Category: Business Daily

The seed capital for the State-backed credit guarantee scheme is planned for expansion by more than eight times from the present Sh3 billion to beef up lending to small businesses and complement a yet-to-be-rolled-out private sector initiative.

The National Treasury says the expanded credit guarantee programme-aimed at de-risking lending to micro, small and medium enterprises (MSMEs by commercial banks-will facilitate lending of up to Sh50 billion to high-risk ventures.

As 2025 comes to a close, corporate reporting has featured prominently on the agendas of most organisations this year.

The year was marked by familiar themes and challenges from recent years, such as navigating high levels of uncertainty, a volatile macro-environment, technology disruptions, and the effects of geopolitical conflicts on supply chains.

Organisations had to manage risks, build resilience, and seize opportunities for business growth. The role of corporate reporting, as a critical component for organisations in executing their strategy during the year, cannot be overemphasised.

Both financial and non-financial reporting information were key ingredients for organisations to provide clarity for decision-making, evaluate strategic choices, deliver sustained returns to shareholders, and build trust with their stakeholders.

Organisations continued to invest in capacity building for corporate reporting across all levels of the organisation, particularly at the highest governance levels, such as the board of directors and senior management.

Having clarity on the tangible benefits realised from corporate reporting has been a focus area for organisations, including increasing the utility of their reports and motivating for the right investments aligned with the right reporting maturity ambition.

Sustainability reporting continues to generate significant interest among organisations executing strategy, policy, and compliance, including mandatory reporting.

Preparation for the mandatory adoption of the new IFRS sustainability standards is in full swing, with organisations revisiting specific upstream activities across their businesses to align and improve as they invest in their sustainability reporting capabilities.

The next few years will see organisations accelerate their efforts to meet the compliance timelines for mandatory sustainability reporting. On the financial reporting front, organisations are now spending more time analysing financial information, having recently adopted a range of new IFRS accounting standards over the last seven years.

This shift for finance teams from operational to strategic partnering across their organisations has necessitated the modernisation of the finance function, leveraging digital technologies to enhance efficiency, effectiveness, and value delivery.

This is a finance transformation journey that will help organisations do more with less.

The PwC global investor survey for 2025 offers a window into what investors are prioritising and how it’s shaping the decisions by organisations, for example, how organisations using sustainability data to drive efficiency and performance will attract more investments, demonstrating that corporate reporting will remain a big component of how organisations execute strategy.

The Treasury has revised its projected domestic borrowing target for the 2026/27 fiscal year upwards by Sh88.5 billion, as it turns to the debt market to fill a deepening budget hole caused by revenue collection shortfalls.

The draft 2026 Budget Policy Statement (BPS), published on Friday, shows that the government expects to tap the local market for a record Sh1.006 trillion in net borrowing in the fiscal year to June 2027, marking an upward revision from the previous projection of Sh918.1 billion published in the September 2025 Budget Review and Outlook Paper (Brop).

There are two defining things about 42-year-old Awuor Okola. The first is her deep belief in the proverb from the Gospel of Luke: Physician, heal thyself. ‘The body has all you need to heal itself. Don’t always look outside – healing starts from within you,’ she says.

The second is that she is still actively writing her story – one workout at a time – in the gym, the pool, and sometimes on the road, running or walking.

For more than a decade, she has been on what she calls the most important project of her life: her body. This, she says, goes beyond aesthetics. ‘It is about healing and reinvention. By activating certain things in your life, you reinvent your body. You give it a new lease of life.’

When she first walked into a gym 12 years ago, she had no clear plan, only the desire to support her father, who had suffered a debilitating stroke. ‘I wouldn’t have thought of getting myself to the gym. I just wanted to give him morale. Like, let’s do it together, then at the end of the day we can talk about how difficult or easy it was.’

From that social experiment, Awuor fell in love with the gym. Her father regained about 70 percent of his strength and can now run errands without much trouble. For Awuor, the gym quickly became her ‘safe haven’.

For the first three years, it was all movement – weights, floor work, anything available. ‘I was down for anything. You’d find me doing everything at once. I went every single day, Monday to Monday.’

The results were unmistakable: toned muscles, growing stamina, and a presence that made people assume she had figured health out. By casual inspection, working out had become de rigueur for her, something admired by those around her. But beneath the aesthetics, she admits, something was missing.

A discovery

‘My body was caving in because I didn’t have structure,’ she says. ‘At that point, I could train someone else, but I couldn’t train myself. There has to be structure when you’re training.’

A change of gyms introduced her to a coach who brought that structure – rest days, recovery, balanced nutrition, and a rhythm that acknowledged the body’s need to heal. With guidance came ambition. Awuor discovered CrossFit and eventually began competing.

‘CrossFit takes a lot,’ she says. ‘The training was really intense. But the adrenaline – that intensity – was the crown. In my last competition, I came second. It was an international competition organised in the US, but held in Nairobi. That was so exciting for me.’

Under her trainer’s guidance, she lifted weights more intentionally, embraced cardio, and for six years lived a routine that reshaped both her body and her outlook. ‘From there, it was go, go, go,’ she says. She also adopted a plant-based diet – without much debate – until her body pushed back.

That pushback came in distress signals. Years of plant-based eating left her deficient in Vitamin B12. She battled ulcers, painful mouth sores, and eventually lost her menstruation for two years.

‘Aesthetically, people would look at me and say I was fit. But inwardly, my body was shutting down. My hormones were caught up in all the mess going on inside.’

Her coach insisted on reintroducing animal protein, and slowly, her health rebounded. Astonishingly, her menstruation returned within three months of structured training and recovery. ‘When somebody tells you your body can heal itself, believe them, it really can.’

The brain clot

The ‘Fitness Hustler,’ as she likes to be called, is not one to drop the ball, even when pushed to the wall. In 2020, Awuor endured a long period of relentless migraines. She kept showing up at the gym until the pain became unbearable and she checked into hospital.

‘I had a brain clot and was admitted. The first week, they induced a coma to see if the clot could dissolve,’ she recalls. After four weeks in hospital, she was discharged on medication, but the clot had not fully cleared. Her neurosurgeon advised her to stay out of the gym for two years.

The thought was unthinkable.

‘I did my research. There are athletes still running with clots – not brain clots, but it’s manageable. For me, the gym is my therapy. Sitting in the house for two years would have destroyed me.’

With her coach’s guidance, she returned cautiously. It was not easy – seizures, limitations, setbacks – but consistency and persistence pulled her through.

New meaning

Today, Awuor is clear about what fitness means to her. It is no longer about abs or competition at all costs.

‘I now focus on longevity. Yes, I can walk for long hours, I can jump, but how are my emotions? How is my mental health?’ she says. ‘I focus on wholesome fitness: physical, emotional, spiritual.’

Her routine includes three official gym days – lower body, upper body, then full body – supplemented with swimming, metabolic conditioning, and active rest. She no longer trains seven days a week; five intentional days are enough. She finishes each session with a swim, her cool-down ritual. ‘Swimming relaxes my joints. After the floor, when I get to the water, it’s calmer. On a good day, I do 600 metres and compete against my previous time.’

Nutrition has also evolved. She now leans on animal protein – eggs, fish, chicken – paired with complex carbohydrates and leafy greens. She avoids supplements, preferring natural aids such as stinging nettle, sea moss gel, roselle tea and milk thistle.

‘Supplements are a quick fix. I ask myself, is it sustainable? I prefer natural things, even if they take time. With natural remedies, you have to be patient, just like with fitness.’

Looking back, Awuor counts her biggest gains. ‘First, my self-esteem is high. Nothing anyone says or does can shake me. Second, I am strong mentally, physically, emotionally. Third, I’ve learned to adapt.’

Having faced nutritional crises, hormonal imbalance, a brain clot, and the gruelling demands of CrossFit, she has come to understand change as a constant and learned to grow stronger through it.

Her advice to those in their 40s is simple: ‘Fitness doesn’t have to be extreme. You don’t even have to come to the gym. As long as you’re moving, it matters. Start indoors. You’ll get bored and go outside. Today 10 minutes, tomorrow 30. It’s body, mind, and soul – everything is connected. But you have to take the first step.’

Testing the limits

Though she once considered a decade-long break from competition, the fire has not dimmed. Recently, she set her sights on a High Rocks event, a less intense but still demanding challenge involving running, lunges and wall balls.

‘I told myself, let me give myself a chance. I want to see how my body will feel. That desire to compete, to test what I’ve done it’s still there.’

She is not chasing perfection. She is listening to her body, healing from within, and proving, again and again, that strength is more than what the eye can see.

Seventy-five water utilities in the country are in financial distress due to governance gaps, fiscal indiscipline and operational inefficiencies that threaten their long-term sustainability and the reliability of water access for Kenyans.

An analysis of audit reports covering the 87 water companies owned by county governments reveals that many are heavily indebted and grappling with liquidity challenges after failing to collect billions of shillings from their customers.

Although borrowers have seen lower loan costs from commercial banks, lenders have restricted lending, maintained lengthy application processes and demanded high collateral, thereby slowing down credit access.

The Central Bank of Kenya (CBK) made the disclosure following its probe into whether banks have passed on the benefits of lower interest rates to customers.

At least five counties have allocated Sh1 billion for education bursaries during the current fiscal year, in breach of a High Court decision made in June 2025, which outlawed the issuing of endowment cash by devolved units.

Fresh disclosures by the Parliamentary Budget Office (PBO), which advises lawmakers on economic and budget affairs, show that the counties – Kwale, Kakamega, Homa Bay, Laikipia and Lamu – have allocated amounts ranging from Sh70 million to Sh400 million for bursaries, despite the court ruling.

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The government claims to have cleared the stock pending bills in the road sector, paying Sh123 billion exclusively from commercial bank loans.

On the evening of December 21, Africa will pause. Millions of football fans across Africa will gather around screens as Morocco faces Comoros in the opening match of the 35th TotalEnergies CAF African Cup of Nations (Afcon) in Rabat.

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Inside the Prince Moulay Abdellah Stadium, 68,000 spectators will roar with anticipation. Yet the true heartbeat of the tournament will echo far beyond the stadium walls, through living rooms, cafés, and mobile phones across Africa.

This is more than a game. It is a ritual of unity, a shared language that transcends borders, politics, and divisions. The excitement, the tension, and the drama are not just sporting moments. They are proof of football’s power to bind a continent together.

Consider the numbers. At Afcon 2024, the semi-final between South Africa and Nigeria drew a record 10.3 million viewers. The tournament itself reached an estimated 1.4 billion people worldwide.

These figures are staggering, but they tell a deeper story: African football is not merely entertainment. It is an industry, a cultural force, and an economic engine. It sustains thousands of jobs, drives local economies, and creates opportunities where few exist.

At the heart of this ecosystem lies broadcasting. Without it, the spectacle collapses.

Media companies invest millions to secure the rights to air matches legally. In sub-Saharan Africa, MultiChoice through SuperSport holds these rights, ensuring fans can watch live action while fuelling the sport’s sustainability. Every subscription, every pay-per-view ticket, every broadcast is more than a transaction; it is a lifeline for African football.

Behind the scenes, the ripple effect is immense. Camera crews, production teams, transport and logistics staff, caterers, hotel workers, and security personnel all depend on the tournament’s success.

Behind every goal replay and every commentary line is a network of livelihoods. Broadcasting revenue also sustains the Confederation of African Football, funding youth development, stadium maintenance, referees, coaches, and elite training camps. It enables national squads to travel, compete, and inspire millions. Without this revenue, the very foundation of African football would falter.

Yet this system is fragile. Piracy threatens to unravel it. To many fans, watching an illegal stream may seem harmless and a way to avoid subscription fees. But the consequences are profound.

Money that should support African football instead flows into criminal networks. Funding for youth academies shrinks. Infrastructure projects stall. National teams struggle. Piracy does not just steal content; it steals the future of African football.

The threat is not abstract. Globally, Spain’s LaLiga estimates losses of pound 600-700 million annually due to piracy. The UK Premier League blocked more than 600,000 illegal streams in a single season. In Africa, pirate websites expose viewers to malware, fraud, and identity theft.

They erode trust, scare away sponsors, and choke investment. Every illegal stream chips away at the opportunities available to players, coaches, and communities.

But there is hope. Organisations like Partners Against Piracy are fighting back, strengthening legal frameworks, taking pirate sites to court, and educating fans about the hidden costs of illegal streaming.

Technology companies such as Irdeto deploy advanced tools to protect legitimate streams, track illegal broadcasts, and make pirate platforms harder to access. These efforts matter, but they are not enough on their own.

The most important partner in safeguarding African football is the fan. Every legal subscription, every pay-per-view, every legitimate stream is a vote for the sport’s survival. Fans hold the power to decide whether African football thrives or withers.

This is the moral crossroads.

When you tune in to Afcon, you are not just choosing how to watch a match. You are choosing whether to invest in the dreams of young players training on dusty pitches, whether to sustain national teams that carry the pride of millions, and whether to protect the jobs of thousands who make the tournament possible. Watching legally is not a passive act; it is an active commitment to the future of African football.

So, ask yourself: are you helping to build African football, or letting piracy destroy it? The choice is enormous. By watching legally, you nurture the next generation of African stars, strengthen national teams, and ensure that the continent’s most beloved sport continues to thrive.

Kenya has extended the tenure of the three Chinese loans used for construction of the standard gauge railway (SGR) to 2040, with the extra five years aimed at easing the burdening quarterly payments.

Treasury reckons that it negotiated new terms that turned the loans into 15-year-old facility from this year, and includes a new five-year grace period-where Kenya will be exempted from paying the principal amount.

The extension was part of the conversion of the three dollar-denominated loans into yuan, reportedly saving the country about $215 million (Sh27.7) billion a year.

The SGR loans were initially set to be repaid by 2035, with Kenya paying both the principal and interest to China Exim Bank.

‘The loans are now going to be paid for 11 years with a four-year grace period for a total of 15 years,’ National Treasury Cabinet Secretary John Mbadi said on Thursday.

Kenya borrowed Sh655 billion ($5.08 billion) from the China Export-Import Bank in the year to June 2015 for the construction of SGR from Mombasa to Nairobi and later to Naivasha.

The country has been paying interest on the SGR notes twice a year in January and July and the loans were initially expected to mature between January 2029 and July 2035.

The extension of the loan tenure and the grace period will make repayment of the SGR loans manageable in a period when public debt servicing costs is consuming over half of government revenues.

The National Treasury estimates that it has been spending Sh50 billion a year on servicing the three SGR loans but now expects the servicing to only cost Sh37 billion a year.

Apart from the financial relief, Kenyan officials attribute the currency switch to the fact that the country’s debt is concentrated in dollars, exposing the government to higher currency and interest rate risks.

About 52 percent of the stock of Kenya’s external debt was denominated in dollars at the end of September, according to government records.

About 27.9 percent of debt was in euro, 12.3 percent in yuan, the yen (5.2 percent) and 2.5 percent in British pound.

Kenya is racing to cut its overall debt, which stands close to 70 percent of gross domestic product or Sh12 trillion, and ease repayments.

The government has revamped its debt management strategy to lengthen the maturity of debt, notably the Eurobonds and lighten the pressure on public coffers.

It has also been turning to securitisation of revenue to raise funds for key projects like the extension of the railway from Naivasha to the Ugandan border, and the upgrading of its main airport in Nairobi.

President William Ruto’s top economic advisor, David Ndii previously hinted that western lenders like the World Bank and the International Monetary Fund (IMF) forced Kenya to swap the SGR loan from dollar into yuan.

‘The western lender queried why they should be supporting us while other lenders are taking out their money,’Dr Ndii said in an interview last month.