Shelter Afrique to float Sh65billion bond in Q1 2027

Housing-focused Pan-African multilateral development bank Shelter Afrique plans to issue a $ 500 million (Sh64.83 billion) sustainability-linked bond focused on East Africa in the first quarter of 2027. A sustainability-linked bond is a type of bond in which the issuer’s financial or structural terms change based on whether it reaches specific environmental, social, or governance goals. Shelter Afrique said the multi-currency bond will be floated in Kenya, Uganda, Tanzania, and Rwanda.

‘We are in the space of mobilising resources from our local markets. We are currently in the market in West Africa where we are issuing about 60 billion CFA francs in the monetary union to finance housing projects in local currency,’ Shelter Afrique MD and CEO, Thierno-Habib Hann, said while speaking at the second Bullish Africa Summit in New York.

‘We plan to go to market and issue US$500 million worth of local currency sustainability linked bond in East Africa in early 2027 and we are targeting four markets – Kenya, Uganda, Tanzania and Rwanda.’

According to the CEO, the lion’s share of the planned sustainability-linked bond will be floated on the Nairobi Securities Exchange owing to the size and depth of liquidity in the market.

Shelter Afrique had earlier said that proceeds from the bonds would be invested in Kenya, Rwanda, Uganda, and Tanzania. The institution has housing projects and investments in mortgage refinance companies in multiple African markets.

Shelter Afrique last issued a bond in Kenya in 2013, a five-year note of Sh5 billion at an interest rate of 12.75 percent.

Shelter Afrique says that the West and East Africa bonds are designed to ensure that the implementation of housing projects in the two regions is shielded from foreign currency risk associated with borrowing in hard currency.

‘One major risk is currency risk, and that is why we must mobilise resources through our local markets. You can have an amazing project that offers you huge returns, but if your local currency depreciates over the life of the project, that can really eat into your return and potentially push the project to default,’ Hann said.

Foreign currency risk in debt occurs when a borrower takes out a loan denominated in a currency different from their home currency, meaning a drop in the value of the borrower’s local currency makes the debt much harder to repay. Shelter Afrique closed 2025 with a $234.82 million (Sh30.44billion) asset base, of which $174.08million (Sh22.57billion) was attributable to loans disbursed to customers, having grown from $134.7 million (Sh17.46billion) a year earlier.

The development bank has 44 member countries, with Nigeria as the largest shareholder with a 17.01 percent stake. Kenya has a 15.81 percent stake in the bank, while the African Development Bank and the African Reinsurance Corporation hold 11.41 percent and 3.39 percent stakes, respectively.

Insurance regulator limits buying of foreign reinsurance

The Insurance Regulatory Authority (IRA) has tightened rules on offshore reinsurance, requiring insurers to first exhaust local capacity before seeking approval to place Kenyan risks with foreign reinsurers.

In a circular, the IRA said the increase in the mandatory reinsurance cession to Kenya Reinsurance Corporation (Kenya Re) to 25 percent from 20 percent would be the first move in strengthening local reinsurance capacity as insurers begin renewing their reinsurance contracts.

‘Going forward, ensure exhaustion of the local capacity by arranging reinsurance programmes with local reinsurers before seeking approval to reinsure with foreign reinsurers,’ said Godfrey Kiptum, IRA chief executive in a circular dated September 16.

Primary insurers transfer part of their risks to reinsurers to whom they pay premiums, reducing their exposure from massive or catastrophic losses.

The regulator’s intervention comes as insurers prepare their reinsurance programmes for 2027, with companies required to begin negotiations early and file final cover notes with the Authority by October 31.

A reinsurance cover note is a temporary but legally binding document that proves a reinsurance contract is in place before the official policy document is issued.

IRA’s order looks set to curb offshore placement of Kenyan insurance risks in a market that has several other reinsurers including Continental Reinsurance, East Africa Reinsurance, Ghana Reinsurance, WAICA Reinsurance (Kenya) and ZEP-RE.

The 25 percent mandatory business for Kenya Re follows amendments to the country’s reinsurance rules. Under the amended rules, every insurer is required to reinsure with Kenya Re a quarter of each of its reinsurance treaties relating to general business.

The requirement for compulsory cessions will only cease if Kenya Re is privatised. The Nairobi Securities Exchange-listed insurer is 60 percent owned by the government.

The regulator said it had ‘noted with concern’ a trend where some insurers have been flouting reinsurance rules, warning that it will not allow such firms to write new business from January 1, 2027 if their reinsurance arrangements flout rules.

‘You are expected to start your reinsurance negotiations early and the final reinsurance cover notes shall be filed with the Authority for approval latest by 31st October 2026,’ said Mr Kiptum.

‘Please note that unfair contract terms will not be accepted in the treaties and companies will not be allowed to write any new business effective 1st January 2027 if their reinsurance arrangements will not have been approved before that date.

IRA raised concerns about several non-compliance practices by insurers including late submission of reinsurance arrangements for regulatory approval and arranging reinsurance through brokers that are not regulated or registered under Kenyan law.

The regulator said some insurers have also been entering into reinsurance arrangements with ‘lowly rated or unrated’ reinsurers and reinsuring with foreign firms not registered under the Insurance Act.

Insurers have further been told to avoid concentrating more than 50 percent of a risk with a single reinsurer unless they provide justification for the placement.

The IRA is also tightening scrutiny on insurers that enter into reinsurance contracts but fail to honour payments.

IRA said companies submitting their 2027 arrangements would have to provide proof that reinsurance balances up to the second quarter of 2026 have been settled, or present an agreed payment plan with the reinsurers.

The regulator says insurers will have to show evidence of actuarial certification of the adequacy and contractual certainty of reinsurance arrangements.

The actuarial reports must cover the insurer’s five-year claims risk profile, changes in its reinsurance management strategy, the credit ratings of reinsurers and the structure of reinsurance arrangements.

Actuaries will also be required to give an opinion on the adequacy of insurers’ retention levels and purchased reinsurance capacity, ceding commissions, minimum deposit premiums and rates for non-proportional treaties.

The IRA measures collectively tighten the conditions under which insurers can transfer risks to overseas markets, giving local reinsurers a more prominent role in Kenya’s insurance market.

‘All facultative placements, both local and overseas, shall be shared with the authority before placement,’ the IRA said.

Closing Kenya’s agricultural extension gap

Kenya produces agricultural research, trains graduates and employs extension officers. Yet farmers still struggle to get timely, affordable advice that answers the questions they face on their farms and connects production to markets.

At a university leadership meeting held on August 31, and hosted by the National Association of State Departments of Agriculture (NASDA) through its Kenya implementing partner, Rootooba, this gap became the focus of discussion.

NASDA works closely with federal agencies, including the United States Department of Agriculture (USDA).

Participants examined how universities, researchers, counties, and farmers could build a stronger extension system. NASDA representatives stressed that extension must listen as well as teach.

Farmers can identify problems, test innovations, and tell researchers what works locally. Research, in turn, must be accessible beyond academic journals and translated into solutions that improve productivity and profitability.

University representatives described practical student training, technical and vocational education, community gardens, tomato-grafting demonstrations, and farmer groups in dairy and macadamia production.

These examples show what is possible. The challenge is to connect them systematically to county extension services and take useful practices to more farmers. Participants also raised the need for financing to expand practical programs and link farmers to markets.

The conversation comes at a pivotal time for higher education. Kenya’s first competency-based curriculum cohort is expected to enter university in 2029. Universities should use the intervening period to develop field-based learning and assessment alongside classroom teaching.

A student should be able to diagnose a production problem with a farmer, test a solution, assess its costs and explain its market prospects. That requires reliable community learning sites and supervision, not merely revised course titles and descriptors.

Counties can help provide that setting. Universities could work with the Council of Governors and County Governments on curricula and programs responsive to local priorities.

Murang’a’s proposed Local Enterprise and Services Hub (LESH) model offers one possible way to organise that relationship. Existing cooperatives and producer facilities could host university placements, farmer demonstrations, extension referrals, and youth enterprise assignments.

Farmers would help set the agenda; universities would provide research and assess skills; counties would coordinate public services and accountability.

Evidence from those assignments should then shape curricula, research priorities and policy, so each placement improves the next – just what University CBC needs.

Such arrangements could give young people a reason to see agriculture as a business and service opportunity.

Digital records could track farmer questions, referrals and results, subject to appropriate safeguards. Private firms and buyers can help turn promising practices into viable products and market access.

The meeting also identified possible US-Kenya exchanges on extension, practical training and livestock genetic improvement. The leaders agreed to explore Kenya-USA program funding.

The next step is to choose a small number of county learning sites, define responsibilities with university partners, and test whether farmers receive better advice, students demonstrate useful skills, and enterprises gain from the connection.

’I never borrow or lend money’: The CEO shaped by his father’s lessons on life and finance

How has it been to maintain a career over such a long period of time?

If you don’t enjoy doing something, you will probably do something else. The fact that I’ve been doing this pretty much all my adult life is because I’ve enjoyed it thoroughly. I’m very passionate about it; I enjoy the pressure and the action, and every day is a different challenge, which is exciting. It’s been a very fulfilling, rewarding, and enjoyable 30 years, and I hope to continue for a few more.

What would you say keeps your career moving through those periods?

A few things. First, the work that we do has a silent but significant impact on society, business, the country, and the development of the legal system. It’s rewarding to know you have played a role in that. Second is the people aspect, specifically mentoring and training young people. As lawyers, part of our job is to train others, as you can’t do everything on your own. Over 30 years, I’ve had the privilege to train dozens of good lawyers who are now thriving across the profession, and it’s very fulfilling and rewarding that you have had an impact on someone’s life. Third is our clients and global exposure. I enjoy meeting people from all over the world, travelling for work, and learning from different backgrounds and cultures.

Lastly, we do a lot of work that impacts communities and social welfare. It’s fantastic to see the impact we have through pro bono work, direct giving, and funding education. Personally, and through our firm, I’ve had the privilege of funding dozens of children through school and university. When you see them succeed, you realise you can change a whole family or village by impacting someone positively.

Did you get a head start that made a difference in your life?

There are no head starts in life. You have to work very hard to achieve whatever you want; there are no shortcuts.

There is an element of being in the right place at the right time, but if you are passionate and work hard, success is a byproduct. I tell young people not to focus strictly on money or status; just do what you have to do, enjoy doing it positively, and success will automatically follow. I’ve never negotiated a salary; I only tell them to pay me what they think is fair because I know I will prove myself and get better.

Where luck plays a role is being in the right place at the right time. I was fortunate to work in England early in my career, where I learned a lot. I returned home to Kenya in 1999 at the end of the Moi era, and my career really took off at the start of the Kibaki era, which opened up immense economic opportunities for our country.

What has this life cost you?

Life is always about trade-offs. If you put in the hours at work, you are sacrificing time elsewhere. In the first 15 years of my career, I unfortunately sacrificed a lot of family time. But I remained deliberate about my family; that is, my wife and my two daughters. I found time for school events, and I picked up and dropped my children at school every single day. I simply worked long hours before and after. You find balance by eliminating non-essential priorities, like going out drinking, which I realised early on was mostly a waste of time. I use my time wisely.

Turning 52, what anxieties do you have about the second half of your life?

First is health and ensuring I remain healthy for the next phase. My father died at 56, and there is a history of poor health in my family, so I am very careful to control what I can control.

Second, I am anxious about the world we are facing, particularly the rapid decline in values and integrity, as well as the unchecked impact of technology and AI on human lives. I worry about the world my children will inherit.

Finally, I am very anxious about our country. Society as we know it feels broken. Corruption is rife, honesty is rare, and bad behaviour is rampant. Our generation has failed in leadership, and I hope the younger generation can help change the status quo.

Your father died at 56, and you are 52 now. Does that change how you think about death?

I am not scared of death at all. I have experienced death too many times of people close to me, some in tragic circumstances. One of my friends was shot by thugs, and another died in an accident.

As a Jain [a follower of Jainism, an Indian religion], we believe in reincarnation, so I don’t look at this single life as the end. The soul carries on in different shapes and forms, and as long as you do good in this life, you will hopefully have a good next incarnation. I don’t fear death itself; I only care about planning responsibly for the impact my absence would have on my family.

What do you wish you could have asked your dad as you approach 56?

I left Kenya at 18, so I didn’t get to spend as much time with him as an adult before he passed away. I would have asked him for more advice on parenting, responsibility, and how to better manage life’s stresses. I think he was stressed about many things, and I would have asked him how I could have helped him deal with that stress.

Are you the kind of father you set out to be?

I have tried to give my daughters the best education, experiences, love, shelter, and opportunities, the things I didn’t always have in my own childhood. Most importantly, I have given them my time and taught them core values like honesty, integrity, respect, and responsibility.

On the fun side, we travel a lot as a family. I’ve taken them to a new country every year so they learn about different cultures and broaden their horizons. I hope I’ve been a fun, caring, loving, and responsible father.

What has brought the most meaning to your life so far?

My family and my work. I live for those two things, and both have given me immense happiness, purpose, and fulfillment.

Has your definition of success changed?

When you start out, success is somewhat materialistic, earning a certain income or buying things. That is natural when you are aspiring. As you grow older, those things become less important. With age, my definition of success has become much more about my impact on others rather than material goods: taking care of the 200 people at our firm, mentoring young lawyers, supporting worthy causes, and contributing to society. Money is just a byproduct. If you keep your needs modest, you don’t need that much.

I also define success by how many other people’s successes I have contributed to through mentoring and teaching or contributing to their education. And lastly, health is success; if I am healthy at 52, I consider myself successful in that regard. It becomes even more important as you get older. [chuckles]

What makes a life memorable and worth living?

Experiences, both good and bad. Bad experiences teach us resilience and how to deal with hardship. Without them, you won’t be strong enough to survive. Good experiences come from travelling, meeting people from different walks of life, and finding joy in your daily work.

What small change has led to the biggest difference in your life?

I was very impatient before. I used to react a lot. Now I don’t react that much. And that comes with age and experience. In the last few years, I have shed some bad habits to make myself healthier. I exercise; I gave up smoking and drink very little. I sleep very well. But you know, when you are young, you have to drink, and you have to enjoy [chuckles].

What loss or failure has shaped your perspective on life?

The loss of my father was the biggest turning point in my life. At age 20, living independently in London, I suddenly had to grow up overnight and take financial responsibility for my extended family. Our family business was facing bankruptcy, so I returned to Kenya and had to run my father’s cloth shop on River Road in Nairobi for two years while working on the side. I was hustling hard, sweeping floors, opening and closing the shop, and bargaining over shillings. It was tough, but running that shop taught me more about resilience, honesty, business, and responsibility than any MBA ever could.

How did that affect your approach to finance and life?

My father was fun, boisterous about life, and loved to laugh loudly, as I do. But he also carried much stress, which I hope I don’t. I learned to be deeply conservative about financial planning. I never borrow money, I never lend money, and I don’t take foolish financial risks. I’ll give money, but I never lend money. I learned that from his mistakes. I just work hard, save safely, and live without financial anxiety.

What would constitute a failure in fatherhood for you? Failure would be if my daughters ever lost the core values I’ve taught them, especially integrity, honesty, and trust.

What incomplete business do you still hope to finish?

I would like to formally teach at a school or university at some point in my life.

Stripped of all your titles, who are you to yourself?

I’m a simple, fun-loving individual who likes watching TV, reading, travelling, and spending time with my family.

What has success taught you about what is worth wanting?

Humility. Success can easily go to your head and make you treat people disrespectfully. Remaining humble while being successful is essential.

When you look back at your life, what do you hope you will feel was worth it?

The positive impact I’ve had on other people’s lives.

Africa cannot secure agentic AI with yesterday’s security model

The defining cybersecurity challenge of the AI era is not intelligence, but autonomy. As African organisations embrace agentic AI, assumptions that have shaped security strategies for decades are beginning to break down.

Security teams have traditionally defended against attacks powered by human decision-making and speed. But AI agents can reason, adapt and act independently. In a world where cyberthreats operate at machine speed, organisations must rethink not only what they protect, but how they protect it.

For African businesses, autonomous AI is no longer a distant prospect. Agents are proliferating in sectors such as financial services and logistics, and 82 percent of African respondents to an MIT Sloan Management Review and BCG survey said they viewed agents more as colleagues than tools.

Private-sector adoption in countries such as Kenya, Nigeria and South Africa is advancing faster than AI policies and governance frameworks can evolve, leaving organisations to navigate an increasingly complex risk landscape. In a recent Dark Reading survey, almost half of respondents identified agentic AI as the single most dangerous attack vector facing modern infrastructure.

The challenge is not only that organisations are deploying autonomous systems faster than governance can evolve. It is that they are doing so as cyberthreats themselves become increasingly autonomous.

The very physics of cybersecurity is changing. Attackers can now use AI to lower the cost of offence, generating exploits faster, scaling campaigns further and operating with unprecedented efficiency. Meanwhile, the volume, velocity and complexity of what must be secured continue to grow. Approaches built for human actors cannot keep pace with AI agents and machine-speed attacks.

For African organisations, the question is no longer how quickly they can adopt AI, but whether their security can evolve at the same pace.

The answer is not simply to add more AI to existing workflows. It is to redesign security around a cyber stack built for autonomy. Signals and sensors create awareness across the digital estate; security context turns those signals into usable understanding; models supply intelligence and reasoning; and a harness coordinates models and agents across security workflows. Agents then apply that intelligence, while actuators translate decisions into protection. Together, these layers form a continuous learning system that can understand risk, adapt to change and improve security outcomes over time.

Of all the layers in this new security model, context may be the most important. Raw signals from identities, devices, applications, data flows and user activity can reveal unusual behaviour, suspicious activity or emerging threats, but they rarely explain why those events matter or how they connect to broader organisational risk.

For autonomous security systems to make sound decisions, they need a shared, continuously updated understanding of the environment they are helping to defend. By connecting identities, devices, applications, data and activities into a coherent picture of risk, security context enables AI agents to distinguish normal behaviour from genuine threats, prioritise action and reason more accurately.

Rather than continuously gathering and correlating information from disparate sources, agents can operate with a near real-time understanding of the organisation, improving the quality of decisions while reducing the time, compute and cost required to operate at scale.

Intelligence must be matched to the task

Context provides the foundation for sound decision-making, but effective security also depends on applying the right intelligence to the right problem. Investigating a suspicious sign-in, analysing malware or assessing a complex attack path each demands different forms of reasoning, expertise and speed.

Rather than relying on a single model, organisations need a flexible, multi-model architecture that can apply the most appropriate capability to each task while balancing quality, reliability, responsiveness and cost.

This is particularly important in security, where protection must operate continuously and at scale. By taking this approach, businesses can strengthen outcomes today while retaining the flexibility to benefit from future advances in AI, without having to rebuild their security architecture every time the technology evolves.

Actuators turn insight into protection

Applying the right intelligence to the right problem is only valuable if it leads to action. Security teams do not need more alerts. They need better outcomes. This is where actuators become a critical part of the cyber stack, giving organisations the ability to translate intelligence into action.

By connecting detection, decision-making and response, actuators help organisations move from simply reporting risk to continuously reducing it. This allows routine measures to happen faster and more consistently, while defenders remain in control and focus their expertise where it adds the most value.

Trust must be built in from the start

Every layer of the cyber stack ultimately depends on trust. As organisations introduce greater autonomy into security operations, safety, governance and accountability cannot be treated as afterthoughts.

They must be designed into the architecture from the outset. This means establishing clear guardrails around how AI systems operate, ensuring decisions can be explained and audited, and maintaining strong oversight of data, access and compliance requirements.

Counties leave Sh100bn idle as development projects stall

County governments left Sh100.2 billion of available funds unspent in the year to June 2026, while execution of development budgets weakened and 189 projects worth Sh10.51 billion stalled, exposing a widening gap between approved spending and delivery.

Controller of Budget (COB) Margaret Nyakang’o says counties had Sh596.78 billion available for spending during the year but used Sh496.58 billion, translating into an overall absorption rate of 83.2 percent.

The biggest shortfall was in development, where counties spent Sh126.69 billion of the allocated Sh233.69 billion, absorbing just 54.21 percent of allocations compared with 57 percent a year earlier and leaving nearly Sh107 billion unspent.

‘The total funds available to the County Governments in the financial year 2025/26 amounted to Sh596.78 billion. These included Sh415 billion equitable share of revenue raised nationally, Sh97.55 billion from OSR (own-source revenue) and Sh1.47 billion from other revenues,’ said Dr Nyakang’o.

‘County Governments spent a total of Sh496.58 billion, comprising Sh369.89 billion for recurrent activities and Sh126.69 billion for development activities.’

The weak execution of development budgets means billions earmarked for roads, markets, water infrastructure, health facilities and other capital projects did not translate into completed projects during the financial year.

Only three counties achieved development absorption above 80 percent, led by Kilifi at 84.52 percent, Wajir at 83.03 percent and Mandera at 80 percent, according to the budget watchdog.

On the other end, 13 counties absorbed half or less of their development budgets, with Kisumu recording the lowest rate at 25.92 percent, followed by Siaya at 26.53 percent and Nairobi at 28.47 percent.

The poor performance left a growing list of unfinished investments, with counties reporting 189 stalled projects valued at Sh10.51 billion.

’22 counties reported 189 stalled projects valued at Sh10.51 billion, out of which Sh4.21 billion had already been paid,’ said the COB.

Nairobi accounted for the largest value of stalled projects at Sh2.24 billion across 57 projects, followed by Isiolo at Sh1.77 billion from seven projects, highlighting the financial cost of delays on capital investments.

Kakamega reported 26 stalled projects worth Sh848.95 million, while Baringo had 23 projects valued at Sh163.32 million, as Machakos reported 22 projects worth Sh891.58 million.

The figures point to a persistent implementation problem in devolution where county administrations allocate money for development but struggle to move projects from procurement and contracting into actual construction and completion.

Counties also carried Sh172.53 billion in trade payables at June 30, creating another constraint for contractors and suppliers and potentially slowing new projects as administrations struggle to clear obligations from previous years.

The accumulation of unpaid bills is significant for development, as contractors facing delayed payments can slow work, suspend construction or demand settlement of previous obligations before taking on additional county projects.

The challenge has previously been linked to procurement disruptions, with an earlier COB review showing that 10 counties cut development spending by Sh1.7 billion in the three months to September 2025 following disruption caused by the transition to the electronic government procurement system.

The squeeze is occurring even as counties remain central to delivery of services such as healthcare, local roads, markets, water and sanitation, making development spending a key measure of whether the devolved units are converting budgets into public assets.

Dr Nyakang’o has urged counties to prioritise stalled projects that can be completed and operationalised, allocate adequate resources for completion, as well as resolve outstanding contractual obligations.

‘County governments should prepare verified schedules of stalled projects, prioritise projects that can be completed and operationalised, and allocate adequate resources in future budgets,’ said the COB.

‘Ring-fence projects under investigation and pursue appropriate recovery, enforcement, or corrective actions where loss or irregularity is established.’

’I never borrow or lend money’: The CEO shaped by his father’s lessons on life and finance

The answer to life, according to Paras Shah, is in family and work. Family, because he left Kenya at 18, and by the time his father passed on, he realised he’d never spent enough time with him. ‘I think he was stressed about many things,’ he says, ‘and I’d have asked him how I could have helped him deal with that stress.’ Work because that’s all he’s ever known. Returning to Kenya at the tail end of the Moi era. Selling cloth at his father’s shop along River Road. It is there, in downtown Nairobi, where he learned more about resilience than any highbrow MBA could ever teach him.

Now he’s 52 and the managing partner at Bowmans. ‘There is a history of poor health in my family, so I’m careful to control what I can,’ he says. He gave up smoking. Drinks very little, sleeps well. He wants to leave something that will outlive him. The philosophy: Don’t do it for the income; do it for the outcome.

How has it been to maintain a career over such a long period of time?

If you don’t enjoy doing something, you will probably do something else. The fact that I’ve been doing this pretty much all my adult life is because I’ve enjoyed it thoroughly. I’m very passionate about it; I enjoy the pressure and the action, and every day is a different challenge, which is exciting. It’s been a very fulfilling, rewarding, and enjoyable 30 years, and I hope to continue for a few more.

What would you say keeps your career moving through those periods?

A few things. First, the work that we do has a silent but significant impact on society, business, the country, and the development of the legal system. It’s rewarding to know you have played a role in that. Second is the people aspect, specifically mentoring and training young people. As lawyers, part of our job is to train others, as you can’t do everything on your own. Over 30 years, I’ve had the privilege to train dozens of good lawyers who are now thriving across the profession, and it’s very fulfilling and rewarding that you have had an impact on someone’s life. Third is our clients and global exposure. I enjoy meeting people from all over the world, travelling for work, and learning from different backgrounds and cultures.

Lastly, we do a lot of work that impacts communities and social welfare. It’s fantastic to see the impact we have through pro bono work, direct giving, and funding education. Personally, and through our firm, I’ve had the privilege of funding dozens of children through school and university. When you see them succeed, you realise you can change a whole family or village by impacting someone positively.

Did you get a head start that made a difference in your life?

There are no head starts in life. You have to work very hard to achieve whatever you want; there are no shortcuts.

There is an element of being in the right place at the right time, but if you are passionate and work hard, success is a byproduct. I tell young people not to focus strictly on money or status; just do what you have to do, enjoy doing it positively, and success will automatically follow. I’ve never negotiated a salary; I only tell them to pay me what they think is fair because I know I will prove myself and get better.

Where luck plays a role is being in the right place at the right time. I was fortunate to work in England early in my career, where I learned a lot. I returned home to Kenya in 1999 at the end of the Moi era, and my career really took off at the start of the Kibaki era, which opened up immense economic opportunities for our country.

What has this life cost you?

Life is always about trade-offs. If you put in the hours at work, you are sacrificing time elsewhere. In the first 15 years of my career, I unfortunately sacrificed a lot of family time. But I remained deliberate about my family; that is, my wife and my two daughters. I found time for school events, and I picked up and dropped my children at school every single day. I simply worked long hours before and after. You find balance by eliminating non-essential priorities, like going out drinking, which I realised early on was mostly a waste of time. I use my time wisely.

Turning 52, what anxieties do you have about the second half of your life?

First is health and ensuring I remain healthy for the next phase. My father died at 56, and there is a history of poor health in my family, so I am very careful to control what I can control.

Second, I am anxious about the world we are facing, particularly the rapid decline in values and integrity, as well as the unchecked impact of technology and AI on human lives. I worry about the world my children will inherit.

Finally, I am very anxious about our country. Society as we know it feels broken. Corruption is rife, honesty is rare, and bad behaviour is rampant. Our generation has failed in leadership, and I hope the younger generation can help change the status quo.

Your father died at 56, and you are 52 now. Does that change how you think about death?

I am not scared of death at all. I have experienced death too many times of people close to me, some in tragic circumstances. One of my friends was shot by thugs, and another died in an accident.

As a Jain [a follower of Jainism, an Indian religion], we believe in reincarnation, so I don’t look at this single life as the end. The soul carries on in different shapes and forms, and as long as you do good in this life, you will hopefully have a good next incarnation. I don’t fear death itself; I only care about planning responsibly for the impact my absence would have on my family.

What do you wish you could have asked your dad as you approach 56?

I left Kenya at 18, so I didn’t get to spend as much time with him as an adult before he passed away. I would have asked him for more advice on parenting, responsibility, and how to better manage life’s stresses. I think he was stressed about many things, and I would have asked him how I could have helped him deal with that stress.

Are you the kind of father you set out to be?

I have tried to give my daughters the best education, experiences, love, shelter, and opportunities, the things I didn’t always have in my own childhood. Most importantly, I have given them my time and taught them core values like honesty, integrity, respect, and responsibility.

On the fun side, we travel a lot as a family. I’ve taken them to a new country every year so they learn about different cultures and broaden their horizons. I hope I’ve been a fun, caring, loving, and responsible father.

What has brought the most meaning to your life so far?

My family and my work. I live for those two things, and both have given me immense happiness, purpose, and fulfillment.

Has your definition of success changed?

When you start out, success is somewhat materialistic, earning a certain income or buying things. That is natural when you are aspiring. As you grow older, those things become less important. With age, my definition of success has become much more about my impact on others rather than material goods: taking care of the 200 people at our firm, mentoring young lawyers, supporting worthy causes, and contributing to society. Money is just a byproduct. If you keep your needs modest, you don’t need that much.

I also define success by how many other people’s successes I have contributed to through mentoring and teaching or contributing to their education. And lastly, health is success; if I am healthy at 52, I consider myself successful in that regard. It becomes even more important as you get older. [chuckles]

What makes a life memorable and worth living?

Experiences, both good and bad. Bad experiences teach us resilience and how to deal with hardship. Without them, you won’t be strong enough to survive. Good experiences come from travelling, meeting people from different walks of life, and finding joy in your daily work.

What small change has led to the biggest difference in your life?

I was very impatient before. I used to react a lot. Now I don’t react that much. And that comes with age and experience. In the last few years, I have shed some bad habits to make myself healthier. I exercise; I gave up smoking and drink very little. I sleep very well. But you know, when you are young, you have to drink, and you have to enjoy [chuckles].

What loss or failure has shaped your perspective on life?

The loss of my father was the biggest turning point in my life. At age 20, living independently in London, I suddenly had to grow up overnight and take financial responsibility for my extended family. Our family business was facing bankruptcy, so I returned to Kenya and had to run my father’s cloth shop on River Road in Nairobi for two years while working on the side. I was hustling hard, sweeping floors, opening and closing the shop, and bargaining over shillings. It was tough, but running that shop taught me more about resilience, honesty, business, and responsibility than any MBA ever could.

Bowmans Kenya Managing Partner Paras Shah at his office in Nairobi on September 10, 2026.

Lucy Wanjiru | Nation Media Group

How did that affect your approach to finance and life?

My father was fun, boisterous about life, and loved to laugh loudly, as I do. But he also carried much stress, which I hope I don’t. I learned to be deeply conservative about financial planning. I never borrow money, I never lend money, and I don’t take foolish financial risks. I’ll give money, but I never lend money. I learned that from his mistakes. I just work hard, save safely, and live without financial anxiety.

What would constitute a failure in fatherhood for you? Failure would be if my daughters ever lost the core values I’ve taught them, especially integrity, honesty, and trust.

What incomplete business do you still hope to finish?

I would like to formally teach at a school or university at some point in my life.

Stripped of all your titles, who are you to yourself?

I’m a simple, fun-loving individual who likes watching TV, reading, travelling, and spending time with my family.

What has success taught you about what is worth wanting?

Humility. Success can easily go to your head and make you treat people disrespectfully. Remaining humble while being successful is essential.

When you look back at your life, what do you hope you will feel was worth it?

The positive impact I’ve had on other people’s lives.

Kenya’s fintech sector faces an open finance era

When a customer walks into a shop in Kenya, whether they pay through M-Pesa, Airtel Money, a bank app, or another digital wallet determines which payment route they and the merchant use.

But a new proposed law could make these distinctions less important by pushing Kenya’s digital financial sector toward systems that can communicate with each other and allowing customers to share their financial data with other service providers.

The National Payment System Bill, 2026, introduces mandatory interoperability and open finance, which would reshape how fintechs build their products.

The proposed law requires payment service providers and payment system operators to use systems that can connect with those of other providers, operators and their agents.

Payment service providers handle customer-facing transactions, such as M-Pesa and Airtel Money, while payment system operators such as Pesalink own the underlying infrastructure for settling funds between financial institutions.

The Central Bank of Kenya (CBK) would also have the power to require providers to enter into interoperability arrangements.

This means fintechs would have less room to operate entirely closed payment systems. Different networks would connect, allowing money and payment instructions to move more easily between providers.

Kenya has already moved toward this model through mobile money interoperability and bank-to-mobile-money connections. For example, customers using Airtel Money can pay for goods at stores that use Safaricom’s M-Pesa till numbers.

The Bill seeks to make interoperability a broader feature of the national payment infrastructure rather than something individual providers choose to offer.

‘Each payment service provider or payment system operator shall use systems that are interoperable with the systems used by other payment service providers and payment system operators, and their agents,’ the Bill says.

For fintechs, this could change how they design their products. Instead of building around a single bank, wallet or payment network, a startup could build services that connect to several providers.

The bill defines open finance as allowing a third party, with a customer’s permission, to access and use data held by a payment service provider to offer new or improved services or develop new business models.

It also creates the concept of an account information service, which could allow information from accounts held with different providers to be brought together.

For instance, a Kenyan can have a salary account at one bank, a savings account at another, M-Pesa for everyday spending and a digital loan elsewhere.

Today, each institution largely sees only part of that person’s finances and the customer has to move between different apps, while the institutions have limited visibility of accounts held elsewhere.

Under open finance, the customer could authorise third-party applications to access information from several accounts and present it in one place.

This information could support other financial services: a personal-finance app could analyse spending across accounts, and a lender could, with permission, assess a customer’s financial activity across several providers instead of relying only on its own records.

Similarly, a small business seeking working capital could allow a lender to examine its transaction history across different payment channels.

The proposed law also introduces payment initiation services, enabling users to initiate online payments without directly interacting with their bank or financial service provider. This could allow fintechs to build new payment services on top of existing financial infrastructure.

This model is already more developed in markets such as the UK, where regulated third-party providers can access account information and initiate payments with customer permission.

For Kenya’s fintech sector, this could create room for startups built around the data and infrastructure of established financial institutions.

However, the financial system also creates new risks.

Because transaction histories can reveal income, spending habits, regular payments, relationships and financial difficulties, giving more third parties access to this information makes cybersecurity, data protection and clear customer consent critical.

Recent research by UK law firm TLT Solicitors found that half of financial services companies are concerned about the increased fraud risk as a result of the larger ‘attack surface’ open banking can give hackers.

Two thirds of respondents raised concerns about data loss or misuse through third-party providers.

The technology also raises the question of fraud and liability. If a customer authorises a payment through a third-party fintech and the transaction turns out to be fraudulent, the industry will need clear rules on who is responsible – the bank, fintech, payment system or customer.

As such, regulators globally have had to develop rules covering authentication, consent, data security, liability, complaints and the responsibilities of third-party providers.

Kenya’s bill does not specify how access would work and says the CBK ‘shall make regulations to give effect to this section.’

Details on what data can be accessed, under what conditions, and at what cost would be left to subsequent CBK regulations.

Opening access to financial infrastructure could also make it easier for smaller fintechs to compete with established institutions.

However, experts have warned that this may give large financial and technology companies room to exploit their customer bases and datasets, meaning open finance does not automatically produce a more competitive market.

Payment firms capital raised up to Sh250m in new Treasury Bill

Payment service providers and system operators will now be required to keep five times as much capital as the minimum capital requirement is raised to Sh250 million.

The National Payments Bill, 2026, sponsored by the Treasury proposes to expand licence categories under payment service providers (PSPs) and payment service operators, acknowledging the evolution of the payments landscape since 2014 when the respective laws were last set.

Under the PSPs licence, payment initiation service providers and account information service providers will be required to have Sh5 million in minimum capital.

Electronic money issuers will be obligated to hold the highest minimum capital at Sh250 million from Sh50 million previously.

Electronic money issuers are entities like mobile network operators or non-bank firms which convert cash into digital money.

Payment system operators including payment gateways, messaging system operators, card scheme operators and switching and clearing system operators must keep between Sh20 million and 50 million minimum capital.

Previously, the scope of payment service providers was narrow and covered only four license categories; electronic retail payment service providers, designated payment instrument issuers, e-money issuers and small e-money issuers.

The players, who are regulated by the Central Bank of Kenya (CBK) have until now been required to keep between Sh1 million and Sh20 million in core capital.

The proposed changes seek to address gaps and challenges identified in Kenya’s national payment system including the legal framework, limited interoperability across payment platforms, insufficient payment system resilience, data fragmentation and real-time visibility, cybersecurity and emerging technology risks.

‘Kenya’s National Payment System continues to evolve rapidly, supported by technological innovation, digital financial services and increasing adoption of electronic payments,’ reads the draft National Payments Policy published alongside the payments bill.

‘However, gaps and challenges remain in the legal and regulatory framework, interoperability, resilience, data and information sharing, cybersecurity, consumer protection, participation in payment infrastructure, cross-border payments, financial literacy, governance and coordination.’

The Central Bank of Kenya (CBK) has currently authorised 40 payment service providers including Safaricom Plc and Airtel Money Kenya Limited who are both approved to issue, process, store, send and facilitate mobile money payments.

The pair is also approved to provide platforms that facilitate the processing of payments on behalf of merchants.

Other approved PSPs include Web Tribe Limited, Cellulant Kenya Limited, Pesapal Limited, Craft Silicon, Direct Pay and Paystack Payments.

The National Payment System (NPS) forms the backbone of Kenya’s financial sector and facilitates the smooth, secure and efficient transfer of funds across the economy.

The payment system has undergone significant transformation, driven primarily by mobile money, fintech innovation and progressive regulation.

In the 1990s, payments in Kenya relied heavily on cash and cheques, with slow and inefficient manual clearing processes.

At the end of the decade in 1998, the Nairobi Automated Clearing House was automated, serving as a catalyst for the modernisation and laying the groundwork for faster and more reliable electronic clearing of cheques and electronic funds transfers.

CBK introduced the Kenya Electronic Payment and Settlement System, a real-time gross settlement system that facilitates high-value interbank transfers.

The launch of mobile money services in 2007 served to revolutionise retail payments by enabling secure, affordable, and accessible digital transactions.

Most recently, Kenya has witnessed rapid digital transformation of its NPS, characterised by mobile-money interoperability, regional payment integration, and expansion of payment solutions, including the integration of digital payment systems in government platforms such as eCitizen.

‘The current phase of NPS reforms focuses on enhancing interoperability, security and regional integration, building on CBK’s National Payment Strategy (2022-2025) , which promoted the principles of trust, security, usefulness, choice and innovation,’ the draft NPS policy adds.

‘As the eco-system continues to mature, the country is now pursuing a modern, unified and adaptive framework for payments to ensure a resilient, interoperable, and inclusive national payment system that enables real-time, secure and affordable transactions while promoting innovation, regional payment integration and consumer protection.’

CBK holds the primary responsibility of regulating and supervising payment systems and PSPs including the authorisation for entities that carry on payment services.

The CBK also holds powers to issue directives and impose supervisory requirements and provide the legal basis for oversight of retail and wholesale payment infrastructure.

Why three minutes of vigorous movement may lower cancer risk

If you spend most of your working day seated at a desk, a few minutes of vigorous movement could be more useful than you think.

A new study suggests that replacing sedentary time with physical activity, particularly short bursts of vigorous movement, is associated with a lower risk of several cancers.

The study, published in July in BMC Medicine, analysed activity data from 59,218 men and women who were part of the UK Biobank. Participants wore activity trackers for a week, allowing researchers to measure how much time they spent sitting, standing and engaging in light, moderate or vigorous activity.

Researchers then examined their medical records over roughly eight years, looking at 13 cancers that have been associated with physical inactivity. They used statistical models to estimate what could happen if participants replaced some of their usual sitting time with different types and intensities of physical activity.

Standing was associated with lower cancer risk compared with remaining seated, but movement appeared to have a stronger association. Light activity was associated with greater benefits than standing, while vigorous movement showed the strongest association.

The study found that about three minutes of vigorous activity was associated with a similar reduction in cancer risk as about 90 minutes of light-intensity movement.

Vigorous activity in the study included movements that substantially increased breathing and heart rate, such as rushing up stairs or running to catch public transport.

For Riya Shah, a cancer specialist physiotherapist at Performance Medicine Kenya, the findings reinforce a broader message about the importance of movement throughout the day.

‘Regular movement is one of the most important modifiable lifestyle factors we can influence across the cancer continuum, from prevention, through treatment and recovery, and into survivorship,’ she says.

Shah says people often think of exercise as something that has to happen in a gym or as a structured workout, yet the body benefits from movement throughout the day. ‘Our bodies are designed to move throughout the day,’ she says.

There is already evidence linking higher levels of physical activity with a lower risk of several cancers, particularly breast and colorectal cancer, she said. Physical activity is also associated with better cardiovascular and metabolic health.

For someone who spends eight or more hours sitting at work, Shah says the focus should not be solely on finding time for a workout before or after work.

Instead, people should also look at how they can interrupt long periods of sitting. ‘Don’t wait until the end of the working day to ‘do your exercise’. Build movement into the working day itself,’ she says.

Her suggestions include standing up and walking around for a couple of minutes every 30 to 60 minutes, walking to speak to a colleague instead of sending a message where practical, taking the stairs, walking while making a phone call, getting up to refill a water bottle and having walking meetings where possible.

Standing, she says, is certainly better than remaining completely sedentary, but ideally people should move rather than simply switch from sitting to standing.

‘Even a short walking break can increase muscle activity, circulation and energy expenditure,’ she says.

The idea of vigorous movement can also be less complicated than it sounds.

It does not necessarily require a gym, running track or exercise equipment.

Shah says climbing several flights of stairs, walking quickly uphill, carrying heavy shopping, cycling quickly or running to catch a matatu can potentially qualify, depending on how hard the activity makes a person work.

‘Exercise doesn’t have to look like exercise,’ she says.

For one person, climbing several flights of stairs may constitute vigorous activity, while for someone who is fitter, the same activity may only be moderate.

A useful indicator, Shah says, is breathing. During vigorous activity, breathing and heart rate increase substantially and a person may only be able to say a few words before needing another breath.

However, she cautioned against interpreting the study as suggesting that three minutes of exercise a day is all a person needs.

The study was observational, meaning it identified an association between physical activity and cancer risk but did not prove that the short bursts of vigorous movement directly prevented cancer.

Shah says the finding should instead be viewed as an encouraging message for people who currently do little physical activity.

‘If you currently do very little activity, small amounts of purposeful movement can still matter,’ she says.

Those short bursts can be a starting point and can gradually be built upon, she adds.

There are also possible biological explanations for why physical activity may influence cancer risk. During vigorous movement, heart rate, blood flow, breathing and muscle glucose uptake increase. Exercise can also influence insulin sensitivity, metabolic health, inflammation, body composition and the immune system.

Shah says researchers are also studying how exercise mobilises immune cells, including natural killer cells, which are involved in identifying and responding to abnormal cells.

But cancer prevention cannot be reduced to physical activity alone.

‘Physical activity is important, but it doesn’t eliminate other established risk factors such as tobacco exposure, alcohol consumption, unhealthy body weight and diet,’ she says.

For people with sedentary jobs, her advice is therefore simple: move whenever there is an opportunity.

Walk during a phone call. Take the stairs. Walk part of the journey where practical. Break up long periods of sitting. Add some brisk walking to the day and incorporate strength exercises such as squats, calf raises, glute bridges or resistance exercises at least twice a week.

The broader message is not that everyone needs to find an extra hour in an already busy day.

Rather, movement can be accumulated throughout the day, from the journey to work and the office stairs to household tasks and short bursts of faster activity.

‘Don’t aim for perfection, aim to avoid sitting continuously for hours at a time,’ Shah says.