Category: Business Daily

Safaricom has borrowed $138 million (Sh17.8 billion) from Standard Bank to fund the expansion of its subsidiary in Ethiopia.

Africa’s largest bank by assets, operating in Kenya as Stanbic, is the sole arranger and lender of the loan. Safaricom will invest the capital towards expanding digital infrastructure and services in Ethiopia.

‘The two businesses worked side by side in the development of the financial solutions that were bespoke to the business while responsive to the market’s needs,’ Standard Bank said in a statement. Safaricom entered Ethiopia in 2022, with Standard Bank as its advisors and financiers. The company has since then invested $2.27 billion (Sh292.77 billion) in telecom and digital financial services infrastructure in the country.

‘We are honoured to have partnered with Safaricom again in enabling and supporting their ongoing vision to drive digital transformation and inclusion in Ethiopia,’ said Anthony Ndegwa, Executive Vice President for Telecoms, Media and Technology at Stanbic Kenya’s Corporate and Investment Banking.

Safaricom CEO Peter Ndegwa said: ‘We are guided by innovation and strategic partnerships as we aim to transform lives at scale; empowering youth, entrepreneurs, and underserved communities to fully participate in Ethiopia’s digital economy and realise the promise of shared prosperity by 2030.’

‘Through this partnership, we are given the opportunity to pursue this goal and grow further to digitally enable Africa,’ Mr Ndegwa said.

Safaricom has over 10 million active customers in Ethiopia, Africa’s second-most populous market.

The telco says its 4G network now covers more than half of the 136 million population, with 3,141 live sites deployed across over 150 towns and cities.

Last week, the telco introduced a network-agnostic M-Pesa app called Lehulum, just two years after introducing the mobile money service in Ethiopia. It marked a major step in the country’s digital payments landscape, allowing any mobile user, regardless of their network operator, to download the app and use M-Pesa services.

This includes sending and receiving money, making payments, and accessing digital financial tools – services that have helped M-Pesa grow in double digits in Kenya since its 2007 launch. But the company has already reported restricted access among users of the state-backed telco Ethio Telecom, the country’s biggest player with 83.2 million customers as of June.

‘M-Pesa Lehulum is currently not accessible on smartphones using mobile data services managed by Ethio Telecom, leaving our customers unable to log in, transact, or retrieve their funds,’ Safaricom said in a December 5 statement.

In the six months to September, Safaricom recorded a smaller loss in Ethiopia, which contributed to a 52.1 percent rise in profit to Sh42.7 billion ($330 million).

Ethiopia’s losses dropped by 59 percent to Sh15.2 billion from Sh19.4 billion in the first half of last year.

This was heavily impacted by a depreciation of the birr currency. Safaricom expects to make a profit in the country in the year ending March 2027.

KCB Kenya has received Sh19.5 billion ($150 million) financing from the African Development Bank Group (AfDB), allowing it to expand its lending, especially to women-led entities and green businesses.

The country’s largest lender, by asset base, said Sh12.9 billion of the funds will be subordinated debt. Subordinated debt is classified as tier two capital and contributes to a bank’s total capital position that determines the amount of lending a bank can do.

KCB capital positions were above regulatory requirements as at the end of September. However, an increase in total capital ensures growth of its loan book, especially with the uptake of large ticket green projects.

KCB said it will use the funds for onward lending projects under renewable energy, infrastructure, and agriculture. Environmental awareness has seen businesses increasingly lean towards projects that are classified as green, including the installation of solar power and renovation of their buildings, creating opportunities for banks to grow their loan book.

‘We are looking to strengthen our capacity in supporting customers focusing on green projects,’ KCB Bank Kenya MD Annastacia Kimtai said.

‘This partnership marks a significant milestone in our sustainability journey as it reinforces our commitment to scale up green lending and enable us to deepen our impact, catalyse private investment and support Kenya’s goal of achieving net-zero emissions by 2050,’ she added.

KCB has been piling funds for lending to projects that prioritise environmental sustainability and high social impact, especially in energy, infrastructure, agriculture, health, and education sectors.

For example, in February, the bank received Sh12.9 billion ($100 million) from the British International Investment (BII) for lending to climate-related projects, which came on the back of Sh27.5 billion received from different international lenders last year.

Last year, KCB disbursed Sh51.8 billion ($402 million) in green loans, growing its green portfolio to 21.32 percent from 15 percent in 2023. The loans were largely extended to green products designed to foster energy transition, including initiatives in the blue economy, e-mobility, and climate change adaptation.

KCB was part of the consortium of banks that funded Safaricom’s Sh30 billion sustainability-linked loan. KCB partnered with Absa, Standard Chartered Kenya, and Stanbic to extend the loan to Safaricom in two tranches of Sh15 billion each, the first being in 2023 and the second one last year. KCB is pushing to allocate 25 percent of its portfolio to green initiatives by 2031.

‘KCB has demonstrated strong leadership in sustainable finance, and we are confident this collaboration will deliver measurable climate impact and inclusive development for Kenya and the region,’ said AfDB Director General for East Africa Alex Mubiru.

KCB will use Sh6.45 billion to deepen its presence in international transactions, with the AfDB providing a guarantee to other banks receiving letters of credit and similar trade finance instruments from KCB.

Trade finance helps the bank earn commissions off the balance sheet. KCB has been a key player in trade finance, including its role in the government-to-government (G-2-G) oil deal.

KCB Kenya contingent liabilities, which capture letters of credit, guarantees, swaps, and options issued under trade finance by the bank, were at Sh295.9 billion at the end of September 2025.

KCB had the largest size of contingent liabilities in the banking sector, signaling its dominance in trade finance. It earned Sh9.8 billion from fees and commissions, which were not loan-related in the nine months to September, pointing to the lucrativeness of trade financing.

Although over 60 companies are listed on the Nairobi Securities Exchange (NSE), most investors struggle to track the companies’ earnings calendars and key activities. This challenge stems from persistent underinvestment in Investor Relations (IR), which is often viewed as a minor, reactive function within Finance.

Consequently, market activity is concentrated in a few blue-chip stocks, such as Safaricom and banks like Equity, which account for over 70 percent of daily trade turnover, leaving many other listed firms invisible, illiquid, and unable to attract the global capital needed for NSE’s strategic growth.

A stock that trades only once a week isn’t ‘fundamentally weak,’ it is simply invisible. A market with dozens of invisible companies isn’t ‘small,’ it is underdeveloped, and cannot attract global capital. This lack of professional transparency has led to tangible consequences. The market is currently experiencing a historic withdrawal of international capital, with foreign participation in equity turnover averaging just 30.12 percent in Q3 of this year, a 15-year low. This retreat resulted in a net portfolio outflow of Sh 3.84 billion for the quarter.

Foreign investors are not leaving Kenya because companies are fundamentally flawed. They are reallocating due to inadequate communication.

When investors cannot reliably know ‘when earnings will be released, whether guidance is coming, how management interprets quarterly performance,’ they do not invest. They wait, and prolonged uncertainty leads them to exit the market.

Also, retail investors are projected to increase with NSE targeting 9 million participants by 2029 through the introduction of fractional share purchases. If listed companies do not provide effective IR, they create information asymmetry, discouraging this growing retail base from sustained, informed participation.

Addressing the lack of mandated professional investor communication structures is no longer optional. A world-class market cannot be built on silence and spreadsheets alone.

However, recognition without action is insufficient. IR is a strategic communication tool that creates value through transparency. It bridges management’s vision and market confidence, and serves as an investment that improves valuation, attracts capital, and drives liquidity.

The solution is for listed companies to urgently elevate the IR function from a compliance checklist item to a strategic, board-level priority. To beat this crisis, listed companies must take specific, non-negotiable actions.

First, they must announce and strictly adhere to an annual IR calendar, clearly outlining the dates for earnings releases, dividend declarations, and Annual General Meetings at the start of every fiscal year.

They should also appoint and empower a single, named point of contact for investors on the company website, with dedicated phone and email channels, replacing the current fragmented approach.

Third, listed companies must exceed minimum legal disclosure by adopting Integrated Reporting and ESG (Environmental, Social, and Governance) disclosure guidelines. This approach communicates the company’s holistic value creation strategy to socially conscious investors, both global and local.

Fourth, the Capital Markets Authority(CMA) should mandate annual Board review of the IR strategy and link senior management compensation (CEOs/CFOs) directly to performance on key IR metrics, such as investor satisfaction scores and stock liquidity. This ensures IR is treated as a profit driver rather than a compliance cost.

For the Kenyan retail investor, always demand transparency.

Use your vote at Annual General Meetings (AGMs) to challenge boards on their lack of professional IR, disclosure standards, and the allocation of resources to this critical function. Stop accepting the bare minimum. Only by holding boards accountable for their silence will the market’s basement issues be truly fixed.

We often discuss rights in terms of education, healthcare, or access to clean water. While these are all critical to our survival, and indeed our development, one of the most powerful enablers of dignity and opportunity is access to credit. Unfortunately, this is rarely framed as a human right, and yet, it should be.

Credit is not merely a financial instrument. For millions of Kenyans, it is the difference between survival and progress; between operating at the margins of the economy and building a livelihood with dignity.

Without access to finance, a farmer cannot expand production, a small trader cannot stock inventory, and a young entrepreneur cannot scale an idea into a thriving business.

Kenya has made strides in financial inclusion. According to the 2024 FinAccess survey, 84.8 percent of the population now has formal financial access, with credit usage rising to 64 percent of the total population.

Yet beneath these gains lies a stubborn gap: Many Kenyans, especially women, and those in the informal sector still depend on unregulated sources like chamas (savings and investment groups), relatives, or even shylocks.

While these informal systems are important, they cannot provide the scale or sustainability required to unlock long-term opportunity. For women, rural communities, and micro-enterprises, the barriers are even higher.

This exclusion is not trivial. It systematically denies people the agency to grow, invest, and participate fully in the economy.

A key way of boosting financial inclusion is the adoption of lending models tailored to women, youth, and informal workers. Products designed for chamas, agribusiness collectives, and youth start-ups have made it possible for those without traditional collateral to access financing.

These inclusive models matter in a country where women-led enterprises face a $2 billion credit gap, youth unemployment remains stubbornly high, and the informal sector employs over 80 percent of Kenya’s workforce. Credit, designed inclusively, is the bridge.

The future of credit is not only inclusive but also green. Increasingly small loans are already being extended to households and small enterprises for solar home systems, clean cooking solutions, and water access projects. These not only reduce emissions but also cut household energy costs and improve resilience.

As Kenya positions itself as a green economy leader, community-level green lending will be critical. A small loan for a solar irrigation kit may seem minor in the national balance sheet, but for a farmer, it is the difference between food insecurity and surplus. For a village, it can mean the difference between vulnerability and resilience.

Access to credit must be reframed as a human right. If we can guarantee education, water, or healthcare, why not guarantee financial access-the very thing that allows individuals to pay for these services and improve their lives?

As Kenya works toward inclusive growth and climate resilience, the ability of ordinary people to access and use credit must be treated not as a privilege for the few but as a right for all.

The Central Bank of Kenya (CBK) has cut its inflation outlook further for the next 12 months as it sees continued stability in consumer prices and the exchange rate.

The apex bank said on Wednesday that it expects the cost of living to fall steadily to reach lows of 3.7 percent in June 2026, having previously forecast inflation to fall to 4.3 percent in the same month.

Inflation dropped to 4.5 percent last month compared to 4.6 percent in October.

The expected low inflation rate will give the CBK further room to cut interest rates if it deems the move as appropriate in driving the recovery of private sector credit.

‘Our focus for inflation going forward for the 12 months up to November 2026 shows that inflation will remain below the midpoint of our target range and will not exceed the five-percent rate all the way,’ CBK Governor Dr. Kamau Thuigge said.

CBK has a mandate to keep inflation low and stable at no more than 7.5 percent but not less than 2.5 percent by deploying monetary policy tools including interest rates.

Previously in August, CBK had projected inflation to run hot, touching a high of 5.2 percent in March next year.

Core inflation or non-food/non-fuel inflation which contributes to an approximate 81 percent of the overall inflation rate is expected to anchor the slow growth in consumer prices over the next 12 months.

Non-core inflation which covers food and fuel prices is expected to rise over the next quarter on expensive vegetable prices but fall at the onset of the heavy rains season which is expected to start in April.

‘Non-core inflation especially for vegetables remains elevated for the next two to three months and then it does come down starting with the long rains around April,’ Dr Thugge added.

The November 2025 Monetary Policy Committee (MPC) Market Perceptions Survey and Agriculture Sector Survey shows that inflation expectations remain anchored within the 2.5 to 7.5 percent target range in the near term.

Respondents to the agriculture survey noted they expect improved food supply following recent harvests particularly of maize, stable pump prices and exchange rate stability to support a stable inflation rate in the near-term.

Seasonal factors associated with December festivities and higher prices for some food items especially vegetables are however expected to apply moderate upward pressure to overall inflation.

‘The November 2025 MPC Market Perceptions Survey shows that inflation expectations in the near-term remain anchored within the target range, mainly due to exchange rate stability, improved food supply, and stable global oil prices which are expected to keep local pump prices and transport inflation stable,’ CBK said.

The apex bank cut its benchmark rate for the ninth straight MPC meeting on Tuesday in a move to support the recovery of bank lending on the heels of both stable inflation and exchange rate.

Private sector credit growth hit a 19-month high in November mirroring recovery in lending on falling borrowing costs after a prolonged contraction period in the past year.

‘Growth in commercial banks’ lending to the private sector continued to improve and stood at 6.3 percent in November 2025 compared to 5.9 percent in October and a contraction of 2.9 percent in January,’ CBK said in a statement on Tuesday.

‘This mainly reflects improved demand for credit in line with the declining lending interest rates.’

CBK can cut its benchmark rate further if both inflation and exchange rate stability holds.

The Central Bank of Kenya (CBK) has opened the sale of a Sh60 billion Treasury bond, continuing its recent trend of issuing longer dated papers to lengthen the government’s domestic debt maturity profile.

In the issuance which runs until January 7, 2026, the CBK has reopened a 25-year bond that was initially brought to the market in September 2022, and a 20-year bond first sold in March 2019.

The 25-year paper, which was most recently reopened last month, has 21.8 years to maturity and a coupon or fixed interest rate of 14.18 percent, while the 20-year bond has a period to maturity of 13.2 years and a coupon of 12.87 percent.

The market has seen high liquidity in recent months, resulting in an oversubscription in the November and December auctions, and in the weekly Treasury bill auctions as well.

In the December bond whose auction was held last week, investors offered a total of Sh53.13 billion against a target of Sh40 billion, with the CBK taking up Sh47.1 billion.

The CBK had reopened a pair of 25-year and 30-year bonds that were first issued in May 2021 and February 2011 respectively in the sale.

‘We note resilient liquidity conditions in the market, signaled by the steadily strong performance rate, which has remained above 230 percent since the August primary auction,’ said analysts at AIB AXYS Africa in a note on the December bond sale.

In November, the CBK carried out two separate issuances in which it reopened a pair of 15-year bonds, a 20-year bond and a 25-year bond (the same one on sale for January 2026), which raised a combined Sh107.6 billion from bids of Sh208.75 billion. Each of the two issuances targeted Sh40 billion.

In addition to a liquid market, the CBK is also leaning on the demand for higher coupon bonds in a period of falling interest rates.

The long-term bonds that the government has been reopening in recent months carry coupons of between 12 percent and 14.2 percent, which is significantly higher compared to short-term rates of between 7.7 percent and 9.4 percent on Treasury bills.

The maturity profile of these bonds would normally appeal to buyers with a longer investment horizon such as pension funds, but retail investors have also bought in as returns from other assets such as Treasury bills, unit trusts and fixed bank deposits continue to trend lower.

The general decline in interest rates has tracked the easing actions of the CBK’s monetary policy committee, which has cut rates in its last nine meetings held since August 2024.

The Central Bank Rate (CBR) currently stands at nine percent, having been cut by 0.25 percentage points in the latest meeting on Tuesday. The CBR stood at 13 percent before the current easing cycle started in August 2024.

For investors, the lower base rate has the effect of cutting returns from fixed income investments whose pricing is linked to short term government securities.

If pain had a voice, Kahare Miano would express it through his chords. He would sing like a griot, sharing a philosophical story shaped by experiences of going through hell and back. Kahare, however, is an architect and a painter, and the language that best captures his experience is found in the spaces where colours and parallels intersect.

At his current exhibition Pirikania, Pain and Progress at One-Off Contemporary Art Gallery, Kahare lets that language take physical form. The works feel lived-in, touched by both restlessness and restraint.

Pirikania, a Turkana word meaning ‘to make an effort towards a goal’, follows his previous show at the same venue last year. Then, Kahare presented sketches from his travels and experiences across the northern frontier of Kenya. It was unabashedly colourful and warm. This new body of work bends inward. It is less travel diary, more personal excavation.

The architect and visual artist in him merge here. His lines are both technical and emotional, some precise like surveys, others trembling or abruptly broken. ‘Adversity and suffering are part of the design of this existence,’ he tells the BDLife. ‘Going through hurdles makes it an easy choice to recalibrate focus.’

In Pirikania, pain becomes tangible. It appears in those repeated erasures, in the half-finished shapes he refuses to complete neatly, in the tight, anxious clusters of pen marks. Progress shows up in the layering, each colour wash a small push forward, each line an insistence on showing up again.

Kahare speaks plainly about the ideas behind the work. ‘Every man or woman who goes through suffering has a moment to reflect. That’s where value is assigned,’ he pauses, and then adds, ‘We are designed to be a little bit defiant.’

A standout piece, Anxiety in Elwak, pulls memory into the room. Greys dominate the composition, textured like old photographs, with a thin red line running across the middle-an echo of the 1980s memories he often references, when life felt sharp-edged and stripped to essentials.

Working on Pirikania gave Kahare clarity for his next project, though he is careful not to separate his identities as architect and painter. ‘Whether the lines are technical or free, it doesn’t matter,’ he says. ‘The important thing is that an outcome exists.’ In the studio, this outcome often emerges slowly: layers added, scratched out, and reworked over weeks.

The title itself, Pirikania, anchors him. Sometimes it represents purpose; other times, desperation. ‘I made it appear poetic because I didn’t want the work to be about me,’ he says.

But in the same breath he acknowledges that the word mirrors the realities many Kenyans are living through-social, political, economic pressures that make the idea of progress feel hard-won.

The exhibition reads as both wound and salve. The unfinished pieces hold as much power as the polished ones, as though he is saying that what remains unsolved is still worthy of being seen.

His slow, almost stubborn process becomes part of the message. When asked how his work has evolved over the past year, he shrugged: ‘Painfully slowly.’

Still, the slowness feels honest. It is the pace of someone pushing through, mark by mark, towards a horizon not yet fully formed.

The number of cybersecurity threats reported in Kenya has decreased to an all-time low this year after a sustained spike in malware, web, and mobile application attacks since January.

Communication Authority (CA) data shows that 842,320,667 malicious activity cases were reported between July and September, an 81.6 percent decrease from the staggering 4,586,682,277 cases reported between April and June.

The three months to March saw 2,537,428,868 cyber threats, a 201.7 percent spike from 840,921,998 threats recorded in the three months to December 2024. CA has attributed the sudden decrease to a regular update of ICT systems and critical information infrastructure across private and public institutions in the education, banking, and telecommunications sectors.

The regulator said multifactor authentication (requiring two or more verification types to confirm a user’s identity for account access) also helped tame attacks by cybercriminals.

‘This was attributed to regular updates of systems, implementation of organisational access controls, hardening the anti-virus and firewalls, patching vulnerable systems regularly, and utilising multifactor authentication and strong passwords,’ CA said in its Sector Statistics Report for the first quarter of the 2025-2026 financial year.

An official at the authority told the Business Daily they have been sending advisories to organisations to strengthen their information system security features and firewalls in the wake of the previous quarter’s alarming spike.

But despite the overall decrease in cyber threats, system vulnerabilities remain the major weaknesses that cyber attackers are exploiting countrywide. These include weaknesses in hardware, software, or processes such as unpatched software, weak passwords, poorly protected wireless access, and missing authentication.

At 776,542,757 cases, they accounted for 92 percent of all recorded incidents in the three months to September. In the previous quarter, such weaknesses made up over 97 percent of all threats, similar to the period between January and March.

Prominent threats

Other prominent cyber threats in the three months to September involved malware (31,676,444), where attackers use malicious software to infiltrate devices or gain unauthorised access, and brute-force (18,811,738). This involves using trial and error to crack passwords and login credentials.

A major driver of the improvement is the widespread integration of multi-factor authentication, which has become a standard requirement in the deployment of IT systems, says Stanley Githinji, a professor of information security at USIU-Africa.

Previously, many systems were deployed with weak or incomplete security controls, treating safeguards ‘as an afterthought.’

Also read: Cybersecurity awareness: How to secure East Africa’s digital economy against evolving threats

‘It left systems exposed both at the design and implementation stages. The integration of multiple-factor authentication has increasingly become a major requirement. and it is coming in handy,’ Dr Githinji said in an interview.

CA has previously flagged inadequate software updates, also known as system patching, and limited user awareness of phishing and other social engineering techniques among the main drivers of the sharp increase in cybersecurity incidents.

‘The persistence of such vulnerabilities is largely attributed to the rapid proliferation of Internet of Things (IoT) devices, many of which lack comprehensive security protocols,’ the regulator said in June.

The authority also noted a growing adoption of AI-driven attacks and machine learning technologies by malicious actors.

One of Kenya’s biggest cyber incidents this year was the January data leak at the Business Registration Services (BRS), which exposed sensitive information of over two million companies registered between 1967 and 2024.

The agency did not publicly disclose the cause, but the Business Daily learned that the breach stemmed from a bug in its IT systems. Moldovan firm B2bhint accessed and published the data.

Dr Githinji warns that advances in quantum computing — the use of quantum mechanics to process information faster than regular computers — and AI are making cyberattacks easier to execute.

Firms should treat vulnerability assessments and penetration testing as continuous exercises rather than one-off projects, he says. ‘To prepare for emerging risks, organisations must pay attention to stronger data encryption.’

More than half of the candidates who sat the 2025 Kenya Junior School Education Assessment (KJSEA) demonstrated readiness to pursue courses in Science, Technology, Engineering, and Mathematics,(STEM) in Senior School, underscoring a decisive tilt toward science-oriented learning as Kenya accelerates its shift to the competence-driven system.

The performance is set to pile pressure on senior schools to reinforce laboratories and technical capacity, as the system must now absorb an unprecedented concentration of science-pursuing learners.

The KJSEA test, taken at the tail-end of grade nine, marked the final checkpoint for the pioneer junior school cohort, closing a crucial phase of the competency-based curriculum (CBC) and setting the stage for full pathway specialisation.

‘The assessment of learners at grade nine comprises 20 percent from the Kenya Primary School Education Assessment, 20 percent from the school-based assessment in grades seven and eight, and 60 percent from the summative evaluation at grade nine. This summative evaluation is the KJSEA,’ said CS Ogamba.

This year, the exam, which covers STEM, social sciences, as well as arts and sports pathways, was taken by 1.1 million learners who completed the three-year junior school phase under CBC.

Of these, 59.09 percent showed potential for the STEM learning pathway, while 46.52 percent qualified for social sciences covering history, economics, and civic studies, and 48.73 percent showed a leaning towards arts and sports, which includes creative and physical education tracks.

The assessment uses an eight-point performance scale grouped into four clusters, with the best being ‘exceeding expectations’, followed by ‘meeting expectations’, ‘approaching expectations’, and ‘below expectations’, with each cluster further divided into two to capture nuanced performance.

In the just-released results, Creative Arts and Sports as a subject delivered the strongest outcome nationwide, with 96.84 percent of learners hitting the ‘approaching expectations’ threshold and above under the ministry’s consolidated assessment report.

Agriculture, Kiswahili, and Social Studies followed, with each recording more than 92 percent of candidates achieving the designated competency levels.

Mathematics and Kenya Sign Language subjects registered the lowest proportions of learners meeting and exceeding expectations relative to the other subjects, although more than half of the candidates still met the baseline standards.

The KJSEA test combines written papers with practical projects and draft exercises to measure applied competencies, focusing on problem-solving and critical thinking, marking a shift towards integrated skills rather than routine memorisation.

Learners sit the assessment at the end of junior school after completing three years in the CBC system, following six years of primary school and two years of pre-primary education.

The Ministry said the assessment informs placement into senior schools, which have been clustered according to pathways, with all the KJSEA candidates set to be placed starting next week.

‘Learners will be placed in senior schools based on their performance and selected pathways, in line with the recommendations of the Presidential Working Party on Education Reform,’ said CS Ogamba.

Senior school capacity currently stands at 2.2 million spaces across 9,540 institutions, giving the country a comfortable buffer for the full junior to senior school transition.

These schools have been formally clustered by pathway, allowing each learner to join an institution aligned with the competencies demonstrated in the KJSEA.

Placement is set to conclude by December 20, enabling Grade Ten reporting from January 12 under the ministry’s revised academic calendar.

The year is coming to an end, but the market never rests. As the season wraps up, we turn our attention to the one question every serious investor is asking: Where exactly will the money be flowing in 2026?

Macroeconomics analyst Stellar Swakei joins us to share a comprehensive, early outlook. In this episode, she will:

Explain the key macro-factors and risks that are about to redefine the investment landscape.

Share an early outlook on the most promising asset class for the new year.

Outline the non-negotiable strategies you must implement now to secure your wealth and maximise returns.

Make Money, a podcast series, hosted by Kepha Muiruri, from Business Daily Africa unravels ways to be financially savvy. Get practical tips and advice on how to increase your income, build wealth, and achieve financial freedom in Kenya. Whether you’re just starting out or a seasoned investor, we’ve got something for everyone.