Category: Business Daily

The traditional narrative around pension funds has been one of cautious preservation, safeguarding retirement savings through conservative investments while maintaining strict fiduciary discipline.

Yet, as Kenya enters the final stretch of Vision 2030 and grapples with constrained public finances, a provocative question arises, what if pension funds are not merely custodians of future security but architects of present prosperity?

Kenya’s pension industry manages over Sh2.5 trillion in assets, while counties and the national government continue to face significant infrastructure financing gaps.

This paradox, capital seeking returns and infrastructure seeking funding, presents an extraordinary opportunity to rethink how domestic savings can serve national development without compromising security or returns.

The infrastructure financing challenge is not about scarcity of capital but about misalignment of instruments. Governments need roads, buildings, and facilities today, but operate within annual budget cycles.

Commercial banks offer short-term loans with rates that strain fiscal capacity. International lenders come with long approval timelines and conditions.

Meanwhile, pension funds, with investment horizons of 20 to 40 years, remain largely on the sidelines, investing primarily in government securities that sometimes deliver negative real returns after inflation.

The solution is straightforward. Long-term pension capital should be aligned with projects that have predictable cash flows and tangible social impact. It is not about taking greater risks but designing smarter instruments that balance liquidity, compliance, and return while driving development outcomes.

Infrastructure assets offer exactly what pension funds need, steady cash flows, inflation hedging, real asset backing, and returns that can exceed traditional securities.

This vision is already taking shape through practical case studies using innovative financing models. The Homa Bay County Headquarters was financed through a structured public-private partnership anchored by pension fund investment, demonstrating that local infrastructure can be delivered sustainably through domestic financing.

Rather than waiting to accumulate capital over years or taking expensive commercial loans, the county commissioned construction immediately and pays progressively through ring-fenced revenue streams aligned with constitutional budgeting processes.

Similarly, the Talanta Sports City Stadium introduced Kenya’s first Infrastructure Asset-Backed Security, securitising future Sports Fund receivables and mobilising capital from pension funds and institutional investors.

Valued at Sh44.79 billion, the instrument was listed on the Nairobi Securities Exchange, deepening the capital markets and creating a new asset class that merges national impact with sound financial returns.

Beyond conventional structures, Kenya’s inaugural Shariah-compliant Sukuk bond demonstrated how ethical finance can expand the investor base.

Structured as a 15-year lease-based instrument with an internal rate of return of approximately 11.13 percent, the Sh3 billion Sukuk financed over 3,000 institutional housing units for the Kenya Defence Forces. It attracted capital from investors previously unable to participate in conventional bonds while addressing a critical welfare gap.

The LAPTRUST IMARA Income Real Estate Investment Trust, valued at Sh6.9 billion and listed on the NSE, illustrates how pension funds can unlock value from mature property portfolios.

By converting illiquid real estate into tradable securities, the REIT releases capital for new investments while maintaining income streams, optimising balance sheets to serve both liquidity and return objectives.

These models prove that Kenya already has the resources to fund its own development if we can bridge the gap between investor needs and project design.

When properly structured, infrastructure becomes not just a public good but a viable investment that strengthens both the economy and members’ retirement security.

For the sector to fully realise this potential, several enablers are essential. Regulatory frameworks must continue evolving to accommodate innovative structures while maintaining prudential standards.

Capacity building across schemes is key to ensuring that trustees and managers can assess complex transactions. Many mid-sized funds lack in-house expertise for project finance or legal structuring, creating dependency on external advisors. Industry-wide training programmes and knowledge-sharing platforms could democratise access to infrastructure investment.

Standardised templates for recurring infrastructure projects, including county buildings, markets, and health facilities, would dramatically lower transaction costs and accelerate deployment.

Government-backed guarantees or first-loss structures for specific project categories could help de-risk participation and attract wider investment. Creating a visible, bankable project pipeline with standardised documentation would allow pension funds to plan strategic allocations more effectively.

Ultimately, the transformation requires a collective mindset shift. Pension trustees and fund managers must see themselves not only as custodians of savings but as development financiers with unique advantages.

County and national government leaders must view innovative financing not as privatisation or relinquishing control, but as intelligent collaboration that accelerates development timelines while preserving fiscal flexibility. Regulators must continue balancing member protection with the need for higher, more sustainable returns in a changing economic landscape.

The future of Kenya’s development may well be written not in foreign loan agreements or budget speeches, but in the innovative structures that transform pension capital into engines of national transformation.

The question is no longer whether pension funds can drive development but whether we have the collective will to reimagine what they can become.

For many CEOs, money remains the primary measure of success. But besides measuring their performance, money also offers lessons on risk and responsibility. The BDLife spoke to some CEOs about the money lessons so far.

The price of not understanding

Peter Mwangi, the Kenyan country manager at Yellow Card, says his most defining financial mistake came from moving too fast without a proper understanding. ‘The biggest mistake was investing in something that I didn’t understand. I didn’t understand the rate of return, the payback period, or the regulations around it. I did it because people were pushing,’ he says.

He recalls the early days of Bitcoin.

‘At that point, Bitcoin fell about 70 percent of its value. They called it the crypto winter. It was terrible because I’d put a lot of my money in it. After spending a lot of time understanding the industry and the problem it solved, I was quite sure this was it. I thought this was what was going to help me make the next step,’ he says.

It did not, at least not immediately.

‘I had to wait for nearly four years just to break even, and then it was two years later that the payback was very good.’

Mr Mwangi says becoming a CEO did not change his attitude toward money in the way many imagine. It did not push him toward luxury or excesses. Instead, it deepened his sense of responsibility, especially toward family.

‘The best financial decision I’ve ever made has been investing in my parents. When I look back, the best money spend I did was for my parents, giving them money, and building something for them,’ he says.

While some see family as a financial burden, Mr Mwangi sees it as his most meaningful asset.

‘People think it’s wrong because everyone asks for something, but that would be the best investment you will ever make in your parents, in your siblings, and even your extended family, if you can,’ he adds.

Of all the financial lessons Mr Mwangi has faced, none has been more humbling or more eye-opening than inflation.

‘I used to believe in saving money. I would put money in a savings account for as long as possible. It’s good, the money grows, but then inflation happens, and you find that whatever you were saving for, your money is not sufficient anymore.’

The realisation changed his entire approach to wealth creation. ‘A million, two million, three million shillings five years ago is not the same amount of money today. The moment I figured that out, my life changed.’

Now, he watches every exchange rates, property prices, international markets and national policy decisions with attention and discipline.

‘That’s why I read the newspapers every single day to understand what decisions are being made at a national level and how they impact me. Because I know they definitely impact me,’ he says.

Mr Mwangi warns that many people look at returns, but forget the erosion. ‘They think: how much will I get? How do I avoid losing money? But they never look at how inflation will impact them. They don’t understand what an inflation of five percent really means, but it has a massive impact on your pocket.’

What has strengthened his resilience around money?

‘Looking for mentors has had the biggest impact on my life. A mentor can help you figure out in one day what would take you 10 years to learn.’

He adds that mentorship shortened his learning curve and changed his thinking around tools he might never have understood on his own.

What advice does he offer young leaders? ‘The most important role, especially for young people, is to take care of your parents, which will always pay back. Another thing is that you must always save at least 10 percent of your income. Never go below that. Another thing is to invest in things that you understand, take time to learn it because they have the biggest payback period. Finally, learn about inflation and how that impacts you. It informs some of the decisions that you need to make in your life.’

‘Be compassionate with brains’

Before Elizabeth Irungu became CEO of Absa Asset Management, she was like many young professionals who are eager to invest, hungry to grow, and mostly not always aware of the traps that come with financial enthusiasm.

‘My biggest mistake was investing without doing full due diligence. I overlooked due diligence on an investment, and then it went bust,’ Ms Irungu says.

‘That was 15 years ago, I invested Sh250,000. It was almost my entire savings. After trusting a friend and failing to do my diligence, I lost the money,’ she says.

Leadership, Ms Irungu says, brings visibility, and visibility brings pressure. But all these for her have created a personal system that she became intentional about, which then made her finances stable.

Her first rule is one she insists on.

‘I automate my savings first, just automate and let it go straight out before even making the next move with the money, because that’s the first gain that you get.’

Only after saving does she make investment decisions. Then she plans.

‘Planning on what projects you have every year or in a season and following through. I love finishing my projects.’

Her current approach?

‘I do my personal financial planning with my family. I’m not doing money matters alone; I’m doing it with my spouse and with my children. They know everything we are doing. They might not contribute in terms of money, but in terms of direction, we are all headed in one direction. I learned to practice the things that I teach,’ Ms Irungu says.

Unlike her children, she did not grow up with structured financial training. ‘I’m just lucky and blessed that I got into the investment world and learned a lot of thing.’

What money habit did she have to unlearn? ‘I have unlearned black tax, that I can’t save the world. I’m not the saviour, unlearning that I don’t have to have guilt over my head if I cannot cover black tax. I have to budget black tax instead of being emotional,” she says.

‘Even to my own relatives, I will say no, because sometimes it calls for that discipline. Otherwise, you’ll be working for others forever. But I still want to be compassionate. I wish I could do it differently, but sometimes you’re taken advantage of,’ she adds.

Any money lesson advice?

‘Money should not get into your head. How to spend it is very important because it spins the head into different directions. You must sober up and not let it dictate how you do. There are also many people who can plan for your money, especially when you are in high leadership.’

The cost of playing it too safe

For Knight Frank Kenya CEO Mark Dunford, his financial conservatism was born early. He remembers saving holiday earnings from selling macadamia. This was from his father’s lesson to avoid debt and build by earning your own way.

‘It was important not to borrow money and to earn your own money as much as possible,’ he says.

That discipline, he says, has shielded him from major losses later, but it also came with an unspoken cost of an opportunity missed.

When he first worked in London, his father urged him to invest in a small piece of real estate.

‘The market was affordable, and interest rates were low. My dad urged me to invest in a small piece of real estate, even a studio apartment, but I didn’t do it. If I had, I could have retired by now. There are people I know who took opportunities that I didn’t and have done much better than I have in certain ways. Fortunately, I didn’t lose a lot of money, but I didn’t make a lot either.’

His lesson? Wealth is not only about caution; sometimes it is about calculated courage.

‘Be brave enough to take risks not with all your money, but with a portion that you are willing to invest,’ Mr Dunford says.

As the real estate CEO moved into senior leadership, his view of money became less personal and more of being ethical.

‘I like to think I have a good moral compass. There needs to be a tradeoff between the business and the employee. It must be a win-win. You can’t have a business that takes all the money while the employee gets nothing but works hard.’

This has made him promote systems that ease employees’ financial pressure while encouraging saving and discipline.

One of his guiding philosophies comes from Simon Sinek’s book Leaders Eat Last, the idea that a leader should be the last to reward themselves, and the first to give back.

‘There is a responsibility that comes with increased wealth,’ he says. ‘Remain humble, remain empathetic. Be careful who you give money to, but make sure you give back.’

But generosity, he adds, must come with wisdom. ‘If you’re investing in your children, your nieces or nephews, you are giving. You’re not doing it for your own return. It’s for their future, not yours.’

His advice? ‘Don’t overpromise those around you, just help where you can. A lot of people, especially relatives, once they know that you are a big shot, they instantly think that their problems are over. You will kill that golden goose if you go try and squeeze every last egg out of it.’

‘Money is very fluid’

Before the title and the confidence that comes with experience, Flora Mutahi, CEO of Melvin Marsh International, was an entrepreneur trying to make something out of nothing. Like many founders, her earliest financial lessons came wrapped in sacrifice.

‘The biggest one, being an entrepreneur, I never had enough money. I was so committed to my goal that I just kept pumping anything and everything back into the business, almost not giving myself a salary.’ Ms Mutahi says.

She says that back then, not paying herself felt very necessary. ‘I keep telling people when you’re starting a business, try and remember to pay yourself as you’re paying other people.’

However, Ms Mutahi doesn’t regret that sacrifice because she needed it to push through the early business challenges. ‘Make sure you pay yourself and try and do it at market rate, because that’s another thing we never tend to do.’

Did she ever come close to bankruptcy? ‘No! However, you tend to remind yourself of a lot of things constantly.’

She has seen many entrepreneurs hide behind the ‘I don’t have time’ excuse. ‘A lot of business people hide behind ‘building their businesses’. But your business is not your life at the end of the day,’ Ms Mutahi says.

Becoming a CEO has also changed her relationship with money over the years. ‘Because of bootstrapping, you’re used to just going for the cheaper option. As you get more established, you start realising that cheap is expensive. You start going more for value, more quality because it will last.’ Ms Mutahi says.

‘So you also take that approach and start investing for the long-term. I’m investing for my children’s education, for medical, because I don’t want to see them suffer later in life, like you with other people around,’ she adds.

And always, always think ahead…

‘Don’t let college fees spring up on you. Don’t let parents’ medical issues spring up on you. Don’t let retirement spring up on you,’ she says.

She adds, ‘Money is very fluid. It can pass through your hands in a couple of years, and then you’re asked, ‘What did you do with it?’ and you don’t know. Invest wisely. Investments go bad, but keep your ear to the ground. Find out what’s going on, what’s working, what’s not working,’ she says.

And perhaps the most fitting line for any CEO, ‘Take some risks because being a CEO, you’re already a risk taker.’

Courage to start and the wisdom to slow down

Yussuf Didow, CEO of Transnep Insurance Brokerage, does not romanticise entrepreneurship. For him, business has never been about waiting for a perfect moment, a perfect plan or a perfect amount of capital. Instead, he credits it to action and mistakes.

He believes that progress begins with what you already have. ‘There’s no perfect timing to start any entrepreneurship venture. You start, you learn as you go, and mistakes will always be there.’

Before building his most recent and successful venture, Mr Didow had already started and learned from six companies.

One of the biggest financial mistakes he acknowledges was over-borrowing in a rush to expand.

‘I tried to build the organisation too quickly, and I wanted to invest because it was in demand. We grew in terms of having more people, in terms of logistics, adding one or two more trucks, which brought a lot of challenges, and it cost us,’ he says.

Instead of borrowing strengthening the company, it weakened it.

‘You grow when there’s a need for you to hire more people. Let the business be the one to demand. It’s not you saying, I want to have six or seven people, because you are predicting growth. First have the growth, then the business will be the one to demand for you to hire, because you will have enough revenue to be able to take care of that first.’

Mr Didow says that many aspiring entrepreneurs delay their dreams because they are waiting for ideal conditions. ‘If you are waiting for a perfect time, or the perfect amount of money, that day will never come,’ he says.

Another key lesson in Mr Didow’s financial evolution was recognising the importance of expert guidance.

He learned to seek support from professionals who understand industries, risk and strategy rather than relying only on his instinct,

‘There are consultants and professionals who are able to guide you through. Trust the professionals, they will give you the right direction instead of you investing in the wrong industry or putting your money where it’s not worth it.’

Beyond money, Mr Didow believes that success comes from understanding your purpose.

‘You have to look at your passion and your area of expertise, because everybody has a need. There are consultants who are able, and definitely there are people who are able to guide you through.’

The Task Force on Nature-related Financial Disclosures (TNFD) recommends a list of disclosure requirements for organisations when reporting on their management of nature-related risks and opportunities.

The recommendations have been developed to align with the International Sustainability Standards Board (ISSB). For example, the TNFD disclosure pillars (governance, strategy, risk management, metrics and targets) align with the four content pillars of the ISSB standards IFRS S1 (General Requirements for Disclosure of Sustainability-related Financial Information) and IFRS S2 (Climate-related Disclosures).

Therefore, organisations preparing for the mandatory application of IFRS S1 and IFRS S2 can leverage knowledge gained from this process to better understand the TNFD disclosure requirements.

The TNFD can be applied by a wide range of organisations, of different sizes and across various sectors of the economy. Organisations that use the TNFD will more easily assess financial exposures from natural capital losses and plan more effectively to mitigate their adverse effects.

Under the governance pillar, organisations are expected to disclose the governance of nature-related dependencies, impacts, risks and opportunities.

Organisations should describe the roles of the board and management, including their human rights policies and engagements with indigenous peoples, local communities, and other affected stakeholders.

The strategy pillar aims to help organisations disclose the effects of material nature-related dependencies, impacts, risks, and opportunities on their business model, strategy, and financial planning. It includes the time horizon and analysis of these dependencies, impacts, risks, and opportunities, and their effects on transition plans.

Organisations are expected to include disclosures on scenario analysis and disclose the priority locations of assets and activities. The risk management pillar aims to enable an organisation to disclose how it identifies, assesses, and manages nature-related dependencies and impacts, risks, and opportunities within its direct operations and across its value chain.

Also, organisations are expected to disclose how nature-related risks have been integrated into and inform their organisation’s overall risk management process. Lastly, the metrics and targets pillar requires organisations to disclose the metrics, targets and goals used to assess and manage nature-related dependencies, impacts, risks and opportunities.

For thousands of Kenyan men who survive prostate cancer each year, one of the most difficult and less talked about struggles is how the treatments often leave disruptions to their sexual health: erectile dysfunction, low desire and a fragile sense of masculinity.

Some would argue that ‘sex is not something that is an absolute requirement for living,’ but more doctors and survivors are now keen on the quality of life after the disease.

Prostate cancer treatment forces patients to make tough decisions; to part ways with their prostate if they are to save their body, and their sexuality changes.

Luckily, doctors say, prostate cancer is an ‘old man’s disease’ that, on global averages, occurs in men above 70. However, Kenyans as young as 45 have been diagnosed with it.

Dr Carrey Abonyo, a urologist at the Kenyatta University Teaching, Research and Referral Hospital (KUTRRH), says men should not be afraid of prostate cancer treatment because of concerns over sexual health, because this can be treated after the cancer is gone.

‘There’s a wide range of options,’ he says. ‘But first you have to get well.’

So, what is the prostate, and why does it change a man’s sexuality once it is targeted?

‘It is a gland which is located in the pelvis; that is, in the lower part of our body, the hip region,’ says Dr Abeid Athman, a clinical oncologist who heads the oncology department at KUTRRH.

He added that the prostate is part of the urogenital system that links up with the kidneys, the bladder, and the penis.

‘The prostate gland is used in male activities like modifying the sperm to make sure they are fertile enough to sire children. They secrete some enzymes there. Also, it is a passage for urine.’

As men get older, he adds, the prostate gets ‘tired’. This will show up as phenomena such as a weak urine stream. A man who used to push out liquid powerfully at the urinal will start witnessing sluggish exits.

‘Then after that, the [man] cannot have like some good erections. This happens in some males,’ says Dr Athman.

The prostate may enlarge, and the cell division to power the enlargement may get faulty, leading to cancer.

When a man gets prostate cancer, he presents with various symptoms. One of the common ones is problems with the passage of urine. Sometimes the urine can run out uncontrollably (what is called incontinence).

Also, the prostate will start swelling.

‘As the cancer grows, it keeps on invading the organs surrounding it. It can sometimes go to the bladder. So, sometimes patients can come with blood in urine,’ says Dr Athman.

‘Also, remember that behind the prostate, we also have the rectum, where the stool passes. So, sometimes patients see blood in [their stool],’ he adds.

Should a man present these symptoms to a doctor, a prostate-specific antigen (PSA) test is done. If this antigen is found in high volumes, it can be a sign of prostate cancer.

However, a high PSA does not automatically mean cancer. Some men would have non-cancerous conditions like a benign enlarged prostate, an infection, or other prostate-related issues.

More tests are usually done, such as a biopsy, ultrasound, or MRI, to confirm the cancer.

If it is confirmed and found not to have spread to other parts of the body, such as the bones, spine, and lungs, urologists like Dr Abonyo are called in.

‘When the prostate cancer is confined to the prostate, the urologist comes in. So, our primary role is to treat prostate cancer through surgery with the intent to cure. So, we remove the whole prostate together with the accessory glands and what we call lymph nodes, so that we can remove the cancer. That’s the primary role of the urologist,’ says Dr Abonyo.

Besides removing the gland, they manage the effects that follow.

‘Sometimes a man may develop bladder issues [with] passing urine,’ he says.

Passing urine is affected because the surgery often removes one of the two ‘valves’ that control it.

‘Usually, there are two brakes. There’s one at the bladder, and then there’s one just below the prostate. They are called sphincters. During operation, one will definitely go, the one in the bladder. But the one below the prostate, ideally, it should not go. But sometimes it can be affected.

“This can be affected temporarily, whereby you have incontinence or an inability to hold your urine for a short period of time. And then after that, it resolves with treatment. But then there’s that one that is affected completely so that you’re not able to recover. So, that is a possibility,’ says Dr Abonyo.

‘But we usually do the surgery so that we plan not to have those kinds of issues. So, we take our precautions.’

Closely related to urinary issues are erectile problems.

‘It’s a possibility, especially if the prostate cancer is advanced. But we usually do our precautions so that we can preserve erections where possible,’ says Dr Abonyo.

‘So, we do our precautions, and we are able to preserve erections. I think so far, the cases that we’ve done at KUTRRH, we don’t have anyone who has had any incontinence, and erections are fairly good.

“They are able to maintain erections, maybe not to 100 percent, but to a good degree. There’s also what we call rehabilitation of the penis so that with time, erections improve with medication and also some exercise and physiotherapy,’ he adds.

Resuming intimacy

When is it safe to resume sexual relations after treatment?’

Dr Abonyo says there is no barrier other than the time needed to fully recover from the surgical removal of the gland.

‘I don’t think there’s a specific timeline, per se. But usually, just give yourself enough time for complete healing. I would give you maybe about several weeks, maybe around two months,’ he says.

However, the man will not be able to sire children after the treatment procedure.

‘After this procedure, men will not be able to conceive,’ he said. ‘It’s because some of the tubes that we call the vas deferens [the highway of sperms], we also remove those ones.’

‘It’s a very tricky balance. But most of the time, we have patients who are elderly, they’re not interested in having more children,’ Dr Abonyo says. ‘But we’d rather treat you and cure you rather than preserve your fertility, and you end up with a cancer that spreads.’

And while some men may consider extracting and preserving their sperms in fertility clinics in case they need offspring, Dr Abonyo said it is a problematic topic because ‘it has its own moral issues and ethical issues’.

‘That needs to be discussed with the patient,’ he says.

If a patient develops weak erections, the urologist said there is a raft of medications that can be prescribed to take care of the situation.

‘We give them for some time so that we rehabilitate your penis and, hopefully, you’ll be able to achieve quality erections,’ said Dr Abonyo.

With the treatment, he added, it is also possible for one’s manhood to shrink.

‘Because of the procedure, sometimes it can retract,’ he said. ‘It’s one of the side effects.’

Asked whether the shrinkage is permanent, he answered: ‘It’s usually as a result of what we call fibrosis. So, it’s more or less permanent.’

So, who is at risk of prostate cancer?

Dr Athman said those at the highest risk of getting it are relatives of men who have been diagnosed with prostate cancer before. If you have ‘two or three’ family members with prostate cancer, he said, you are at a high risk.

‘The other thing we see, like these are patients having a germline mutation (a change that occurs in the sperm or egg and is present in a person’s body from conception). We know that some cancers are being passed in the lineage.

“We call them germline mutations. So, if there is an error in the germline, like where the gene is created, it can be passed from one family member to another,’ noted Dr Athman.

The doctors said getting treated early is the way to go. Dr Abonyo insisted that they do everything to ensure a man’s sexual health is maintained.

‘We wouldn’t compromise your sexual health,’ he said. ‘We would want you to get rid of the cancer, as] there are other ways we can help you to be able to have intimacy later on.’

Crazy Kennar, born Kennedy Odhiambo, has built his reputation as one of Kenya’s sharpest and relatable comedic voices. His skits blend humour with social commentary, and he’s been vocal about his dream of winning an Oscar.

With Iscariot, his debut feature film released on YouTube on November 25, 2025, Kennar takes a bold step from short-form comedy into full-length cinema. The big question is, is this the beginning of that journey toward global recognition in film?

Iscariot is directed, written and produced by Kennar himself. The movie stars Yafesi Musoke and Celestine Gachuhi in the lead roles, with Faith Kibathi, Austin Muigai and Crazy Kennar also part of the cast.

The story follows a deputy principal whose seemingly perfect life unravels when his car gains sentience and begins blackmailing him, demanding a VIP upgrade in exchange for silence. The film mixes dark comedy and thriller elements.

The positives

What stands out first is the concept. A sentient car blackmailing its owner is both absurd and brilliant, and Kennar and his team commit to it fully. You can tell they had a vision and worked toward it.

The structure avoids spoon-feeding the audience, letting payoffs emerge naturally. That choice keeps viewers engaged and rewards attention.

The cinematography, while uneven overall, has moments of real strength. Night scenes inside and outside the car are handled with care, especially one sequence that will have people talking and another with headlights cutting through darkness, which look great. The lighting in these scenes creates atmosphere and tension, adding weight to what is presented on the screen.

The actors do a lot with the material and direction given. They bring energy and personality to their roles. Magdalene played by Celestine Gachuhi, though underwritten, is played with subtlety and presence.

Yafesi Musoke as Peter, the main character is overly dramatic/theatrical, but the story revolves around him and for the most part, he fully captures the essence of a man in conflict with himself.

Side characters, teachers, mechanics, and students add authenticity and make the world feel lived in. A garage scene, for example, feels distinctly Kenyan, capturing the humour and grit of everyday encounters.

The school and home settings are also believable, with costumes and production design grounding the story in reality.

Sound design has flashes of creativity with good music selsction. Certain choices, especially toward the end, have potential to shape mood through audio. Even if not consistently polished, the effort is visible.

I wouldn’t consider this a positive, but the movie is available for free on YouTube. So you have no excuse for not seeing it.

The negatives

For all its ambition, Iscariot struggles with execution. First of all, a very cool name, but the title card, even with the smart wordplay, is amateurish, this also extends to the closing credits.

Typography and design look clean but it’s uninspired, undermining the film’s attempt at professionalism. For a filmmaker aiming at the Oscars, presentation is king, and here it looks like it was put together by a film student.

Plot holes are everywhere. The ending, in particular, introduces a resolution to a problem that was never properly set up, leaving viewers confused. Magdalene’s arc feels like an afterthought, and her role could have added emotional weight if developed further.

The film also wrestles with its own metaphor. The cars are framed like visual metaphors, with the visual state of the cars, but the main car is given the treatment of a diegetic ghost. While it’s a brilliant idea, the inconsistency makes its role unclear for your everyday normal viewer.

Many scenes are theatrical, as if staged for a play rather than a film. Expressions are exaggerated, blocking is stiff, and the overall tone leans toward melodrama. On stage, that might work, on screen, it feels out of place.

Cinematography outside the stronger sequences is amateurish. Shots are framed without much creativity, sometimes even clumsily, like a moment where a character’s head is clipped off in the frame. The film misses opportunities to make the car feel larger-than-life or menacing through camera angles and composition.

Sound, too, lacks polish. While serviceable, it doesn’t have the punch or depth of professional post-production. Certain effects, like footsteps in the hospital, feel unconvincing.

Finally, pacing and editing drag the second act of the film. The second act meanders a lot as the writers try to be clever with slow reveals. Instead of building tension, the story becomes convoluted, and edits sometimes feel jarring. The payoff at the end doesn’t justify the detours.

There are small props issues, like the quality of the placard with the name of the school incredibly poorly done, even compared to what we see on the wall with the mission and vision of the school. The nameplate on the deputy’s desk makes me wonder why they didn’t go for the real wooden plates and other small things that pop up, which make the film feel unpolished and unrefined.

Conclusion

Iscariot is far from an Oscar contender, not yet. It’s rough, uneven, and weighed down by plot holes, theatrical performances, and technical flaws. I love the concept, the idea and the fact that Crazy Kennar is thinking beyond skits, and even if the film is far from perfect, it shows he’s serious about cinema.

There’s nothing quite like freshly-cut stems and fragrant blooming buds when it comes to adding life and colour to a space. Arranged well, they have this uncanny ability to boost the mood for any room and add a unique touch that never goes out of style. But it doesn’t come cheap.

Live floral arrangements are high-maintenance. They require time, effort, and a pretty penny, which is where the artificial flowers come in: You get all the joy of the real thing but without breaking the bank or your back for that matter.

As we get into the festive season, you might want to consider this alternative, not just for your decor, but also as a gift that will not wilt.

And maybe you’re there thinking, no way, those things are tacky. But the quality standards have gone up in recent years.

There is, for instance, this offering in the market called ‘real-to-touch artificials.’ These, unless you have a very good eye, are nearly indistinguishable from the real thing.

Capturing the attention of entrepreneurs everywhere, they have managed to transform the global artificial flowers market into a multi-billion dollar industry with projections that only point upwards.

Irene Nkatha, a flower designer who runs Zurie Crafts, is one such entrepreneur. She discovered these permanent botanicals while on the brink of losing a corporate marketing job.

‘I’d seen signs that my company was about to close down and was in the process of trying to figure out my next game plan, when I started observing this online trend where birthday parties were being styled,’ she says. ‘They’d moved away from just being about a simple cake to backdrops, balloons, and all sorts of themed parties.’

Applying research to this observation, she landed first on paper flowers. Armed with an artistic background, a knowledgeable friend, and a strong desire to make it work, she crafted her first flower ever and two weeks later got a baby-shower event.

‘The day after the event, I got a call from the lady in whose honour the baby- shower was thrown and she was almost in tears. Apparently, she’d been looking for someone who could make paper flowers for her baby’s nursery room and we’d gotten the colours exactly right, so she was calling to ask whether she could keep them.’

Bringing this stranger’s dream to life was the thing that stuck with Ms Nkatha and fueled her passion enough to launch her into modern floristry. There, she started off with fresh blooms but eventually, while seeking the convenience of not having to go to the market every so often, she stumbled upon silk flowers.

These, she discovered, were not only beautiful, they also made available a lot of variety and options that were not present in the fresh flowers market in Kenya. This, in terms of both flower types and colours.

‘In Kenya we are known mainly for roses. If I were to arrange a standard fresh flower bouquet today, it would have chrysanthemums (mums), maybe carnations, and some greenery, or baby’s breath. But abroad, for example, they don’t even use mums unless it’s for a funeral. They have flower farms that sell a lot of things that are not accessible to our local market,’ she reveals. ‘But with artificials, whether the flowers are in season or out, you always feel fine.’

Carving a niche for herself, Ms Nkatha now does floral installations for all kinds of spaces – homes, lodges, restaurants, studios, stores, you name it, and she does them on walls, ceilings, signages, as table centerpieces, even on cakes. She also rents out arrangements for all manner of events.

‘Now there is a global trend with artificials because the quality went up but also because of sustainability. People want something that can last,’ she notes.

‘And artificials really work for something like Christmas where you can pack up your garlands or your wreaths and reuse or repurpose them next time. I’m also seeing a lot of them during Diwali, especially flowers like Marigolds which don’t grow here, and during themed holidays like Mother’s Day.’

She also credits the growth to an increased appreciation for aesthetics.

‘There’s a boom in luxury. People are educated and are no longer what our parents were. Now there’s a deeper appreciation for fine things all around the world.’

The artificial flowers trend, according to the flower expert, received a fresh breath of life from the bringing-the-outside-in trend (bringing nature indoors), and from high-end fashion designers like Chanel who adopted and incorporated artificial blooms in their work.

‘All interior design trends are determined by the fashion industry,’ she says. ‘And then there came people like Kim Kardashian using paper flower walls as backdrops for product launches and it became a thing.’

Now her most frequent orders are for ‘backdrop flowers, welcome signages, and centerpieces for the home.’

Ann’s bold leap of faith

Elsewhere, when Ann Wakaimba opened Decor by Aimer just a year ago, she wasn’t sure how the market would respond to her bold leap of faith: premium lifelike artificial flowers priced between Sh15,000 and Sh45,000. But today, the young business is already carving a niche in Nairobi’s design market.

Though they stock an extensive range of decor pieces including vases, books, wall art, clocks, mirrors, furniture and kitchenware (from thermoses to wine glasses), flowers remain Decor by Aimer’s heart, accounting for around 30 percent of the total sales.

‘The flowers were there from the start,’ Ms Wakaimba says. ‘I started with my own tastes but with time, I’ve learned what people love and now I only pick what’s best.’

But why artificial flowers?

‘Being a mother, I realised that I didn’t have the time to take care of fresh flowers, so I ended up picking artificial because they are easy to maintain and don’t spoil,’ she says.

Still, she wasn’t interested in just ordinary faux flowers. Her shelves are lined with orchids that look freshly cut, tulips whose stems feel convincingly flexible, and roses that carry scented notes and even thorns.

‘At first, people hesitated at the price and would say they’re too expensive, but they have since come to appreciate the realness and uniqueness of the flowers. Those who understand the value are okay with spending a little to get it.’

With quality determining her pricing, Ms Wakaimba is deliberate in sourcing the best. She travels widely – to Turkey, Thailand, Dubai, even London, just to see what the global market is offering, before curating her own collection and placing her order in China, ‘the big market’.

To maintain exclusivity, she rarely ever imports in bulk.

‘Especially for unique flowers, I can bring only 10 pieces per flower and that’s it,’ she says. ‘If you bring say 1,000 pieces, everyone ends up with the same flower and then there is no uniqueness.’

Though she stocks a wide variety including hydrangeas, roses, and even shrubs, her best-sellers include orchids, lilies, and tulips, flowers she describes as being ‘in a class of their own.’

Her main customers are homeowners, particularly those who are looking for statement pieces for side tables, corners, or entryways where fresh flowers would wilt within days. She also sees churches go for the white arrangements to decorate their altars.

The shop sees a peak in sales during the festive seasons, particularly in December, when most people are revamping their houses and making them more beautiful for guests. And though her prices usually remain constant, the decor shop often runs promotional offers, sometimes from as early as November through to Christmas.

Of challenges, Ms Wakaimba cites damages. ‘This is mostly during transportation. They are very delicate, so it makes it very challenging,’ she says. ‘There is a time when I imported six orchids, and when they arrived, they were all broken.’

Still, she takes it all in stride, her philosophy staying firm. ‘When you put your mind to something, just go all in. Learn in the process, but don’t do it half-heartedly. Go fully.’

Pure love for flowers

For Armstrong Ngure Kiarie, the man behind The Flower Guy, an artificial flowers shop in Nairobi’s Stage Market, the appeal of the permanent botanicals lies in their unfading vibrancy, versatility, and their ease to work with.

‘People are lazy. They don’t want to take care of the real ones so they have really come to appreciate the artificial ones,’ he says.

‘With these, there’s no watering, no pruning, no checking up on them, you only have to dust them every now and then. You are also able to find the artificial form of a flower that would be otherwise difficult to get.’

Having started his business in November 2020 out of a pure love for flowers and all things landscape and interior decor, Mr Kiarie speaks of an exponential growth in the artificial market, which tends to peak in the holiday seasons.

‘At a time like now, there are many decorations that are going on. And with a lot of people wanting to take pictures, you find that the need and desire for backdrops, floral arrangements, and the general Christmas decor, has gone up.’

Still, it has not been without its challenges.

‘Pricing is a challenge because while there is a standard market price, some sellers lower their prices to levels that don’t even make sense.’

He has also struggled with coming to terms with copycats in the industry who can quickly turn a unique concept into something commonplace.

From inquiry to sales- driver

Miriam Nyambura Wambugu, owner of Shwan Decor, tapped into the artificial plants and flowers market following a query by a hotel-owning client. Today, while she sells other decor items, her imported plants make for 70 percent of all her sales.

‘My main buyers include resellers, the hotel industry, and salons,’ Ms Wambugu states. ‘And the plants that sell the most are the hedge panels, olive trees, and cherry blossoms.’

Already receiving bulk pre-orders for the festive season, Ms Wambugu is expecting a busy time ahead even as she continues to market her wares mostly online.

When it comes to the prices and affordability, Ms Nkatha suggests that while many people expect the man-made offerings to be cheap, they’re actually not, unless of course, the quality is wanting.

‘They’re expensive at first, but if you’re going to have them for a long time, you will return your money over and over again,’ she assures.

Often asked about which of the two is superior, Ms Nkatha says ‘Life these days is no longer about this or that, it’s about this and that. That said, the artificials borrow everything from fresh flowers and in that respect, the fresh flowers will always take the cake.’

The Common Market for Eastern and Southern Africa (Comesa) Competition Commission has warned consumers of misleading discounts, counterfeit goods and online scams as the festive shopping season nears.

The regional competition watchdog said some retailers across the bloc’s 21 member-states, including Kenya, inflate prices only to advertise exaggerated discounts.

Others exploit the shopping frenzy to dump fake, unsafe, expired or nearly expired products on unsuspecting consumers, it warned.

The commission also flagged restrictive return policies that leave customers ‘stuck’ with defective items, as well as an uptick in phishing, fake e-commerce websites and fraudulent online adverts designed to steal personal and financial information.

Comesa is urging shoppers to verify product quality by reading descriptions and safety labels carefully, and to buy only from trusted retailers or official websites to avoid falling prey to deceptive practices.

‘Compare prices across multiple platforms to confirm authenticity of the advertised discounts, compare prices on display with the offered discounts and actual prices charged at the counter,’ the commission’s director of consumer welfare and advocacy, Steven Kamukama, said in a statement.

Consumers are also advised to be wary of counterfeit goods sold at extremely low prices.

Retailers behind misleading or exploitative festive season tactics violate Articles 27 and 28 of the Comesa Competition Regulations, which prohibit false or deceptive representations and unconscionable conduct toward consumers.

‘Any person who has been affected by any of the above conduct, or who has observed such conduct being carried out in the common market, should report the matter to the commission by contacting the undersigned or to the national authorities responsible for consumer protection,’ Mr Kamukama said.

Comesa’s competition watchdog works with national consumer protection agencies and organisations such as the Competition Authority of Kenya (CAK) and the Consumers Federation of Kenya (Cofek) to safeguard consumers from unfair business practices.

The Commission can receive complaints from individuals, organisations, or national authorities, and may also open investigations on its own initiative based on market surveillance.

Under the regional bloc’s competition regulations, businesses are prohibited from making false or misleading claims when promoting or supplying goods and services.

This includes misrepresenting the quality, value, origin, composition, price, or condition of products, as well as falsely claiming that items are new or endorsed by particular individuals or organisations.

Companies are also barred from suggesting that certain customers have agreed to a purchase when they have not, or implying that goods or services carry benefits, sponsorships or guarantees that do not exist.

‘. making a false or misleading representation concerning the availability of facilities for the repair of goods or of spare parts for goods,’ the regulations state. Any misleading claim about contractual terms, warranties, rights or remedies is similarly prohibited.

If a business is found to have breached the regulations, the watchdog can order the termination of harmful conduct, direct it to cease and remedy the effects of its actions, and require compensation for affected consumers.

The commission can also impose fines of up to 10 percent of the company’s annual turnover generated within the Comesa market.

Kenya’s electoral history is one that has been marked by both triumphs and turbulence. While the country has made significant strides in entrenching democratic governance, its elections have often been overshadowed by disputes, credibility issues and at times, post-election instability.

As the nation looks towards the 2027 General Elections, it is imperative that every tool available to strengthen transparency and integrity be deployed.

Among these tools, Artificial Intelligence (AI) stands out as a frontier technology with immense potential to address the perennial challenges that have afflicted our electoral processes.

Artificial Intelligence is best understood as the ability of machines to perform tasks that typically require human intelligence, such as analysing data, identifying patterns, making predictions, and even engaging in natural language processing.

Its utility in elections lies not in replacing human decision-making, but in augmenting the capacity of institutions such as the Independent Electoral and Boundaries Commission (IEBC) to deliver a process that is efficient, transparent, and credible. The deployment of AI in the Kenyan electoral context can be considered across several dimensions.

A credible election begins with a credible register of voters. Past elections have been plagued by allegations of ‘ghost voters,’ duplicate registrations, and questions over the accuracy of the roll. AI-driven biometric systems can enhance the integrity of voter registration by detecting anomalies, identifying duplicate entries, and continuously monitoring the register against civil registry databases.

Machine learning algorithms can flag suspicious registrations in real time, thereby enabling the IEBC to clean the roll more efficiently and with greater accuracy.

The IEBC should, therefore, invest in biometric platforms that integrate with existing civil registries, ensuring that the voter roll is continuously updated and subjected to independent verification.

A second area of focus lies in the digital ecosystem, where disinformation and hate speech have in past elections been weaponised to inflame ethnic tensions and distort public discourse. AI-powered tools can be deployed to monitor social media platforms, flag coordinated disinformation campaigns and detect instances of hate speech across multiple languages and dialects.

The logistical complexity of a general election in Kenya cannot be overstated. Ballot materials must be procured, distributed, and secured across 47 counties and over 40,000 polling stations. AI can be applied in optimising these supply chains, predicting bottlenecks, and monitoring the movement of sensitive electoral materials.

Similarly, AI-powered predictive analytics can be utilised in security deployment by identifying potential hotspots of tension based on historical data, demographic information, and real-time monitoring of incidents.

The IEBC should therefore consider adopting AI-powered logistics management systems that provide real-time visibility of the electoral supply chain, while working closely with security agencies to deploy resources to areas of greatest risk before tensions escalate.

The transmission and tallying of results remain the most contentious phases of Kenya’s electoral process. Here, AI can play a vital role in anomaly detection. Algorithms can be trained to identify irregular voting patterns, such as statistically improbable turnouts, sudden surges in results transmission, or discrepancies between polling station data and constituency tallies.

Such systems would not replace human verification but would serve as a powerful audit tool that enhances confidence in the process. In addition, AI-powered blockchain solutions could provide immutable records of results transmission, reducing the risk of manipulation.

The IEBC should pilot blockchain-backed transmission platforms integrated with anomaly-detection algorithms, ensuring that all stakeholders can independently verify the authenticity of transmitted results.

The electoral process does not end with the announcement of results. Inevitably, disputes are filed before the courts and tribunals. AI tools can assist the Judiciary in managing this deluge of litigation by streamlining case management, clustering similar issues, and even assisting in the rapid review of voluminous evidence such as polling station returns.

While judicial decision-making must remain firmly human, AI can enhance efficiency and reduce the delays that have in the past undermined public confidence in the resolution of electoral disputes.

The IEBC should therefore collaborate with the Judiciary to create structured, machine-readable repositories of electoral data, thereby ensuring that disputes are resolved on the basis of accurate and easily accessible information.

Of course, while the promise of AI is immense, its deployment must be approached with circumspection. There must be clear legal and regulatory frameworks governing its use to ensure that the technology itself does not become an instrument of manipulation.

Data protection and privacy considerations must be paramount; AI systems rely on vast datasets, and without proper safeguards, sensitive personal information could be misused. Further, there must be public education and transparency to demystify AI so that citizens can trust that it is being used to strengthen rather than subvert their democratic will.

As Kenya prepares for the 2027 General Elections, it must confront the reality that traditional approaches to electoral management are no longer sufficient. The challenges of disinformation, logistical complexity, and entrenched suspicion demand new solutions. Artificial Intelligence, if deployed judiciously, offers a transformative opportunity to enhance the integrity of the process.

For the IEBC, this will require targeted investment in AI-driven voter registration systems, collaborative frameworks for monitoring online disinformation, adoption of AI-powered logistics and results transmission tools, and close engagement with the Judiciary to ensure that disputes are adjudicated efficiently.

The task before the IEBC is therefore not merely technological but institutional and ethical: to ensure that AI is harnessed as a servant of democracy, not its master. If this is achieved, Kenya will not only secure a more credible 2027 election but also position itself as a continental leader in the fusion of technology and democratic governance.

Insurers paid out Sh175.2 billion in claims during the nine months to September this year, marking a 24.6 percent jump compared to a similar period last year in a surge driven by an increase in filed claims.

Data from the Insurance Regulatory Authority (IRA) shows that the payouts rose from Sh140.6 billion in a similar period last year, adding Sh34.6 billion to the compensation bill and signaling deepening pressure on insurers’ bottom-line.

The number of claims jumped 67.2 percent to 12.9 million cases in the review period, up from 7.7 million a year earlier.

The surge signaled worsening risk such as higher medical and repair costs, as well as increased use that exerted stress on underwriting performance throughout the review period.

General liability claims climbed to Sh16.3 billion from Sh14.7 billion while non-liability claims rose to Sh67.1 billion from Sh57.2 billion.

General liability insurance protects a business from third-party claims for bodily injury, property damage, and personal or advertising injury, while non-liability insurance coverage refers to policies or specific coverages within a policy that protect one’s own property or person.

Long-term insurers paid out Sh91.8 billion, up from Sh68.7 billion as heavy obligations tied to life, pension and investment-linked products experienced larger benefit outflows.

Continued rise in claims came as insurers pushed to strengthen risk controls and enhance fraud detection systems across their operational networks.

Insurance firms have in recent years decried rising cases of fraud that have bedevilled the sector, with policyholders, especially in the motor sector, making claims on fictional accidents and signing multiple insurance contracts on a single vehicle.

A section of motorists has also been found to use their vehicles for different activities other than those insured against that translates into higher exposure risk.

More insurers are adopting digital claims platforms that track patterns, authenticate documents and flag inconsistencies before payouts are approved. Telematics and data-driven pricing models are gaining prominence as underwriters seek to align premiums with actual risk behaviour demonstrated by policyholders.

Insurers have also begun adjusting cover limits, reviewing terms and selectively reducing exposure to high-risk customer categories experiencing frequent and cost-intensive claims.

Further, some underwriters have quietly restricted comprehensive cover for older vehicles or models associated with high accident and theft frequencies in recent reporting cycles.

Others have been reported to reassess benefit structures in medical plans to manage rising treatment costs and limit exposure to inflated invoices from select providers.

Kenya’s insurers view the two largest classes of general insurance, motor and medical, as the worst hit by fraud amid competition that has seen some underwriters underprice and end up struggling to honour claims.

Companies and public entities created additional 206,617 jobs for workers earning monthly salaries of between Sh50,000 and Sh100,000 over the five years to 2024, marking the pay band with the most new employees.

Employees within the salary band constituted 43.8 percent of all the 471,191 formal jobs created during the five-year period, new data by the Kenya National Bureau of Statistics (KNBS) show.

This has seen the number of workers earning from Sh50,000 to Sh99,999 monthly rise from 1.25 million to 1.46 million between 2020 and last year, representing a 16.5 percent growth in the most populated wage category.

At least 45.5 percent of 3.2 million Kenyans in the formal workforce earn within the salary band, followed by the group earning between Sh30,000 to Sh49,999, who constitute 32.2 percent.

The KNBS statistics show that private companies contributed 69.1 percent of the new earners within the group earning from Sh50,000 to Sh99,999, as the government took the rest.

‘Earnings or wages cover all cash payments, including: basic salary, cost of living allowances, profit bonus, together with the value of rations and free board, and an estimate of the employer’s contribution towards housing,’ the KNBS explained.

The majority of the workers earning within the most populous salary band are in education (291,224 workers), public administration and defence (201,917), manufacturing (183,156), agriculture (105,875) and trade (101,968).

They include professionals such as teachers, military personnel, bank tellers and administrative assistants.

During the five years, the proportion of workers earning less than Sh30,000 grew the largest percentage, underlining the struggle by companies to create high-paying jobs amid rising taxes and the lasting impact of the Covid-19 pandemic.

Workers earning monthly salaries of up to Sh29,999 increased by 33.4 percent to hit 319,275 to see the number of employees in this category constitute 9.9 percent of Kenya’s formal workforce. This was up from 8.7 percent in 2020, the KNBS Statistical Abstract shows.

The data excluded persons working in the informal sector.

‘Wage employment figures include casual employees, part-time workers, directors and partners serving on a regular basic salary contract.

‘Self-employed persons and family workers who do not receive regular wages or salaries are excluded,’ KNBS said.

The five-year period also saw public and private firms generate 86,697 more jobs for workers earning above Sh100,000. Two-thirds of these new jobs were created in the private sector, the report shows.

These workers had the second-sharpest rise in numbers at a rate of 27.9 percent and their proportion to the formal workforce also grew from 11.3 to 12.4 percent, KNBS said.

In the Economic Survey released earlier this year, KNBS noted that the majority of Kenyans employed formally work in the manufacturing, agriculture and trade sectors, collectively employing 42.6 percent in the private sector.

‘The leading industries in the private sector in 2024 providing the highest employment numbers were manufacturing; agriculture forestry and fishing; and wholesale and retail trade, accounting for 15.9, 14.1, and 12.6 percent of the total private sector employment, respectively,’ the agency said.

In the public sector, the majority of the workers are teachers who hit 410,700 last year, followed by those working in ministries (236,700), and county government workers (226,500).

Formal employment in Kenya, however, accounts for just 15 percent of the total workforce of 20.8 million by last year, with the informal sector dominating with a workforce estimated at 17.4 million.

Last year, while the economy created 782,300 new jobs, the formal sector created just 78,600, underlining the dominance of Kenya’s informal sector in employment.

‘The total new jobs generated in the economy were 782,300 in 2024, of which 78,600 jobs were created in the modern sector reflecting a growth of 2.4 percent. There was a slowdown in the number of new jobs created in the informal sector from 720,900 in 2023 to 703,700 jobs in 2024,’ the 2025 Economic Survey showed.

KNBS has not been able to provide statistics on wage earnings in Kenya’s informal sector, focusing only within the formal sector where companies submit data.

The group of Kenyans formally employed and earning below Sh10,000 over the five years, KNBS observed, rose by 15.3 percent to hit 12,331.

Workers earning between Sh10,000 and Sh15,000 have, however, reduced marginally over the five years, closing at 40,953 last year.

Those earning between Sh15,000 and Sh20,000, on the other hand, have doubled from 25,552 in 2020 to 57,580 last year, the Statistical Abstract shows.