Category: Business Daily

As the Conference of the Parties (COP30) unfolds in Belem, Brazil, the world is anxiously awaiting positive outcomes from the hundreds of delegates from over 190 countries who have gathered to deliberate on the climate change crisis threatening the planet.

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However, there is a need to ask difficult questions. Are these just meetings, convened yearly, with heavy promises but no action? Are they impactful? What have been the greatest outcomes from COP?

For Africa, climate change poses one of the greatest challenges of our time. There has been a steady rise in temperatures, with severe ripple effects on communities. This has continued to strain the continent’s meagre resources and put millions of people at risk.

All this is happening when it is evident that the African continent contributes less than four percent to global greenhouse gas emissions.

The region faces an escalating range of climate-related challenges, including prolonged droughts, erratic rainfall, desertification, rising temperatures, and extreme weather events such as cyclones and heat waves, conditions that have continued to threaten food security, water availability, infrastructure, and economic stability across the continent.

Agriculture, which serves as the backbone of many African economies and employs a significant portion of the population, is particularly at risk.

With the majority of agricultural activities rain-fed, unpredictable weather patterns have led to reduced crop yields, increased livestock mortality, and a higher risk of famine, especially in arid and semi-arid regions.

Smallholder and medium farmers, who produce more than 70 percent of Africa’s food, are unable to produce enough, which is posing more challenges to the continent’s ability to feed itself.

For instance, a 2024 World Meteorological Organisation (WMO) report highlighted a 10 percent drop in North Africa’s cereal production in 2023 compared to the previous five-year average, while erratic rainfall disrupted farming in Sudan, Uganda, Eritrea, Ethiopia, South Sudan and Kenya.

The WMO has confirmed that 2024 was the warmest year on record. Going forward, there is a likelihood that land, sea surface temperatures, and ocean heat will continue increasing.

This, therefore, means that we are still in danger, and a lot has to be done. The ripple effects will continue to destroy marine ecosystems, leading to an increase in vector-borne diseases such as malaria and diarrhoea.

The recent example of Lake Naivasha in Kenya, which has in recent months swelled to swallow farms, business and homes, leading to massive destruction of lives and livelihoods, is another clear indication that we need to have serious policies about our environment before we all perish.

This is why COP must be treated with more seriousness, with the assurance that the promises made will be actioned.

It must never be reduced to a gathering with fiery speeches and enticing pledges. Still, it must be held as a session to pose and deliberate on progress made, shortcomings and chart a way forward for action on the climate crisis.

The deliberations made will mean life or death for millions of people, not just in Africa but throughout the world.

Therefore, one of the most critical discussions must be about loss and damage for Africa. There must be a review of previous financial commitments and an audit of what has been delivered since the last discussions in Baku, Azerbaijan.

The commitments made at COP 30 will provide a lifeline for the world. Climate action can no longer be postponed. Let there be action. The world has heard enough promises.

Property developer Acorn has obtained regulatory approval for a Sh2.2 billion housing fund that will build high-end rental studio and one-bedroom apartments in Nairobi, targeting young professionals

The fund seeks to build the units in key business areas in Nairobi, with young professionals getting into the job market and not ready for a mortgage being the target.

Acorn CEO Edward Kirathe said the approval from the Capital Markets Authority (CMA) marks an important step in expanding the supply of safe and affordable housing for young urban workers who often struggle to find suitable homes in well-located neighbourhoods.

The financiers of the fund include global multilateral organisation Private Infrastructure Development Group (PIDG), which is injecting Sh1.3 billion, Shelter Afrique Development Bank will pump Sh258 million and Acorn will provide Sh645 million equity.

‘The launch of the Acorn Build To Rent (ABTR) D-Reit (Development Real Estate Investment Trust) marks another important milestone in our journey to provide urban Africa with rental housing solutions,’ said Mr Kirathe.

‘The ABTR D-Reit will initially focus on providing purpose-built rental housing for young urbanites between 20-30 years old who work in business hubs of Nairobi.’

The new vehicle becomes Acorn’s latest entry into the Reits space, offering local and international investors a chance to back professionally managed rental units positioned for affordability, proximity to workplaces, and modern amenities.

The funding marks a continuation of development financing partnerships for Acorn, which has previously worked with PIDG on student housing ventures and capital market instruments, including green bonds and Reits.

The properties developed under the new Reit will adopt the standards used in Acorn’s student housing portfolio, including the IFC EDGE green-building certification aimed at improving climate resilience and resource efficiency.

The units will cater to different income levels, including tenants who can afford studio units and those who prefer shared accommodation.

Shelter Afrique MD Thierno-Habib Hann said their investment was aligned with its mission to expand quality housing for Africa’s urban youth, noting that many professionals struggle to find affordable and secure homes near their places of work.

‘Acorn has demonstrated a clear vision and a proven ability to deliver targeted housing solutions that meet the needs of Nairobi’s urban youth. At Shelter Afrique, we understand that housing is not just about buildings, it’s about opportunity,’ said Hann.

Acorn’s partnership with global financiers has grown since 2019, supporting the development of student and youth accommodation and raising $31.36 million (Sh4.1 billion) from Kenya’s capital markets to date.

Environmental degradation is neither a natural condition of the world nor an unavoidable catastrophe; it is the result of choices made by humankind, governments and economic systems that have chosen to fail nature but also undermine productivity albeit at a huge cost.

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Articles 42, 69 and 70 of the Constitution of Kenya makes it a claimable right for every Kenyan to leave in a clean and healthy environment. Under the 4th schedule of the Constitution, the Sustainable Waste Management Act 2022 and the County Government Act 2012; county governments have been placed at the core of providing solid waste management services to their citizenry.

Despite this firm regulatory and policy frameworks, Kenya still chokes on heaps of solid waste that have been cited as having a direct contribution to the environmental degradation.

Granted and far more seriously, the Kenyan situation aptly captures the intentions of the statement ‘left to their own devices, human often make stupid choices’ as advanced by economist Nicki Hutley. Our treatment of the environment reflected by how we handle our waste represents possibly the dumbest choice we have collectively and consistently been making for years.

Deeply entrenched in the principles of linear economy, it is estimated that Kenya and the world at large is consuming the earth’s finite resources at 1.75 times their ability to regenerate.

This reaffirms the need for collective action and deliberate environmental stewardship programmes to reverse the situation.

According to the Global Footprint Network (an international research organization that is changing the way the world measures and manages its natural resources), Kenya would need an equivalent of 2 countries of similar dimensions and geographical features to meet the demands on nature if the status quo remains.

The Ministry of Environment, Forestry and Climate Change estimates that over 22,000 tonnes of waste is generated daily in Kenya which represents an estimated equivalent of 9,900 tonnes if left unmanaged.

While the statics look bleak, the same also offers an opportunity for shared responsibility with citizens and county governments taking the front row. If properly tapped, the waste potential presents an opportunity to create livelihoods and contribute to economic diversification which Kenya is direly in need of.

First County governments should put in place initiatives to support existing waste a management initiative through such undertakings as a tax-holidays and enforcement of bylaws providing for sustainable waste management practices by their citizenry.

Withal, members of the public who are the primary generators of waste must also take it upon themselves to be ambassadors of change as far as proper waste disposal habits are concerned.

Be part of the change today, put your waste in a bin and if possible, put it in the right bin!

Transporters and clearing and forwarding agents have threatened to down their tools, if shipping lines and the Kenya Ports Authority (KPA) fail to address congestion at various container freight stations (CFSs) and container depots in seven days.

At multiple CFSs, long queues of trucks loaded with empty containers are waiting to be offloaded as depots struggle with serious congestion caused by a lack of container repatriation.

Many shipping lines have opted to prioritise picking up exports while leaving behind empty containers at a time, when the port of Mombasa is experiencing an influx of cargo due to the festive-season peak and cargo being diverted from Dar es Salaam following the just-concluded General Election in the neighbouring country.

As a result of the congestion, transporters have introduced a Sh38,000 per truck inconvenience fee. Clearing and forwarding agents are also threatening to down their tools, a move that would further disrupt the supply chain.

According to Kenya International Freight and Warehousing Association (Kifwa) National Secretary Musa Mbira, the port of Mombasa has for months been overwhelmed by a surge in containers, worsened by vessels diverting from Dar es Salaam.

He said that efforts to urge KPA and shipping lines to coordinate sweepers (special vessels to mop up containers) have been unfruitful.

‘We have asked the national government to intervene and sort out the current congestion at the port and CFSs. If this persists, we shall take measures, even downing our tools to totally disrupt the supply chain at the port of Mombasa,’ warned Mr Mbira.

During a stakeholders’ press briefing in Mombasa, Mr Mbira also challenged the Kenya Maritime Authority (KMA) to compel shipping lines to comply with shipping directives to offer the same waivers, saying refusal undermines the entire relief effort.

‘We appreciate KPA and Kenya Revenue Authority (KRA) for honouring the agreed 100 percent waivers on storage and customs warehouse fees. Unfortunately, shipping lines have refused to offer the same waivers,’ said Mr Mbira.

Mombasa Kifwa chairman Rajab Hamisi accused shipping lines of delaying documentation, imposing arbitrary charges, demanding huge deposits and penalising agents for delays caused by their own depots.

‘While same shipping lines comply fully with regulations in Tanzania, here in Kenya they act with impunity, even diverting our transit business. We call on the government and regulatory agencies to act firmly and protect Kenyans from these abuses. If the situation continues, we will be forced to charge shipping lines for delays caused by their own inefficiencies,’ said Mr Rajab.

Transporters and clearing and forwarding agents are also engaging the County Government of Mombasa for space, where they can deposit containers that shipping lines refuse to accept, allowing the lines to collect them at their own cost and time.

Last week, KMA Director-General Omae Nyarandi raised concerns over the ongoing congestion and issued several directives to protect traders.

Mr Nyarandi said that to reduce the cost of returning empty containers, the authority has directed shipping lines to stop charging delay fees on any container delayed from being repatriated once it arrives at the designated container depot.

‘Demurrage charges shall cease to accrue once it is confirmed that an empty container is ready at the designated drop-off depot but cannot be offloaded due to capacity constraints at that depot,’ said Mr Nyarandi in a notice to shipping lines dated November 7.

On the inconvenience fee, Kenya Transporters Association (KTA) chairman Newton Wang’oo said the charge will apply as a truck demurrage or truck detention fee per day, to the contracting clearing agent or freight forwarder whenever trucks are held due to congestion or refusal of containers at shipping-line-designated depots.

Mr Wang’oo said transporters returning empty containers to the designated depots are routinely finding these facilities operating at full capacity and unable to receive additional containers.

‘There has been a serious congestion at the port and different CFSs resulting to operational consequences which include immobilisation of trucks still loaded with shipping line containers, inability of transporters to offload containers and redeploy their trucks, and accumulation of substantial truck delays and financial losses attributable to circumstances beyond the transporter’s control,’ said Mr Wang’oo.

He added: ‘The new fees introduced are as a result of inconveniences since truck owners are in business and it’s just a part to cushion them against losses.’

Mr Wang’oo said transporters shall not bear the financial burden arising from congestion at empty container depots or from any failure by shipping lines to provide a legally compliant and operational return location for their containers.

The chairman said the clearing agents’ inability or unwillingness to compel shipping lines to accept liability shall not, under any circumstances, be transferred to transporters.

‘The advisory is issued to safeguard transporters from unjustifiable operational, financial, and legal losses and exposure,” he said.

Shipping lines are obligated to fulfil their contractual duties, and clearing agents/freight forwarders are required to ensure that liability is directed to the appropriate responsible party.

The association has urged CFSs to maintain comprehensive documentation of attempted deliveries, including photographs, timestamps, entry logs, and any written or verbal rejection notices issued by the depot.

‘We urge owners of depots to communicate all such delays and related incidents promptly and formally to the contracting party, ensuring that written records are preserved for evidentiary purposes,’ said Mr Wang’oo.

Let me start by simply saying, go watch this film. Unseen, 21st and 28th November.

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I understand there is a common complaint that Kenyan film and TV stick too closely to the same genres, drama, comedy, and crime, often featuring the same familiar faces. A creative stagnation.

Yes, I also want to see musicals, horror, sci-fi (this one especially), but I’m also a firm believer that genre is never the problem, it’s what the creative does with it that matters. This movie is a perfect example of that.

The Dog

This is a Swedish-Kenyan crime thriller, though the credits suggest it’s more of a Swedish-owned Kenyan story, directed, produced, and written by Baker Karim.

It follows MZ (Alexander Karim), a small-time drug dealer in Mombasa, who descends into a desperate, high-stakes spiral after a dangerous obsession with Kadzo, an escort played by Caroline Muthoni. The story also features Lorna Lermi and veterans like Caroline Midimo and Robert Agengo.

It’s a character examination, a perfect embodiment of the ‘F around and find out’ meme, plunging us into the dark, perverse madness of Mombasa’s criminal underbelly.

The good

The director’s vision is clear from the opening tracking shot. Character arcs, motivations, and themes are clear without being preachy, striking a perfect balance between tackling social issues and entertainment.

The film’s opening, including the title card’s claustrophobic font choice, placement, size, and case, lays the groundwork for a cold, brutal, and unforgiving universe. It’s a well-thought-out world, complete with rules, hierarchies, and consequences, or ‘tax,’ in this case, all given a cinematic yet consistently grounded touch.

The cinematography is a step beyond standard good lighting and blocking. Its strength is the exceptional utilisation of the location, with one of the best uses of the coastal city I’ve ever seen.

The camera moves through the concrete jungle of the city centre, the ghettos, and the lush resorts, capturing the story’s economic contrast and giving the city an expansive, lived-in feel. I also can’t understate how the director and cinematographers handle the raunchy and horrific moments.

The diverse casting surprisingly captures the reality of the coastal city’s inhabitants. Alexander Karim, with his chiselled action-movie look, brings MZ to life, but I found him far more effective when silent, limited to expressions, the dialect coach failed. Caroline Muthoni is pivotal as Kadzo, steering some of the story’s more complex material in the second and third acts.

Caroline Midimo is interesting in her role, maximising her somewhat one-dimensional character. But for me, Robert Agengo steals the movie, often without having to say a word. His timing and delivery are stellar. Lorna Lermi delivered a tight, intense role with her limited screen time, playing one of the film’s most believable characters.

The costumes and make-up team clearly aimed for realism, successfully making the characters look like real people with outfits that reflect their economic status, including small details like capturing the coastal humidity.

This grounded approach extends to the props, with scenes featuring everyday items, like the interesting use of a tomato sauce sachet, which further grounds the film, as does MZ’s visual motif and the texture of the blood.

The writing effectively uses street-level lingo, helping sell the authenticity of the premise. The tight, creative editing keeps the narrative punchy and fast-paced. The score is intense, and the sound design utilises silence and specific sonic details (like the call to prayer) to elevate the realism in some scenes.

Gripes

I’m pro-collaboration, but I find it fascinating that for a movie labelled a Kenyan film, Kenyans behind the scenes are relegated to principal photography, what I can playfully refer to as watu wa mkono, with no executive producer, producer, editor, sound designer, or colourist from the country. This, for me, blurs the line between collaboration and cultural exploitation.

Alex Karim is incredible in this, but his coastal Swahili is jarring, the immersion is broken every time he opens his mouth. In fact, generally, the Swahili in the film lacks the distinct rhythm and charm of the coast. Frankly, the movie could have been set in Nairobi without a noticeable linguistic difference.

I also think MZ makes conveniently stupid decisions for a character who was not established as a beginner in the game.

Though the performances are strong, some feel overly theatrical, like straight-up stage play.

The Sadam character is one-dimensional, and I thought the creators missed an opportunity to challenge the audience by imbuing the character with charm or a subtly lovable style, lending complexity that throws the audience into moral limbo.

The pacing is everywhere, randomly jumping from pockets of slow, character-building moments to high-octane sequences, noticeable for those going in for a constant thrill ride.

The gruesome scenes are welcomed, but one specific, technically impressive sequence felt purely like it was designed for shock value, lacking the creative thoughtfulness of an earlier, equally unsettling scene (the tuna scene), which was effective because it engaged the viewer’s imagination. A few well-placed red herrings could have significantly spiced up the narrative, as the film follows a familiar structure.

My biggest problem, however, is the marketing. I can bet most people reading this haven’t heard of the film. The PR and marketing team (if they existed) failed to put this movie in the public eye, failing to leverage the veteran, crowd-favourite actors and Kenyans’ diverse media landscape (podcasts and legacy media).

Summary

This is where I write a cool, philosophical, thoughtful summary of everything I’ve mentioned above, but let’s keep it simple this time, just go watch this movie.

The fear of risk among retail investors and relatively stable returns from instruments such as money market funds (MMF), have seen equity funds struggle to pull in investors even as the stock market rallies.

The assets under management in equity funds -a class of collective investment schemes investing primarily in stocks- remain subdued at Sh2.8 billion, representing about one percent of the unit trust industry assets.

The number of equity funds also remains low at 15 as per data from the Capital Markets Authority (CMA) as of June 2025. In contrast, the number of MMFs, the most popular class of unit trusts, stands at 52 with assets of Sh372.8 billion over the same period.

According to analysts, investors have gravitated towards the much simpler MMFs, which ensure capital preservation and some returns depending on the level of interest rates in the economy.

Additionally, individual investors have shied from the stock market which is deemed as volatile, oscillating between booms and bust.

Most retail investors also choose to participate in equities by direct investments rather than through funds which charge a fee.

‘For every Sh100 invested in unit trusts, only about Sh0.50 goes into equity funds,’ said Richard Muriithi, a Senior Portfolio Manager at ICEA Lion Group told the Business Daily.

‘The mentality that most investors have is that they want their money to earn more than what they achieve by putting their money in the bank and that’s the offering from a money market fund. An equity fund is a very different conversation as you are looking at a longer investment horizon, usually between three and four years.’

Equity funds also face competition from investors directly taking stakes in the stock markets through brokerage accounts which allows them to pick individual stocks.

Technological advancements and market innovations such as the ability of investors to buy a single share have democratised market participation allowing more individuals to own equities directly.

Equities have returned to the investment radar boosted by the recovery of the stock market which delivered average gains of 34 percent in 2024 and 51.7 percent year-to-date, lifting investors’ paper wealth at the Nairobi Securities Exchange (NSE) by over Sh1 trillion.

The recovery of the market is expected to revitalise interest in not just direct share ownership but also indirect participation through proxies such as equity funds.

Fund managers expect to stand out from the expertise offered to investing clients where the professionals bet on themselves to deliver more steady return by picking winning stocks in both a bull and bear run.

Equity funds charge investors a fee of between 2 percent and 3 percent on average, while the price of a unit of the fund is based on the collection of stocks comprising each fund.

‘A portfolio manager’s work is to combine stocks to be able to earn a return both in terms of capital appreciation and dividend income. The manager can play on both strengths to create a less risky basket,’ added Mr Muriithi.

‘You can see the benefit of the expertise offered during adverse market cycles as they can select stocks that will ride the wave, shifting the approach from seeking capital gains to more income-oriented counters.’

Equity funds’ managers also set aside cash allowing them to be agile by deploying funds to emerging opportunities including investing in high-yielding cash instruments, a move which can provide buffers in periods of a market downturn.

The stock centred funds have similarities to other types of unit trusts by offering low entry requirements including a minimum investment as low as Sh500 which gives investors exposure to a variety of counters at affordable rates.

Fund managers are betting on more investor education to popularize not just equity funds but also the stock market with the number of individual share accounts at the NSE remaining below 1.3 million as of September 2025.

‘The conversation is not as easy to position while the understanding of cash products is much simpler. There is room for people to appreciate the role of equities in wealth creation,’ Richard Muriithi said.

Kenya’s leading utility firms are rapidly phasing out manual systems in favour of digital platforms in customer service, with entities such as Kenya Power and Nairobi Water being the latest to adopt automation, to streamline onboarding and billing processes.

Kenya Power has revamped its MyPower App and the USSD *977# platform while Nairobi Water has shifted all customer applications and billing to online portals, marking a full-scale transformation in how citizens access essential services.

The two utilities say digital tools are improving turnaround time for applications payments and complaints, while eliminating queues and paperwork that previously defined customer interactions across electricity and water offices.

Last month, Kenya Power updated the MyPower App to allow customers to manage multiple accounts, buy tokens, as well as track usage, while its AI-powered chatbot Nuru, now handles real-time queries through its website and social media channels.

Nairobi Water, on its part, has introduced full online onboarding for new customers, while sending bills exclusively through email and SMS, ending the paper trail that sustained decades of manual processing.

‘We are embracing digital transformation to make Nairobi Water a smart utility for a smart city. Technology is helping us improve efficiency, reduce losses and enhance convenience for our customers,’ said acting Managing Director Martin Nang’ole.

A latest audit report shows that during the year to June 2024, 76 public water companies across the country lost Sh15.9 billion on water not billed to customers, revealing the burden the service providers face due to the use of outdated equipment and illegal connections.

The firms are leveraging digital tools to achieve operational efficiency by linking data management systems with customer accounts, allowing faster validation of consumption patterns and improving the accuracy of billing records.

At Nairobi Water, executives describe digital monitoring as essential to reducing non-revenue water losses, which have historically drained resources from expansion and maintenance budgets.

Kenya Power’s customer interactions through MyPower App hit 2.02 million during the year to June 2025, while its USSD requests stood at 1.84 million, indicating rising preference for self-service platforms.

The increased uptake has reduced customer calls by about 900,000, underscoring the impact of automation in cutting pressure on contact centres and lowering administrative overheads that have long inflated costs.

Kenya Power Board Director Ruth Muiruri has linked customer convenience to better collections, saying predictable and responsive service builds trust and stabilises revenue for future infrastructure investments.

‘We are keenly listening to the feedback from our customers to develop products and strategies that empower them to engage with us proactively, because we know when customers are happy, they pay willingly, losses reduce, revenues grow and our financial position strengthens,’ she said last month during the launch.

Nairobi Water says digitising its application processes has also removed manual bottlenecks, making it easier for developers and investors to secure connections needed for construction approvals and property occupation permits.

By going digital, the utilities are reorganising the commercial ecosystem that once depended on paper transactions and physical billing networks that were chiefly managed by the Postal Corporation of Kenya (PCK).

Posta Kenya has, over the years, earned steady commissions as a billing agent for major utilities, processing payments at post office counters before online channels disrupted that revenue stream.

PCK’s dwindling revenues have seen the corporation turn to cost cutting drives in recent years, including layoffs, to remain afloat.

On their part, the utilities reap a range of dividends from the digital shift, including lowered transaction costs faster reconciliation of receipts and reduced human error which, together, improve revenue assurance and shrink the window for leakage or fraud.

Reduced dependence on paper billing also means lower printing distribution and archiving expenses, which historically burdened both parastatals and their payment agents.

The initial rollout, however, demands sustained investment in software, system security and staff training to maintain uptime and prevent cyber disruptions that could paralyse customer billing cycles.

Kenya Power and Nairobi Water have retained USSD services to accommodate users without smartphones, ensuring that essential functions like payments and inquiries remain accessible to those outside internet coverage zones.

Globally, the debate over full digitisation has intensified, with Europe’s Ryanair recently scrapping printed boarding passes to cut costs and accelerate boarding for its 206 million passengers.

The airline’s move, which mirrored the Kenyan utilities’ argument for efficiency, has since provoked criticism over accessibility for older travellers or those without smartphones, highlighting a familiar tension between convenience and inclusion.

Consumer advocates warn that Kenyan utilities face similar risks if digital systems entirely replace physical channels without adequate safeguards for the digitally marginalised.

Asset financing firm M-Kopa Kenya Limited now alleges that its co-founder and former chief financial officer (CFO) Chad Larson intends to undermine the company’s progress as he takes his shareholding dispute to the Capital Markets Authority (CMA).

The Kenyan unit of the London-based M-Kopa Holdings said the legal actions initiated by Mr Larson, including the latest petition to the CMA, are not about defending African employees, but rather to disrupt the company’s success.

This follows Mr Larson’s social media post of a letter he had written to CMA’s chief executive officer Wycliffe Shammiah, asking the authority to review M-Kopa’s share pricing as Japan’s Sumitomo Corporation seeks to buy out existing shareholders.

Mr Larson owns a one percent stake in M-Kopa and served as its first CFO until 2018. The firm says Mr Larson left after losing confidence in the company and has since ‘worked against M-Kopa as a board director and paid adviser for a direct competitor.’

Another co-founder, Nick Hughes, has also left the company to start a new venture. Of the three co-founders, only Jesse Moore remains.

M-Kopa turned a net profit of Sh1.2 billion for the first-time last year, after more than a decade of losses.

In a statement, M-Kopa called Mr Larson’s allegations as ‘baseless’ and argued that his interventions often coincided with critical business periods. The company claims that this pattern suggests coordinated attempts to hinder its progress rather than real grievances or genuine concern for its Kenyan employees.

‘Mr Larson is also repeating his baseless allegations in the media, including by sending a letter to the CMA and leaking a copy publicly. The company strongly denies the baseless claims made by Mr Larson in court and in the media more broadly,’ M-Kopa said.

In his letter to the CMA dated November 6, Mr Larson claimed that the valuation used to determine the buyback price for Kenyan employees ‘appears biased, manipulated and grossly inconsistent with the company’s actual market position and recent financial performance.’

He told the regulator that ‘the offer being presented to these employees is unreasonably low and not reflective of the fair value of M-Kopa,’ alleging that it is about 95 percent below the level he believes is fair.

The claims relate to the ongoing Series F funding round that M-Kopa is discussing with Sumitomo Corporation, a Japanese trading firm seeking to increase its stake following a capital injection of Sh4.7 billion in 2023.

CMA told Business Daily that the matter is not within its purview as the company is not listed in Kenya.

According to Mr Larson, M-Kopa should be valued at between $4 billion (Sh518 billion) and $10 billion (Sh1.3 trillion), which would make it more valuable than Safaricom, Kenya’s largest listed company.

‘His claims that M-Kopa should be valued at four to 10 billion dollars are demonstrably false. Ten billion dollars would equal the combined value of Kenya’s two largest publicly traded companies,’ M-Kopa said.

Mr Larson had previously gone to court seeking an injunction on the funding round on similar grounds. M-Kopa claims that he withdrew the case due to ‘inaccuracies in his sworn evidence.’

He was also unable to convince the court that his case was not related to a separate lawsuit filed by former M-Kopa employee Elizabeth Njoki, who alleges racial bias in the shareholding scheme for Kenyan staff.

Ms Njoki is suing M-Kopa over what she describes as a racially biased employee shareholding scheme that has been restructured to give employees of African descent lower-valued shares. She claims that their portion has been diluted from 27 percent in 2019 to seven percent today.

M-Kopa had previously requested that the Employment and Labour Relations Court dismiss the case on the grounds that shareholder agreements must be heard in UK courts since the company is incorporated in England.

In response to Mr Larson’s approach to the CMA, the company now claims that the regulator also lacks jurisdiction. ‘The transaction referred to in the letter relates to private share sales in a UK company between willing third-party buyers and sellers that do not fall under Kenyan CMA regulation,’ M-Kopa said.

Africa remains an alluring land brimming with economic opportunity. The International Monetary Fund (IMF) recently found that nine of the world’s 20 fastest-growing economies in 2024 are African.

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Our continent is projected to account for over half of global population growth by 2050. All this and we boast a median age of only 19, making this one of the most dynamic regions in terms of market potential and workforce expansion.

For investors, these fundamentals are compelling. Yet recent retrenchments by multinationals have sent mixed signals: a sobering reminder of Africa’s operational complexity, but also a wake-up call for smarter, better-prepared expansion strategies.

Africa certainly hasn’t lost its viability, so investors are forced to confront the complexity head-on. High-growth potential still defines many African markets. But as the policy and regulatory environment evolves, the margin for error is shrinking.

Companies are increasingly aware that a successful African strategy requires far more than a compelling business model.

What we’re seeing now is a move away from the idea that you can replicate a global playbook here. You have to take the time to understand each jurisdiction on its own terms – i.e. laws, political climate, and institutional realities.

The intricacies of doing business in Africa are hardly new. But what has shifted in recent years is the pace of regulatory change. From local content rules to ESG reporting obligations and the digitisation of tax systems, many African governments are tightening compliance regimes and modernising their frameworks.

While this is a welcome shift in terms of governance and transparency, it can also create uncertainty for companies that lack local insight. There’s a definite increase in red tape, but also in expectations. Yes, governments want investment.

But they also want it on terms that serve their national development goals and agenda. That means businesses need to be smarter and more agile to African change.

One of the more promising developments is the slow but steady implementation of the African Continental Free Trade Area agreement.

This has sparked optimism around the possibility of greater regulatory harmonisation. Yet for now, investors must still navigate the continent’s legal patchwork. Labour laws in Zambia won’t match those in Kenya. Exchange control restrictions in Angola won’t reflect those in Ghana. Understanding the business climate means understanding the law and how it is applied in practice.

This is where deep local insight becomes a competitive advantage. The difference between successful and failed expansion often comes down to how well a business reads the local environment, not just the statutes, but the soft infrastructure around them.

Enforcement, access to regulators, court efficiency and even social licence to operate all matter, making the journey a lot more complicated.

In response to this increasingly complex operating environment, Cliffe Dekker Hofmeyr recently released its 2025 Africa Corporate Guide.

While not the primary focus of the story, the guide leverages the firm’s extensive experience across 18 jurisdictions to provide businesses with a clearer understanding of regulatory landscapes, sectoral nuances and practical pathways for market entry and compliance. It’s not a silver bullet, but a reminder that in Africa, knowledge isn’t just power, it’s protection.

It’s not just foreign investors who need this level of insight. African companies themselves, especially those scaling across borders, contend with the same challenges.

There’s a massive amount of intra-African activity happening from regional expansion to mergers, to cross-listings, and beyond. These businesses are just as in need of strategic legal guidance, and in many cases, they’re more agile in how they respond to local dynamics.

The risk narrative surrounding Africa has always been a dominant one, but it rarely presents the whole picture.

For those willing to invest the time and resources into understanding the contours of local law and policy, the continent still offers some of the world’s most compelling growth stories. But that growth depends not just on optimism, but on insight.

In this climate, success is less about bold moves and more about informed moves. It’s not about whether Africa is open for business – we have been open for a while now. This all comes down to whether businesses are prepared to meet Africa on its varied terms.

Although geographically separated, China and Kenya share a profound cultural resonance.

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Ubuntu, the African philosophy centered on the idea that “I am because you are”, focuses on collective coexistence and harmonious inclusiveness, highlighting the close connection between individuals and society. This core spirit is highly consistent with the concepts of “benevolence” and “harmony within diversity” in traditional Chinese culture.

For the event, 2025 Kenya “China Animated Film Festival” opened grandly at the Confucius Institute of the University of Nairobi on November 11, 2025, the organisers selected six excellent animated works that feature both Chinese aesthetic characteristics and the spirit of the times.

Chang An is an epic story of the rise and fall of the Tang Dynasty through its multi-dimensional characters and striking Tang-style aesthetics. New Gods: Yang Jian reinterprets the Creation of The Gods myths from a fresh perspective, integrating oriental fantasy with top-tier visual effects, opening a window for Kenyan audiences to understand China’s traditional mythological system.

White Snake and White Snake 2: Green Snake form a complete narrative about female growth-ranging from the timeless love between Bai Suzhen and Xu Xian to Xiao Qing’s self-awakening in the crucible of conflicts.

I Am What I Am 2 combines traditional Chinese martial arts with modern combat, demonstrating the spiritual essence of Chinese lion dance culture while depicting ordinary people’s perseverance and struggle in the face of hardships.

Boonie Bears: Future Reborn adopts a time-travel sci-fi setting to expose the profound crisis of environmental pollution, conveying the universal values of solidarity, responsibility and safeguarding one’s homeland.

These works show the richness of Chinese culture and the production standards of contemporary Chinese animation from various angles, and also offer Kenyan audiences a new way to learn about Chinese culture.

The exhibition area of the film festival took “New Chinese Chic” as its core design concept. The main exhibition area created an oriental artistic conception of “Splendid China” through the use of iconic Chinese landscape elements: lucid waters, lush mountains, and crimson cloud patterns.

Meanwhile, the photo zone incorporated Kenyan geometric totems and bright colours, forming a visual echo between the two cultures.

Through the colour layout that embodies the concept of “prosper individually and collectively”, the exhibition area directly promotes cultural communication and resonance.

While boosting film and cultural exchanges, China UnionPay, the sponsoring brand of the festival, has continued to expand its payment service layout in Africa. At present, UnionPay cards are accepted in 51 countries and regions across Africa, with basically full coverage at merchants and ATM terminals in Kenya and other regions.

As the sponsoring brand of this film festival, China UnionPay has supported outstanding Chinese animated works in entering the African market, thereby forging a new bridge for cultural exchanges between China and Africa through the art of film.

The festival was co-hosted by the Embassy of the People’s Republic of China in the Republic of Kenya, the Kenya Film Commission and the China Film Archive and organised by four Confucius Institutes in Kenya.