanent, and the only cure is a transplant,” says Dr Misoi.

The good news

The good news is that there is a long road before you get to that stage – but only if you catch it in time.

Here’s something most men don’t think about: the way we live, and the way many of us have been taught to live, puts a very specific pressure on the liver.

‘Men tend to drink more. Not necessarily in a way that makes headlines, but in an ordinary, socially acceptable way: a beer after work, drinks at the weekend and wine with dinner a few nights a week,’ he says.

None of this feels excessive, but alcohol compounds the damage to a liver that is already under metabolic stress, and over time, this adds up.

Visceral fat dangers

Then there is the belly. Men are more prone to storing visceral fat-the fat that sits deep in the abdominal cavity and wraps around the organs.

Unlike the fat you can pinch beneath the skin, visceral fat is metabolically active in the worst possible way. It drives inflammation, disrupts how your body handles insulin and puts direct pressure on the liver.

‘That comfortable, familiar weight around the middle that many men carry into their 40s and 50s? It’s doing far more damage than it looks,’ says Dr Misoi.

The problem is that men feel fine. Unlike a heart attack, a broken bone or almost any other serious health condition, this one gives you no warning.

‘Most men with MASLD feel completely normal. They are working, laughing and getting through the day with no idea that their liver has been struggling quietly for years,’ he says.

By the time the body starts to send signals such as persistent fatigue, yellowing of the skin or a swollen abdomen, the disease has usually progressed to a stage where treatment options are limited.

‘If you present with symptoms, that usually means the disease has already progressed significantly,’ says Dr Misoi.

MASLD is more than just a liver story. The fat building up in your liver is not happening in isolation. It is a signal-a visible marker of a metabolic system under strain. This same strain affects your heart, blood vessels and brain simultaneously.

More than a liver risk

Dr Misoi says that men with MASLD carry a significantly higher risk of heart attack, stroke, heart failure and certain cancers.

‘The liver is where the problem becomes visible, but the damage is systemic. So, the man who thinks he is simply carrying a bit of extra weight and managing a slightly elevated blood pressure reading is, in many cases, sitting on a much larger health risk than he realises,’ he says.

Avoiding MASLD

Dr Misoi recommends several steps to avoid this condition. The most important thing to remember is that if you catch it early, you can turn it around.

‘The disease is reversible in its early stages, and the prescription is not a complicated one,’ says Dr Misoi.

Lose a little weight. Even losing five percent of your body weight can reduce the fat in your liver. At 10 percent, you start reducing the risk of scarring.

For most men, this is not a significant amount; it is just a few kilogrammes lost gradually through sustainable changes rather than dramatic ones.

Eat better. A diet that is high in protein and low in refined starch and fat puts less strain on the liver. Eat less processed food and white rice and more vegetables and lean protein.

Move more. Aim for 150 minutes of vigorous exercise per week. Five 30-minute sessions where your heart rate climbs, and you break a sweat. This reduces liver fat directly and improves how your body handles sugar. It also helps with weight, blood pressure and cholesterol, all at once.

Know your numbers. Blood pressure, blood sugar and cholesterol. Get them checked and, if necessary, take steps to address any issues. Also, get screened for hepatitis B and C, and if you have never been vaccinated against hepatitis B, book an appointment to do so now.

Dr Misoi notes that alcohol does not cause MASLD, but it makes things worse in a liver that is already under pressure.

‘You don’t have to stop drinking entirely, but you should critically check how much you drink and whether it’s doing more harm than good.’