Category: Business Daily

The government has opened the first switch bond transaction for the fiscal year, seeking to roll over the maturity of a 10-year bond of Sh103.4 billion into a 15-year paper.

The bond prospectus published by the Central Bank of Kenya (CBK) on Tuesday shows that the Treasury is asking holders of the 10-year paper, due to mature in August next year, to move their funds into a reopened 15-year bond issued in April 2022.

The government’s fiscal agent is targeting a rollover of Sh20 billion in the bond switch, with investors being asked to effectively lengthen their exposure from six months to 11.3 years.

This is aimed at helping the government avoid short term debt refinancing pressure amid lagging revenue performance and high recurrent budget costs.

The 15-year bond pays a coupon of 13.94 per cent and has an outstanding value of Sh129.2 billion. It was most recently reopened for sale last month, raising Sh33.35 billion from bids of Sh57.58 billion.

The destination bond’s coupon is however lower than the 15.04 per cent interest that the maturing 10-year paper has been paying, but investors are likely to favour the switch given the falling interest rates that have seen the 10-year yields in the secondary market fall to 12 per cent from about 15 per cent a year ago.

‘Participation in the auction is on a voluntary basis, and investors may opt to switch part or the entire holding (face value) in the bond,’ said the CBK in the prospectus.

‘Investors with outstanding pledges need to cancel them five days before the switch value date to be eligible to participate in the switch auction.’

A switch bond issuance involves the direct conversion of maturing Treasury bills and bonds into a longer term security, cushioning the exchequer from a liquidity crisis.

Domestic debt maturities are usually funded by rolling over the debt via new bond issuances, and rarely through repayments from tax collections since the government is already running a budget deficit.

Refinancing the debt through ordinary bond sales however means that rollovers can affect the government’s ability to make new borrowing for budgetary purposes, especially when these bonds are under-subscribed.

Swapping a bond therefore helps avoid the competition for funds between maturities and new borrowing.

The National Treasury’s 2025-2026 annual borrowing plan indicates that the government intended to issue six switch bonds between September and June next year, targeting total maturities of Sh555.5 billion.

The first of these bonds was a Sh76.5 billion, three-year paper that is due to mature in May next year.

However, the government instead opted to do a partial buyback of Sh20 billion on the paper last month, reducing its outstanding value to Sh56 billion.

The other bonds targeted for switching include a five-year bond maturing in November next year (Sh66.1 billion), a three-year bond maturing in January 2027 (Sh91.6 billion) and a 15-year paper that is exopected to mature in September 2027 (Sh144.5 billion).

Switch bonds are however a relatively recent liability management tool for the government.

The National Treasury brought its first such bond in June 2020, offering investors a six-year infrastructure paper in exchange for a maturing one-year Treasury bill. This netted Sh20.2 billion out of a target of Sh25.6 billion.

The second switch bond was sold in December 2022, seeking Sh87.8 billion via a six-year infrastructure bond, targeting holders of maturing Treasury bills worth Sh31.96 billion and a maturing two-year bond which had an outstanding amount of Sh55.85 billion.

This bond raised Sh47.8 billion, with holders of the two-year bond accounting for the bulk of the switch at Sh39 billion.

When most people picture a holiday, they imagine big resorts, wide beaches, sprawling views, and endless buffet tables.

But there is a new trend taking shape across the country which shrinks the holiday experience into pocket-sized cabins whose biggest plans involve enjoying a nice cup of something steamy on a tiny veranda, as the birds do all the talking. This trend is all about charm and coziness rather than grandeur.

‘People always need a certain closeness and intimacy. Because of this, people lived in smaller spaces back in the day, but someone came and sold us the idea that success means building bigger houses even though they make us grow apart. Your children can come home from school and disappear into a bedroom on the third floor while you’re on the second, and you might not even realise they’re home. With a tiny, cosy space you have no choice but to meet, talk and live together, and that naturally strengthens the bond,’ says Lina Odero, who not only lives in a tiny house, she also owns four others which operate as Airbnb’s.

When most people picture a holiday, they imagine big resorts, wide beaches, sprawling views, and endless buffet tables.

But there is a new trend taking shape across the country which shrinks the holiday experience into pocket-sized cabins whose biggest plans involve enjoying a nice cup of something steamy on a tiny veranda, as the birds do all the talking. This trend is all about charm and coziness rather than grandeur.

‘People always need a certain closeness and intimacy. Because of this, people lived in smaller spaces back in the day, but someone came and sold us the idea that success means building bigger houses even though they make us grow apart. Your children can come home from school and disappear into a bedroom on the third floor while you’re on the second, and you might not even realise they’re home. With a tiny, cosy space you have no choice but to meet, talk and live together, and that naturally strengthens the bond,’ says Lina Odero, who not only lives in a tiny house, she also owns four others which operate as Airbnb’s.

The cabin, which is mostly made of wood and obsessively large windows, embraces an open-plan arrangement for its living space. Employing clever design tricks like retractable surfaces and multipurpose furniture keep the space from feeling cramped even as it boasts of all the essentials: a fully functional kitchen; a sofa that can be pulled out to create extra bedding; an entertainment nook with a bookshelf, TV screen, and games; a tiny dining area; and a workstation that can appear or disappear as needed.

‘For tiny spaces, you make them work by using furniture that is multi-functional. I have a piece that can be used as a desk, a storage cabinet, or a side table.’

A sliding door (yet another trick for the limited space) reveals a comfortable bedroom and yet another private veranda outside it where a couple can privately enjoy some quiet time. But this is not the only bedroom the cabin offers; there’s a second smaller, triangular one neatly tucked into the roof, right above the main sleeping area.

‘I hadn’t thought of that loft initially. That space was just going to be the roof for the main bedroom, but I was sitting there one day and I thought, this roof is a bit too high, am I really going to waste it all on the bedroom?’

Thanks to her quick-thinking, the cosy A-frame can now comfortably accommodate a group of four people.

‘I receive all kinds of guests, from solo travellers to small groups and families of like mom, dad, and two children, but the cabin is extremely comfortable for couples who are the majority of my guests.’

The final feature of the cabin, which both Ms Odero and her guests unanimously agree is the best part, is the bathroom. With a bathtub, a standing shower, heated water, and surrounding floor-length windows, this charming bathroom ramps up the cabin’s luxuriousness, lending heavily to the idea of relaxation and letting go.

‘I always say to make a tiny house special, one should do one grand and luxurious thing. For this house, it’s the bathroom,’ she discloses. ‘It’s nice and spacious and has a garden right outside so you can soak in the tub with a drink and enjoy the view.’

Touch of sustainability

As far as sustainability goes, Ms Odero believes the size of the house already makes it so, because you use less of everything – money, materials, utilities.

‘Then I added recycling on top. The wood was from pallets that had been used for something else, there’s second-hand furniture and a door that I got from the flea market, and the dining table used to be a roadside culvert that I rescued and glued a tabletop on one end. There’s also a log table that I bought from my neighbour who had chopped down a tree and was selling it as firewood.’ This approach, coupled with the fact that rather than hiring a contractor for the one-year-long project, she choose to do it herself, summed up the construction cost to Sh1.5 million.

The location also adds to the appeal, with the options of malls, water sports, nature trails, a museum, animal sanctuaries, and even a spa just minutes away. Unsurprisingly, the cabin has won over a handful of loyal regulars whose preferences: favoured robes, preferred temperatures, whisky glasses, and wine openers, are now etched into her memory.

Her usual rates are Sh10,000 per night, but they rise to Sh12,000 during the festive (high peak) seasons.

Happiness sanctuary

Another tiny house making big waves is the Citronella Mountain Cottage in Nanyuki. Born from an old 10,000-litre water tank split in half, the cottage is half metallic tank and half timber structure and occupies a total square footage of 18ft by 18ft.

A self-proclaimed lover of tiny houses, Obadiah Mwaki Mwirigi had already spent considerable hours following the European tiny living movement, but it was a trip to the Northern part of Kenya that successfully inspired him to build one of his own.

‘During this trip, I saw how the Samburu people live. Most of them have small manyattas, but they are very happy people,’ he notes. ‘After experiencing a wonderful three-day stay in a manyatta myself, I realised that happiness doesn’t come from having a lot – it’s simply about appreciating the little that you have.’

Fired up and armed with Sh100,000 and the intention to complete construction in three months, he flagged off the project soon after his return home. But things didn’t go according to plan. Construction ended up taking a whole year, and his initial capital was long gone by the time he was done with just the flooring of the house.

Still, the result is a fully furnished, self-contained cottage built for two.

‘There is a market for this kind of concept, and it’s very diverse. We see a lot of international travellers, but there are also some Kenyans who enjoy the experience,’ Mr Mwirigi says.

Though compact, Citronella Cottage is surprisingly spacious. A double door makes it easy to move furniture in, while a veranda and outdoor seating area extend the living space. Inside, there’s a foldable wall-mounted table, a snug couch, a 5×6 bed, microwave, fridge, TV, and wooden floors finished to a high standard.

But the feature that his guests rave about the most is the unique, outdoor bathroom. The shower and toilet sit in a semi-open space filled with live plants and flowers, including a small tree that grew during construction.

‘The bathroom is attached to the house but once you open the door that leads into it, you feel like you’ve stepped outside, even though you’re still inside,’ he explains. ‘It gives you a sense of freedom.’

Incorporating a lot of natural light to reduce energy consumption, Citronella cottage further brags of an eco-friendly status with her drainage and septic system which is made of recycled materials including buckets and tyres. A natural seepage from the system also serves in keeping the compound lush all year round.

Though many assume that tiny homes are cheap to build, Mr Mwirigi states that this is a misconception.

‘I was guilty of this as well, but quality finishing is never cheap. The beauty is that people appreciate something that has been done well, and this makes the return on investment solid,’ he says. ‘It’s not something you regret.’

Commenting on lessons learnt about creating memorable experiences with limited space, Citronella’s host champions great customer relations.

‘Even with a big mansion, if you lack customer service, no one is coming your way. People want the human touch, and that’s not something you can automate even in this digital world.’

To shore up this belief, he decorates the cottage over the Christmas season in a bid to spread the cheer to his guests. And between his efforts and the location, which offers a variety of optional activities including game drives, trips to Mount Kenya, and other local excursions, something is clearly working because, ‘during Christmas, weThe cottage’s normal rates are Sh7,500 per night, but they shoot up to Sh12,000 during the high peak season.

‘If you are looking for an intimate space, somewhere to reconnect and have a great time with your partner, then a tiny home is definitely the answer because it doesn’t allow anyone to run off to another corner. You have to be present with one another.’

Stashed away in Nyeri, is the Forelsket cottage – or as the owner, Wachira Ngatia likes to call it, Forelskie. The name, which is Danish for ‘House of love’, is a quiet tribute to the construction journey that turned into an unexpected love story.

‘I fell in love with the entire process of seeing what I had in mind coming to fruition, and I wanted a name that could accurately capture that feeling,’ states Mr Ngatia. ‘With a Jacaranda tree in the compound, I briefly considered naming it Jacaranda house, but there are so many jacaranda places, so I dropped it.’

The idea of minimalism, backed by the (wrongful) assumption that a tiny home would be cheaper to build, were some of the key drivers of his decision to build a miniature structure, but it goes deeper than that.

‘I was afraid that a big project would deplete my finances before I could realise the dream, so I opted for an option in which I could comfortably pour my heart and soul into,’ he says. ‘And I also wanted something intimate where people couldn’t escape one another.’

Having obsessively consumed tiny living content, he began construction of the 52-square-meter build in April 2023.

‘I completed the entire shell of the house in three months, but the finishings and landscaping took a bit longer and I ended up listing the house in December of that year.’

The shell alone cost him about Sh1.7 million, an amount that rose significantly once he added the finishing touches that give Forelsket her personality.

Though it was a challenge designing the house and its fittings, the result is a homely space where all the basics are covered: cooking, sleeping, and shelter, and each feature is intentional.

The open plan kitchen, which is one of his favourite spaces in the house, comes fitted with modern, luxurious amenities, including custom-made cabinetry and counters.

Then there is the retractable TV console table, a sofa which can turn into a bed, and a pergola which allows guests to enjoy fresh air, shade from the elements, and a nice blend of both the indoors and outdoors.

‘When you receive guests in a tiny house, they don’t have to go into the house. So, this pergola acts as an extension of the house while allowing you to decorate and add plants there. Simply put, it offers the best of both worlds.’

The landscaping, in which he pulled no punches and oversaw every step himself, is one of the things his guests appreciate the most about the house and is perhaps his proudest achievement.

Another thing that is a hit with guests is the ambience and the lighting features.

‘There are lights all around the place and they come alive at night. And then inside the house, there is a variety of lights to choose from depending on one’s mood.

Guests at the Nyeri-based house typically range from solitary people looking for serenity, grounding, and calmness, to couples and groups of friends that just want to get away from the usual hustle and bustle of their lives. And though it’s listed for three people, the cottage comes with a spill-over wooden cabin which can accommodate a couple of people.

The backbone of Forelsket’s bookings, Mr Ngatia says, is formed by return guests and referrals.

‘They are the ones who keep the lights on,’ he says with a smile. ‘Some of them even keep the place a secret out of fear that it will become too popular and hamper their access.’

Among his regulars is one whose first visit is still fresh in Mr Ngatia’s mind.

‘He was going to Nyeri for work and simply needed an area with a workspace for about three days. He was a bit skeptical at first, but when he came, he fell in love with the place and ended up staying three weeks! Now he comes often.’ Preferring to customise his recommendations based on the type of traveller, Mr Ngatia is so honest with his guests that if someone wants a ‘town vibe’, he politely warns them that Forelsket may not be the place for them.

‘But if they want nature, quiet, grounding, then it’s perfect.’

As such, most of the nearby activities center around that concept and include a waterfall and nature trails about 20 minutes away, bonfire evenings under clear rural skies, and visits to Chaka Ranch for those seeking more activity.

Guests are also free to pick fresh vegetables from the small kitchen garden in the compound, which adds a charming, yet sustainable detail to the compact home.

The biggest challenge so far has been maintenance.

‘You have to keep a tiny house very clean. Any mess is immediately visible, so you have to be quick with the rectifications. This also applies to the landscape outside. You have to keep pruning the flowers and cutting the grass. The upside is that it’s a small area so it’s quick to clean.’

Depending on the season, the cottage rates range from sh5,000 to sh8,000 per night. And every December, the House of Love gets a soft festive touch, nothing too loud or shouting, just some subtle decor that reveals itself when you pay attention.

For Mr Ngatia, the whole experience has been ‘crazy, to say the least.’ Forced to learn things quickly, his biggest lessons have been to start with the end in mind, curate every corner of the space beforehand, and be open to constructive feedback. Seeing the journey as one of continuous improvements, he is certain the house will look slightly different in the next year.

‘I’m still in the process of making it better. Who knows, I might decide to add some flowers or a new feature like a jacuzzi.’

The financial revolution in Africa begins with access, and it’s being led by traders. From Nairobi to Cape Town, the new generation of traders armed with technology, ambition, and education is reshaping how financial independence is built on the continent.

As Exness expands its local footprint with its new regional hub in Cape Town, the company stands alongside this new wave of traders, empowering them with the tools, transparency, and community needed to shape the next era of financial growth in Africa.

In this interview, Kojo Forex, Exness Team Pro member and one of Africa’s most influential trading voices, describes this shift as a new era of empowerment, where Africans, driven by entrepreneurial spirit, participate in the markets and redefine financial independence. His life captures this spirit of transformation: bold, self-taught, and community-driven. A region on the rise

Sub-Saharan Africa is one of the most dynamic regions in the world, young, ambitious, and increasingly aware. For Kojo, this combination is what makes it so powerful. ‘There’s a generation here that wants to do more with what they have,’ he says. ‘They are learning they are curious, and they are using technology to take control of their own futures.’

Across the continent, access is expanding. Mobile connectivity, online education, and exposure to global financial markets are reshaping how people think about money and financial opportunity. Trading, once seen as an endeavor of the few, is now accessible to everyone.

Still, the shift is not about chasing quick gains, but about understanding the markets, managing risk, and building consistency. ‘People want financial freedom,’ Kojo explains, ‘but the ones who succeed are those who respect the process and stay patient.’

For Exness, this is where the real growth lies, not just in numbers, but in knowledge. By investing in local presence and supporting traders on the ground, the company hopes to build a stronger, more informed community that sees trading as a long-term skill, not a shortcut.

Entrepreneurship is a mindset

For Kojo, trading and entrepreneurship share the same foundation: vision, resilience, and adaptability. ‘An entrepreneurial mindset means spotting opportunities where others see challenges,’ he explains. ‘In Africa, that mindset is everything: the environment is evolving, and those who stay alert, persistent, and disciplined are the ones who can grow.’

The spirit of entrepreneurship defines Africa’s new traders. They study, they explore the markets, and act decisively. Trading for them can be about constant action but also about patience, resilience, preparation, and control. It’s a way to take charge of their financial journey, one decision at a time.

As more Africans turn to the markets, Exness supports them with access to tools, education, and transparent conditions, helping them with confidence, responsibility, and long-term vision.

A partnership built on shared values

For Kojo, joining Exness Team Pro was a natural step, not because of prestige, but because of alignment. ‘Exness and I see trading the same way,’ he says. ‘We share the same values: Trading starts with discipline and learning, that’s what builds longevity. But what really sustains traders is community. When people share knowledge, lift each other up, and stay honest about both wins and losses, everyone grows. That’s the kind of community I want to help build, and that’s why I am an Exness Team Pro.’

For Kojo, this alignment is about purpose. Being part of the Exness Team Pro is a natural next step to its own platform and mentorship, turning individual growth into collective progress.

Through his partnership with Exness, Kojo continues to champion a culture of openness and collaboration among African traders. He believes that when traders connect, exchange ideas, and learn from one another’s experiences, the entire ecosystem becomes stronger.

‘That’s what community does, it reminds you that growth means more when it’s shared. We don’t just trade the markets,’ he adds, ‘we trade knowledge, discipline, and belief. That’s how we grow together.’

Empowering Africa’s trading community

Kojo sees Exness’ growing presence in Africa, and particularly the opening of its new regional hub in Cape Town, as a turning point for the region’s trading community. ‘When a broker like Exness invests locally, it sends a clear message,’ he explains. ‘It’s not just about operating in Africa, it’s about being part of Africa’s financial story.’

The new Cape Town office strengthens that connection by combining global expertise with local understanding. It goes to traders and partners a direct link to a team that listens, supports, and evolves with them.

‘Having that local presence matters,’ Kojo adds. It builds trust and it shows that traders here aren’t an afterthought but a part of the future of trading.’

For Kojo and Exness, this partnership is about more than performance metrics or milestones. It’s about shaping a culture of trading defined by trust, education, and collaboration-a community where success is shared and growth is collective.

Standard Investment Bank (SIB) is investing Sh3 billion in a new headquarters in Westlands, Nairobi to support its growth in Kenya’s financial sector.

The proposed 32-floor SIB International Centre will serve as a hub for the firm’s growing operations, housing trading desks, advisory teams, and wealth management experts.

It will provide a modern, sustainable workspace to enhance operational efficiency and accommodate the bank’s growing needs.

‘We are not simply breaking ground for a new building; we are laying the cornerstone for the next generation of excellence in Kenyan and African investment banking,” said Mr James Wangunyu, founder and managing director at SIB.

“As these walls rise, and the apex of this building is achieved, so too must our ambition to build not just a head office, but a headway for the next generation of African financiers, innovators, and visionaries.”

SIB has been expanding with the launch of its first regional office in Mombasa earlier in the year.

The investment bank has been leasing space for its head office at the JKUAT Towers along Nairobi’s Kenyatta Avenue.

Scores of financial services firms have shifted their headquarters from Nairobi’s Central Business District to more expansive areas in the outskirts of the city, such as Westlands and Upper Hill.

They include Sanlam Allianz Kenya, Standard Chartered Bank Kenya. Insurers in particular have built new head offices to house their operations besides leasing some of the space to tenants.

Britam invested more than Sh6 billion in a 32 floor tower in 2020 in Upper Hill, leading to the creation of 350,000 square feet of lettable space and about 1,000 parking bays, making it one of the largest office blocks in the area.

With rising property costs and congestion in the CBD, businesses are seeking more cost-effective, spacious, and strategically located office spaces.

Areas like Westlands and Upper Hill have seen a surge in demand, attracting institutions looking for modern facilities that offer room for growth.

These buildings are ideal for corporations, financial institutions, and professional services firms seeking office spaces.

Standard Investment Bank (SIB) earned Sh1.4 billion in fees from its Mansa X Special Fund in 2024, driven by strong growth in assets and reinvestments by clients. According to the bank’s disclosures, fees from the four Mansa X sub-funds rose by 68.4 percent compared to 2023, when SIB earned Sh874.4 million.

The bank charges a fee of five percent on the assets under management (AUM) of these funds, excluding any applicable taxes.

SIB said the expansion aligns with its mission to bring sophisticated financial services closer to underserved markets, including diaspora-linked investors and emerging high-growth regions.

The number of registered Kenyan domains rose to a record high of 115,653 as at the close of September, up from 111,313 three months earlier, new data shows.

The quarterly statistics, from the Communications Authority of Kenya (CA), show that the increase translated to 4,340 additional registrations, marking a 3.9 percent jump that elevated the dot-ke domain totals to their highest level within Kenya’s officially administered national registry.

The CA dataset groups dot-ke domains into categories covering companies, personal websites, non-profit organisations, and academic institutions. Others are government institutions, information services, second-level users, and mobile content registrations. ‘The total number of users registered under the .KE domain increased by 3.9 percent, to 115,653 from 111,313 recorded in the previous quarter,’ wrote the authority in its latest statistical release.

The disclosures point to sustained growth in the number of registrations recorded since 2018, when they stood at 85,744, before hitting a high of 101,123 in 2020 when companies embraced digital platforms in the wake of Covid-19 restrictions.

In the quarter under review, companies recorded the highest number of registrations at 102,741, followed by personal websites (7,144), not-for-profit organisations (2,082), institutions of higher learning (1,420), and lower and middle-level institutions (1,018). Others were government institutions (879), second-level users (209), blogs (135), and mobile content (25).

Mr Geoffrey Shimanyula, former chairman of Kenya Network Information Centre (KeNIC), the agency that handles registrations and issuance of the dot-ke domain, said in a past interview that what appears as a sluggish uptake is a product of users preferring to register for short-term use.

‘It’s not that we haven’t grown, what happens in this business is that people register a domain name for a specific purpose and when that purpose ends, they forget about it,’ said Mr Shimanyula at the time.

‘So, our biggest challenge has been to renew these domains. Out of all the dot-ke domains registered, we have around 80 percent active websites.’

KeNIC took charge of the dot-ke domain in 2002 when it had fewer than 1,000 registrations, taking over from Shem Ochuodho from Kenya and Randy Bush from America, who previously served as the administrators.

The domain is available for use in variants known as second-level names that include .co.ke for companies; .ac.ke (higher learning institutions); .sc.ke (lower and middle colleges); and .or.ke (non-profit organisations).

Others are .me.ke (personal names); .mobi.ke (mobile content); .go.ke (government agencies); .info.ke (information); and .ne.ke for network devices.

Telkom Kenya got a reprieve after a court declared that it does not owe the defunct Municipal Council of Mombasa Sh40 million on account of rates, interest, or penalties between 1998 and 2008 for a parcel of land in the city.

The Environment and Land Court (ELC) further ruled that Telkom does not owe the defunct municipality, currently the County Government of Mombasa, any money in respect of any of the company’s properties situated within the ratable area.

The ELC also ruled that the defunct municipality’s demand letter dated August 21, 2008, subsequent correspondence, and threatened enforcement proceedings are fraudulent, illegal, null, and void.

In its November 28 decision, the ELC also issued a permanent injunction restraining the county, whether by itself, servants, agents, advocates, auctioneers, or any of them, from demanding the money or any similar amount from Telkom.

It also retrained the devolved unit from commencing or prosecuting any recovery proceedings against Telkom or from attaching, advertising, selling, transferring, leasing, evicting, parting with possession of, or interfering with the telco’s use and occupation of the land where Mombasa Telephone house is located or any of its immovable properties within the ratable area.

The court ruled that after the reconciliation and payment in 1999, the property did not accrue arrears and that Telkom continued to pay annual rates as demanded by the defunct municipality each year up to and including 2008.

‘The defendant’s subsequent demand for Sh40 million was therefore inconsistent with its own prior conduct and unsupported by evidence,’ ruled the ELC.

The court also noted that the county did not produce any valuation roll, rate demand notices indicating arrears, or accounting records showing that the plaintiff had defaulted in any year between 1999 and 2008.

It ruled that the statutory framework under the Rating Act, Cap. 267 requires that rates be levied annually based on a valuation roll, demand notices be served, and arrears be computed in accordance with the Act.

‘In the absence of such notices and records and in light of the plaintiff’s documentary evidence of consistent payments, the court must conclude that the plaintiff complied with its obligations, the defendant’s silence and failure to produce records is fatal to its assertion of arrears,’ ruled the court.

The ELC also ruled that the county government’s threatened enforcement through newspaper advertisements and threatened auction was irregular, noting that the Rating Act prescribes a structured enforcement regime including service of demand notices and lawful sale procedures.

‘The defendant’s unilateral publication of the plaintiff as a defaulter without antecedent statutory notices was unlawful and prejudicial,’ ruled the ELC.

Telkom had told the court that the property, among others, had previously been owned by Kenya Posts and Telecommunications Corporation (now defunct) before it was vested in it in 1999.

The plaintiff further stated that in 1999, it had requested the then municipality to provide a detailed statement of outstanding rates for all the properties vested in it, including the suit property within its ratable area.

The defendant duly complied and forwarded to the plaintiff a schedule delineating the contributions made by the plaintiff’s predecessor in lieu of rates for the period between the years 1996 and 1999 and the then outstanding amount payable.

The plaintiff stated that upon receipt of the statement, it had duly settled the delineated outstanding Sh2.2 million, which was acknowledged by the defendant.

Telkom stated that it had continued to dutifully and promptly remit to the defendant the annual rates for the subsequent years for the property up to and including the rates payments for 2008.

The defendant opposed the case, saying it had issued a demand notice to the plaintiff in respect of accrued rates.

It said that the defunct municipality had failed, refused, and ignored the said demand, thereby rendering its actions necessary.

The defunct municipality had told the court that Telkom had failed, refused, and ignored to act as demanded by it.

The defendant had also told the court that the plaintiff had been truly and justly indebted to it in outstanding rates and accrued rent.

The defunct municipality had told the court that Telkom had had an outstanding debt with it and could not have availed itself of the remedy of injunctions prayed for in the case.

More than eight out of ten county governments in Kenya have implemented measures to improve healthcare services for persons with disabilities, marking significant progress in the devolution of disability-inclusive healthcare.

The disability inclusion assessment report, conducted by the National Council for Persons with Disabilities (NCPWD) across 41 of Kenya’s 47 counties, found that 82.9 percent (34 counties) have taken specific steps to improve healthcare access for persons with disabilities.

These measures include physical accessibility to health facilities, disability-specific medical support, and inclusive health communication strategies.

Currently, 85.4 percent of counties provide essential mobility and support equipment such as wheelchairs, white canes, hearing aids, and prosthetics.

Of these, 91.4 percent offer the devices completely free of charge, removing a critical financial barrier that has historically prevented many persons with disabilities from accessing the tools they need for independence and social participation.

“These findings suggest that most county governments recognise the need to address disability-related healthcare access. However, the seven county governments without any reported interventions represent a significant gap,” the report said.

“This raises concerns about potential inequality in healthcare delivery and the need for national-level guidance to ensure universal health access for all persons with disabilities.”

The report also shows that nearly three-quarters of counties (73.2 percent) provide some form of rehabilitation services, with physiotherapy universally available in counties offering such care.

Additionally, 68.3 percent of counties offer disability assessment services free of charge, facilitating access to various disability benefits and support programs.

These numbers come at a critical time in the country’s journey toward deepening devolution and incorporating inclusion in governance structures, as per the Constitution of Kenya.

The Persons with Disabilities Act of 2025 guarantees persons with disabilities the right to access healthcare.

However, despite these achievements, the assessment reveals persistent gaps that threaten to undermine progress. While 23 counties have established county-level health insurance schemes, only 15 counties (37.5 percent) have implemented special measures such as free or subsidised coverage to ensure persons with disabilities can actually afford the care they need.

“The absence of such schemes in nearly half the county governments limits access to affordable and inclusive healthcare, particularly for persons with disabilities who often face higher medical needs and costs,” the report said.

Moreover, while rehabilitation services exist in most counties, only 43.3 percent provide speech-language and audiology therapy, and just 13 counties offer the full spectrum of rehabilitation care, including physiotherapy, occupational therapy, mental health support, orthopedic technology, and speech therapy.

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Geographic inequality further compounds these challenges, with specialised healthcare largely confined to urban centers, effectively excluding rural populations who face both distance and cost barriers.

Community-based rehabilitation programs that could bring services closer to where people live exist in only a handful of counties.

Furthermore, among counties offering free disability assessment, only 53.6 percent have anchored this policy in law, leaving these services vulnerable to budget cuts or reversal with changes in county leadership.

The assessment also found that while 68.3 percent of counties have waiver mechanisms to exempt vulnerable populations from healthcare costs, implementation remains inconsistent.

Kenya has made notable policy commitments toward disability inclusion over the recent years. However, for millions of persons with disabilities, everyday life remains defined by exclusion rather than access.

According to national census data, about 2.2 percent of Kenyans-roughly 900,000 people aged five and above live with some form of disability. Notably, women are disproportionately affected, with disability prevalence higher among women than men, while mobility and visual impairments remain the most common.

At the same time, more recent household surveys suggest that up to 15 percent of Kenyans report at least one functional difficulty, including challenges in seeing, hearing, walking, remembering, or communicating.

This disparity points to long-standing undercounting and highlights persistent weaknesses in disability data systems. Beyond prevalence, economic exclusion remains one of the most entrenched challenges.

Persons with disabilities are more likely to live in poverty and less likely to access stable employment.

In practice, despite legal provisions requiring inclusion, recent workforce assessments show that persons with disabilities make up just about 1.3 percent of the public-sector workforce, far below expected thresholds.

Without income security, households face compounded vulnerability, driven by additional disability-related costs such as assistive devices, transport, and ongoing care.

Meanwhile, social stigma and misinformation persist, shaping attitudes in homes, schools, workplaces, and public institutions.

‘This assessment gives us a clear baseline,” says Dr Alfred Mutua, Cabinet Secretary for Labour and Social Protection, in the report’s foreword.

“We can now see where counties are succeeding and where urgent action is needed. The next step is to move from assessment to action-to ensure every county is equipped and committed to serving all its citizens, including those with disabilities.”

The Kenya Tea Development Agency (KTDA) has claimed that its Sh26 billion borrowing spree was triggered by a pile-up of unsold stocks due to a ban on direct tea sales by its factories and introduction of reserve prices.

The agency said it borrowed billions of shillings to pay tea farmers for their supplies after stock-ups of unsold products surged to 104 million kilogrammes last year, tripling foregone revenues for growers in three years.

In a statement on Tuesday, KTDA said about half of the loans were borrowed to pay farmers who had supplied the unsold tea.

‘The commodity loan (Sh12.8 billion) was borrowed as a bridging finance on the background of high tea stocks of 104 million Kgs, compared to 37 million kgs in 2021. The high stocks build-up was due to the ban on direct sale operations, the introduction of reserve prices, and geopolitics in our key market,’ KTDA said.

It said its guidelines allow it to use commodity loans to cover expenses such as paying off farmers for leaf supplies and working capital.

KTDA said it paid off the Sh12.8 billion loan by the end of September 2025, but facilities procured for other uses continue to be serviced.

An audit by the Tea Board of Kenya said that other than the Sh12.8 billion commodity loan, KTDA factories had loaned one another Sh10.36 billion, had asset-based financing valued at Sh2.6 billion, and Sh300 million in project loans.

The audit faulted KTDA management for sanctioning inter-factory loans at the headquarters and over-valuing assets to get bigger loans, while factory managements took loans not approved or beyond the limits approved by the respective boards.

KTDA disputed the claims but admitted that its factories, mainly those in Western and Rift Valley regions, have been operating in a cash crunch.

‘Cashflow challenges for factories arose due to huge stocks build, low prices, and unfavourable exchange rate after the shilling strengthened against the US Dollar,’ KTDA said.

The agency has defended its policy of borrowing stating that its model requires that it pays them after they have delivered produce, even if the stocks haven’t been sold.

‘The farmer can’t wait for five months for the tea to be sold to pay them. That is why bridging commodity funding is important,’ it said.

The 2025, 16 Days of Activism, under the theme ‘Unite to End Digital Violence Against All Women and Girls,’ reminded us that empowerment is no longer optional; it’s essential.

In many communities, girls are still raised to believe marriage is their ultimate achievement, yet lack of economic empowerment is often a major contributing factor to toxic and unstable marriages.

Financial independence is a shield. When a girl works, earns her own income, and builds confidence, she enters marriage as an equal partner, not a dependent.

But when she steps into marriage without empowerment, she may find herself tolerating harmful environments simply because she lacks the means to stand on her own. Economic dependence traps women in relationships that harm the emotional and physical well-being.

As we reflect on Gender-Based Violence during these 16 days, we must widen the conversation. The digital space offers unlimited opportunities for girls and women to learn, work and build suitable livelihoods.

From online businesses to freelancing, digital marketing, virtual assistance, coding, content creation, e-commerce etc., the digital economy is a powerful tool for financial freedom.

However, digital spaces also carry risks, harassment, exploitation and cyberbullying. That is why the theme on digital violence matters.

Women and girls must be equipped not only to enter the digital world, but to do so safely, confidently and with purpose.

They should embrace technology as a means of earning decent income, not as a space where they are pressured into harmful or exploitative activities. Communities, parents and all learning and non-learning institutions should shift from preparing girls solely for marriage to preparing them for independence, leadership and lifelong skills.

Empowered girls become empowered women who choose relationships out of strength, not survival.

Empowerment does not destroy families, rather, it builds healthier ones. When girls are educated, skilled and financially secure, they make informed choices and contribute positively to their homes and society.

As we end the commemoration of the 2025, 16 days of Activism, let us champion a future where every girl is empowered whether online, off-line and long before marriage begins.

According to the November Stanbic Bank Kenya Purchasing Managers Index (PMI), business conditions in Kenya have recorded the strongest improvement in more than five years. The Index rose to 55.0 in November, up from 52.5 in October.

That is the highest it has been since October 2020. Interpretation? Strong economic expansion across all sectors the economy.

Because this is different from the daily diet of negativity, let’s delve deeper.

First, the PMI is a composite figure – an index – derived from a monthly survey of purchasing managers in 400 leading Kenyan companies. It covers all sectors – agriculture, manufacturing, construction, wholesale, retail and services. It gives you insights into business confidence, conditions, and trends.

A weighted average of five key indices, it covers new orders, output (production), employment, suppliers’ delivery times, and stocks of purchases. When the index is above 50.0, business conditions have improved relative to the previous month. When the index is below 50.0, conditions are deteriorating.

The November survey findings show a significant rise in new business, stronger output, faster employment growth and increased purchasing activity. These trends are driven by low inflation and increasing consumer demand.

Companies reported the fastest increase in sales volumes in more than five years. The momentum came from improved customer purchasing power, successful product launches, and effective marketing campaigns. All sectors recorded growth in new orders, so the recovery is across the economy.

Business activity expanded at the fastest rate since 2020, the result of stronger market demand and accelerated order inflows.

Responding to this, companies increased their input purchases significantly, with the highest growth rate over five years.

Supplier delivery times improved in November. Increased competition among vendors encouraged faster delivery. Led by the construction sector, stocks of purchases increased at the fastest rate in three years. Employment levels rose for the 10th month in a row, at the second fastest rate since August 2023. All sectors added staff.

The PMI is a timely and fairly accurate indicator of economic health. But I’m sure you may be asking like many Kenyans, if business conditions are improving, if inflation is low, if the exchange rate is stable, why am I not feeling it in my pocket?

Conditions are improving, but need to be sustained for a longer period for the effects to reach every citizen.

The narrative that Kenya is not working well cannot hold. While it is the job of the opposition to critique government, and offer better policy alternatives in a functioning democracy, political competition based on bashing each other, spewing negativity, bad-mouthing our republic is taking competitive politics way too far.

My casual observation conforms with the indications of the PMI. I spent last week in Wajir on a work assignment. It is easy to get to. Two flights daily to an international airport. A shared defense and civilian facility, the military is discretely tacked away, noticeable only because of they control the access point.

In one of those mysteries of markets, it is cheaper to fly to Wajir from Nairobi than to Nanyuki, half the distance. You can leave from Wilson or JKIA.

Once there, be sure to sample camel milk. Despite its name, I-Mall is not a shopping arcade. Rather, it is well-appointed hotel where my team and I stayed.

Governor Ahmed Abdullahi’s government has transformed Wajir town. Tarmacked town roads, complete with provision for non-motorised traffic. Devolution works.

Saturday found me in Nanyuki, enjoying a most colourful musical extravaganza. Lkereti – my culture – is a new album by the Maa musical group, Multisystem, led by artists Lentir and Nokisho.

The launch was quite the show. CS for Tourism and Wildlife was chief guest. On hand, the State Department for Tourism, KICC, Kenya Wildlife Service, and a galaxy of local political heavyweights. Thousands of fans filled the arena at the Nanyuki Showground. Talent, music and culture fusing to generate commercial outcomes.

As I drive out of Nanyuki on Sunday morning Mt Kenya is basking in the morning sun. I count half a dozen new hotels, restaurants and service stations between Ichuga and Naro Moru.

A couple of other structures look like factory buildings. Clearly something is going on.

As I return to the book I’m reading – Good economics for hard times – by Banerjee and Duflo, I ponder one more mystery. How is it that signs of economic recovery are everywhere, from Wajir to Nanyuki, but some citizens are still not feeling the effects?