Category: Business Daily

Kenya’s next phase of growth will increasingly depend on reliable digital connectivity. Roads, ports, railways and industrial investments remain essential to development. In today’s economy, however, connectivity deserves to be discussed in the same breath.

It enables people, businesses and institutions to transact, learn, access services, innovate and compete. Connectivity has become the invisible infrastructure behind modern life. According to the Communications Authority (CA) of Kenya’s latest Audience Measurement and Industry Trends Report, the country has an average of 18.8 million internet users.

In the fourth quarter of the 2025/26 financial year, internet usage stood at 57 per cent, with usage highest among people aged 15 to 24.

AI, automation and advanced digital services will only be as strong as the connectivity that underpins them.

Connected cold storage and market platforms can reduce losses for perishable produce and help farmers reach buyers fast. IoT-enabled fleet tracking is improving visibility, safety and efficiency.

For SMEs, cloud services and cybersecurity are making it easier to digitise operations without heavy upfront infrastructure. Connectivity is helping small businesses sell beyond their immediate neighbourhoods. In financial services, mobile platforms are giving more people access to payments, savings, credit, investment and other tools for building wealth.

According to the CA, average monthly mobile broadband use rose to 15.1GB per subscription, increasing to 53.5GB among 5G users. This growing appetite for data strengthens the case for continued investment in networks that can support cloud computing and attract technology investment.

We see this transition at Safaricom every day. Our vision is to become Africa’s leading purpose-led tech company by 2030, but that ambition is rooted in what customers are asking for: trusted connectivity, secure platforms, cloud capabilities, cybersecurity solutions and technology that helps them grow in a more digital economy.

Meeting these expectations requires investment in expanding coverage, modernising infrastructure, strengthening cybersecurity and preparing networks for technologies that will shape the decade ahead.

Beyond mobile coverage, we also continue to expand fibre as a critical part of Kenya’s digital infrastructure, growing our metro fibre footprint to more than 18,300 kilometres and connecting at least 130,000 homes by the end of the year.

No single institution can deliver this transformation alone. Government, regulators, technology providers, businesses and academia have a role in keeping Kenya’s digital progress inclusive, investment-friendly and anchored in the needs of citizens.

Inclusive connectivity will remain one of the most important enablers of Kenya’s digital future.

I should become a stand-up comedian, I think to myself in a half-full fourteen-seater matatu as I wait for it to get full. I am heading to the Nairobi International Comedy Festival gala and awards event, a festival that has been running since August 25, and I am excited; we are celebrating African stand-up tonight.

I start thinking of a joke. I imagine myself on a stage, an audience of more than 1,000, or maybe 500, since Kenyans would rather stand in the cold to watch an artiste who was relevant thirty years ago than attend a stand-up event. Anyway, I am on stage, mic in hand.

‘Sometimes it feels like in Africa jokes write themselves. Instead of coming up with policies that guarantee unlimited internet connectivity across the country so rural youth can access international opportunities, since the government has failed to create jobs, policymakers propose a law introducing an internet metering system requiring providers to track consumption via unique subscriber meter numbers and report data to state regulators.

Framed as consumer protection, it basically nukes consumer privacy and opens up citizen surveillance. The most devastating part is that it will make internet expensive and lock out young people looking for opportunities elsewhere. But I know what you are thinking: since this is Africa, what is the catch here? One, possibly political survival via silencing the youth through surveillance based on the events of 2024. Two, continuing the trend of invading the middle-class wallet because policymakers are too lazy to come up with creative ways of making money. Or maybe three, just the classic greed, someone somewhere is eyeing a tender.’

Then comes the punchline.

‘Well, this country is supposed to be the Silicon Savannah, a leader in growing technology and innovation, but as the policymakers throw the country back into the Stone Age, the people are busy talking about alcohol.’

I lean back. By that time, the matatu is on the move. Not even a smile on my face, I would probably bomb on stage. I shudder and decide to keep my day job. Thirty minutes later I walk into Mövenpick, the venue. I sign in, grab a coffee, and settle in for some of Africa’s finest comedians.

The venue has a sense of order. Two big displays flank the stage, which features a black background, the event logo, and a mic. Simple, clean.

It is 7pm. People slowly start stream in, good music plays in the background. The show should start in 30 minutes, I am forgetting this is Africa. Thirty minutes pass, then an hour. We wait for an 1:40 minutes. My coffee buzz is fading as Doug Mutai and the security head make an announcement.

Kick-off

Ty Ngachira, in a blue suit, finally takes the stage. He is going to be host for the evening. Good choice, I tell myself. He lays out the rules, explaining the format, and makes sure even first-timers in the venue know exactly what is happening.

It is a different format. Each comedian performs, then presents an award. He warms us up with bits about Kenya as the cradle of Africa, Ruiru bitters, and playful digs at Nigerians, Rwandan and other african countries, effectively setting up the theme of the evening, a comedic celebration of Africa.

Babu Joe from Rwanda is the opening act. He walks us through his journey of becoming a comedian in Rwanda and other countries’ perception of the nation and stand-up comedy. He talks about travelling, proving himself abroad.

I am impressed by how comfortable he is on stage. I can see the experience in how he commands the stage. He is funny without being over the top, a perfect opener. Ty returns for a bit of banter, then guides him into presenting Breakthrough Act of the Year. Nelly Wangechi wins. I note she is dressed for the event and thrilled as she picks up the award.

Maina Munene follows, dressed in green. Thankfully, Ty asks about the outfit later. His set bounces from white people in Nairobi and their ‘safe words’ to giraffes with questionable attitudes, Indians in Parklands, and strip clubs. He moves confidently across the stage, full of energy, and his timing is impeccable as always. After his set, he presents Best Female Comedian, which again goes to Nelly Wangechi, now twice a winner and visibly humbled.

Forever from Nigeria comes next, in a suit. I am immediately taken aback by how contained he is. I mean, he is a Nigerian, and we all know how loud they are. He starts with some self-deprecating humour, then touches on corruption, protests, and travelling through 21 countries. He even throws in a bit on Kenyan obsession with chips. I am still hung up on why his cadence and charisma are controlled.

Apart from the accent, you would not be able to tell he was Nigerian. Ty joins him for banter about Kenya versus Nigeria before he hands Best Male Comedian to Adan Abdi.

Sadick Ali from Tanzania is next. He kicks off with the current situation with Kenya and Tanzania, his father’s reaction to him becoming a comedian, and playfully roasts a sponsor of the event. He surprises us with a thoughtful bit on Tanzania’s film industry and travelling across Africa. I am taken aback by his delivery. He is surprisingly articulate for a Tanzanian. He presents Best Comedy Special to Amandeep Jadge, who makes a lively entrance to accept it. Looking at Aman, I figure he did not expect to win.

Adan Abdi follows. His outfit makes him look like a hip New Yorker. He is bold and confident on stage, riffing on being African, travelling, and being a single Somalian in Nairobi. His precision stands out. At that moment, I am interrupted and forced to leave the room for a few minutes.

The switch

By the time I get back, Okello Okello from Uganda has taken the stage. He is in an all-white outfit. Then I start feeling the switch in energy. His chicken jokes, boda boda chaos, Ugandan police, and protest experiences are spot on. His pacing and punchlines have the room in tears. He is a great storyteller, but by that time I can hardly breathe.

Ty Ngachira thankfully asks about the outfit, clearly he sees that he is setting him up, and Okelo runs with it. He delivers a self-deprecating bit on his skin colour that brings the house down. He presents an award for Headliner of the Year to a fellow Ugandan, Hillary Okello, who comes in prepared with a prop that turns into a joke.

Bexta Ndabalime from South Africa brings the energy and delivers a nostalgic routine about love letters and exaggerated song lyrics. He reads the room perfectly. I note just how relatable his material is, keeping millennials and older guests laughing. His energy, pacing, and stage presence demand attention. His banter with Ty Ngachira becomes another random but very funny bit. By this time I am crying. He presents Live Performer of the Year to Arnold Saviour, who accepts via phone, creating a quirky moment.

Doug Mutai appears unexpectedly in a suit, thanking the crowd before announcing a surprise award: Best Friend of Comedy, given to Karimi Ngeera, a judge and loyal supporter of the Kenyan comedy scene.

Hillary Okello, the winner of Headliner of the Year from Uganda, makes a surprise performance. At first, I am not thinking much of it as he starts off with a boda boda bit, but he shifts gears when he goes into a church routine. Through good pacing, storytelling, timing, and delivery, he has the room in tears, which justifies the award he received.

A smartly dressed Mammito Eunice joins Doug on stage, joking about motherhood and thanking the sponsor. They bring out the performer of the evening. I take out my phone, something I do not usually do, and capture that golden moment, having that group of talent all at once on one stage.

This is the first edition of the festival to not only showcase comedy but honour comedians with awards, and they nailed it except for two things.

My only gripes are timekeeping and the trophies themselves. The design and choice of Gold is generic. An African-crafted design would be more fitting. The organisers should visit Wamunyu or Kisii for uniquely aesthetically pleasing and authentically African trophies. Still, I leave happy. Yes, my country is about to be thrown back into the dark ages, but I walk out knowing I have witnessed something special: African comedy celebrated live in Nairobi.

Nairobi International Comedy Festival 2026 award winners

Breakthrough Act of the Year – Nelly Wangechi

Best Female Comedian – Nelly Wangechi

Best Male Comedian – Adan Abdi

Best Comedy Special – Amandeep Jadge

Headliner of the Year – Hillary Okello

Live Performer of the Year – Arnold Saviour

Best Friend of Comedy – Karimi Ngeera

When parents think about inheritance, the hope is simple. That every child will feel loved, remembered, and treated fairly. But in blended families where there may be children from previous relationships, adoption, or a new marriage, fairness isn’t always straightforward.

Remarriage, jointly owned property and beneficiary nominations can leave children from previous relationships with less than their parents intended.

Leah Ng’ang’a, an advocate in the Family Law and Estate Planning Department and managing partner at Ng’ang’a and Associates says ‘Kenyan law allows a property owner to structure their estate according to their wishes and the circumstances of their family.’

A parent may therefore decide to make different arrangements for different children while ensuring that all of them are protected. Family trusts, for instance, empower trustees to decide how and when to distribute income and capital to beneficiaries, providing flexibility to cater to children’s different needs.

Do children have to inherit equally?

Under the Law of Succession Act, a parent’s will is not strictly bound to equal division of assets.

‘A child or dependant who is left out of a will without any explanation by the parent can apply to court to be reasonably provided for,’ Ms Ng’ang’a says.

However, if a parent dies without a will, the courts divide the assets equally among them because the law recognises all children, including those from previous relationships, as beneficiaries entitled to inherit from their deceased parent’s estate, whether the parent was married, separated, or in a polygamous union.

‘The law gives surviving spouses certain rights, but without a will, there is no authority for specific bequests or guardianship arrangements for minor children from different relationships, which can lead to complications,’ she says.

Kenyan law recognises children, including those from previous relationships, as beneficiaries of their deceased parent’s estate. Children born outside marriage have also been protected by the Constitution from discrimination in inheritance.

‘Children born out of wedlock have been constitutionally protected to inherit from their biological fathers following court rulings on the unconstitutionality of laws that previously discriminated against them.’

When a parent remarries

Remarriage can alter the succession picture, particularly where a parent has children from an earlier relationship.

A surviving spouse’s rights can affect what children from a previous relationship ultimately receive because they can affect the assets available for distribution, Ms Ng’ang’a says.

Parents who remarry should therefore review their wills, beneficiary nominations and property ownership arrangements to ensure they still reflect their intentions towards the current spouse and children from earlier relationships.This is particularly important for life insurance policies, pensions, Sacco accounts and other assets that have nominated beneficiaries.

Ms Ng’ang’a says some parents fail to update their wills and beneficiary nominations after remarriage or other changes in their family structure.

Joint ownership can also have unintended consequences.

‘Property held jointly can automatically pass to the surviving owner when one owner dies. This can mean that the asset does not form part of the estate available for distribution to children or other beneficiaries.’

By contrast, where property is held as tenants in common, each owner’s share is divisible and can be passed on through a will or under the rules of succession.

What about children from a previous relationship?

A parent who has raised and supported a spouse’s children can also acquire parental responsibility towards them.

Ms Ng’ang’a says where a person accepts a current spouse’s children from another relationship, takes care of them and treats them as their own, the courts can, in certain circumstances, require that person to continue providing for the children.

‘If such a person dies and leaves out such children from his or her will, the children can apply to the court as dependants to be provided for under the will.’

This makes the legal position more complicated than simply dividing an estate between biological children.

There have also been disputes involving customary and religious rules that historically discriminated against children born outside particular marriages. Kenyan courts have found some such provisions unconstitutional.

Can parents give children property before they die?

Parents do not have to wait until death to transfer part of their wealth to their children.

They can give assets to children during their lifetime through recognised gifts inter vivos, while leaving other property to be distributed later through a will or trust.

‘If a person dies intestate, having given some children gifts inter vivos, the court in distributing the remaining estate shall take into consideration the gift inter vivos, but this does not mean that such children will not inherit from the remainder of the estate.’

Prenuptial and postnuptial agreements can also help clarify ownership of assets and distinguish individual property from matrimonial property, potentially protecting assets intended as a legacy for children.

What assets may bypass a will?

One of the biggest sources of confusion in succession planning is assuming that everything a person owns will be distributed according to their will.

Some assets can pass directly to nominated beneficiaries rather than through the estate.

Ms Ng’ang’a says these include retirement accounts, life insurance policies, pension benefits and some Sacco and bank accounts with designated beneficiaries.

Such nominations can therefore determine who receives the asset when the owner dies, making it important to keep beneficiary details consistent with the wider estate plan.

Why planning early matters

Many parents postpone estate planning and difficult conversations about money until old age or illness. This can result in rushed decisions, unmet expectations and family disputes.

A will prepared when a person is seriously ill may also be challenged on the grounds that they lacked the mental capacity to make it.

For blended families, Ms Ng’ang’a says succession planning is therefore about more than deciding who gets the house, land or money.

It requires parents to consider how marriage, family relationships, property ownership, wills, trusts and beneficiary nominations interact-and to document those intentions clearly while they still have the opportunity to do so.

Stanbic Bank Kenya has been ordered to refund a customer Sh511,000 after a court found that weaknesses in its customer verification and digital onboarding systems enabled fraudsters to access and drain his account.

In a judgment that underscores the importance of stringent Know Your Customer (KYC) controls, the Small Claims Court held that the bank’s self-registration process for its OMNI digital banking platform failed to provide adequate safeguards when activating a new digital channel on an existing account.

The court in a judgment on August 25, ruled that banks have a duty of care to ensure significant changes to customer accounts, such as the activation of internet or mobile banking services, are subjected to robust identity verification.

‘The loss would have been prevented if the bank had a robust verification process for new digital profiles. The delay in reporting does not excuse the bank’s structural negligence,’ the court said.

Evidence showed that James Njoroge was robbed on July 13, 2025, and lost his mobile phone, identity card and other personal documents. Within hours, fraudsters used the stolen items to create a digital banking profile linked to his account and transferred more than Sh1 million.

Court records show that at 2.48 pm on the fateful day, a new OMNI profile was registered on the account. Between 3.09 pm and 3.25 pm, three transactions totalling Sh1,001,000 were processed.

The theft was reported to the bank by Mr Njoroge’s wife at 5.19 pm, after which the account was restricted. The bank later recovered Sh490,000 from a recipient account and credited it back to the customer.

Mr Njoroge, a customer of the bank for more than 10 years, told the court that he had never enrolled for mobile or internet banking and preferred conducting all his transactions physically at the branch.

He argued that the bank fundamentally altered the nature of his account relationship by allowing a stranger to activate a powerful digital banking channel, using only information contained in his stolen documents and a one-time password (OTP) sent to his stolen phone.

According to the court, the bank’s registration process relied on information such as a national identity card number, date of birth, account number and OTP authentication.

The court found that these checks fell short of the level of verification expected when introducing a new digital access channel.

‘The information provided 10 years ago to open a physical account is the same information that the fraudster now possesses. It does not serve as a robust verification for a new and powerful channel,’ the court said.

The court noted that banks are expected to implement stronger KYC and customer due diligence measures, including mechanisms capable of independently verifying the identity of a person seeking to activate digital banking services.

The court observed that a previously offline account with no history of digital activity was suddenly enrolled on the OMNI platform and used to transfer over Sh1 million within 16 minutes.

‘Large, rapid transfers to a new, unrelated account after the activation of a digital profile on a previously dormant account are exactly the kind of red flags that a reasonably competent bank should have systems in place to detect and halt,’ the court said.

Stanbic argued that the transactions were authenticated using the customer’s credentials and that it could not have known they were fraudulent. The bank also blamed Mr Njoroge for failing to report the robbery promptly, noting that nearly 11 hours elapsed between the robbery and notification.

However, the court rejected the argument, finding that Mr Njoroge had been robbed, drugged and incapacitated, and that his wife reported the matter as soon as reasonably practicable.

The court directed the lender to pay Mr Njoroge Sh511,000, together with interest at 12 percent per annum from the date the suit was filed.

The judge further held that reliance on a ‘closed-loop’ SMS OTP system was commercially unreasonable given the well-known risks associated with stolen mobile phones and SIM cards.

The conversation today is no longer whether Africa will adopt AI, but if it can create the conditions to use it responsibly, confidently and at scale. That question is becoming more important as AI systems are increasingly embedded in how organisations work. At the heart of the shift is a question of trust: can an organisation gain from AI without surrendering control of the data, intellectual property and institutional intelligence that make it distinctive?

Microsoft’s Global AI Diffusion Report for the first quarter of 2026 found generative AI usage among working-age populations at 27.5 percent in the global north compared with 15.4 percent in the south. For Africa, closing that gap is an economic imperative and a chance to shape the next phase of AI development.

The African Development Bank estimates that, if developed and deployed inclusively, AI could contribute as much as S$1 trillion in additional GDP across the continent by 2035.

Trust is what enables innovation to move from experimentation to economic impact. Building trust will require progress in three areas: meaningful choice and openness; partnerships that develop capability; and responsible, secure and resilient deployment.

The AU’s Continental AI Strategy identifies the potential for AI to transform healthcare, agriculture, finance, education and other areas. Realising that vision requires governments, companies, researchers and developers to have meaningful choice in how they build, deploy and govern AI.

This means access to a model-diverse and interoperable ecosystem in which organisations can select the technology most appropriate to their needs. Governments and businesses should be able to choose among frontier, open and specialised models without being locked into one pathway.

Openness should mean an ecosystem in which innovation takes place across technologies and providers, supported by common standards, governance and the ability of customers to retain control of their data and intellectual property. This platform approach can lower barriers for developers, enable solutions to be adapted and give governments and enterprises resilience as models and technology change. It also creates space for innovators to participate in the AI value chain instead of simply consuming products developed elsewhere.

Africa’s AI ambitions will also depend on partnerships capable of addressing interconnected constraints that limit diffusion. Governments must create enabling policy environments; universities and research institutions must develop talent; start-ups and established businesses must create solutions; civil society should shape accountability and public confidence. Tech providers have an important role in contributing cloud infrastructure, expertise, security and responsible AI practices.

The strongest partnerships will be those that build enduring African capability, leaving governments and communities better equipped to develop, deploy and govern AI themselves.

Ratings agency S and P Global has warned that Kenya’s credit rating could be downgraded if the Treasury’s frequent loan refinancing moves trigger concerns that the country is struggling to repay debts.

The credit ratings agency has taken note of Kenya’s debt refinancing operations, which have prompted borrowing to repay earlier debts and switching bonds to avoid paying the principal amount.

It warns that the debt restructuring, which has become frequent in recent months, could send signals that Kenya is struggling to repay its mountain of public debt, raising fears of default.

In its statement last week after keeping Kenya’s long-term sovereign credit rating at ‘B’ with a stable outlook, S and P said an erosion of Kenya’s forex reserves and an increase in interest costs would also potentially cause a rating downgrade due to their strain on the country’s fiscal position.

Forex reserves currently stand at a near all-time high of $15.16 billion (Sh1.96 trillion).

Besides the $2 billion (Sh259 billion) June 2024 Eurobond maturity that caused jitters in the market over potential default, none of Kenya’s other recent debt restructuring has raised concerns that meet S and P’s default thresholds.

‘We could lower the ratings if Kenya’s external refinancing pressures mount, likely due to a sustained decline in foreign exchange reserves; or if we perceive any debt-repurchase operations-domestic or external-to be akin to a distressed exchange,’ said S and P.

‘We could also lower the ratings if fiscal pressure further raises the government’s already-elevated interest costs.’

In a buyback, the government repurchases an existing security from investors, effectively making an early redemption of the debt.

Kenya’s buybacks that have mainly targeted Eurobonds have been financed through proceeds of new issuances.

A switch or swap bond occurs when holders of a paper that is approaching maturity are offered the exclusive chance to move all or part of their principal directly into another longer bond.

Ordinary rollovers, on the other hand, see investors wait until they are paid back their principal by the Central Bank of Kenya (CBK) before making bids in the monthly bond sales, where there is no guarantee their offers will be accepted.

In the current fiscal year, the government is increasing its frequency of domestic switch bond issuances to one per month, targeting Sh10 billion to Sh20 billion each.

Previously, the government opened the swap bonds on a need basis, targeting securities whose repayment would otherwise cause a strain on the Exchequer.

For the fiscal year ended June, the CBK offered four switch bonds executed between January and May, which pushed forward maturities valued at Sh66.8 billion that were due in the next two years.

Domestic switch bonds have also tended to offer investors a higher interest rate compared to the holdings they have been asked to swap.

The government is looking to retire at least $500 million (Sh64.7 billion) of high-cost external debt during the current fiscal year, signalling a return to the bond buyback plans that have been executed in the last two years.

In February, the National Treasury made a partial buyback of $415.4 million (Sh53.7 billion) in outstanding Eurobond debt due in 2028 and 2032.

The repurchase was financed using the proceeds of a new $2.25 billion (Sh291.2 billion) Eurobond issuance, whose two tranches are due to be repaid in 2034 and 2039.

When Kenya made its first such repurchase in February 2024 (targeting $1.4 billion on the maturing June 2024 Eurobond), ratings agencies including Moody’s warned that they would consider the action a default if Kenya bought back the notes at a price below par value, which would constitute an economic loss to investors.

In the end, Kenya bought back the bond at par value of $1,000 per bond unit, avoiding the default tag. Subsequent Eurobond buybacks have been made at prices offering a premium on the par value.

In its previous rating action in August 2025, S and P had upgraded Kenya from ‘B-‘ to ‘B’, on the strength of reduced near-term liquidity risk for the Exchequer.

The letter categories indicate the creditworthiness of an issuer, with a range from AAA, which is an investment-grade rating showing strong ability to meet obligations, down to D, which indicates a default.

A ‘B’ rating is a non-investment grade that shows that an issuer is vulnerable to adverse conditions, but is deemed capable of meeting obligations to creditors.

S and P’s affirmation of Kenya’s ‘B’ rating comes months after fellow agency Moody’s upgraded Kenya’s long-term foreign currency sovereign credit rating to ‘B3’ from ‘Caa1’, saying the country’s risk of debt default had eased due to the higher forex reserves, a stable shilling and a lower current account deficit.

S and P and Moody’s had downgraded Kenya’s rating in 2024 following the cancellation of the Finance Bill, 2024 after widespread youth protests. The withdrawal of the Bill left the National Treasury with a Sh346 billion tax hole, prompting it to raise borrowing to cover the deficit.

Lenders in the international market rely heavily on credit ratings to determine the pricing of sovereign debt, with private sector borrowing from these markets in turn pegged on the government’s pricing profile.

As a panelist at a high-level forum in Washington, DC, and looking out at over 600 delegates representing at least 50 nations, it became clear that the global energy paradigm has shifted greatly.

It was the official launch of the Atomic Technologies Licensed for Applications at Sea (ATLAS) initiative in the last week of August – a framework spearheaded by the International Atomic Energy Agency (IAEA) and the US government.

As the Head of Delegation for Kenya, my presence was not merely to observe, but to anchor Africa’s voice in a revolution that will redefine global trade, infrastructure and wealth. The maritime sector, which carries roughly 80 percent of goods, has been bound to fossil fuels for decades.

Advanced engineering, particularly the evolution of small modular reactors and floating nuclear power plants (FNPPs), is breathing new life into civilian shipping and offshore energy infrastructure. This is the manifestation of the ‘Atoms for Peace’ initiative in the 21st century. It is the transition of nuclear power from a tool of geopolitical deterrence to an instrument of economic liberation.

A highlight of the ATLAS forum was the tour of the NS Savannah, the world’s first nuclear-powered merchant ship. Launched decades ago under the US ‘Atoms for Peace’ programme, the NS Savannah proves that a civilian vessel can achieve high-speed transport over incredible distances without refuelling.

For developing coastal economies like Kenya, the maritime nuclear frontier is an economic possibility. IAEA Director-General Rafael Mariano Grossi and US Energy Secretary Chris Wright opened the ministerial forum with a vision that speaks to the developing world.

Grossi stressed that connecting the nuclear and maritime domains is the most critical step towards globally standardising clean propulsion. He said advanced atomic technology must not remain the luxury of wealthy nations.

‘Nuclear technology is the great equaliser. By standardising safety and regulatory frameworks through ATLAS, we ensure smaller, coastal states can access the high-density energy required to power industrial trade networks without inheriting the carbon baggage of the past,’ he said.

Wright highlighted the role of global partnership in driving down the cost barriers of technology. He said the US is committed to deepening partnerships for the safe, secure and peaceful deployment of atomic solutions at sea.

‘True energy security requires scale, and scale means building bridges that allow emerging economies to leapfrog obsolete technologies straight into the nuclear age,’ he said.

However, the road to maritime nuclear deployment is not without hurdles. The meeting tackled the legal, regulatory and policy challenges that have stalled civilian maritime nuclear adoption.

First, nuclear applications at sea will require harmonisation of international standards. This will involve creating a unified safety framework so that a nuclear-powered vessel or a floating power barge can seamlessly enter international waters and ports under clear, predictable maritime classifications.

Next for consideration is security and safeguards. This will involve ensuring standard life-cycles for advanced fuels, robust tracking and non-proliferation protocols that protect mobile reactors to guarantee that the technology does not fall into wrong hands.

Finally, there is an immediate need of establishing clear, transparent public infrastructure strategies for spent fuel cycle management to foster global public confidence. This is often highlighted by opponents of the nuclear power.

Kenya is on a vital maritime gateway. Through the Nuclear Power and Energy Agency (NuPEA), we are laying the institutional, legislative and technical foundation for a land-based nuclear power plant – the 2,000MW plant proposed for groundbreaking in Siaya next year. With ATLAS, there are opportunities for harnessing nuclear technology for economic exploitation of the sea.

Imagine a future where FNPPs can be towed to remote coastal areas or industrial hubs, delivering electricity and thermal energy for large-scale desalination, processing plants and manufacturing hubs. Imagine Kenyan ports equipped to service high-speed, zero-emission atomic cargo ships, making our logistics networks the fastest and most reliable in Africa.

This is a call to Africa and our government. Our continent has been constrained by energy poverty, relying on unstable grids and expensive fossil fuel imports.

Nuclear technology is no longer an optional alternative but the pillar of modern industrialisation.

We must shed old anxieties and embrace the atomic age. By participating in global frameworks, Africa can claim its seat at the table, lift millions out of poverty and drive an industrial revolution fuelled by clean, unstoppable energy.

The dawn of maritime nuclear technology is here, and Kenya is ready to lead the charge.

As the cost of living continues to influence household budgets, investors need to look beyond the headline return on their savings and ask a more important question: is my money growing fast enough to preserve and build my purchasing power over time?

Kenya’s annual inflation rate edged up to 6.5 per cent in July 2026 from 6.4 per cent in June, according to Liberty Life’s latest investment market review. While inflation remained within the Central Bank of Kenya’s target range of 2.5 to 7.5 per cent, continued pressure from food and fuel prices means that consumers cannot afford to overlook the impact of rising prices on their long-term financial plans.

For an investor, this highlights an important distinction between earning a return and growing wealth in real terms. An investment can generate a positive return, but the more meaningful question is whether that return is sufficient to preserve purchasing power after accounting for inflation and applicable investment costs.

The latest performance figures demonstrate why investors should understand the strategy behind their investments rather than focus solely on a single headline number.

Liberty Life’s Boresha Maisha Umbrella Fund recorded a 13.87 per cent gross year-to-date return in its aggressive portfolio to July, compared with 12.53 per cent for the Balanced portfolio and 9.64 per cent for the conservative portfolio. Its cash portfolio recorded a 5.24 per cent gross year-to-date return.

These differences do not necessarily indicate that one portfolio is universally better than another. They demonstrate the relationship between investment strategy, risk and potential return.

An investor with a long-term horizon and greater tolerance for market fluctuations may be better positioned to consider a growth-oriented strategy, while someone approaching a financial goal may place greater emphasis on stability and capital preservation. The appropriate approach ultimately depends on an individual’s objectives, investment horizon and risk tolerance.

Market conditions also reinforce the importance of diversification. The equities market performed strongly in July, with the NASI gaining 6.1 per cent and the NSE 20 gaining 9.0 per cent, taking their year-to-date gains to 27.5 per cent and 30.3 per cent respectively. This positive equity performance supported returns in aggressive and balanced portfolios.

At the same time, the fixed-income market remained relatively stable, although yields on government securities edged higher amid inflationary pressures and continued government borrowing. The 91-day and 364-day government securities increased to 8.8 per cent and 9.1 per cent, respectively, during the month.

For investors, the lesson is not to move money every time one asset class performs strongly. Markets move in cycles, and different asset classes can play different roles within a well-considered investment strategy.

Instead, investors should regularly ask three questions.

First, what am I investing for? A short-term financial objective requires a different approach from a retirement goal that may be decades away.

Second, how much risk can I comfortably accommodate? Higher potential returns can come with greater fluctuations, while more conservative strategies may prioritise stability.

Third, is my investment strategy still aligned to my circumstances? Changes in income, family responsibilities, financial goals or proximity to retirement may require an investor to reassess their approach.

The current market environment therefore presents an opportunity for Kenyans to shift the conversation from simply asking, ‘What return did I earn?’ to asking, ‘Is my investment strategy helping me achieve my financial goals?’

Investment performance should always be considered in context, including the underlying investment strategy, prevailing market conditions, investment horizon, inflation and applicable fees. Liberty Life’s reported investment returns are gross of product-related fees, with net income credited to clients’ accounts after applicable fees.

Ultimately, successful investing is less about chasing the highest return at any particular point in time and more about having a disciplined strategy that is appropriate for one’s goals, maintaining a sufficiently long-term perspective and reviewing that strategy as circumstances change.

The goal is not simply to make money. It is to ensure that your money continues to work towards the life you want to build.

The past two weeks in Ulaanbaatar, Mongolia, have brought climate, land and biodiversity issues close to the business agenda, as governments, investors and companies gathered for the UN Convention to Combat Desertification (UNCCD) COP17.

The meeting, which ran from August 17 to 28, also provided a glimpse of what the 2026 ‘triple COP’ year could mean for companies as environmental negotiations move from land to biodiversity and finally climate.

Kenya participated in discussions on drought resilience, land restoration and financing. For Kenya, the issues negotiated in Ulaanbaatar touched agriculture, livestock, tourism, water, infrastructure and finance.

The UN Convention to Combat Desertification (UNCCD) estimates that land degradation, desertification and drought cost the global economy $878 billion annually. Up to 40 percent of the world’s land is degraded.

For businesses, the biggest shift is the growing importance of environmental data. A bank financing agriculture needs to know how drought could affect a farmer’s ability to settle a loan. An insurer needs information on exposure to floods and drought.

Kenya is putting some of this infrastructure in place. In April 2025, the CBK issued the Kenya Green Finance Taxonomy and Climate Risk Disclosure Framework for banking. The taxonomy is designed to help financial institutions assess whether economic activities support climate objectives, while the disclosure framework seeks to make climate-related information more consistent and comparable for investors and other users.

That means the data discussed in Ulaanbaatar is increasingly becoming relevant to decisions being made in Kenyan boardrooms and banks. The quality of information on drought, water stress, land degradation and climate exposure will increasingly influence how capital is allocated and how financial risks are assessed.

That was visible at COP17, where the UNCCD’s Business4Land platform pushed for better information on land and soil health to help companies and investors make decisions.

The financing gap is also important. UNCCD says about $355 billion is needed annually between 2025 and 2030 to meet global land-restoration and drought-resilience targets. The current investment is about $77 billion a year.

That gap represents a problem for governments but also an opportunity for businesses. A drought does not stop at the farm gate. It can reduce livestock and crop production, increase food prices, weaken family incomes and affect manufacturers, retailers, banks, transporters and insurers.

As the triple COP year moves from Mongolia to Armenia and Trkiye, the companies that understand their dependence on land, water, climate and biodiversity and have the data to measure those risks, may be better placed to protect their supply chains, attract capital and compete in the economy that is emerging.

The same applies to degraded soils and disappearing ecosystems. Rangelands cover 54 percent of the Earth’s terrestrial surface, support the livelihoods of about 500 million pastoralists and contribute to the food and value chains on which billions more people depend.

For Kenya, where agriculture and livestock remain major economic activities, this makes investment in resilience increasingly a business decision rather than simply an environmental one.

There is also a growing market around the response. Agroforestry can improve farm productivity while restoring degraded land. Better water management can reduce exposure to scarcity. Sustainable livestock systems can strengthen value chains while protecting rangelands. Restoration projects can create new investment opportunities where credible data, financing mechanisms and markets exist.

The remaining two COPs this year will widen the conversation. The Convention on Biological Diversity COP17 in Armenia in October will focus on implementation of the global biodiversity framework, while the UN Framework Convention on Climate Change COP31 in Trkiye in November will take forward discussions on climate finance, adaptation and other issues directly relevant to investment.

For Kenyan companies, the lesson from Ulaanbaatar is therefore not simply that another environmental COP has taken place; it is that land, climate and biodiversity risks are increasingly financial risks.

Companies will need better information about their exposure to drought, floods, water stress and degraded ecosystems, while investors will need clearer evidence about which businesses are building resilience and which remain exposed.

As the triple COP year moves from Mongolia to Armenia and Trkiye, the companies that understand their dependence on land, water, climate and biodiversity, and have the data to measure those risks, may be better placed to protect their supply chains, attract capital and compete in the economy that is emerging.

A coffee cherry leaves a farm in Nyeri for a few shillings a kilo. Months later it returns as a branded bag on a Nairobi shelf or a flat white in a London cafe at many times the price. Almost none of the difference stayed in Kenya. The roasting, the grading, the branding, the packaging, the financing, the market relationship. All of it was captured somewhere else.

That gap is the whole story.

Kenya is often described as an agricultural success. Underneath, it is a raw material exporter. We sell cherry, not coffee. We sell leaf, not tea. We sell nut, not the finished product. The country grows some of the best commodities in the world and lets others earn the expensive part of the chain.

The numbers are not marginal. The few who navigate direct export can earn a premium of around 38 percent over the auction. That margin is simply the value of the steps Kenya lets others take.

For years, saying so felt like a contrarian point. It is not any more. Value addition is now official policy. In June President William Ruto launched a coffee revival programme and said Kenya would move from exporting raw coffee to local processing, packaging and branding. The ambition is to nearly triple output and pay farmers more.

On the diagnosis, the government is right. The problem is that a diagnosis is not a cure. Once everyone agrees value should stay home, the interesting questions are the ones the slogan skips. Why does the value keep leaking? And why do the fixes so often underdeliver?

Start with the fixes because Kenya is running a live experiment. The Coffee Act signed this year creates a new Coffee Board and brings the whole chain onto a formal register. The Direct Settlement System now promises farmers payment within five days and at least 80 percent of the proceeds paid directly. This is real progress on an old disgrace. Farmers waited months and lost a fortune to middlemen and opaque deductions.

But paying a farmer faster for raw coffee is not the same as keeping the roasting margin at home. Payment reform fixes who gets the low price sooner. Value capture is about earning the high price at all. The two are easy to confuse. The country should not. Then there is the temptation to mandate value addition by decree. Kenya has tried it. Macadamia shows how it fails. To force local processing, the country restricted raw nut exports. The result was not more value at home. Farm-gate prices collapsed to as little as Sh50 a kilo, nuts sat in stores at risk of spoiling, trading firms closed and growers are now begging for the ban to be lifted. The lesson is blunt. You cannot order value capture into existence when the processing capacity, the markets and the finance are not there to receive it. Value addition is a system, not an instruction.

Which brings us to the part that is missing. Finance and governance are the binding constraints. A cooperative that could roast, grade and brand cannot fund the working capital to do it. So it sells raw and takes the low price season after season. Local banks price agricultural risk at a premium because the entities are opaque. International capital stays away because the governance is left unmodelled.

This is a market, not a charity case. Export-ready agribusiness generates real cash flows against real orders. A growing set of specialist funds now treats African trade finance as an asset class. They raise capital to finance the processing and shipping that traditional banks will not. Yet the money rarely reaches the cooperative, because there is nothing on the other side it can safely lend against.

Governance is the root of the finance problem. Global capital will not fund a cooperative that is governed like a political club. It requires an investable structure like a ring-fenced SPV to absorb the working capital needed for roasting and branding. Investors demand independent boards, transparent reporting and clear legal frameworks. When decision-making is opaque and financials are mingled, international investment committees walk away.

The coffee reforms have exposed this tension. The push for direct digital payment is colliding with the cooperative movement that farmers have trusted for a century. Both instincts are right. Transparency matters. So do the institutions people actually believe in. The reform that lasts will respect both while forcing cooperatives to adopt the fiduciary standards that global capital demands.

None of this is fate. Every raw container that leaves the port is value the country decided not to keep. The decision can be made differently. It requires finance that funds processing, institutions that earn trust and markets reached directly rather than through a chain of intermediaries who add cost and not value.

Kenya is not a poor country exporting cheap goods. It is a rich country giving away the expensive part. The coffee is ours. It is time the margin was too.