Category: Business Daily

The difference between what Kenyan banks charge for loans and pay on deposits has hit its highest level in nine years at 7.44 percentage points, leaving borrowers and savers both worse off despite falling policy rates.

Central Bank of Kenya (CBK) data show that lending rates have eased by just 1.77 percentage points between August last year and September while deposit rates have fallen by 3.65 percentage points in the same period.

The cuts in deposit rates are in tandem with reduction on the benchmark CBK rate.

The uneven adjustment-which placed average interest rate at 15.07 percent in September and deposit rate at 7.63 percent-has pushed the spread to 7.44 percentage points.

This is the highest spread since August 2016, when the gap reached 11.29 percent just before Kenya introduced lending caps to tame the cost of credit.

The widening gap suggests that banks have been slow to pass on lower interest rates to borrowers, even as they moved quickly to cut what they pay depositors – a trend that reflects profit protection in the sector.

Concerns about the mismatch between lending rates and Central Bank Rate (CBR) had prompted CBK Governor Kamau Thugge to intervene more directly through moral suasion and threat of daily fines to improve rate transmission.

In addition, CBK has reviewed the risk-based pricing framework, establishing a common base lending rate for all banks based on the overnight-interbank lending rate, renamed the Kenya Shilling Overnight Interbank Average (Kesonia).

Kesonia is closely tied to the CBR under the interest-rate corridor framework, where overnight lending rates for borrowing between banks are held at no more or less than 0.75 percent of the benchmark.

The total cost of credit to a borrower equals Kesonia plus a premium denoted as K, which is determined according to the risk profile of each customer, but also factors in bank margins plus expected returns to shareholders.

Dr Thugge believes Kesonia has ended ‘all excuses’ for banks not to lower their lending rates, adding that the interest rates on loans should now mirror the prevailing policy rate.

‘There should be no excuse by banks for whatever reason [not to cut interest rates]. There have been quite a number of excuses. This time, there won’t be an excuse. Once we lower CBR, banks should also lower their interest rates,’ Dr Thugge said.

The CBR had hit a 12-year high of of 13 percent in February last year where it lasted up to August of the same year before CBK started

The CBR is now at 9.25 percent, being a 3.75 percentage points cut that has come from eight cuts since August last year.

This means the reduction in the deposit rate to an average of 7.63 percent compared with 11.28 percent at the start of August last year has nearly matched the CBR. However, over the same period, the cuts on lending rates have barely matched the cumulative cuts in the CBR.

Some banks have argued that they have been reluctant to cut lending rates significantly because they still face elevated credit risks in sectors like manufacturing, real estate and small and medium-sized enterprises.

The sharp drop in deposit rates reflects both lower competition for funds and subdued private-sector credit demand. The result has been a squeeze on savers, who are now earning the lowest returns on deposits in nearly a decade, while borrowers continue to face double-digit loan costs.

The last time the interest rate spread was this wide was in August 2016, when lending rates averaged 17.71 percent and deposit rates just 6.42 percent – a gap of 11.29 points.

That environment triggered public outcry and eventually led Parliament to enact the Banking (Amendment) Act of 2016, which capped lending rates at four percentage points above the CBR and set a floor for deposit rates. The interest rate caps were repealed in 2019 after concerns they had curtailed credit access, especially to SMEs.

The return of a large spread has seen CBK call out banks for not passing the benefits of a lower CBR to customers. This points to a long-standing issue of weak monetary transmission which has seen the regulator unveil a new loan pricing formula.

The widening spread is translating into improved profitability for banks. A faster drop in the cost of funds compared with the price of loans has seen banks maintain a growth in profit amid a soft economy.

CBK data shows Kenyan banks pre-tax profit for seven months to July grew by 8.75 percent to Sh177.7 billion from Sh163.4 billion in a similar period last year.

Equity Group, which is the only one that has so far published nine-month earnings shows net profit grew 32.6 percent to Sh52.12 billion in the period, mainly supported by Kenyan operations where there was a 51.2 percent rise in net earnings to Sh31.09 billion.

The persistence of high borrowing costs threatens to undermine the CBK’s efforts to boost private-sector credit, which had posted negative growth between November last year and March this year before recovering slightly to close September at a growth of five percent.

The declining deposit poses a challenge for savers given that inflation has been rising, hitting 4.6 percent in September compared with three percent at the start of the year and 2.7 percent in September last year.

Kenya has broken ground on what it says will be the world’s first geothermal-powered fertiliser project in a bid to lower the cost of key farm input and boost food security plans.

State-run Kenya Electricity Generating Company (KenGen) and China’s Kaishan Group on Monday entered into a joint venture to build a plant with a capacity to produce between 200,000 and 300,000 tonnes of ammonia-based fertiliser every year.

Kaishan’s local unit, Kaishan Terra Green Ammonia Ltd, will construct and operate the facility, while KenGen will supply 165 megawatts of geothermal energy to power the production of green ammonia and fertiliser for the project for 30 years.

The facility is expected to stabilise local fertiliser prices by reducing dollar-denominated import exposure, KenGen said in a statement, projecting to generate an estimated $13 million (about Sh1.68 billion) in annual net profit from the plant on completion.

‘[This is] a milestone in clean industrialisation,’ KenGen managing director Peter Njenga said in a statement, adding that geothermal power is the ‘bridge between Africa’s green energy potential and its manufacturing future’.

Kenya largely depends on fertiliser for farming, and its pricing remains the single biggest variable driving output of staple maize.

The country spends tens of billions of shillings to ship between 800,000 and 900,000 metric tonnes of fertiliser every year from countries such as Russia and Saudi Arabia, according to official figures.

President William Ruto’s administration has been subsidising fertiliser prices since taking power in September 2022 through the National Cereals and Produce Board to reduce the cost burden for farmers and bolster production.

Speaking at the groundbreaking ceremony, Dr Ruto said the plant would help boost food security, lower import bills, and create jobs.

‘This project shows that Kenya is not just a leading producer and consumer of clean energy; we are now going further to add value and generate prosperity from it,’ he said.

‘By harnessing our geothermal wealth, we are lowering fertiliser costs, supporting our farmers, and contributing to global climate goals.’

The launch of the project has come at a time when the latest official numbers have shown that Kenya has cut fertiliser imports for the second straight year, signalling a cooling of the government’s subsidy programme that drove record shipments in 2023 and stood at the heart of President Dr Ruto’s food security agenda.

Fertiliser imports between January and June 2025 stood at 443,701 tonnes, valued at nearly Sh25.63 billion, down from 445,857 tonnes worth Sh27.71 billion in the same period of 2024, data collated by the Kenya National Bureau of Statistics indicate.

The latest half-year numbers extend the decline from the 2023 peak of 629,566 tonnes worth Sh44.8 billion, representing a 29.52 percent fall in volume and 42.83 percent decline in value over two years.

‘Our agriculture is highly dependent on fertiliser prices, with high prices leading to a decline in maize output nationally. As we know, maize is the staple crop that feeds millions of Kenyans. That is why domestic, competitively priced fertiliser matters not just for commerce, but for food security for our people.’

The facility is forecast to create more than 2,000 direct and indirect jobs across construction, operations, maintenance, logistics and supply chains.

Job openings from the project include those for plant operators, process engineers, laboratory technicians, electricians and small businesses plugged into the value chain.

Kenya currently imports nearly all fertiliser consumed domestically, exposing farmers to currency swings, Red Sea freight volatility and commodity price shocks linked to global gas markets – because about 98 percent of world ammonia is made using natural gas.

A green-ammonia plant will help Kenya realise import substitution and climate competitiveness. The project is forecast to avoid more than 600,000 tonnes of carbon dioxide emissions each year.

Kenyans living and working abroad constitute a fundamental pillar of the nation’s economic framework. In 2024, diaspora inflows topped $4.95 billion (approximately Sh752.4 billion), surpassing foreign exchange earnings from tourism, tea, and horticulture.

According to the CBK, by the first half of 2025, remittances were above $2.5 million, which shows a great improvement. While the volume of these funds continues to rise, a large portion ends up in the same destination- real estate.

Buying land or putting up rental units is deeply ingrained in many diaspora investors’ plans, often driven by cultural expectations, family pressure, or the security of owning something tangible back home.

However, an overreliance on property as an investment is increasingly proving restrictive-particularly during market downturns, periods of limited liquidity, or protracted legal disputes over land. Consequently, capital remains tied up, financial flexibility is diminished, and investment objectives are delayed.

Kenya’s financial sector has evolved in recent years, offering more regulated and professionally managed investment options.

Money Market Funds (MMFs), in particular, have grown in popularity, especially among investors who want their savings to grow without being exposed to excessive risk.

MMFs pool capital from investors and deploy it into short-term, interest-earning assets such as Treasury Bills, fixed deposits, commercial paper, and short-dated bonds. The appeal is in the balance with relatively low risk, reasonable returns, and quick access to cash.

These funds are licensed and regulated by the Capital Markets Authority, with oversight by independent trustees and custodians.

The returns while modest, are competitive, often outpacing inflation and far better than idle bank savings. For diaspora investors managing obligations both abroad and in Kenya, MMFs are increasingly seen as an emergency buffer, a savings vehicle or a holding account while evaluating longer-term investments.

They are ideal for saving towards education, family support, or emergency needs back home, offering both flexibility and financial discipline.

Other fund options have emerged alongside MMFs. Fixed income funds target medium to long-term bonds and generally offer higher returns, though with slightly reduced liquidity. Balanced funds add a portion of equities to the mix, allowing for gradual capital growth for those with a higher risk appetite.

Fixed income or balanced funds can help diaspora investors grow their money steadily while planning for future goals like building a home or starting a business when they eventually return.

Some fund managers have also rolled out USD-denominated funds to cater to diaspora clients who want to keep their exposure in foreign currency while still investing in Kenyan instruments.

However, uptake among the diaspora remains limited. One key barrier is trust. Many investors have been burned by informal chamas, dishonest land brokers, or opaque off-plan property deals.

Another is investors are unaware that regulated financial products now exist in Kenya with reasonable entry points and consumer protection.

Addressing this requires collective action. Financial education must be prioritised. Institutions should simplify investment terms, provide clear, timely performance data and streamline onboarding for diaspora clients.

Diaspora associations and community leaders can also play a role in sharing credible information and countering the notion that property is the only safe investment.

This is not to say that real estate does not have a role. It does, and always will. But a smart investor does not put all their funds into a single type of asset.

Diversifying across liquid and fixed investments builds resilience, cushions against downturns and creates flexibility to meet different life goals, whether it is paying school fees, retiring early or responding to a family emergency without selling land at a loss.

Kenya’s financial sector is now in a position to support that kind of thoughtful planning.

For the diaspora, it is no longer just about sending money home, but about growing it wisely, protecting it, and keeping it accessible. The products are available. The regulation is in place. The tools exist.

The next step is yours. Do not just build back home. Invest with purpose. Let your money grow where your roots are.

When Pamela Raburu was moving into her third home, she never imagined that a garden would raise its value. She had rented twice before, which she felt was like ‘pouring money down the drain.’

‘Back then, I realised that renting was just pouring money away,’ she says.

‘I used to pay Sh20,000 for a two-bedroom apartment, and when I wanted a three-bedroom apartment, the rent was Sh30,000. Then I did the maths: 10 years of rent would cost millions, and I would have nothing to show for it. That’s when I decided to buy a house on a mortgage. It wasn’t easy, but today I have peace of mind knowing that I live in my own home.’

She bought a house in Kitengela for Sh3.8 million which sits on an eighth of an acre in a gated community. That was about ten years ago and Kitengela was dry and rocky. Now she has turned her home into a thriving little jungle that wraps around her home. She estimates the house would cost well over Sh10 million, thanks to the renovations and her breathtaking garden.

But why did she choose to buy a ready house and modernise, rather than buy land and build?

‘If you’re planning to buy a home, take my advice: choose a gated community. Don’t isolate yourself in a big standalone house. When the children move out and you’re all alone, loneliness can set in. I’ve seen people living alone in beautiful houses, slowly slipping into depression. That won’t be me. I have my neighbours, my community, and my joy,’ Pamela says.

‘Yes, we share one main gate and each compound is private, but we all interact. I step out, see my neighbour, and say hello. Sometimes we share tea, dinner, or just a laugh. That human connection is priceless.’

When Pamela moved into her home in 2015, the land around it was bare.

Most of the homes had either murram or rocks at the front and backyards. A few people had a tree or two in their compounds.

‘I planted this big tree,’ she says, pointing at a medium-sized indigenous tree.

Over the months, she made changes to the garden as she refurbished her house, transforming it into a space where she would love to have her friends and family.

Five years later, the pandemic hit, and people started working remotely. Then boredom crept in.

‘A friend took me to visit her friend who lived in Garden City. She had a breathtaking garden, lush, vibrant, and filled with all kinds of plants,’ she says, ‘I was inspired. I found myself thinking: what can I do at home now that most people are working remotely? I had some plants along my driveway, but they weren’t very attractive.’

She then started to slowly add new plants.

‘It wasn’t a big project, but it kept me busy and happy during that period,’ Pamela says.

Then, in 2022, during a conference at a university, one speaker posed three questions that would forever change her mindset: ‘What makes you different? What’s your passion? What can you do beyond your career?’

‘That question struck me deeply. It was a moment of awakening. I realised that I could turn my newly found love for plants into something more meaningful, and possibly even a business.’

Using the small amount of money she had received for the conference, Pamela bought a few plants and started a small nursery. She became intentional about learning about flowers.

‘I began collecting plants whenever I travelled, experimenting and growing my knowledge. I turned to what I call my ‘University of YouTube’. On social media, I followed gardeners from around the world, learning about different types of plants, how to water, their lighting needs, and soil composition.’

During this time, Pamela noticed that many local plant vendors did not know much about plant care, and she wanted to learn more.

‘Now, whenever I buy a new plant, I research its name, its ideal light conditions, whether it’s for indoors or outdoors, and how to care for it. That’s why my plants look healthy and vibrant,’ she says.

When BD Life visited her home on a Wednesday afternoon, it was raining heavily.

‘My garden loves the rain,’ she chuckles.

Her grass stands out, especially in Kitengela. She has grown Arabica grass, a thick, carpet-like variety, also considered water-thirsty. Five years ago, it cost her Sh20,000.

Her garden is designed in a container style with a mix of ornamental plants and a collage of colour and form. She has red, pink, and white Crown of Thorns blooming beside geraniums and nasturtiums, while Callisia repens ‘Pink Lady’ spills from clay and concrete pots in shades of pink and purple.

Eleven varieties of palm trees sway softly in the breeze, ten types of philodendron climb and curl, and five monstera stretch their broad leaves towards the light.

And then there are her beloved aglaonemas, 15 varieties of them glowing like living art. ‘They’re my favourite,’ she admits. ‘Their leaves are like paintings, each one different, but all beautiful.’

Her verandah is another green haven, lined with over 10 thriving plants that frame her mornings in soft shades of green. Hanging pots dangle above, their rhipsalis and pothos trailing like cascading ribbons. In one corner sits her succulent collection: a charming cluster of echeverias, aloes, and haworthias, each one a tiny terracotta sculpture.

‘That’s my quiet corner,’ she says. ‘Low maintenance, but full of charm.’

We step inside, and the house feels like an extension of the garden: alive, fresh, and calm. Around 20 houseplants occupy various corners, giving the rooms a soft glow.

Her favourite aglaonema stands proudly by the dining room entrance, its leaves spreading wide as though to welcome her home.

‘That one,’ she says, ‘fondly greets me every time I walk in.’

The first plant she bought was a golden palm in Mombasa. ‘I tried growing it indoors, but it didn’t thrive. Eventually, I moved it outside, and it thrived.’

She has bought plants from all over Kenya, including Mombasa, Nyeri, Eldoret, and Kisumu, as well as from Dar es Salaam.

Sometimes, she buys neglected plants, nurses them back to health, and then sells them on.

‘It’s not really about profit. I just love taking care of them. This is my therapy, it keeps me sane.’

Sh15,000 Bismarck palm

What defines her choice of plants? ‘I mainly buy plants for their beauty. If I see one online that I love, I’ll look for it until I find it,’ she says.

Her prized possessions include cycads and Bismarck palms. I bought some when they were young for around Sh5,000 each.

‘Today, a mature Bismarck palm of that size sells for around Sh15,000,’ she says.

A typical day in her garden involves watering, propagating, changing the soil, removing weeds, and moving the plants around to ensure they each get the right amount of light and shade.

To her, plants definitely add value to a property.

‘If I ever decide to sell this home or convert it into an Airbnb, the garden would significantly increase its value. The beauty and serenity of this space are priceless,’ she says.

Dying plants

Of course, the gardening journey hasn’t been without challenges. ‘When I started, I lost many plants, mostly due to using the wrong soil, overwatering, or too much sun,’ she explains.

Mixing soil remains her biggest challenge. ‘I now buy soil and pumice from suppliers in Gikambura and Redhill, paying between Sh1,000 and Sh1,200 for a 90 kg bag. It’s expensive, but worth every shilling.’

One plant, from the Aglaonema family, continues to test her patience. ‘I’ve changed the soil several times, but it still struggles. Nevertheless, I won’t give up,I’m determined to see it thrive.’

Over time, Pamela has learnt to understand the rhythms of Kitengela’s climate. She waters the plants according to their needs. ‘This place may be dry, but with the right care, even Kitengela can bloom,’ says the 57-year-old.

Early retirement

For decades, she worked in the civil service as a human resources professional. However, in April, she took early retirement, not because she was tired, but because her heart was calling her elsewhere.

‘I wanted to nurture myself,’ she says gently. ‘To take care of my mental and physical health and to live with intention.’

She gifts plants to friends, schools, and hospitals, especially to her clients, the bereaved, and the sick.

‘It’s a quiet kind of therapy.’

Now retired, she starts her mornings at 6.30 am with a prayer, followed by 30 minutes of exercise. Then she has breakfast in her front yard, where she soaks up the sunlight for vitamin D and reflection.

Her two children no longer live at home, and her granddaughter visits occasionally.

‘It’s an empty nest now,’ she says. ‘But these plants, they’ve become my new children. They keep me company. They respond when I care for them.’

Travel to see gardens

Her love for plants has taken her to many countries.

She remembers visiting the Kirstenbosch National Botanical Garden in Cape Town, where she climbed Palm Mountain and collected wild stems to take home.

‘Wherever I go, I find myself bringing back a plant,’ she says.

‘I also went all the way to the Cape of Good Hope and climbed Palm Mountain. Out of love for plants, I picked a few stems. ‘I even bought a small succulent with rectangular leaves for around Sh400.’

Her next dream destination is Thailand, where she hopes to visit the Nongnooch Tropical Garden in Pattaya.

‘It’s one of the most beautiful gardens in the world. One day, I’ll save up and go just for the love of plants,’ she says.

A widow has secured a temporary reprieve after the High Court barred Equity Bank from auctioning her property in Nairobi over a disputed Sh377 million loan guarantee she claims was forged using her title deed.

In the case highlighting growing concerns over fraudulent land transactions and banks’ due diligence in verifying guarantors, the court halted the sale of Rosemele Anyango’s property pending the determination of a lawsuit where she accuses the bank, her brother, and a company linked to him of conspiring to fraudulently use her land as collateral.

Ms Anyango, the registered owner of the property, insists she never guaranteed any loans for Tembo Tamu Limited nor signed documents charging her land to Equity Bank.

She alleges her brother held her title deed since 2018 following the deaths of her husband and son.

Her shock came in May 2024 when Equity Bank issued a redemption notice demanding Sh377.6 million, threatening to sell her property over Tembo Tamu’s loan defaults.

Forensic analysis later revealed that her signatures on the loan documents had been forged.

She claims that any charge or security instrument created over the property in question was done fraudulently and without her knowledge or consent, and in conspiracy with the respondents (the bank, the company and her brother).

She contends that she is neither a director nor a shareholder of the company and thus not privy to its activities.

Ms Anyango further contends that she did not issue any power of attorney to the advocates involved in the deal to enter into transactions and sign documents pertaining to the property. Her signature is not on the offer letter dated July 3, 2020.

Additionally, she says she never appeared before the advocate named in the court papers to execute a personal guarantee and indemnity, maintaining that her signature is a forgery.

The bank, however, maintains Ms Anyango willingly guaranteed loans totalling Sh290 million advanced to Tembo Tamu between July and October 2020.

Through its legal manager, Equity Bank argued she executed a personal guarantee and deposited her title deed as security.

Statutory notices under the Land Act were served, and valuers assessed the property before the planned auction. The bank dismissed her forgery claims, insisting she participated knowingly and willingly.

However, the court found Ms Anyango had established a strong case against Equity, warranting court intervention. The court ruled she had demonstrated the likelihood of suffering irreparable harm.

The court emphasised that allegations of forgery – backed by a forensic report – raised serious questions that required full scrutiny at trial.

‘If proven, the charge would be void ab initio,’ the court stated, noting that allowing the sale would risk ‘sanctioning an illegality’ and irreparably violating Ms Anyango’s constitutional right to property under Article 40.

The dispute centres on whether Ms Anyango indeed executed the charge documents and guarantee, or whether they were forged and fraudulently procured.

‘That question goes to the root of ownership rights and the validity of the securities sought to be enforced by the bank,’ said the court.

The court ruled that the balance of convenience favoured Ms Anyango because, if the property were sold and forgery later proven, she would suffer a permanent deprivation of property in violation of her constitutional rights.

Conversely, the bank could still recover debts from Tembo Tamu without selling her land. The company and Ms Anyango’s brother did not participate in the proceedings. The injunction remains in force until the suit is determined.

Similar disputes have surged in the recent past, with courts increasingly scrutinising lenders’ processes amid claims of forged documents and identity theft.

Millions of gamblers will soon be forced to cede a portion of their betting stakes to the Social Health Insurance Fund (SHIF) and pension in line with legal changes that will make gambling costlier.

The Gambling Control Act 2025 gives the betting regulator powers to develop policies that will include, among other things, a mandatory savings component for SHIF or social retirement benefit for every betting stake.

A mandatory pension contribution or payment to SHIF will make betting costlier given that gamblers also pay 15 percent excise tax and 20 percent withholding tax for each winning bet.

This is likely to increase the pool of SHIF members and ultimately grow contributions to the scheme, on which the State is relying on to provide medical cover for all Kenyans.

According to previous estimates, there are more than 12 million gamblers in the country.

All Kenyans are required to enrol with SHIF and pay their contributions, with formal workers paying at rate of 2.75 percent of their monthly pay, while the same rate applies to households in the informal sector.

However, the Gambling Control Act 2025 does not say what will happen to gamblers who are already contributing to SHIF, either as salaried workers or under the household category.

‘The Authority (Gambling Regulatory Authority of Kenya) shall develop policies for placing of bets for betting, lotteries and gambling that include a savings component for social health insurance or social retirement benefit,’ the Gambling Control Act 2025 says.

‘The minimum amount set under subsection (1) shall be inclusive of such a saving component for the player as shall be determined by the Authority in consultation with the Cabinet Secretary.’

Impact of levies

The State has progressively increased the 20 percent withholding tax and 15 percent excise tax levied on gambling over the years as part of its efforts to discourage gambling.

Compulsory SHIF or pension deductions from every betting stake will provide the government a windfall, given that punters place bets worth more than Sh150 billion every year.

These mandatory SHIF contributions come at a time when the State health insurer is grappling with a Sh76 billion unpaid bill to both private and public medical facilities.

The government is also keen to encourage a savings culture, especially among those working in the informal sector, as evidenced by the latest push to deduct money from betting stakes.

The newly formed Gambling Regulatory Authority of Kenya, the successor to the Betting Control and Licensing Board, is currently drafting regulations on the mandatory SHIF or pension contributions.

Increased betting levies are intended to reduce the appeal of the craze that has over the years turned into an addiction for millions of Kenyans seeking quick cash to foot bills.

According to a joint report by the Central Bank of Kenya and the Kenya National Bureau of Statistics, an estimated 40.4 percent of Kenyans aged between 18 and 45 years are actively betting.

Last year, gamblers spent an average of Sh1,825 on betting a month, with most of them viewing it as a source of income.

The 2024 FinAccess Household Survey also shows that younger, more educated individuals bet more than their rural peers.

Kenya is home to the largest number of youthful gamblers on the continent, at 76 percent, ahead of bigger economies like Nigeria and South Africa.

However, the increased taxes have failed to halt the gambling craze with more betting firms joining the fray to cash in on the billions of shillings that gamblers spend in pursuit of quick returns.

The minimum betting amount is Sh20, but the mandatory SHIF or pension savings mean gamblers must have more money in their betting accounts before placing a bet.

Currently, there are 188 licensed betting firms operating in the 2025/26 financial year, up from 100 three years ago, with the growth defying the steep taxation regime that has forced others to exit the Kenyan market.

Betting firms pay 15 percent tax on their gross gaming revenue, which is remitted to the Kenya Revenue Authority by 1am each day. They also pay a corporate tax of 30 percent on their profits.

Capital A Investment Bank, which was formerly Stockbroker Securities Africa, has raided KCB Group to pick its Head of Investment Banking Linus Muthari Kang’ara as its new chief executive officer.

Mr Kang’ara had been with the lender’s subsidiary, KCB Investment Bank, since 2016 having joined as a fixed income dealer before rising to the position of head of brokerage and ultimately the head of investment banking. He took up the new role effective November 1, 2025.

He has over 15 years of experience in financial markets, having previously worked with other firms in the industry, including Old Mutual Securities and Faida Investment Bank.

Mr Kang’ara, who holds an MBA in Finance, joins the new investment bank as it is marking an expansion in its topline, driven by its position as a leader in fixed income securities trading, with a market share at 18.06 percent at present.

Capital A Investment Bank is seeking to diversify its business by entering the fund management, corporate finance and advisory sectors.

‘My focus will be to harness the talent and capacities of the incredible team to build new partnerships that will place the firm at the centre of broadening economic development, savings mobilisation, and cultivating a culture of trust, transparency, and performance in order to deliver investment solutions that satisfy the ever-growing demand from the public,’ Mr Kang’ara said.

Stockbroker Securities Africa became Capital A Investment Bank in October last year in a move to diversify its trade beyond stock broking and receiving key approvals from the Capital Markets Authority (CMA).

The switch allowed the firm to explore advisory services, including the offer of securities to the public, corporate finance restructuring, takeovers, mergers and privatisation.

The former brokerage can also act as a dealer or fund manager of collective investment schemes or provide contractual portfolio management services.

The firm has also sought to tap diaspora clients seeking to invest in Kenya’s capital markets.

Capital A Investment Bank is an authorised trading participant at the Nairobi Securities Exchange (NSE) and a member of the Kenya Association of Stockbrokers and Investment Banks (Kasib).

CMA deemed the transition of the former brokerage as a mirror on the growth and maturity of domestic capital markets.

Capital A Investment Bank is part of 17 licensed investment banks, alongside Dyer and Blair, Faida, Genghis Capital, Renaissance Capital, SBG Securities and Pergamon Financial Services.

The firm ended December 2024 with a revenue of Sh145.6 million, comprising brokerage commissions and interest income.

The company realised a net profit of Sh61.5 million, which rose from Sh8.3 million in 2023, while its asset base rose from Sh75.2 million to Sh534.8 million.

For years, flower vases were the kind of thing you only saw in glossy magazines or in the living rooms of Kenya’s wealthy elite, placed on marble tables in hallways or on dinner tables.

But of late, vases are almost in all modern homes, and a number of interior décor entrepreneurs are cashing in on the rising demand. Kenyans are buying from vintage vases sold in antique stores, to those made locally or imported and sold online.

Dorothy Owuor, who has found success with soapstone vases, never planned to be in the décor business. Her journey into making soapstone vases began almost by fluke.

‘I had just moved to Kisii and went exploring in Tabaka, where soapstone is mined. I had no interest in starting a business then; I was just looking for decor pieces for my home,’ she says.

She did not find anything that she liked. ‘I started wondering whether it would be possible for me to create the kind of pieces I wanted for my home. In the process, I discovered a gap in the local design market for people who, like me, wanted unique pieces, which are as good as the ones on international platforms, but with roots from home as well.’

In 2022, she launched her first vase collection under her Soapstone Interiors business, after months of experimentation.

‘We realised that the pieces were being bought not just as flower holders but also as sculptural objects, pieces that could start conversations in homes or offices. So we built a design language around our vases,’ she says. ‘Flower vases now account for around 50 percent of our revenue.’

Though they have been in business for only four years, Ms Owuor believes the demand for vases is on the rise.

‘We’ve seen a lot of appreciation and an increase in the desire for authenticity and local craftsmanship,’ she says.

Social media has been the game-changer.

‘We are majorly on Instagram, and it has helped us reach and showcase our craftsmanship to a very design-savvy audience. We are also able to demonstrate how our pieces are being shipped, styled, and used by both local and international buyers.’

Over the years, her clients have grown to include homeowners, interior designers sourcing for residential and commercial projects, boutique hotels, and lodges who want to reflect Kenyan culture, and collectors and diaspora buyers who are seeking custom pieces.

But the business has its challenges. Beyond the weather-related hurdles, there are logistical challenges.

‘Sometimes it can be difficult to reach high-end buyers without a well-established distribution channel,’ she says.

Increasing male buyers

Another flower vase seller is June Njuraita, who owns Wendo Store Kenya in Nairobi.

‘For the past five years, there’s been an increase in the number of people wanting to share their lives online, meaning that their homes have to look nice,’ she says.

‘And when their audiences watch their content, they are influenced into wanting their own spaces to look good as well, leading to people wanting unique vases.’

She established the business in 2023 with only 50 vases made from ceramic, glass, and stone and sourced from India and China.

‘India is known for having really good rustic pieces,’ she says.

Previously seen as an interior décor item for only women, Ms Njuraita says 30 percent of her buyers are men, who also buy a matching vase, a tray, plus artificial flowers.

Where to put it

So, where do you place your vase so that it stands out as a work of art? Daphine Mutheu, who has been doing interior design for 17 years and is the founder of El Interior Designers, says the vase plays different roles in a home.

‘If you want a statement piece, then you go for bold colours, unusual shapes, and oversized forms,’ she says.

If you want the vase to play a supportive, accent role, then you go for a more subtle tone or a minimalist design to complement the other decor items. And if you want it to play a functional role in the space, then you pick a vase that can hold your choice of fillers. It all depends on your end game.’

The vases that she has seen trending in the market currently are mostly in line with the popular design themes.

‘Most people are going for the contemporary look, so I’m seeing a gravitation toward beautifully-shaped, asymmetrical vases made of ceramic, with glossy finishes and neutral colours, the whites, greens, blacks,’ she says.

‘But there’s another category that’s going for the boho look, and they look for vases with a more natural finish and ones that are functional so they can put maybe a monstera leaf in it.’

When it comes to styling the vases, Ms Mutheu, who is also an author, says there is a difference when styling an office versus a home.

‘For homes pick flower vases that are more playful and flexible, and it gives you more options to work with. You can mix glass, wood, or ceramic pieces, or have different textures, colours, and heights. For offices, however, because it’s a space used by many people and you want the decor to be more accommodating, you’d want to achieve a more formal look. So you’d stick to the neutral colours and shapes and find something simple but that makes a statement as well.’

Lighting is essential when trying to accentuate a flower vase.

‘If your vase is the centerpiece, then you definitely need lighting directed toward it so it can stand out. Lighting is also important for vases that have texture, such as stripes or dots, as it brings out that texture and allows people to see and appreciate it.’

The size also matters. The vase would naturally need to be big for a centerpiece, even as an accent piece requires a more toned-down piece of medium to small size.

‘If the room is somewhere where people sit and talk, then having a big vase that obstructs conversation is a mistake. You can place it in a corner instead, and let it make its statement over there,’ she says.

The other mistake is in buying a beautiful vase meant for the spotlight, and tucking it away in a dark corner where nobody can see it.

Similarly, when mixing different vases in a collection, arranging the taller ones in front of their shorter counterparts is another mistake that denies the collection its proper appreciation.

Ms Mutheu advocates for a flexible and fun approach to styling.

‘It’s not just the living rooms, vases can be used in dining rooms, bedrooms, entryways, hallways, even in kitchens, and can be layered with other decor items as well. You can layer them with books, candles, sculptures, trays, or beautiful baskets, or even just mix up different textures and materials for visual appeal.’

Another tip the expert shares is having different vases out at different times of the year.

‘Vases are not permanent. You don’t have to have the same vases in your house throughout the year. You can switch them up every now and then to give your space a fresh look,’ she says.

Recently, the announcement of the “Women in Film Entrepreneurship Hub” residency by KFC (Kenya Film Commission) and GIZ (The Deutsche Gesellschaft fr Internationale Zusammenarbeit ), stirred a debate in my head.

On one hand, the residency is a great, much-needed opportunity that promises vital funding and mentorship to dynamic female filmmakers, a goal we can widely applaud and one that I fully support.

On the other hand, the programme’s sole criterion, exclusively based on gender, raises serious questions about creative segregation, meritocracy, and the core mandate of national institutions in an already struggling creative sector.

The fundamental flaw is that it puts identity over competence and skill. Let’s put ourselves in the shoes of a young, passionate filmmaker.

He puts his head down, aggressively pursues the necessary education, and networks tirelessly to the point of offering his services for free to hone his craft. He has the drive, the skills, and great ideas, and is prepared to join an industry he knows is unstable.

Now imagine that person systematically locked out of critical lifeline opportunities, not because his portfolio is weak, but purely because of his gender.

In a discipline as creatively intensive as filmmaking, where the final work is ultimately judged on talent and vision, prioritising an external, immutable factor like gender over skill is negative. It sends a message that a national commission is willing to overlook potential and ignore those whose work could genuinely elevate the industry simply because they happen to be men.

This leads directly to the core institutional contradiction. KFC is explicitly mandated to be an inclusive public entity, meant to serve and support and stabilise the entirety of the national film industry, not just one demographic.

By approving and championing a programme that deliberately segregates opportunity based on gender, the KFC seems to embrace a form of identity politics that undermines its universal charter.

To highlight the injustice, imagine the outrage if this residency were exclusively for men. The silence regarding the exclusion of male filmmakers, rationalised by the perceived nobility of the cause, exposes a profound double standard regarding equal access to resources.

While the intent to uplift female voices is noble, the mechanism chosen is shortsighted. Sustainable growth for the African creative space will not come from deliberate segregation.

The better, more equitable approach would be for KFC to use its energy and resources to invest in system stabilisation, universal funding of essential infrastructure, creating lucrative distribution channels, and ensuring stability and transparency within the industry.

It is in strengthening this overall economic foundation of filmmaking that the industry will organically attract and retain talent from all demographics and make the mechanics of selling filmmaking as a viable career path from the grassroots up, irrespective of gender, that much easier.

The emphasis needs to shift from creating niche, gender-specific pipelines to fostering universal support and demonstrable excellence for all.

The High Court has handed businessman Peter Munga a reprieve after stopping a bank from auctioning his 75 million shares in Britam Insurance.

The injunction came after his wife, Rose Njambi, objected to the planned sale, arguing that the shares constitute matrimonial property and cannot be disposed of without her consent.

In a decision that offers immediate relief to the billionaire co-founder of Equity Bank, the Commercial Division Court froze the sale of the shares – valued at approximately Sh649 million – pending the determination of a suit where Ms Njambi claims half the stock as jointly acquired marital property.

The court found that Ms Njambi proved an arguable case that her husband unlawfully pledged matrimonial property to secure the contested loans without her knowledge or consent.

The ruling halts African Banking Corporation (ABC Bank)’s planned auction of the shares, which were pledged as collateral for loans advanced to Mr Munga.

The suit has drawn a sharp reaction from ABC Bank’s lawyers, who have accused Mr Munga of using the courts to frustrate a lawful recovery process.

The freeze order, which highlights a spouse’s veto power over loans secured with joint assets, will remain in force pending determination on whether the shares are matrimonial property.

The bank had in September 2024 declared the businessman in default of Sh274 million and $1.23 million (Sh159 million) loans, totalling Sh433 million, in unpaid debt.

In the suit, Mr Munga’s wife claims that ABC Bank took part of the shares as collateral without her approval and when he defaulted repayment, it issued a demand notice dated September 24, 2024 seeking payment of Sh433 million, failing which the pledged shares would be sold.

Ms Njambi also filed an application challenging the planned auction, contending that the bank had proceeded with full knowledge of her beneficial interest in ownership.

She informed the court that Mr Munga was her husband, and that during the subsistence of their marriage, they jointly acquired 75 million shares in Britam Insurance Company Limited.

Read: Tycoon Munga fails to block auction of his Britam shares

Of these, 25 million shares were registered in her name, while 50 million were registered in Mr Munga’s name. She contended that both constituted matrimonial property within the meaning of Section 6(1)(a) of the Matrimonial Property Act.

She told the court that though only 50 million shares had been used by Mr Munga to secure the credit facility, the bank was threatening to auction the entire 75 million shares, a move that would deprive her of the only substantial matrimonial asset.

“Without this injunction, I will lose our family’s only substantial asset,” Ms Njambi argued in court filings. She offered Sh100 million as security, a condition the court accepted.

ABC Bank had opposed the application, dismissing the case as a “sham” and alleging Ms Njambi was a proxy helping her husband delay repayment.

The bank’s legal manager argued that the application was made in bad faith and that it formed part of a series of vexatious and frivolous suits instituted to frustrate the lender’s legitimate recovery efforts against the businessman.

The bank argued that no marriage certificate was provided to prove the marriage, and that the 50 million shares were solely registered in Mr Munga’s name; hence no evidence of joint ownership or spousal consent existed.

However, the court ruled that the injunction was appropriate in the circumstances and that the bank’s interests were sufficiently protected by Ms Njambi’s Sh100 million security deposit, ordered to be held in a joint advocate account.

The court found that the loss of the shares before the hearing of the suit would occasion irreparable prejudice to Ms Njambi.

“Shares in a listed company may fluctuate in value and, once sold to third parties, cannot easily be recovered. Monetary compensation may not fully vindicate the applicant’s constitutional right to equality in marriage and to property jointly acquired,” the court observed in the ruling with far-reaching implications for matrimonial property rights in Kenya.

The ruling reaffirmed Section 12 of the Matrimonial Property Act, which bars spouses from disposing of joint assets without mutual consent.

The court found that this spousal veto power, which saved Mr Munga’s fortune, could not be wished away.

Section 6(1)(a) of the Matrimonial Property Act defines matrimonial property to include ‘the matrimonial home and household goods and effects in the matrimonial home or any other immovable and movable property jointly owned and acquired during the marriage.’

The ruling stalls ABC Bank’s recovery efforts, giving Mr Munga breathing space to renegotiate his debt. The tycoon had filed three failed suits to stop the sale before his wife’s intervention.

The freeze holds until the main suit determines whether the 50 million shares are matrimonial property and if ABC Bank violated spousal consent laws.