Category: Business Daily

Mauritius’ real estate developer Grit Real Estate Income Group nearly doubled its borrowings from Kenyan banks to $94.9 million (Sh12.3 billion) in the year to June 2025, to fund its projects in the local market where it is expanding.

The dollar-denominated borrowings rose from $48.7 million (Sh6.3 billion) a year earlier, with Absa Bank Kenya, NCBA Bank Kenya and Stanbic Bank Kenya emerging as its top lenders in Kenya.

The multinational also has substantial borrowings in other markets to fund its capital-intensive construction and acquisition of commercial properties. Grit has disclosed that a $35 million (Sh4.5 billion) loan from Absa helped to develop Nairobi’s Rosslyn Grove Diplomatic Apartment and Townhouse Complex that is leased to the American embassy.

‘Absa Bank originally provided the $35 million loan to finance the development of the Rosslyn Grove . diplomatic housing complex in Nairobi, Kenya,’ Grit said in a written response to the Business Daily.

‘The loan was part of a broader financing package to support the project, which primarily serves the US embassy in Nairobi.’

The Absa loan has been disclosed after Grit took control of diplomatic housing in multiple countries which it had co-developed with Verdant Ventures.

The 90-unit gated estate in Nairobi comprising apartments and townhouses was completed in 2022 at a cost of $48.5 million (Sh5.52 billion using the exchange rates at the time).

The American government signed an eight-year lease on the property, with the first year’s rent set at $4.724 million (Sh534 million at the time).

Stanbic saw its loans to Gateway CCI Limited, a subsidiary of Grit which developed a call centre in Tatu City, rise to $25.6 million (Sh3.3 billion) in the year to June 2025 from $13.9 million (Sh1.8 billion) a year earlier.

The funds were used to construct the property dubbed Eneo at Tatu Central which is leased to Call Centre International (CCI) Global, a major business process outsourcing firm.

NCBA’s loans to Grit Services Limited, another subsidiary of the real estate developer, declined to $30.4 million (Sh3.93 billion) from $30.5 million (Sh3.94 billion).

NCBA was one of the earliest financiers of the multinational’s projects in Kenya and has issued a series of loans to the subsidiary.

In the review period, Housing Finance Corporation had an outstanding loanThe loan balance had declined from $4.1 million (Sh534 million) a year earlier.

Major borrowers like Grit are attractive to banks keen on disbursing large, hard currency loans.

The multinational’s borrowings show that Pan African banks have an advantage in terms of serving major clients across multiple markets, teaming up with their subsidiaries to structure loans for related entities.

South Africa’s Standard Bank, which owns Stanbic Bank Kenya, is the single largest financier of Grit on a consolidated basis. The bank and its subsidiaries have lent to Grit entities in South Africa, Ghana and Uganda among other markets.

South Africa’s Absa Group, the parent firm of Absa Bank Kenya, has a similar lending structure with Grit that had borrowed a total of $540.6 million (Sh70 billion) as of June.

The number of Kenyans investing though unit trusts more than doubled to 2.96 million in the 12 months to September, highlighting the surge in awareness and demand for the collective investment products. This was a growth from 1.29 million investors a year earlier.

Latest Capital Markets Authority (CMA) data shows that growth of investor numbers in unit trusts has accelerated this year, partly driven by the rising investment in special funds, which have offered investors an opportunity to diversify their portfolios in a period of falling interest rates.

As investor numbers grow, the collective investment schemes saw their assets under management jump by 115 percent to a record high of Sh679.6 billion at the end of September 2025, from Sh316.4 billion a year earlier. The CMA also attributed the sharp growth in assets under management and investor numbers to concerted marketing efforts through various digital channels by unit trust providers, whose numbers have also gone up as the regulator continues to license more players in the industry.

By the end of September, there were 55 approved collective investment schemes-41 of which were active- offering 234 funds.

‘The number of investors in the various collective investment scheme funds has continued to grow steadily over time, buoyed by increasing awareness in the market to save and invest especially, post-Covid era,’ said the CMA in the report.

‘The industry has seen heightened visibility through aggressive marketing and investor education.’

Unit trusts are a form of collective investment in which investor funds are pooled together and used to purchase a portfolio of financial assets such as bonds, equities, cash deposits, with the beneficial interest in the assets of the trust divided into units.

They have grown in popularity in part due to the fact that they offer investors access to complex local and offshore financial assets, leaning on the expertise of investment professionals employed by the fund operators.

The unit trusts are also fairly liquid assets in terms of entry and exit.

The number of retail investors in the unit trusts is larger than the 1.25 million in the local equities market, despite the asset class only existing for little more than two decades compared to over 60 years for the Nairobi Securities Exchange (NSE).

Money market funds, which primarily invest in short term government securities and fixed deposits in banks, remain the most popular unit trust products in the market.

At the end of September, the money market funds had Sh400 billion in assets under management, accounting for 59 percent of the industry total.

Their dominance has however been eroded by fixed income funds and special funds since the beginning of the year, when the money market funds accounted for 63 percent of the industry’s Sh389.2 billion assets under management.

The share of special funds and fixed income funds has grown to 20.3 percent and 20.1 percent from 18 percent and 17 percent respectively in the year to date, eating into the value of investments put into money market funds.

A growing number of unit trust providers have been offering offshore and foreign currency denominated products on their portfolios to meet investor demands for diversification of assets and hedges against future economic shocks.

Also read: Value of assets under unit trusts crosses Sh500 billion mark

The assets under special funds climbed to Sh137.8 billion in September, up from Sh70.4 billion in December 2024, while fixed income funds have seen their assets rise from Sh66.8 billion to Sh136.8 billion in the period.

Since the beginning of the year, equity funds’ assets rose to Sh3.3 billion from Sh2.5 billion, while balanced funds contracted from Sh2.22 billion to Sh1.7 billion.

If you walk into any gym today, chances are you’ll see a woman sweating away on the treadmill or lifting considerably more than her own body weight.

These women aren’t shy about showing off their toned muscles; many willingly trade traditional soft curves for a leaner, stronger shape.

They display their hard-earned progress in sleeveless tops, short skirts, and open-back dresses that reveal hours of discipline and pure grit.

‘She’ is reclaiming her body not for validation, but for longevity. One such woman is Abigail Ajuma who says that her fitness journey has never been about looks.

‘When people think about fitness, they think about strength and gym, but I think of it as a holistic wellness of a human being,’ she says.

Still, her gym routine has given her an impressive form, especially her quads.

‘I always start with mobility for warm-up. Currently I’m on a high intensity training program where I do little weights to start and then build up until my legs can’t take it anymore.’

Growing up in the US, her high school required participation in sports to graduate.

She was placed on the track team courtesy of the stereotype that ‘all Kenyans are athletes’.

‘They signed me up to start running. My introduction to fitness happened sort of by force. I was running cross country, running track and I was doing dance.’

While some people catch the fitness bug to lose weight, Ms Ajuma’s struggle was quite the opposite.

‘My issue has always been adding weight, my metabolism is quite high. I have always been small, but I desired to be stronger than what I was,’ she says

Strength training became her turning point.

‘It’s through strength training that I was able to change my body composition. I added a bit more muscle and I felt stronger, and in response, the scale went up as well.’

Currently, Ms Ajuma is preparing for a bodybuilding competition in December, a season, she says requires her to reduce her body fat.

‘I am at 55kgs right now but before I started prep for this, I was at 61kgs.’

Besides working out, she is keen on her diet.

‘Most times, the secret is nutrition. It’s really being mindful about what you eat, what your body needs, what are your desires. I changed my plate significantly,’ she says.

‘Proteins are really good for muscle building and muscle repair. Carbs are there to give you energy and I still take a measured amount of fat because as women, we need the fat to balance our hormones,’ she adds.

Sometimes women are shamed for being ‘too muscular’ or ‘too strong’.

‘I have encountered women who say, I don’t want to train so hard because I will look like a man. I am someone who trains that hard, yet I don’t look like a man.’

She goes on to remind women of the science.

‘As a woman your hormone is not testosterone, you will never look like a man. It’s important that women understand the importance of building lean muscle. Muscle is the organ of longevity.’

Not aesthetics, longevity..

‘When you can bend down and get up, you are engaging your core. You need to be able to build the lean muscle so you can have a really full life.chase around your grandchildren.’

When asked how powerful she really is, ‘Deadlift, I can go to 100kg without support. With squats I can do 120kgs but that’s when I have support.’

‘I wanted a banging body’

For Belinda Aura, her gym routine started with a desire to improve her looks.

‘I’ve always wanted to have a banging body. When I started working out I was not consistent with it. I would work out maybe two weeks then stop,’ Ms Aura says.

Looks aside, she had a second motivation.

‘I have never wanted to pay a therapist, so I knew going to the gym would help my mental health as well.’

Fitness became her therapy and in that consistency, she also found confidence.

‘I like my back because it is the first body part that I toned,’ she says.

She explains that many beginners overlook the back, yet to her, she believes it is the foundation of feminine body structure.

‘ Once you have a big back, you will definitely have a smaller waist,’ Ms Aura says.

Her commitment has also brought significant change to her weight, from 67kgs starting weight to her current 82kgs. The mother of one carries the weight gracefully. She has a disciplined routine especially around cardio.

‘Cardio helps with the fat burning, if I go and do legs today, after I’m done, I have to do cardio. I have to maybe walk on the treadmill. I used to avoid cardio when I started but now that is the one thing that I have to do,’ she says.

Cardio naturally burns a lot of calories so people think it makes you loose weight and muscle, but cardio does not destroy muscle on its own. Muscle loss happens when you don’t have enough food, protein or strength training to maintain it.

Like many women who lift weights, Ms Aura is familiar with the negative comments.

‘I get that a lot, people assume that when you lift heavy weights, you will look like a man. Everything is just associated with men.’

Even her food choices are criticised.

‘For breakfast, I eat like six eggs, sweet potatoes and milk. For me to add weight and muscles, I have to eat. Fitness is not just about lifting weights. It’s what you eat, and for me I still want to add weight so I have to eat.’

And what’s on her plate the rest of the day?

‘For lunch I can have something like omena, ugali and vegetables. Then for dinner I will go for rice, chicken breast and vegetables. I try most of the time to avoid ugali but I eat a lot of chicken and eggs.’

When asked what transformed her body, Ms Aura says,

‘I’m disciplined and consistent. Even when I don’t feel like going to the gym, I just find a reason to because for me to achieve whatever I want, I have to be disciplined.’

While toned bodies are at the centre of attention on social media, Ms Aura believes the motivation is shifting from image to intention.

‘I would say 80 per ent of women are working out for themselves.’

What advice would you give to women who want to be confident with their body?

‘Every woman is beautiful in their bodies, whether you’re plump or skinny. You start by, accepting yourself the way you are. Then if gym doesn’t work for you, you can do home workouts. I would always advise the fitness way because apart from you just getting a good body, it helps with mental health.’

‘I love walking’

Walking is not just an activity for Marion Benta; it is her therapy.

‘Walking gives me clarity and peace of mind. Sometimes, when I’m not able to make it to the gym, but walking ensures I move my body. It has boosted how I look. I was a little bit smaller. So I decided, let me bulk a little bit, and I love it here.’

She has noticed that women are showing up in fitness activities outside the gym, including walking.

‘If I’m statistically guessing correctly, the number of women who have been in my walks is more than men. What really amazes me is we have women of all different ages, because most of them want to lose weight.’

She echoes the sentiments shared on watching what goes on the plate. In her house, a crate of eggs barely makes it to three days.

‘I eat high-protein meals, at least 10 eggs a day,’ she says.

Electric vehicle (EV) company Tad Motors has unveiled its first five locally assembled cars made from parts sourced from multiple manufacturers in China, officially launching sales since it opened shop in Kenya last year.

The company, owned by the Ethiopian-born Dutch businessman Tadesse Tessema, has assembled two SUV models –Dhahabu and Amani– and three sedans branded Taji, Makena and Fahari.

The SUVs will sell for Sh2 million to Sh2.6 million, while the sedans range from Sh1.3 to Sh1.6 million.

‘We have worked with over 30 Chinese OEM (original equipment manufacturers). Most of the parts were made to specification by the different companies, apart from the bodies, which were made by one company,’ Eng. Tessem told the Business Daily.

The cars will go on sale from January 2026, and all have a range of 250 kilometres and a charging duration of up to 4 hours.

Tessem said the company does not plan to build charging infrastructure, and that the models will only have AC on-board chargers that are compatible with regular wall sockets.

“The range is extendable, if one wants more, we’ll be able to fit more batteries into the cars,” he added.

Tad Motors opened shop at the Naivasha Special Economic Zone (SEZ) in June last year, with a $10 million (Sh1.3 billion) at current exchange rates) investment.

It secured four acres at the SEZ and targets to boost production to 3000 cars annually, with targets of sourcing over 80 percent of the components locally sourced and manufactured at the Naivasha plant by September next year.

“Based on our assessment of the market, the EV demand and what we’ve seen our competitors offering, we’re going to control the market, especially when we begin local manufacturing. Our idea is to make EVs affordable to ‘normal’ people,’ Tessem said.

The company targets to sell 80 percent of the output across the East African market and 20 percent international export. Tessema previously established a now-defunct car assembly plant in Ethiopia in 2005.

‘Ethiopia is a large market of 140 million people, and the good thing is that only EVs are allowed to be imported there, so we expect to export a lot there,” he said.

Tad joins the few companies that are locally assembling electric cars, as much of the output has so far been in two-wheelers and buses.

Autopax, the assembler of the Sh1.7 million AirEv Yetu hatchback in partnership with China’s SGMW, is yet to mass-produce it with local components.

MojaEV has partnered with another Chinese manufacturer, Hozon Auto, to locally assemble the Sh4.5 million Neta V subcompact SUV and other models in Kenya.

Kenya has also lowered excise duty on EVs from 20 percent to 10 percent and exempted them from Value Added Tax (VAT) to boost their uptake and lower carbon emissions.

Beyond the EV sector, the government also exempts assemblers of all vehicles from the import duty of 35 percent levied on fully built vehicles.

Assemblers also pay a lower import declaration fee of 2.5 percent for their completely knocked down (CKD) parts headed to assembly plants, compared to the standard 3.5 percent.

The two percent Railway Development Levy (RDL) is also reduced to 1.5 percent for assemblers.

Still, a large chunk of the local vehicle production has been in commercial units such as pick-ups, trucks and buses. New vehicle sales have also been rising, buoyed by falling lending rates and stable foreign exchange rates.

New vehicle sales rose 24.56 percent in the first nine months of 2025 to 9,924 units from 7,967 in the same period last year, a six-year high, per Kenya Motor Industry Association data.

The majority were commercial vehicles like heavy-duty trucks, mini-buses and pick-up trucks assembled at Isuzu.

A legal dispute currently unfolding at the Environment and Lands Court over operations of the Ritz-Carlton Maasai Mara Safari Camp-a luxurious hotel charging guests $3,675 (Sh476,647) per night-has put Kenya’s delicate balance between conservation and economic development to the test.

The hotel, a multimillion-dollar tourism venture, now facing threats of closure following a petition filed by a local conservationist and rights activist Joel Meitamei Ole Dapash who is alleging unlawful construction and ecological harm.

The camp’s operator, Lazizi Mara Limited, has filed documents in court warning that the case risks derailing Kenya’s post-pandemic tourism recovery while endangering hundreds of livelihoods tied to the facility.

The documents reveal that the project secured over two dozen approvals from Kenyan authorities, between 2023 and 2025.

Affidavits filed by Lazizi Mara’s director Shivan Patel show that the camp obtained permits from the National Environment Management Authority (Nema), Narok County Government, Water Resources Authority, and even received presidential exemption allowing development during a freeze on new national park projects.

The county government issued multiple compliance certificates affirming adherence to Maasai Mara Management Plan guidelines and local bylaws, along with environmental impact assessment licenses, water permits, and fire safety certifications.

Patel states that the county also issued a Certificate of Compliance and Endorsement confirming full compliance with all applicable regulations.

However, the camp -which opened in August through Marriott International- now fights the legal threat as Mr Ole Dapash’s petition seeks its closure. The case is pending determination.

Lazizi Mara’s financial projections indicate the camp would contribute $25 million (Sh3.2 billion) to Kenya’s treasury over six years through VAT, tourism levies, and payroll taxes.

The proprietor says the facility directly employs 207 staff while supporting an estimated 1,000 dependents in a region with scarce formal employment. Court papers show local suppliers stand to gain $1 million from provisioning contracts spanning fresh produce to artisan crafts.

“These funds will not only benefit the county government but will also support various community programmes and wildlife protection initiatives,” state the court papers.

Mr Ole Dapash’s petition alleges that the camp obstructs wildlife migration corridors and violates constitutional ecosystem protections.

However, Lazizi’s affidavits counter this argument with Nema’s August inspection report geotagging the nearest migration path at 15 kilometres from the property.

“The camp is not situated in a migratory corridor as alleged. Nema confirmed it’s situated more than 15 kilometres from the nearest wildlife migration path,” says Mr Patel.

The camp’s sustainability features -100 percent solar power operation, greywater recycling systems, and anti-poaching conservancy partnerships- are presented as evidence of eco-sensitive design. Nema’s audit showed the facility operates entirely on solar power with “effectively zero electricity carbon footprint.”

Lazizi has accused the petitioner of conducting a “trial by social media,” citing Facebook posts branding the chains as “environmental destroyers” and calling for boycotts -claims the hotel says are “false and malicious.”

Mr Patel warns sustained negative publicity risks scaring away reputation-driven high-end tourists.

“There is a real threat of commercial injury,” he observes in his court documents. Directors allege the contested social media statements might trigger inquiries from international partners, threatening Kenya’s premium tourism rebound.

They have petitioned for injunctions compelling Mr Ole Dapash to retract statements and publish corrections in a national newspaper, plus pay unspecified damages.

Their filing argues his actions contravene constitutional limits on free expression regarding hatred, rights infringement, and reputation damage.

Lazizi’s lawyers contend Mr Ole Dapash bypassed statutory appeal mechanisms requiring administrative reviews before court interventions. They argue the petition abuses the judicial process, noting construction concluded months before filings with NEMA having validated compliance.

The case reflects previous perennial tension in Kenya between conservation and economic pragmatism. Wildlife tourism contributes nearly 10 percent of GDP, yet conflicts mount between developers and communities near protected areas.

Lazizi emphasizes its camp’s location on leased county land -not national reserve territory- while highlighting conservation partnerships funding ranger units and human-wildlife conflict mitigation.

Internationally, Marriott and Ritz-Carlton’s presence signals Kenya’s high-end tourism appeal, with the Mara camp competing against luxury lodges in neighboring countries.

Political undercurrents surface in the court proceedings, with Mr Ole Dapash’s unsuccessful bids for Narok North parliamentary seats and the 2022 Senate race featuring in Lazizi’s counterarguments.

African Banking Corporation (ABC) Bank shareholders are raising Sh400 million through a rights issue, joining the list of lenders racing against time to meet the enhanced Sh3 billion minimum core capital threshold by the end of the year.

The lender, which closed June with core capital of Sh2.59 billion, said the process is already ongoing and will yield at least Sh400 million.

The amount will help the lender comply with the Central Bank of Kenya (CBK) requirement that banks close this year with a minimum core capital of Sh3 billion, which is a raise from the Sh1 billion that had been in place for 12 years.

‘Our shareholders recently initiated a cash call to meet CBK’s minimum core capital requirement. This move reflects shareholders’ strong confidence in ABC Bank’s growth strategy and long-term prospects,’ said Shamaz Savani, managing director at ABC.

ABC’s cash call reflects a similar move by other lenders such as Paramount Bank and Sidian Bank, which have turned to a rights issue to secure fresh capital for immediate and long-term compliance. This is after a change in law compelling banks to build core capital gradually up to Sh10 billion by 2029.

The minimum core capital in the banking sector was, through the Business Laws (Amendment) Act 2024, revised upward from Sh1 billion to Sh3 billion by the end of 2025, Sh5 billion by the close of 2026, Sh6 billion by the end of 2027, Sh8 billion in 2028 and Sh10 billion by the close of 2029.

The timelines for fresh capital mean ABC will require about Sh2 billion come next year if it is to remain compliant-an amount that may require another cash call or options like sale of stake.

Mr Savani said ABC is in ‘advanced engagements’ to meet subsequent capital requirements to fund the next phase of growth.

ABC was founded in November 1984 as Consolidated Finance Company before transitioning into a commercial bank in December the same year.

The lender currently has about 11 branches focusing on individuals, small businesses, corporates, non-governmental organisations and faith- and education-based institutions.

The lender was among the 11 banks that were left requiring additional capital of about Sh14.7 as a result of the revision of the core capital rules.

Another lender whose core capital was below Sh3 billion by the end of June this year was Paramount Bank which has since raised Sh332 million through a rights issue.

Other lenders requiring fresh capital as at June this year to hit Sh3 billion threshold were M-Oriental, Premier Bank, CIB International Bank, Middle East Bank Kenya and the Development Bank of Kenya, UBA Kenya Bank, Credit Bank Plc, Access Bank Kenya and Consolidated Bank of Kenya.

UBA Bank Kenya, which had a shortfall of Sh1.51 billion at the end of June, said in September that it was pursuing fresh funding from its parent company, Nigeria’s UBA PLC.

Earlier this year, CBK asked 24 banks whose core capital was below the final core capital target of Sh10 billion to submit plans detailing how they intend to raise new funding to meet the new enhanced requirements.

At Redhill Art Gallery, Onyis Martin’s new exhibition, Too Many Words, unfolds as an expansive meditation on how societies speak-visually, verbally, and through the residue of everyday life.

The show departs from conventional mixed-media collage by positioning posters, paint, and sculptural surfaces as the primary language through which urban experience is both recorded and contested.

What emerges is an exhibition that asks viewers to consider not only what is seen, but how meaning is constructed in the space between seeing and saying. Martin, long recognised for his dexterity in mixed media, has again anchored this body of work in the materials that animate Nairobi’s streets. His approach, rooted in collage since childhood, has remained materially consistent even as the ‘specifics’ evolve.

He explains: ‘My work looks at time in the sense of the interactions of people and nature and the relationship that people have in the specific pockets of time. I have always been a mixed media artist, from the first collages I did when I was six years old to the present.’

In Too Many Words, posters become the dominant device through which Martin interrogates power, restriction, aspiration, and consumption. Pulled from Nairobi’s walls, the posters in these works act as social barometers, revealing what communities desire, fear, or are urged to obey.

‘In my exhibition, I talk about movement in terms of how human beings’ movements have been restricted or determined,’ he notes. ‘When on a wall, there is written no idling, you are already being restricted whether you are an idler or not.’

This seemingly simple observation opens into a larger critique: Who writes the rules of public space? And to whom are they directed?

The posters also reveal the city’s layered consumption patterns. ‘What people are advertising in a particular area tells you what people are interested in consuming,’ he says.

By juxtaposing political campaign graphics, club advertisements, and ubiquitous waganga posters, Martin builds a visual timeline of evolving public appetite from 2014 to the present. The contradictions within this consumption, especially the disavowal of witch-doctor services despite the abundance of their posters, become part of his inquiry. ‘There has to be a return,’ he notes, pointing to the hidden economies that complicate Nairobi’s urban narratives.

The conceptual core of Too Many Words is a metaphorical wall, one that holds every attempt at mark-making, from graffiti to children’s scribbles to commercial messaging. It’s a wall on which language accumulates faster than it can be deciphered.

‘To be able to describe what you saw doesn’t necessarily create in mind the picture of what you saw,’ Martin explains. ‘It is in this gap between verbal and visual that I am staying.’

The work, therefore, is less about literal communication and more about the ‘gray of being unable to explain in full comprehension’ what any mark intends. Viewers are invited into this grey zone, where meaning is overloaded, contested, or simply lost.

In the exhibition, mixed media is handled with sculptural intentionality. Posters form the skin; spray paint and collage interventions build depth; canvas is reworked to mimic the fragmentary, over-written surfaces of the city. These choices echo the physicality of urban mark-making-ripped posters, painted-over messages, traces competing for visibility. His new work feels more structurally assertive, as if the surfaces themselves have become living archives of interference and renewal.

Martin’s formative years at the Mukuru Art and Craft School quietly underpin his technical breadth.

‘Mukuru was set up in such a way that it was the older artists who were guiding us. you were teacher and student and vice versa to the artist standing next to you in the studio,’ he recalls.

This peer-to-peer apprenticeship forged the collaborative, cross-disciplinary attitude that continues to shape his practice: ‘Technically, I am constantly shifting from one medium to the other while retaining a specific.’

These biographical threads matter only because they illuminate his current practice; its rigor, its material complexity, and its instinctive grasp of urban visual language.

Though Martin has been active for more than a decade, Too Many Words carries the urgency and freshness of a practice steeped in observation and social critique.

His themes-freedom, movement, technology, consumerism-are not explored through rhetoric but through the material culture of the city itself. The posters, stains, textures, and fragments form a visual sociology that is both intimate and panoramic.

Ultimately, the exhibition is a study in excess: too many signs, too many instructions, too many desires, too many competing narratives. Yet Martin’s work resists resolving these tensions. Instead, it captures the lived noise of contemporary society and the impossibility of containing it in coherent speech.

Too Many Words is, fittingly, a show that speaks most clearly in its silences-in the spaces where language falters and images take over.

United Bank of Africa (UBA) has cut its lending rates by three percentage points putting pressure on other commercial banks as they roll out the new pricing model beginning Monday.

The Nigerian based lender said it would lower its base lending rate to 11.78 percent from 14.79 percent on both its new and existing loans.

The announcement comes at a time when banks are shifting to a new loan pricing model from Monday December 1 which was put in place to ensure borrowers benefit from Central Bank of Kenya’s policy cuts which were not being transmitted fully by commercial banks. KCB Bank, Absa Bank and DTB Bank have already issued notices to their customers and the public that they will be implementing a new pricing model beginning Monday even as others remained quiet.

‘We are pleased to announce a reduction in our base lending rate from 14.79 percent to 11.78 percent per annum effective November 1, 2025 for both new and existing Kenya Shilling denominated credit facilities,’ said UBA in a public notice.

‘This is our commitment to making credit more affordable and accessible to all,’ added the bank.

UBA is banking on the price cut to revamp its loan book which is one of the lowest in the industry having shrunk to Sh937 million in September 2025 from Sh3 billion a year earlier. This is compared to a Sh13.6 billion deposit base bulk of which was deployed in government securities.

The bank was cleaning up its loan book as the industry struggled with rising debt defaults.

The bank has been cautious in issuing loans resulting to its liquidity ratio rising to 107.9 percent as it held on to cash awaiting an improved economic environment.

Credit growth in the country has been slow with banks taking a cautious lending approach due to huge defaults while businesses and customers shelved borrowing plans due to high interest rates. The Central Bank has been pressuring banks to reduce lending rates with consecutive cuts of its indicative rate as a signal to forward the same to the borrowers.

However banks were slow to transmit the rate cuts to the public arguing the Central Bank Rate (CBR) did not capture all the market factors.

The new model will use the interbank rate as the common reference rate for determining lending rates to all customers. Banks will be allowed to load a premium (K) on the reference rate now referred to as the Kenya Shilling Overnight Interbank Average (Kesonia).

Use of the overnight interbank rate – Kesonia- as the common reference rate was decided since it is market based and it closely aligns with the CBR allowing it to transmit monetary policy.

Introduction of the new pricing model is also expected to allow customers to easily compare prices offered by different banks and vote with their feet.

The cost of credit, which will be disclosed directly to customers, will be the total of the reference rate (Kesonia) plus the premium (K), plus any fees charged on the loan.

The law ushered in by promulgation of the Constitution of Kenya 2010, was characterised by robust mechanisms, systems and procedures designed to deter people and institutions from violating human rights as had previously been the norm.

Dating back to ancient civilisations, human beings have always been adapting to changes to avoid threats posed by their own advancements.

With onset of ultra-modern technology, framers of the Constitution were many steps ahead having embodied digital rights within the Bill of Rights.

In this technologically savvy era, securing digital rights is essential for promoting free speech, preventing misuse of personal data, furthering transparency in public governance, eliminating barriers to access to information and forestalling discrimination.

Artificial Intelligence is the present-day emerging trend in the digital world and refers to the ability of machines to perform tasks that were formerly reserved for humans.

Alan Turing, a British Scientist devised the acclaimed Turing Test to determine whether a machine has reached the threshold required to qualify as an AI.

Almost everyone has interacted with AI in their daily routines, whether through creditworthiness evaluation in fintech, algorithms that identify areas of interest in social media and entertainment applications such as TikTok or Netflix, facial recognition systems, virtual assistants like Apple’s Siri or Large Language Models such as Grok, ChatGPT, Qwen, Perplexity, Claude, Gemini and DeepSeek, among many others.

With widespread uptake of AI in Kenya, users are likely to be susceptible to risks and dangers of unchecked technology, which include infringement of data privacy, misuse of personal and sensitive information such as digital health records or biometric data, misinformation, biased and discriminative algorithms, cyberwarfare, malicious hacking, social manipulation, violation of intellectual property rights and other maleficent activities.

In the formal sector, unsanctioned use of AI tools by employees commonly referred to as shadow AI, poses a major risk as confidential data is shared with third parties without a substantive legal framework to govern such undertakings.

Further, developers of AI systems should be forced to ensure that their products do not in any way violate the Bill of Rights or any other applicable provisions of the law. They should also uphold high ethical standards and guarantee user safety, security and adherence to human dignity.

Additionally, stringent punitive measures should be put in place to deter nefarious characters from using Artificial Intelligence to commit immoral and unethical activities.

Recently, we have noticed a surge in cases of inappropriate application of technology and cybercrimes, such as use of deepfakes and hacking owing to the prevalent use of AI. Unfortunately, due to lack of a proper legal regime, most culprits end up being acquitted or given a slap on the wrist.

Moreover, intellectual property rights of content creators who use Artificial Intelligence tools and systems need to be protected and upheld. This will play a fundamental role in promoting innovation and harnessing untapped talents and capabilities by providing a safe space.

In light of the above, it is now more than ever apparent that formulating a regulatory framework on Artificial Intelligence is long overdue. Even though we are among the very few countries who have established AI National Strategy to become the Silicon Valley and AI hub of Africa, we need to put in place a well-grounded legislative framework.

A holistic multi-stakeholder approach involving the government, private sector, church, academia, civil societies, media, researchers and professional bodies should be used to ensure that all views, and recommendations are taken into account.

Also, adequate public participation should be conducted both at the ward level and online to ensure that everyone has been given a fair opportunity to make their contribution.

In his historic inaugural address in 1961, the 35th US President, John F. Kennedy urged Americans to ask what they can do for their country and not what the country can do for them. Similarly, we should all strive to contribute to nation-building in our own little ways.

We need joint concerted efforts to advocate for the use of responsible and ethical AI, respect for personal and sensitive data and protection of digital rights.

Companies in Kenya are in a race to boost their security budgets in response to rising threats, including civil unrest and economic uncertainty, according to G4S 2025 World Security Report.

G4S Kenya chief executive Laurence Okelo spoke to the Business Daily on the findings and how private security is adapting to Kenya’s shifting economic and political climate.

Your latest World Security Report shows Kenyan chief security officers rank civil unrest as their biggest external threat. What is driving this concern?

Our World Security Report interviewed 2,352 chief security officers (CSOs) globally, including 174 in sub-Saharan Africa and 58 in Kenya.

Those in Kenya highlighted civil unrest as the biggest external threat. To unpack that, we look at the challenges the country has faced mainly in June 2024 and again in June 2025, largely driven by protests on the economy and cost of living.

There’s also the broader context of rising political tensions building as we move toward the 2027 election.

But they countered that with a positive where CSOs see economic instability becoming a diminishing threat.

Are these concerns rooted in real incidents on the ground, or are they largely perception-driven?

Well, they are perceptions, but they say perception is reality. These perceptions form from what has happened, the CSOs’ understanding of past events and their predictions for the future.

The report looks at external and internal threats, and CSOs use these insights to guide decisions on how best to protect their organisations. Security companies like ours are ready, willing and able to be part of that conversation.

CSOs see concern over economic instability- which was high up the list of concerns last year- as a diminishing threat. Does this signal improving business confidence?

I would attribute that perception to them looking at what has happened in the past as well as looking forward to anticipate what will be coming.

The [anti-government] protests in 2025, while serious and unfortunate in terms of loss of life and property destruction, were fewer and less intense than in 2024.

When you combine that with indicators like stabilising inflation and falling interest rates, CSOs anticipate economic instability to be less of a threat.

That aligns with expectations of a more favourable economic environment going forward.

How do Kenya’s security risks compare with those in Tanzania and Uganda, given our integrated regional market?

The report surveyed 174 CSOs in sub-Saharan Africa, with Kenya, Nigeria and South Africa forming the main focus. But what we learn from recent events across the region is how quickly things can change, especially around elections.

The voice of the people and youth in particular, is increasingly becoming powerful.

There are similarities across countries, but also differences in preparedness, especially within the private sector.

Because G4S operates in about 20 countries in Africa, we were aware of the challenges in Tanzania and were able to support our sister company there as much as possible. This is where organisations like ours can leverage expertise and presence across multiple markets.

Nearly 80 percent of firms expect to raise their security budgets next year. Which areas will see the biggest spending increases?

Almost 80 percent of CSOs told us security budgets will increase. There are three priorities that stood out. First, investment in new technology and infrastructure which was cited by about 83 percent of the CSOs.

This includes integrating AI-driven intelligence with access control systems like cameras and biometrics, and requires highly skilled security officers to leverage the technology.

The second area is risk assessment which was noted by about 71 percent of CSOs. Threats evolve quickly, and risks to people, supply chains and leadership-particularly C-suite executives-must be reassessed constantly.

The third area is regulatory compliance which was noted by 66 percent. It comes to play when you think of data protection laws and stricter rules on access to buildings. And this means security professionals need a deeper understanding of compliance requirements.

Is this increased spending more preventive or reactive?

Historically, investment tended to be preventive but reactive in nature. The top priority now is new technology, and that’s where AI comes in.

Technologies such as AI are able to analyse past incidents to predict future threats. And when it is integrated with skilled security officers, we can prevent breaches before they occur rather than respond after the act. The shift is clearly toward anticipatory security.

With firms under pressure to cut costs, are they still prioritising security investment?

Globally, the report surveyed over 200 investors with more than $1 trillion in assets and CSOs overseeing companies generating over $25 trillion in revenue. One key finding is that a serious security breach can reduce a company’s value by up to 30 percent.

While organisations in the past largely viewed security as a cost, many now see it as an investment.

That’s why 79 percent of CSOs expect higher budgets next year. When businesses compare their security spend to the value of the people and property they’re protecting, the case for investment becomes clear. Integrating skilled personnel with technology delivers that value.

With security perceptions increasingly influencing investment decisions, how can G4S help clients mitigate these concerns?

Security planning must always put into consideration the worst scenario that can happen, while hoping for the best. That’s why risk assessments are crucial.

We help organisations understand their specific risks, whether to people, property or both, and how best to mitigate them..

What is your outlook for Kenya’s private security sector?

The industry will continue to grow with the economy. It is one of the largest employers in the country.

Once regulatory challenges, particularly around clarity and enforcement, are addressed, the sector will become a more level playing field and produce a better calibre of security professionals.

Growth will also come from increased demand for highly trained officers who can integrate with AI systems, biometrics and advanced surveillance. That’s where the industry is headed, and where organisations are well positioned to offer integrated security solutions.