Category: Business Daily

One particularly warm Friday night, I found myself at Cock and Barrel in Nairobi’s Westlands, carried there by the currents of the evening. I’d just wrapped up a masterclass on authorship at a nearby bookshop, my head still spinning with ideas, and needed a drink before the commute home.

The place hummed with energy, mostly a lively Indian crowd whose laughter and conversation wove into the bar’s low rumble. My friend Ali and I claimed two seats at the counter, giving us prime real estate: raised stage dead ahead, bar at our backs, and the beautiful chaos of a Friday night unfolding in between.

On stage, what appeared to be a professional dance troupe, maybe a dozen or so dancers, moved through an energetic routine. The music pounded with relentless joy.

Ali leaned over and launched into the story of how they nearly amputated his foot, all because of a thorn he’d picked up in his village up north. It was a wild thorn story, the wildest I have heard.

“The doctor in Isiolo said they might have to amputate my foot,” Ali recalled, eyes wide with the memory, “before some blood infection reached my heart and… well, exploded it.” I shook my head, smiling. “That should’ve been your first clue he was a quack,” I said. Ali had caught the next flight to Nairobi to save his leg. “At one point, I actually started picturing life with one leg,” he admitted, “thinking at least I’d finally have a legitimate claim to those disabled parking spots.”

By my second whisky, more dancers had spilled from the floor onto the stage, transforming it into something closer to a block party. People swiveled in their seats to take in the spectacle, all that energy and skill on display.

The dancers moved with impossible fluidity; I couldn’t even track their waists, just a whirl of limbs and joy. Ali sighed theatrically. “Sometimes I practice hopping up the stairs on one leg, just to see what it would’ve been like.”

“You must have excellent knees,” I said, lifting my glass, and we both cracked up. Around us, the bar thrummed-music bleeding into stories bleeding into motion. Cock and Barrel had become more than a Friday pit stop. It was the full hang, as the older folks would say.

November is synonymous with deep discounts, but the savings aren’t just limited to electronics, appliances and groceries. For savvy investors, the ‘Black November’ season offers an opportunity to hunt for bargain investments

In this episode, Wesley Manambo, a Senior Research Associate at Standard Investment Bank (SIB), walks us through the essential process of identifying an undervalued asset (a bargain) from a simply cheap one (a trap). Discover how to effectively bargain hunt in your investment portfolio.

Make Money, a podcast series, hosted by Kepha Muiruri, from Business Daily Africa unravels ways to be financially savvy. Get practical tips and advice on how to increase your income, build wealth, and achieve financial freedom in Kenya. Whether you’re just starting out or a seasoned investor, we’ve got something for everyone.

Engineering is no longer just a profession, it is a national imperative. The 32nd Institution of Engineers of Kenya (IEK) International Convention, under the theme Engineering the Future: The Roadmap for Kenya, is taking taking place at a defining moment in our nation’s development.

Engineering the future means building energy systems that stimulate growth today and secure prosperity for generations to come. It means applying knowledge, innovation, and foresight to unlock Kenya’s full economic potential.

The conversations we have at this year’s convention will influence the policies we craft, the technologies we embrace, and the innovations we pursue.

Engineering has always been at the heart of national development. Whether in energy, roads, housing, water, ICT, or manufacturing, engineers turn national visions into tangible outcomes.

In the energy sector where I have dedicated much of my career, we understand that reliable power is more than a utility; it is an enabler of transformation. It is the engine behind Vision 2030, the African Union’s Agenda 2063, and the Sustainable Development Goals.

As Kenya aspires to scale its manufacturing base, modernise agriculture, expand digital services, and industrialise equitably across regions, our energy systems must expand and evolve.

Engineers are at the centre of this transformation. As the world shifts, our tools, competencies, and our approach to problem-solving must also shift. The future of engineering is rapidly evolving. Digital tools are redefining how we design and manage infrastructure.

Automation is accelerating project delivery. AI is enhancing precision and decision-making. Renewable energy integration is reshaping power systems globally. Cross-border interconnections and global quality standards are setting new benchmarks.

If Kenyan engineers are to remain globally competitive, we must embrace these changes not gradually, but boldly.

Engineers must adopt the latest technologies, integrate AI and data-driven methodologies into their workflows, and commit to continuous learning. Those who master these tools will lead the next frontier of national development.

Organisations must prioritise the development of their engineers because it is these men and women who carry the weight of national aspirations.

As Kenya explores innovative financing models such as Public-Private Partnerships (PPPs), it is critical that local engineers remain central to project execution. They must be empowered with opportunities, resources, exposure, and trust.

The theme of this year’s convention is not abstract. It is practical. It is urgent.

And it is deeply tied to our ability to prepare the next generation of Kenyan engineers for a world that is fast-changing and unforgiving to complacency. We must cultivate professionals who are technically exceptional, globally connected, ethically grounded, and technologically adaptive.

The vision for Ketraco is simple but ambitious; to build a world-class engineering institution that powers a world-class economy. Our engineers will continue to ensure that Kenya’s energy future is secure, efficient, and aligned with global sustainability goals.

Let us embrace disruptive technologies, strengthen policy frameworks, and deepen collaboration across disciplines and borders.

Engineering is the heartbeat of progress. And for Kenya, the future will be engineered by us, for us, and for generations to come.

African Banking Corporation (ABC) Bank shareholders are raising Sh400 million through a rights issue, joining the list of lenders racing against time to meet the enhanced Sh3 billion minimum core capital threshold by the end of the year.

The lender, which closed June with core capital of Sh2.59 billion, said the process is already ongoing and will yield at least Sh400 million.

The amount will help the lender comply with the Central Bank of Kenya (CBK) requirement that banks close this year with a minimum core capital of Sh3 billion, which is a raise from the Sh1 billion that had been in place for 12 years.

‘Our shareholders recently initiated a cash call to meet CBK’s minimum core capital requirement. This move reflects shareholders’ strong confidence in ABC Bank’s growth strategy and long-term prospects,’ said Shamaz Savani, managing director at ABC.

ABC’s cash call reflects a similar move by other lenders such as Paramount Bank and Sidian Bank, which have turned to a rights issue to secure fresh capital for immediate and long-term compliance. This is after a change in law compelling banks to build core capital gradually up to Sh10 billion by 2029.

The minimum core capital in the banking sector was, through the Business Laws (Amendment) Act 2024, revised upward from Sh1 billion to Sh3 billion by the end of 2025, Sh5 billion by the close of 2026, Sh6 billion by the end of 2027, Sh8 billion in 2028 and Sh10 billion by the close of 2029.

The timelines for fresh capital mean ABC will require about Sh2 billion come next year if it is to remain compliant-an amount that may require another cash call or options like sale of stake.

Mr Savani said ABC is in ‘advanced engagements’ to meet subsequent capital requirements to fund the next phase of growth.

ABC was founded in November 1984 as Consolidated Finance Company before transitioning into a commercial bank in December the same year.

The lender currently has about 11 branches focusing on individuals, small businesses, corporates, non-governmental organisations and faith- and education-based institutions.

The lender was among the 11 banks that were left requiring additional capital of about Sh14.7 as a result of the revision of the core capital rules.

Another lender whose core capital was below Sh3 billion by the end of June this year was Paramount Bank which has since raised Sh332 million through a rights issue.

Other lenders requiring fresh capital as at June this year to hit Sh3 billion threshold were M-Oriental, Premier Bank, CIB International Bank, Middle East Bank Kenya and the Development Bank of Kenya, UBA Kenya Bank, Credit Bank Plc, Access Bank Kenya and Consolidated Bank of Kenya.

UBA Bank Kenya, which had a shortfall of Sh1.51 billion at the end of June, said in September that it was pursuing fresh funding from its parent company, Nigeria’s UBA PLC.

Earlier this year, CBK asked 24 banks whose core capital was below the final core capital target of Sh10 billion to submit plans detailing how they intend to raise new funding to meet the new enhanced requirements.

At Redhill Art Gallery, Onyis Martin’s new exhibition, Too Many Words, unfolds as an expansive meditation on how societies speak-visually, verbally, and through the residue of everyday life.

The show departs from conventional mixed-media collage by positioning posters, paint, and sculptural surfaces as the primary language through which urban experience is both recorded and contested.

What emerges is an exhibition that asks viewers to consider not only what is seen, but how meaning is constructed in the space between seeing and saying. Martin, long recognised for his dexterity in mixed media, has again anchored this body of work in the materials that animate Nairobi’s streets. His approach, rooted in collage since childhood, has remained materially consistent even as the ‘specifics’ evolve.

He explains: ‘My work looks at time in the sense of the interactions of people and nature and the relationship that people have in the specific pockets of time. I have always been a mixed media artist, from the first collages I did when I was six years old to the present.’

In Too Many Words, posters become the dominant device through which Martin interrogates power, restriction, aspiration, and consumption. Pulled from Nairobi’s walls, the posters in these works act as social barometers, revealing what communities desire, fear, or are urged to obey.

‘In my exhibition, I talk about movement in terms of how human beings’ movements have been restricted or determined,’ he notes. ‘When on a wall, there is written no idling, you are already being restricted whether you are an idler or not.’

This seemingly simple observation opens into a larger critique: Who writes the rules of public space? And to whom are they directed?

The posters also reveal the city’s layered consumption patterns. ‘What people are advertising in a particular area tells you what people are interested in consuming,’ he says.

By juxtaposing political campaign graphics, club advertisements, and ubiquitous waganga posters, Martin builds a visual timeline of evolving public appetite from 2014 to the present. The contradictions within this consumption, especially the disavowal of witch-doctor services despite the abundance of their posters, become part of his inquiry. ‘There has to be a return,’ he notes, pointing to the hidden economies that complicate Nairobi’s urban narratives.

The conceptual core of Too Many Words is a metaphorical wall, one that holds every attempt at mark-making, from graffiti to children’s scribbles to commercial messaging. It’s a wall on which language accumulates faster than it can be deciphered.

‘To be able to describe what you saw doesn’t necessarily create in mind the picture of what you saw,’ Martin explains. ‘It is in this gap between verbal and visual that I am staying.’

The work, therefore, is less about literal communication and more about the ‘gray of being unable to explain in full comprehension’ what any mark intends. Viewers are invited into this grey zone, where meaning is overloaded, contested, or simply lost.

In the exhibition, mixed media is handled with sculptural intentionality. Posters form the skin; spray paint and collage interventions build depth; canvas is reworked to mimic the fragmentary, over-written surfaces of the city. These choices echo the physicality of urban mark-making-ripped posters, painted-over messages, traces competing for visibility. His new work feels more structurally assertive, as if the surfaces themselves have become living archives of interference and renewal.

Martin’s formative years at the Mukuru Art and Craft School quietly underpin his technical breadth.

‘Mukuru was set up in such a way that it was the older artists who were guiding us. you were teacher and student and vice versa to the artist standing next to you in the studio,’ he recalls.

This peer-to-peer apprenticeship forged the collaborative, cross-disciplinary attitude that continues to shape his practice: ‘Technically, I am constantly shifting from one medium to the other while retaining a specific.’

These biographical threads matter only because they illuminate his current practice; its rigor, its material complexity, and its instinctive grasp of urban visual language.

Though Martin has been active for more than a decade, Too Many Words carries the urgency and freshness of a practice steeped in observation and social critique.

His themes-freedom, movement, technology, consumerism-are not explored through rhetoric but through the material culture of the city itself. The posters, stains, textures, and fragments form a visual sociology that is both intimate and panoramic.

Ultimately, the exhibition is a study in excess: too many signs, too many instructions, too many desires, too many competing narratives. Yet Martin’s work resists resolving these tensions. Instead, it captures the lived noise of contemporary society and the impossibility of containing it in coherent speech.

Too Many Words is, fittingly, a show that speaks most clearly in its silences-in the spaces where language falters and images take over.

United Bank of Africa (UBA) has cut its lending rates by three percentage points putting pressure on other commercial banks as they roll out the new pricing model beginning Monday.

The Nigerian based lender said it would lower its base lending rate to 11.78 percent from 14.79 percent on both its new and existing loans.

The announcement comes at a time when banks are shifting to a new loan pricing model from Monday December 1 which was put in place to ensure borrowers benefit from Central Bank of Kenya’s policy cuts which were not being transmitted fully by commercial banks. KCB Bank, Absa Bank and DTB Bank have already issued notices to their customers and the public that they will be implementing a new pricing model beginning Monday even as others remained quiet.

‘We are pleased to announce a reduction in our base lending rate from 14.79 percent to 11.78 percent per annum effective November 1, 2025 for both new and existing Kenya Shilling denominated credit facilities,’ said UBA in a public notice.

‘This is our commitment to making credit more affordable and accessible to all,’ added the bank.

UBA is banking on the price cut to revamp its loan book which is one of the lowest in the industry having shrunk to Sh937 million in September 2025 from Sh3 billion a year earlier. This is compared to a Sh13.6 billion deposit base bulk of which was deployed in government securities.

The bank was cleaning up its loan book as the industry struggled with rising debt defaults.

The bank has been cautious in issuing loans resulting to its liquidity ratio rising to 107.9 percent as it held on to cash awaiting an improved economic environment.

Credit growth in the country has been slow with banks taking a cautious lending approach due to huge defaults while businesses and customers shelved borrowing plans due to high interest rates. The Central Bank has been pressuring banks to reduce lending rates with consecutive cuts of its indicative rate as a signal to forward the same to the borrowers.

However banks were slow to transmit the rate cuts to the public arguing the Central Bank Rate (CBR) did not capture all the market factors.

The new model will use the interbank rate as the common reference rate for determining lending rates to all customers. Banks will be allowed to load a premium (K) on the reference rate now referred to as the Kenya Shilling Overnight Interbank Average (Kesonia).

Use of the overnight interbank rate – Kesonia- as the common reference rate was decided since it is market based and it closely aligns with the CBR allowing it to transmit monetary policy.

Introduction of the new pricing model is also expected to allow customers to easily compare prices offered by different banks and vote with their feet.

The cost of credit, which will be disclosed directly to customers, will be the total of the reference rate (Kesonia) plus the premium (K), plus any fees charged on the loan.

The law ushered in by promulgation of the Constitution of Kenya 2010, was characterised by robust mechanisms, systems and procedures designed to deter people and institutions from violating human rights as had previously been the norm.

Dating back to ancient civilisations, human beings have always been adapting to changes to avoid threats posed by their own advancements.

With onset of ultra-modern technology, framers of the Constitution were many steps ahead having embodied digital rights within the Bill of Rights.

In this technologically savvy era, securing digital rights is essential for promoting free speech, preventing misuse of personal data, furthering transparency in public governance, eliminating barriers to access to information and forestalling discrimination.

Artificial Intelligence is the present-day emerging trend in the digital world and refers to the ability of machines to perform tasks that were formerly reserved for humans.

Alan Turing, a British Scientist devised the acclaimed Turing Test to determine whether a machine has reached the threshold required to qualify as an AI.

Almost everyone has interacted with AI in their daily routines, whether through creditworthiness evaluation in fintech, algorithms that identify areas of interest in social media and entertainment applications such as TikTok or Netflix, facial recognition systems, virtual assistants like Apple’s Siri or Large Language Models such as Grok, ChatGPT, Qwen, Perplexity, Claude, Gemini and DeepSeek, among many others.

With widespread uptake of AI in Kenya, users are likely to be susceptible to risks and dangers of unchecked technology, which include infringement of data privacy, misuse of personal and sensitive information such as digital health records or biometric data, misinformation, biased and discriminative algorithms, cyberwarfare, malicious hacking, social manipulation, violation of intellectual property rights and other maleficent activities.

In the formal sector, unsanctioned use of AI tools by employees commonly referred to as shadow AI, poses a major risk as confidential data is shared with third parties without a substantive legal framework to govern such undertakings.

Further, developers of AI systems should be forced to ensure that their products do not in any way violate the Bill of Rights or any other applicable provisions of the law. They should also uphold high ethical standards and guarantee user safety, security and adherence to human dignity.

Additionally, stringent punitive measures should be put in place to deter nefarious characters from using Artificial Intelligence to commit immoral and unethical activities.

Recently, we have noticed a surge in cases of inappropriate application of technology and cybercrimes, such as use of deepfakes and hacking owing to the prevalent use of AI. Unfortunately, due to lack of a proper legal regime, most culprits end up being acquitted or given a slap on the wrist.

Moreover, intellectual property rights of content creators who use Artificial Intelligence tools and systems need to be protected and upheld. This will play a fundamental role in promoting innovation and harnessing untapped talents and capabilities by providing a safe space.

In light of the above, it is now more than ever apparent that formulating a regulatory framework on Artificial Intelligence is long overdue. Even though we are among the very few countries who have established AI National Strategy to become the Silicon Valley and AI hub of Africa, we need to put in place a well-grounded legislative framework.

A holistic multi-stakeholder approach involving the government, private sector, church, academia, civil societies, media, researchers and professional bodies should be used to ensure that all views, and recommendations are taken into account.

Also, adequate public participation should be conducted both at the ward level and online to ensure that everyone has been given a fair opportunity to make their contribution.

In his historic inaugural address in 1961, the 35th US President, John F. Kennedy urged Americans to ask what they can do for their country and not what the country can do for them. Similarly, we should all strive to contribute to nation-building in our own little ways.

We need joint concerted efforts to advocate for the use of responsible and ethical AI, respect for personal and sensitive data and protection of digital rights.

Companies in Kenya are in a race to boost their security budgets in response to rising threats, including civil unrest and economic uncertainty, according to G4S 2025 World Security Report.

G4S Kenya chief executive Laurence Okelo spoke to the Business Daily on the findings and how private security is adapting to Kenya’s shifting economic and political climate.

Your latest World Security Report shows Kenyan chief security officers rank civil unrest as their biggest external threat. What is driving this concern?

Our World Security Report interviewed 2,352 chief security officers (CSOs) globally, including 174 in sub-Saharan Africa and 58 in Kenya.

Those in Kenya highlighted civil unrest as the biggest external threat. To unpack that, we look at the challenges the country has faced mainly in June 2024 and again in June 2025, largely driven by protests on the economy and cost of living.

There’s also the broader context of rising political tensions building as we move toward the 2027 election.

But they countered that with a positive where CSOs see economic instability becoming a diminishing threat.

Are these concerns rooted in real incidents on the ground, or are they largely perception-driven?

Well, they are perceptions, but they say perception is reality. These perceptions form from what has happened, the CSOs’ understanding of past events and their predictions for the future.

The report looks at external and internal threats, and CSOs use these insights to guide decisions on how best to protect their organisations. Security companies like ours are ready, willing and able to be part of that conversation.

CSOs see concern over economic instability- which was high up the list of concerns last year- as a diminishing threat. Does this signal improving business confidence?

I would attribute that perception to them looking at what has happened in the past as well as looking forward to anticipate what will be coming.

The [anti-government] protests in 2025, while serious and unfortunate in terms of loss of life and property destruction, were fewer and less intense than in 2024.

When you combine that with indicators like stabilising inflation and falling interest rates, CSOs anticipate economic instability to be less of a threat.

That aligns with expectations of a more favourable economic environment going forward.

How do Kenya’s security risks compare with those in Tanzania and Uganda, given our integrated regional market?

The report surveyed 174 CSOs in sub-Saharan Africa, with Kenya, Nigeria and South Africa forming the main focus. But what we learn from recent events across the region is how quickly things can change, especially around elections.

The voice of the people and youth in particular, is increasingly becoming powerful.

There are similarities across countries, but also differences in preparedness, especially within the private sector.

Because G4S operates in about 20 countries in Africa, we were aware of the challenges in Tanzania and were able to support our sister company there as much as possible. This is where organisations like ours can leverage expertise and presence across multiple markets.

Nearly 80 percent of firms expect to raise their security budgets next year. Which areas will see the biggest spending increases?

Almost 80 percent of CSOs told us security budgets will increase. There are three priorities that stood out. First, investment in new technology and infrastructure which was cited by about 83 percent of the CSOs.

This includes integrating AI-driven intelligence with access control systems like cameras and biometrics, and requires highly skilled security officers to leverage the technology.

The second area is risk assessment which was noted by about 71 percent of CSOs. Threats evolve quickly, and risks to people, supply chains and leadership-particularly C-suite executives-must be reassessed constantly.

The third area is regulatory compliance which was noted by 66 percent. It comes to play when you think of data protection laws and stricter rules on access to buildings. And this means security professionals need a deeper understanding of compliance requirements.

Is this increased spending more preventive or reactive?

Historically, investment tended to be preventive but reactive in nature. The top priority now is new technology, and that’s where AI comes in.

Technologies such as AI are able to analyse past incidents to predict future threats. And when it is integrated with skilled security officers, we can prevent breaches before they occur rather than respond after the act. The shift is clearly toward anticipatory security.

With firms under pressure to cut costs, are they still prioritising security investment?

Globally, the report surveyed over 200 investors with more than $1 trillion in assets and CSOs overseeing companies generating over $25 trillion in revenue. One key finding is that a serious security breach can reduce a company’s value by up to 30 percent.

While organisations in the past largely viewed security as a cost, many now see it as an investment.

That’s why 79 percent of CSOs expect higher budgets next year. When businesses compare their security spend to the value of the people and property they’re protecting, the case for investment becomes clear. Integrating skilled personnel with technology delivers that value.

With security perceptions increasingly influencing investment decisions, how can G4S help clients mitigate these concerns?

Security planning must always put into consideration the worst scenario that can happen, while hoping for the best. That’s why risk assessments are crucial.

We help organisations understand their specific risks, whether to people, property or both, and how best to mitigate them..

What is your outlook for Kenya’s private security sector?

The industry will continue to grow with the economy. It is one of the largest employers in the country.

Once regulatory challenges, particularly around clarity and enforcement, are addressed, the sector will become a more level playing field and produce a better calibre of security professionals.

Growth will also come from increased demand for highly trained officers who can integrate with AI systems, biometrics and advanced surveillance. That’s where the industry is headed, and where organisations are well positioned to offer integrated security solutions.

Safaricom has quietly halved the resources for some of its popular mobile data bundle packages, effectively doubling the cost of data for customers.

Kenya’s largest telco’s subscribers have seen the mobile data allocations slashed since the weekend, including the ‘No Expiry’ packages, which offer indefinitely valid bundles at fixed or customisable rates, depending on one’s budget.

Under the plan, subscribers previously got 255 MBs of non-expiring data with Sh51. However, the allocation has been revised downwards by more than 50 percent to 102MBs.

Customers also noticed that Sh100 now gets them 200MBs, with 500MB costing Sh250.

Safaricom declined to comment on the matter officially as email queries to the telco were not responded to.

Telcom companies globally have been adopting a dynamic pricing model for services like mobile data and call minutes, where costs are adjusted in real-time based on factors like demand, consumer usage patterns and network congestion.

The model, based on data and in some cases AI, is a departure from the traditional models where shilling-per-minute or shilling-per-MB rates are fixed across all customers.

On Sunday, Safaricom alluded to an ‘issue affecting the awarding of data bundles’ in response to a query from a customer who reported getting only 600MB for Sh300.

Resolution underway

‘We are aware of the issue affecting the awarding of data bundles and a resolution is underway. Apologies for the inconvenience,’ the company said in a post on X.

The company’s other packages, such as the ‘All-In-One’ plans for data, minutes, and SMS, as well as its hourly offerings, appeared unchanged as of Wednesday.

Safaricom’s mobile data and fixed internet businesses have emerged as key sales drivers alongside its mobile financial service M-Pesa, as the telco diversifies from the saturated voice and SMS business to stay ahead of rivals like Airtel.

As per its 2026 half-year financials, the Nairobi Securities Exchange (NSE)-listed company’s revenue from mobile data in the six months to September rose 18.2 percent to Sh44.4 billion.

Safaricom has a leading market share in both mobile and fixed internet services in Kenya, holding a dominant 62.8 percent in mobile broadband and 34.3 percent in fixed internet as of June 2025, according to the Communications Authority of Kenya.

Airtel is its main competitor in the mobile broadband sector. A comparison of some of the two telcos’ popular bundles shows that Airtel offers 1GB valid for one hour for Sh15, while Safaricom’s 1.2GB bundle with the same validity period goes for Sh20.

For the 24-hour bundles, Sh20 gets one 200MBs on Safaricom, while a similar offering for Airtel gets one 300MBs. For Sh3,000, Airtel offers a 50GB monthly bundle, while Safaricom has a 25GB monthly bundle for Sh2,000.

Safaricom has been aggressively fighting for a larger share in the data business, ramping it up with more investments in 4G and 5G networks to offset a decline in mobile calls.

In the six months to September, the voice business recorded a 0.5 percent decline in revenues to Sh41 billion, marking a big shift as mobile data for the first time overtook sales from calls.

This was partly due to saturation and rival online texting and calling platforms like WhatsApp.

Venture capital (VC) firm Chui has raised $17.3 million (Sh2.2 billion) to back local founders building mass-market, tech startups in Kenya and across sub-Saharan Africa.

This is the final close of the Nairobi and Lagos-based investment firm’s debut Fund I, which originally had a fundraising target of $10 million (Sh1.29 billion).

The funding round attracted commitments from the Mastercard Foundation Africa Growth Fund and the Michael and Susan Dell Foundation. Several family offices also participated, as well as over 25 African dollar-millionaires, the VC firm said.

Chui said it will deploy the capital to seed-stage startups -those that have developed an initial product or prototype and are actively working to demonstrate initial traction.

‘We believe African founders are best positioned to solve Africa’s challenges at scale, and Fund I is proof that global and local investors share this conviction,’ Joyce-Ann Wainaina, General Partner of Chui Ventures, said in a statement.

‘As we look ahead, we will continue to double down on technology-driven ventures that deliver both returns and measurable social impact.’

Chui says it focuses on tech-enabled products for ‘everyday consumers and MSMEs, where leapfrogging is most pronounced.’

Its Kenyan startup portfolio spans financial technology, health-tech, e-commerce, agri-tech, and logistics, with notable investments in Leta, the supply chain software-as-a-service (SaaS) provider; Uncover, a skincare products brand for African women; and the cloud-based kitchen platform Ando Foods.

Chui has also backed the Kenyan ed-tech company Craydel, and Lami, whose application programming interface (API) enables companies to offer flexible digital insurance to consumers.

Fund I has already deployed 60 percent of its committed capital in Kenya and four other sub-Saharan African countries, the company said.

The VC firm added that Fund II targets $60 million (Sh7.8 billion) as the company expands into North Africa and focuses more on financial services, business-to-business (B2B) software, digital commerce, and climate-tech startups.

Africa’s venture ecosystem continues to navigate a global funding slowdown in 2023, attributed to rising inflation, weakening currency, and unfavourable interest rates, leading foreign investors to shift capital from emerging markets.

However, the continent’s recovery is gaining momentum. Data from the startup funding tracker Africa: The Big Deal shows the continent’s startups have already raised $2.65 billion in equity, debt and grants this year as of October.

This is a 56 percent growth compared to the same period last year, and surpassing funding levels recorded over the same period in 2023.

Kenyan startups alone raised Sh17 billion in the six months to June, the database shows, a 12 percent improvement from last year’s figures.

The number of ventures raising at least $1 million on the continent has also increased to 179 as of October, up from 159 in 2024, signalling renewed investor confidence.