Category: Business Daily

People could easily overlook her. Underestimate her. Big mistake, she says. By the time you realise she’s high-ranking, she has already taken your measure.

Influence isn’t just a word for Marion Gathoga, the managing director of Inchcape. It’s a way of life. She is, after all, a policeman’s daughter, and she has always preferred covert operations to open combat.

She reads a book a week, and when she needs solitude, she has seriously considered going completely off the grid.

‘I have this constant thought of going away for eight weeks,’ she says, ‘where no one can find me.’

What she seems to be seeking is freedom, a relentless urge to shake her life by the shoulders until its teeth rattle, and to discover not just the things you can count, but the things you can count on.

What’s something interesting that has been happening in your life?

Lately, I’ve just been thinking more about freedom and what freedom means to a career person. I’ve also been thinking about how I can get better at the things I like to do. I like to play golf a lot on Saturday mornings, and I’m getting worse instead of better. I used to be much better when I was even busier. I’ve been thinking how to integrate my values into some sort of freedom, and how to quiet some mind noise so that I can focus on things that are important to me and still be effective at work.

How did you get into golf?

25 years ago, I was working with Bayer, and I had a friend who started playing golf. We just started with, “Let’s see how we can do it.” It ended up being something that I really loved. I got what they call the “golf bite” for a long while, until now. I got married, had my children, and continued playing. Now I play for relaxation, but there’s still that performer in me. The thing about golf is that there’s no bad-looking golf course-every course has its beauty. Golf is actually a game against yourself, and I want to get back to being a good handicap, and to freedom and work-life integration.

What do you mean?

Work-life balance is probably a myth. Integration is where you can use your up-hours to do your work with a lot of focus, but still be present for yourself, family, and your interests. My biggest priority is my family, especially my children, and sometimes I question whether I’m giving that space enough time.

Is that a lesson you learned too late?

I have no guilt about cooking or being a mom like my mom was to me. I have a daily call with my daughter who’s turning 21, and I have two sons. I just want to be able to be present. In the beginning, I used to want to be present at every event at school; I want to have more quality time with the children. That’s the balance I’m really seeking: when he’s sitting doing his homework, I’m around, not necessarily helping with the homework, but being present, my phone tucked away.

I’ve been thinking about whether, in work-life integration, the increase in activities is healthy as you grow older or if it’s unhealthy. I love work, and I doubt that I’ll stop working, but I’ll go more towards things that are enjoyable for me alongside my values. Work-life integration is necessary for a working woman. You cannot say, ‘8 to 5 I’ll work, 5 to 6 I’ll be a mom, 7 onwards I’ll be a wife.” You have to integrate during the day. I really believe in the universal law of cause-and-effect: what you put in is what you get out.

It seems you’re doing more by doing less?

Yes, because in the working context, you sort of think, “I need to do a lot more planting to get more fruit,” but you can do clever planting and water the plant. The plant here is the people who work with me; I mentor them so the output is greater than what I can do on my own.

What about motherhood caught you completely off guard?

How vulnerable it makes you feel, and how you can’t apply the same standard of your own life to your children. You have to look at them with empathy and treat them as individuals. The amount of love you have for children is unbelievable; it’s like wearing your heart on your sleeve. I was also surprised that children grow and thrive in different directions, and you can’t take full credit for that. It’s not because I was such a good mother or monitored what they were doing daily that they turned out responsible, or because I was absent and therefore they didn’t do well. Children come into this world through me, and they emulate my behaviour more than what I say. I am also surprised I got three: a firstborn girl and two boys! [chuckles]

What did you not expect? Growing up, I thought it was very hard to have sons, and then I had two [chuckles]. I feel I’ve had so much favour.

Is there a habit you fear your children learning from you? That’s deep, and I am quite worried they will become workaholics. That perfectionist mentality that I have, I picked it up from my mom. I also hope my daughter remembers to put herself first, because I’ve struggled to do that. I am often concerned about my effect on other people, how work is going, how I’m performing, and how people are feeling. Later on, I think, “How has that affected me?”

For example, when I worked as Group CEO at Standard Media Group, it was a very difficult time. I worried so much for the employees and fought for their cause, but I forgot that observing suffering and dealing with arrests while running a media house was impacting me heavily. You still live with that.

What have you missed because of work?

Nothing major. I’ve travelled more. I’ve missed the flexibility of time, like 10am parents’ tea. But those aren’t regrettable misses. The regrettable misses are being away when an important event happens for my children. I’ve missed connections with the extended family that could have been valuable. But I’ve gained a lot more: perspective and human interaction with people from many different backgrounds that I never would have had at home. I have a virtue of being generous with my time and advice. I do community service, and as a Palm House trustee, over the last 24 years, we’ve educated about 1,000 children, and I live for those mentoring days.

As a high achiever, which role has demanded the most from you-motherhood, CEO, or wife?

Personal growth and being CEO, especially during turnarounds. Being CEO demands a lot because you have to be neutral, fair, and lead with intention.

If you look at the spheres of life-family, finances, health, work, social, recreation, reinvention, spirituality-I’ve spent so much time on work and personal development to fulfil work and motherhood, but less time growing my spirituality and my health and well-being. Even though I speak about integration, I would feel guilty going to the gym at 10am because of my strong belief that you need to honour your employer and give your time. Integration is a hard thing.

What’s the weirdest piece of advice you’ve given yourself?

To go and work abroad while having children and a husband.I convinced them to go with me, to Zambia, Botswana, and South Africa. It was weird because of the reaction from extended family: “You’re going, and what’s your husband going to be doing?” I said, “We’ll make it work for all of us.” I decided I was going to experience my career to its fullest, even if it meant going abroad. Also, leaving a job without another job lined up, like leaving Standard Media, was unusual for my age group, but I had the assurance that what I’ve learned through the years would stand me in good stead. Even now I am mobile.

Usually it’s the opposite, where the man uproots the family. How was that for your husband?

Because of who he is and he met me when I was already a General Manager, and I always expressed how I wanted to achieve a lot, so perhaps he knew what was coming [chuckles]. He has been very supportive and non-frictional; he would never say “Don’t do that.” I come from a generation of very strong women. My mother is strong, and my grandmother was a society leader. I’m just a fruit from a strong tree. I believe you can take space as a woman, have a family, and be a good mom and daughter, and see my family life as separate from my work, and that’s tough for the marriage.

Has your ambition ever tested your marriage?

Yes, because of how visible some of my roles have been. If I went to public spaces working with the media, males would approach me, or I’d be mentioned in spaces by other men to my husband. How does that make him feel? It definitely requires empathy to recognise how that feels. Men have a big role to play, especially as fathers, so when leading men at work, you lead them with wisdom and respect rather than being high-handed, because men don’t respond well to orders.

What’s one rule you deliberately break in your life?

None! I am such a rule follower; I’m a policeman’s daughter [chuckles]. Perhaps the one habit I break is skipping the gym or the walk. But regarding societal notions, like moving across countries for my career, I just knew I could pursue what I wanted. I have five strong core virtues: Character building: Building a non-injurious character (courteous, respectful, merciful, forgiving). Generosity: Sharing knowledge, empathy, and feeling for people. Honesty: Dealing straight without using truth as a harmful weapon. Constancy of effort through hard work and non-laziness. Moderation: Being moderate and non-excessive, which is why I’m shy about media interviews, and I won’t overdo things. I don’t believe in excesses.

What does ‘me time’ look like for you?

I love a good spa time, a good massage, and a good laugh. If I were to choose another career, I would do executive comedy! I love watching comedy to relax, reading comedy books, playing golf, reading a nice book, and having quiet time. With my friends, we just laugh at the awkwardness of life. On Sunday afternoons, I like to sleep and recover. I also belong to a golf group called “The Eight Ball” with other CEOs on Saturday mornings.

Do you consider yourself competitive?

I am a very poor loser! If there’s a competition, I want to win. That’s why I don’t watch football; I get too invested; you have to take sides. I support my family members’ team, so that means I support Manchester United [chuckles].

Which part of your personality do people underestimate the most?

My influence. And I love being underestimated. People underestimate my ability to influence and take my participation as neutral until something happens. I also love being powerful. When I worked in South Africa, people underestimated the depth of my preparation. They would address the white male colleague reporting to me, thinking he was the boss, while I calmly directed the exact clauses we needed to change in the contract. Being underestimated works to my advantage.

What book do you think everyone should read?

I read a book a week. For young people, Who Moved My Cheese? [by Dr Spencer Johnson] is great for managing change. Right now, I’m reading The Let Them Theory by Mel Robbins, The Untethered Soul [by Michael Alan Singer], and The No. 1 Ladies’ Detective Agency [by Alexander McCall Smith]. Reading shows you that nothing you experience is unique, and that’s so freeing.

What is the superpower most women have that they underestimate?

Intuition. That gut feeling when something isn’t sitting right with you, and the way to deal with that is just to make the decision the next day. And also, the ability to multitask without dropping the ball.

What is a small pleasure you fiercely protect?

My cheesecake with a cherry on top! Should I order one now haha! I also have a fear that I am being watched [chuckles]. And I have this constant thought of going away for eight weeks somewhere quiet without my phone, where no one can find me. And that thought is becoming louder as I grow older.

What’s your idea of a perfect weekend?

Saturday morning golf, relaxing with friends in the afternoon; Sunday morning church, a massage or nap in the afternoon; Friday evening reading a book with my son with no phones around.

What do you think people need to hear right now?

In this season, remember that we are resilient. Be strong like water: water is clean, life-giving, but it also cuts its own path and never gives up. Be as strong as water, keep hope alive, and know that tough times will pass.

French oil multinational Rubis is the biggest seller of jet fuel in Kenya with the firm taking a leading 33.6 percent market share in the year ended June 2026, according to data from the Energy and Petroleum Regulatory Authority (Epra).

The market share of the multinational, through its local subsidiary Rubis Energy Kenya, is more than twice the 14.01 percent held by its closest rival, Be Energy.

Rubis’ lead is also more than twice the 16.66 percent combined share of the other two leading oil multinationals in Kenya, Vivo Energy and TotalEnergies Marketing Kenya. This is the first time that Epra has disclosed the market shares of oil marketers in the jet fuel sector.

Demand for jet fuel has significantly grown over the years, a move that has seen Rubis and other oil marketing companies (OMCs) fight to grow their sales of the commodity to airlines.

Rubis recently said that its sales of jet fuel have decreased marginally in the wake of an onslaught from rivals keen to tap into the growing demand for the fuel.

‘Volumes in Africa (excluding bitumen) increased by one percent with a declining aviation segment, mainly due to the situation in Kenya, where competition remains fierce,’ the French multinational says in its annual report for the year ended December 2025.

Epra did not disclose figures on the volumes of jet fuel that Rubis and the other OMCs sold in the year ended June 2026.

Overall consumption of jet fuel rose ten percent to 734,500 tonnes in the year ended December 2025, up from 669,000 tonnes the year before.

The OMCs are riding on the increased flights from international airlines to Jomo Kenyatta International Airport (JKIA) and the Moi International Airport in Mombasa and local budget carriers to grow their sales.

More flights taking off from the two airports recently prompted Kenya to import an emergency cargo of jet fuel to avert a shortage of the commodity that would have hit the two facilities in July this year.

JKIA has become busier in the past few months after it became an unexpected transit and refuelling hub because the Middle East conflict disrupted regional airspaces and main aviation hubs.

Rubis, Be Energy, Hass Petroleum and Stabex International dominate nearly three-quarters of the jet fuel market or 73.7 percent.

Hass is the third biggest player in the segment with a market share of 13.1 percent while Stabex is fourth at 12.9 percent.

Vivo and TotalEnergies have a share of 11.8 percent and 4.8 percent respectively of the jet fuel segment. The duo are the two leading OMCs in the overall market of diesel, petrol, kerosene and jet fuel.

Unlike diesel, petrol and illuminating kerosene, Kenya does not regulate prices of jet fuel, leaving market forces to solely dictate costs of the commodity.

While Rubis leads in the jet fuel business, its rivals are the top sellers of petrol, diesel and kerosene.

Vivo, retailer of Shell-branded fuel and lubricant brands, is the biggest OMC in the three petroleum products with a 19.7 percent market share, followed by Total at 14.12 percent and Rubis (14.04 percent).

This marks a steep increase from the previously applicable fees under the Digital Credit Providers (DCPs) regulations, where the application fee was set at Sh5,000, and the annual fee was Sh20,000.

The Central Bank of Kenya (CBK) has set a Sh1 million fine for late payment of annual fees by non-deposit-taking credit providers (NDTCPs), adding to an array of steeply increased compliance fees for this group.

Freshly published regulations by CBK Governor Kamau Thugge said that NDTCPs that failed to pay the annual fee by December 31 of each year would pay the Sh1 million. The fine was not provided in the earlier draft regulations published by the apex bank last year.

Apart from the fine, the CBK has set an application fee of Sh100,000 for both licensing and registration of NDTCPs and Sh500,000 for licensed entities and Sh250,000 for registered ones.

This marks a steep increase from the previously applicable fees under the Digital Credit Providers (DCPs) regulations, where the application fee was set at Sh5,000, and the annual fee was Sh20,000.

The NDTCP regulations follow amendments to the CBK Act (Cap 491) vide the Business Laws (Amendment) Act, 2024. The amendments are aimed at, among others, clarifying and widening the scope of operations of NDTCPs, formerly DCPs.

The new regulations place big emphasis on consumer protection, with the CBK setting tough terms on key areas such as credit terms and handling of personal information.

‘A non-deposit taking credit provider shall formulate a credit policy consistent with the Act….. The credit policy shall be aligned to the size of the non- deposit taking credit provider, and the nature and complexity of the products offered by the non-deposit taking credit provider,’ the CBK said.

‘A non-deposit taking credit provider shall not introduce a new non-deposit taking credit product to the market or vary the features of an existing product, including the interest rates, without the prior written approval of the Bank.’

CBK said that NDTCPs proposing to change product features or interest rates will have to justify the variations and notify their customers of the planned changes at least 30 days before they take effect.

The CBK said the credit firms will be required to provide a unique identifying account number issued by a mobile money operator to be used for disbursements and repayments of loans; the app-based platforms to be launched; and the name of the bank and number of accounts to be operated.

‘With respect to app-based and other digital platforms, a non-deposit taking credit provider shall make provision for unsubscribing or opting out from the service, including from receiving marketing messages upon full repayment of the loan and from receiving marketing and promotional communication,’ the regulator said.

The CBK said that subject to its credit policy, a non-deposit taking credit provider may restructure a loan in terms of instalment amount, payment period or other terms upon receipt of a request from a borrower or on prior notification to the customer.

‘A non-deposit taking credit provider shall be limited in what it may recover from a customer with respect to a non-performing loan to the maximum amount under paragraph (2). Limit on interest recoverable from non-performing loans,’ the bank said.

Mrya Dennousse, 50, became a grandmother in June. Retirement from the rat race was not part of the plan. If anything, grandmotherhood appears to have given her another reason to keep moving.

‘I am not your average grandma, you know. I may be old-school, but I am still very active,’ she says with a chuckle.

Turning 50 has made her more intentional about the kind of exercises she does to keep her body in shape, her health and her understanding of ageing.

Mrya Dennousse, 50, became a grandmother in June. Retirement from the rat race was not part of the plan. If anything, grandmotherhood appears to have given her another reason to keep moving.

‘I am not your average grandma, you know. I may be old-school, but I am still very active,’ she says with a chuckle.

Turning 50 has made her more intentional about the kind of exercises she does to keep her body in shape, her health and her understanding of ageing.

Dennousse is pushing back against a narrative she believes African society has fed women for generations: that once they hit a certain age, intimacy automatically fades, and their bodies lose appeal.

‘We have always been sold this narrative that once a woman gets to 50, her performance drops. I certainly don’t feel that way,’ she says.

Dennousse says ageing is not a switch that suddenly turns off a woman’s desire, confidence or sense of self. It doesn’t mean surrendering that part of oneself, something she insists that women as humans should be able to enjoy for as long as they can, even into their older age.

She acknowledges that the female body goes through significant hormonal changes as a woman moves from perimenopause into menopause. Those changes can affect everything from energy levels and sleep to mood and intimacy.

‘You age thrice in your life,’ she says. ‘When you hit puberty and adulthood, then around age 45, and after that, when you reach age 60. But when you get to 45, the ageing is accelerated, and that’s what women don’t understand.’

Her point is that the body she had in her 30s and early 40s cannot simply be treated the same way at 50.

‘Our bodies undergo a lot of hormonal changes, and this is why many women are led to believe that at a certain age they are no longer at their best,’ she says. ‘Yes, the things you were capable of doing in your 40s, past the age of 45, become increasingly harder. So you have to be more intentional.’

For Dennousse, understanding how her body has been changing over the years as a woman goes hand in hand with her fitness.

Having been physically active for most of her life, she says turning 50 and becoming a grandmother has prompted her to rethink the way she exercises.

She once trained as many as six days a week, combining strength training with long, intense cardio and conditioning sessions.

These days, she trains four days a week, with another day dedicated to what she calls active recovery, including yoga, stretching and mobility work.

Her focus, she says, is no longer simply on looking fit but also on staying strong. So she now trains for longevity. She is no longer chasing exhaustion or trying to lose weight. Her priorities are strength, muscle mass, and bone density, with the ultimate goal being longevity.

‘The body loses muscle quite fast as you age, and this is a concern for me because muscle is the organ of longevity,’ she explains. ‘I want to be able to actively play with my grandchildren in my 80s. I don’t want to get to a point where I will become dependent on people because I got frail as a result of my muscles getting weak.’

Dennousse has also abandoned the routine where more exercise automatically means better results; that is why she has also scaled down the number of workout sessions she has in a week. Instead of spending hours doing numerous sets with light weights, she prefers fewer, heavier, and more deliberate movements.

‘As long as I have warmed up, I will go into heavy weights, minimal reps. That’s how I train these days because, as I said, my focus is strength.’

How she does it

On the bench press, she can now lift two 30kg dumbbells (a total of 60kg), for a limited number of repetitions. When she was younger, she could lift around 50kg (a total of 100kgs) but would push for more repetitions. Now, she would rather lift heavier for six to eight controlled repetitions than chase volume.

‘I noticed when I stopped forcing myself with many reps, which was volume, I recover much faster, and that ensures I get quality by maximising the output. When you are younger, volume isn’t really a big deal because your body has the capability of recovering much faster, which isn’t the same case as you age. These days I’ve scaled down. Instead of going and doing six, seven workouts in a session, I pick two. I combine with another two of a different muscle group, and I close the day. One hour, 30 minutes, I am done,’ she says.

The irony is that, despite getting older, she believes she is getting stronger.

Dennousse recalls a recent amusing encounter with a younger woman who regularly commented on her workout videos, seemingly comparing her own training with hers.

But when Dennousse revealed her age, the comments stopped.

‘I was like, okay, so when you were competing with me, you thought I was your agemate?’ she laughs.

Dennousse’s fitness journey began in her 30s, long before she had the knowledge she has today. At one point, she was on her heavier side, weighing 85kg and dealing with health concerns that included high blood pressure, palpitations, and anxiety.

Her doctor warned that if she did not prioritise her health, her body would eventually force her to.

‘I had to create time. And I say to many of my peers that it doesn’t have to be in the gym. Just create time to do something for yourself.’

Back then, finding that time meant waking up at 4am to exercise before her children woke up. On some evenings, rather than taking public transport home, she would walk.

‘I would walk from Kimbo, where I used to live, to Kahawa, where I ran my business. That is a 14km walk, and in the evening I do the same.’

She has also made a habit of abandoning her car and taking a walk when the distances are shorter than 10km for an engagement or even when going shopping.

She maintains that health cannot permanently remain at the bottom of the priority list.

‘Work is important, but your health should be your priority. Because when it comes second, trust me, one day that body will make demands and you will not like it.’

That message has become even more important to her as she watches the growing interest in fitness among Kenyans.

She believes the Covid-19 pandemic provided something of a reality check, making more people conscious of the importance of health and physical fitness. What initially looked like a fashion trend, complete with gym wear and oversized water bottles, gradually became part of a wider fitness culture.

Cosmetic surgery

However, Dennousse’s major concern is where that culture could be heading with the growing popularity of cosmetic surgery in Kenya.

Her objection is not to cosmetic procedures themselves, but to what she believes is a misplaced emphasis on looking youthful while overlooking the body’s physical strength.

‘I wish people understood that those surgeries will never fix muscle needs,’ she says.

For her, muscle is not simply about having toned arms or looking good in gym clothes. It is the foundation on which she wants to build her later years.

‘In my 80s, I don’t want to become dependent on people because I am frail as a result of my weak muscles.’

Extreme dieting

There is also something else that she has become increasingly sceptical of – extreme dieting. Looking back at photographs from when she weighed about 80kg, she says she now sees a body that carried more fat and less muscle than she understood at the time.

‘You can be the same weight, but body composition is different,’ she says.

She now appreciates the importance of adequate nutrition and maintaining a balance of proteins, carbohydrates and fats rather than eliminating entire food groups in the pursuit of weight loss.

‘Eating your macros [macronutrients such as proteins, carbohydrates and fat] in the right proportion is very key. Even the carbs that many fitness trainers will often tell you to go slow on; in reality, your body needs them for effective functioning, just the same way it needs protein.’

The planned 243-kilometre Mau Summit-Malaba dual carriageway has passed an initial viability test, with experts pointing out that the proposed toll road can be developed within the existing corridor.

The finding clears the way for a more detailed feasibility study that will establish the project’s final cost, traffic projections, tolling potential, and structure under the public-private partnership (PPP) model.

CPCS of Canada and Kenya’s Avatech Engineering undertook the pre-study that will anchor the cost of the project and toll fees to be charged by the investors who will fund the project.

Paul Kambalame, principal consultant at Canadian firm CPCS in charge of the Kenya market, said the pre-feasibility assessment examined the technical, environmental and social suitability of upgrading the existing road into a four-lane, access-controlled toll highway.

‘Our findings were that it is a suitable project. It is an important national infrastructure project for the country, and it should move forward,’ Paul Kambalame, principal consultant at CPCS in Kenya, told Business Daily.

‘It is technically viable because it falls within Kenya’s existing road right of way. Environmentally and socially, the impact is also expected to be very minimal,’ he said.

The official further said that the existing road corridor suited the infrastructure project.

‘There would not, for example, be a need for significant resettlement or for the road to pass through environmentally sensitive areas,’ Mr Kambalame said.

The planned project comprises upgrading the 243-kilometre Mau Summit-Malaba highway, converting it into an access-controlled tolled road and expanding its capacity from two lanes to four lanes. The strategic transport route is part of the Northern Corridor connecting western Kenya and Uganda and will complement the upstream Nairobi-Mau Summit highway already under construction.

The project will join the Sh170 billion Rironi-Mau Summit dual highway, marking a departure from the earlier plan, which was to extend it on the Kisumu-Busia-Malaba side.

China Road and Bridge Corporation and the National Social Security Fund have already started work on the 236-kilometre section from Rironi through Nakuru to Mau Summit.

The Mau Summit-Eldoret-Malaba section, which is part of the Northern Corridor, currently experiences heavy traffic and is prone to accidents.

The government had earlier said that the dual carriageway would be extended to Malaba through Kisumu and Busia. It had remained mum on the Mau Summit-Eldoret-Malaba section.

The Kenya National Highways Authority (KeNHA) had earlier disclosed that 24 percent of the Northern Corridor roads were in deplorable condition by 2018, forcing transporters to endure over 100 hours moving from Mombasa to Malaba, against the targeted 78 hours.

Besides the existing 27-kilometre Nairobi Expressway, KeNHA plans to construct more expressways on key transport corridors to ease the rising traffic congestion and spur both local and foreign investment.

Expressways are typically high-capacity roads designed to allow vehicles to travel quickly and efficiently over long distances with minimal interruptions. They are built to handle large volumes of traffic at relatively high speeds compared to ordinary roads and often involve tolls.

Airtel Money Kenya’s parent firm has signalled a mobile money market price war with Safaricom’s M-Pesa in its effort to expand its local market share, saying that high market penetration limits room for organic growth in the country.

Kenya’s mobile money segment has for years been dominated by Safaricom’s M-Pesa, which enjoys an 88.8 percent share of total subscriptions that stood at 54 million in June 2026, compared to an 11.1 percent share for Airtel Money.

However, Airtel Money has been chipping away at Safaricom’s lead over the last three years, having grown its share from 2.8 percent in June 2023, when Safaricom commanded 97 percent of the market.

Airtel Money’s current mobile money subscriptions market share is equivalent to 5.99 million users, compared to 47.95 million for Safaricom’s M-Pesa.

The parent firm of Airtel Money-Airtel Mobile Commerce NV-made the strategy disclosure in a prospectus ahead of the listing of its mobile money business in London this month.

Airtel Money provides mobile wallet, payments and other broad financial services to 53 million active users across 13 sub-Saharan African markets including Kenya, Chad, Uganda and Tanzania.

‘The group has been successfully gaining customer market share in Kenya as it leverages a clear value proposition built on lower transaction fees, superior customer incentives, improved interoperability and rapid expansion of its agent network and distribution partnerships,’ Airtel Mobile Commerce said in the prospectus.

‘There is still significant runway for mobile money growth, as evidenced by a meaningful difference in the maturity of its proliferation across the group’s footprint versus Kenya, which pioneered the use of mobile money and is today at a more developed stage in its maturity.’

The company noted that at 231 percent, mobile money total processed value (TPV) as a percentage of GDP in Kenya is three times higher than Sub- Saharan Africa’s 66 percent, indicative of significant potential growth across the other markets in which the group operates relative to Kenya.

TPV is measured as the total value of transactions on a mobile money platform generated for various products and services during a set period.

‘In Kenya, the group is focused on further scaling its distribution network to accelerate customer and revenue growth, which is also driven by top-down regulatory reforms,’ said the multinational, which is part of the businesses owned by India’s conglomerate Bharti Enterprises.

‘For example, the group recently unlocked a significant new TPV stream after the country’s regulator enforced person-to-person interoperability, opening direct payment inflows from the incumbent’s user base.’

Airtel Money has already set off the price fight by cutting fees charged on merchant payment platforms in the past three months, triggering a response from Safaricom.

On August 3, Airtel Money launched Bizna Wallet to rival Safaricom’s M-Pesa Pochi la Biashara, a low-cost product that provides small-scale traders with a simplified digital payment solution. Airtel Money’s wallet was offered free of fees to attract merchants.

Airtel Money also halved the costs on its other mobile money transactions, such as paybill payments, sending money to rival mobile money networks, bank transfers to wallets and transfers of money to bank accounts.

In response, Safaricom raised the threshold of transactions on Pochi la Biashara that are not levied fees from Sh100 to Sh200, and also halved the charges on payments to business tills and paybills.

Safaricom’s new tariffs, effective August 7, cut the maximum charges for M-Pesa tills and Paybill payments from Sh108 to Sh54 for transfers of between Sh45,001 and Sh250,000.

Pochi charges were revised for a three-month period to October 31, 2026, setting the top rate at Sh50 for transfers of between Sh2,501 to Sh250,000.

Safaricom launched Pochi in 2020 as part of its strategy to drive the adoption of digital financial services among micro-entrepreneurs, allowing them to keep business earnings separate from personal funds in a unique wallet linked to their M-Pesa account.

The number of merchants on the Pochi platform doubled to 2.1 million by March 2026, from 1.1 million a year earlier.

The Nairobi Securities Exchange (NSE) listed telco’s move to revise its prices indicated that it was aware of Airtel Money’s moves, lowering its own prices to protect and grow the market share of M-Pesa, its biggest money maker.

In its financial year to March 2026, Safaricom reported a 13.4 percent growth in M-Pesa revenue in Kenya to Sh182.7 billion, accounting for 45.6 percent of the company’s total revenue of Sh414.1 billion from its Kenyan operation.

Revenue from mobile data sales rose 14.4 percent to Sh83.3 billion, while earnings from fixed internet sales to homes and offices rose 12.2 percent to Sh20.2 billion. Voice revenue was up 1.3 percent to Sh81.8 billion in the period.

Airtel Mobile Commerce does not publish standalone financial performance data for markets like Kenya, instead bundling the country into a wider East Africa market.

The last time I was at Red Ginger, there was a birthday party out in the gazebo. I had forgotten my jacket and was so cold I couldn’t have fun. I remember looking across at the bar enviously, where a bunch of very rowdy men were having the time of their lives. It looked warmer over there. How little you can do when cold gets into your bones.

Anyway, I was back, this time not for a party but to meet a pricing actuary who is a recovering alcoholic and also rears pigs. None of these things are related. Fortunately. We settled at the bar I had admired from across the winter seats. “This place is warm,” I told him. He asked if I was cold.

He looked confused. I wanted to giggle.

There are small, strange stools around the circular bar, the sort dentists sit on. Nobody in their right mind sits there. Surely. Then there are long tables, big enough for groups. We took one at the end. I ordered my whisky. My friend ordered a virgin Dawa.

The place was raucous, except for a table of older men talking somberly. Two women sat nearby having an intimate conversation. They looked like they were deciding someone’s fate. A group of middle-aged chaps gathered around a bottle. Most had tattoos. “Most likely own garages,” I said. My friend looked at me. “That’s profiling.”

Further inside, a man was on a date with a woman who we could all tell wasn’t invested. At least not yet. An office group was clapping out in the gazebo. Maybe a farewell party. Those are usually dull, the speeches especially. But the bar was busy. And warm. I looked around, smiling. My friend sipped his mocktail. “Did you know 3.8 million pigs are slaughtered daily around the world?”

I thought about it. I tried to really feel empathy for pigs, but I failed.

“I liked you better when you were a drunkard,” I said.

Public health agencies reduced their pending bills by a combined Sh30.51 billion in the year to June 2026, easing the debt burden on hospitals and other suppliers.

Analysis of data by the Controller of Budget (CoB) shows that outstanding bills by health-focused State corporations and semi-autonomous government agencies (SAGAs) fell to Sh23.61 billion in June this year, down from Sh54.12 billion in June 2025.

The bulk of this decline came from the insurance fund, with outstanding bills falling by Sh34.35 billion to Sh7.16 billion under the Social Health Authority (SHA), down from Sh41.51 billion under the National Health Insurance Fund (NHIF) in June last year.

The SHA replaced the NHIF on 1 October 2024, with the government taking over the task of settling the defunct insurer’s outstanding claims. Shortly after SHA was launched, the Ministry of Health released Sh9 billion to address outstanding NHIF bills. The ministry later said it paid Sh8.6 billion towards NHIF debts between September and December 2024.

The government has continued to pay the inherited claims. In the 2025/26 financial year, the government allocated a further Sh4 billion to settle verified NHIF bills owed to contracted healthcare facilities.

‘In terms of public debt management, the National Treasury should strengthen and implement debt reduction strategies by accelerating fiscal consolidation through the progressive reduction of the fiscal deficit,’ Controller of Budget Margaret Nyakang’o said.

‘This will ensure that annual borrowing requirements are consistent with the targeted debt trajectory, while also strengthening domestic revenue mobilisation to address persistent revenue shortfalls.’

Dr Nyakang’o urged the State to prioritise the pending bills in the current fiscal year.

‘Further, verified pending bills should be settled on a first-in, first-out basis and adequately budgeted for in the financial year 2026/27, as well as in the medium-term budget framework, in line with Regulation 56(2b) of the Public Finance Management (National Government) Regulations 2015.’

The accumulation of unpaid bills has remained a challenge for government agencies, putting pressure on suppliers, contractors and service providers who depend on timely payments to sustain their operations.

Kenyatta National Hospital (KNH) recorded the steepest increase, with its outstanding bills rising by 135 percent to Sh6.56 billion from Sh2.79 billion in June 2025.

The Kenya Medical Supplies Authority (Kemsa) increased its unpaid bills by 58 percent to Sh4.39 billion from Sh2.78 billion, while Moi Teaching and Referral Hospital (MTRH) increased its unpaid bills by 24 percent to Sh2.14 billion from Sh1.72 billion.

This shows that MTRH added Sh420 million to its outstanding obligations during the year, while KMTC accumulated an additional Sh420 million, taking its pending bills to Sh1.32 billion from Sh900 million.

The Kenya Medical Research Institute (Kemri) held pending bills of Sh2.05 billion, which was largely unchanged from the previous year; however, Sh1.45 billion of this amount included penalties.

Dr Nyakang’o noted that the increase at Kemsa is significant because the agency supplies medicines and other health products to public health facilities.

According to the CoB, Kemsa’s order turnaround time improved to 27.9 days in the 2025/26 financial year, down from 69 days in 2024/25, though still above the agency’s target of 10 days.

The National Treasury increased the budget for the health sector by Sh29.73 billion to Sh164.92 billion for the 2025/26 financial year, up from Sh135.19 billion.

Kenya’s push to force foreign-run small businesses into the formal economy is exposing a wider burden faced by mid-sized operators, spanning licences, taxes, payroll deductions and immigration compliance.

For a foreigner operating a business in Kenya, the cost would begin with immigration compliance; a Class G permit for specific trade, business or consultancy requires proof of at least Sh100,000 in capital, with a Sh20,000 processing fee and a Sh250,000 annual issuance fee, although Eat African Community nationals are exempt from those fees.

A foreign employee working for a Kenyan business faces a separate Class D employment permit, which costs Sh20,000 to process and Sh500,000 annually when issued, while the employer must demonstrate that the position could not be filled from the local labour market.

That makes immigration compliance potentially one of the highest fixed regulatory costs for a foreign operator, particularly where the business is small enough that the annual permit fee competes directly with working capital.

The paperwork also requires businesses to maintain tax compliance certificates, company registration records, shareholder information and other documentation, meaning immigration compliance depends partly on the business already maintaining its wider formal records.

The next layer is business registration, where the formal cost itself is relatively modest but creates an administrative footprint that continues throughout the life of the enterprise.

The Business Registration Service (BRS) charges Sh950 to register a business name and Sh10,650 to incorporate a private limited company, with changes to company records, official searches and other filings attracting additional fees.

Registration, however, is only the entry point because an operating business must also obtain the relevant county permits and comply with sector-specific requirements depending on what it sells or produces.

In Nairobi, the Unified Business Permit combines multiple county licences and permits into one application, covering requirements such as trade licences and health certificates depending on the nature of the business. The consolidation reduces the number of separate county transactions but does not eliminate the underlying charges, inspections and renewals attached to running a compliant premise.

For a mid-level retailer, wholesaler, restaurant, workshop or service business, the premises themselves also become part of the compliance bill through rent, utilities, signage, health, fire and other requirements that informal operators can avoid or defer.

Tax compliance adds another recurring obligation as KRA increasingly links business activity to electronic records rather than relying solely on declarations made by taxpayers.

KRA says businesses must maintain proper records and comply with electronic invoicing requirements, while the 2026 Finance Act has strengthened the administration of electronic tax systems and allowed KRA to use available taxpayer information in pre-populated returns.

For qualifying businesses, turnover tax applies to annual gross turnover above Sh1 million and up to Sh25 million, although the applicable regime and tax treatment depend on the business structure and activities.

The compliance cost is, therefore, not limited to the tax eventually paid because businesses need systems capable of recording sales, purchases, invoices, expenses, payroll and other transactions that support their tax declarations.

This is where bookkeeping becomes a recurring cost for businesses that have grown beyond a proprietor keeping handwritten records but remain too small to employ a full finance department.

A business with employees must add payroll administration to the list, including Pay As You Earn (PAYE), National Social Security Fund (NSSF) and Social Health Authority (SHA) deductions, with errors potentially creating arrears, penalties and disputes with workers.

The NSSF contribution burden increased for a final stretch from February 2026, with employees and employers each contributing 6 percent of pensionable earnings, subject to a lower earnings limit of Sh9,000 and an upper limit of Sh108,000.

At the maximum contribution level, an employer now contributes Sh6,480 per employee each month to NSSF, matching the employee’s contribution and raising the combined monthly amount to Sh12,960.

SHA adds another payroll obligation, with the Social Health Insurance Fund (SHIF) contribution set at 2.75 per cent of household income, subject to a minimum monthly contribution of Sh300 for households outside salaried employment.

For a business employing five, 10 or 20 workers, these obligations create a monthly administrative cycle involving payroll preparation, deductions, remittances, reconciliations and record retention alongside the actual wages paid.

Banking adds yet another cost layer since formal businesses increasingly need transaction records that match their tax filings, making separation between personal and business finances essential for operators seeking credit or dealing with government agencies.

The Central Bank of Kenya (CBK) has identified access to formal finance as a continuing challenge for MSMEs, with its 2024 survey examining the amounts, pricing, tenors and availability of bank credit to smaller businesses.

While formal records could help improve access to finance, maintaining them requires accounting systems, bank reconciliations and documented cash flows that impose costs before a business obtains any financing benefit.

A 2026 study by research firm Semantic Scholar on formalising informal trade estimates about 10.4 million MSMEs, of which roughly 8.5 million operate informally.

The study puts formal MSMEs at about 1.9 million, indicating that most businesses remain outside the formal structure even though they account for a large share of economic activity.

Kenya has introduced a new compliance requirement for imported goods that takes effect in September 2026. This measure, effected through the Finance Act, 2026, establishes a new Section 23B of the Tax Procedures Act (TPA) requiring importers to obtain and retain export documentation issued by the country’s competent authority from which the goods originate.

Under the new provisions, importers must keep an export declaration, export entry, export certificate or any equivalent document.

The export declaration must contain key details such as the names and addresses of both exporter and importer, a description of the goods including quality, value, tariff classification, countries of export and destination, and the reference number issued by the exporting country’s customs authority. The documents must be retained for five years and produced upon request by the Kenya Revenue Authority (KRA).

The amendment grants KRA broader enforcement powers. Importers who fail to provide the required documentation risk having KRA reject claims relating to the importation, value, origin, cost or ownership of the goods. In such cases, the commissioner may assess tax liabilities based on available information and may impose any prescribed administrative penalties.

However, Section 23B of the TPA permits the commissioner to waive the requirement in cases where the customs authority in the exporting country does not issue export declarations. In addition, the change requires the Cabinet Secretary, National Treasury to issue regulations to implement the new provisions.

Separately, KRA has also introduced the Advance Cargo Declaration (ACD) Platform, a digital pre-arrival system for containerised cargo destined for Kenyan ports. Exporters and importers must obtain an ACD reference code from this portal to be used in the cargo clearing process.

To obtain the code, importers must upload the relevant export documents from the country of origin (namely the bill of lading, commercial invoice, freight invoice and export declaration) onto the ACD platform prior to the goods being loaded onto the vessel destined to Kenya.

The ACD reference code must be included on the bill of lading before the cargo is dispatched to Kenya.

The new framework is intended to strengthen tax compliance and curb revenue leakages by allowing KRA to compare import declarations with documentation issued by foreign authorities. It is expected to reduce common customs related risks including misdeclaration of goods, under-valuation and tariff misclassification.

Whilst the measures could improve revenue collection and customs transparency, the change increases the administrative burden for importers and is a potential source of commercial risk.

Failure to produce or retain the required export documentation could result in disallowed costs for corporate income tax claims relating to imported goods as well as additional tax assessments based on alternative sources of information used to calculate the taxable value of the goods.

As a result, businesses are encouraged to review their supply-chain documentation processes and engage with overseas suppliers to ensure compliant export records are available before shipments are dispatched.

The waiver for jurisdictions that do not issue export declarations is a practical safeguard.

However, importers should not assume that relief will apply automatically where the same is not obtained in the country of origin.

Forthcoming regulations from the Cabinet secretary will be important in clarifying operational matters, including acceptable document formats, cross- border verification procedures and any transitional arrangement.

The Finance Act, 2026 amendments on export documentation under the TPA also raises a potential drafting issue as it appears to remove the definition of ‘certificate of origin’ from Section 3 of the TPA while leaving Section 44A, which requires goods imported into Kenya to be accompanied by a valid certificate of origin, unchanged.

This may create overlapping or inconsistent obligations and may require further legislative clarification to avoid imposing multiple documentary requirements on importers.

In light of this, importers should now review and update their import-control procedures to ensure export declarations are requested and retained for at least five years. This will require them to engage with overseas suppliers to confirm that they will issue compliant export documentation and monitor the National Treasury’s regulations for implementation details and any transitional rules.

The measures signal a tougher compliance approach by KRA and reinforce the importance of robust documentation in cross-border trade. Importers and their advisers should act promptly to minimise the risk of shipment delays, penalties and unexpected tax liabilities.