Category: Business Daily

Kenya’s top eight commercial banks saw their lending margins widen by Sh24.2 billion in the nine months to September, as they cut returns to depositors at a faster pace compared to reduction in the cost of loans.

The lending margins of the banks, including KCB Bank Kenya and Equity Bank Kenya, rose to Sh149.7 billion in the review period compared to Sh125.5 billion a year earlier, according to analysis of the results published so far.

Depositors saw their interest income drop by Sh42.7 billion or 25.2 percent to Sh126.7 billion despite increasing their savings by Sh152.8 billion to Sh4 trillion.

The interest income from loans meanwhile fell at a slower pace of 6.3 percent or Sh18.5 billion to Sh276.5 billion, allowing the banks to expand their lending margins in absolute and percentage terms.

Their loans in the review period rose by Sh159.8 billion to Sh2.88 trillion.

The growth in net interest income shows that depositors have been squeezed more while borrowers have not gained a proportionate benefit from the central bank’s policy to lower interest rates in the economy.

Faced with reduced competition from other asset classes such as short-term Treasury bills -whose returns have halved to below eight percent- banks have been able to cut returns paid to depositors more aggressively.

‘Despite reducing interest rates for customers, the yields have improved significantly because of the cost of funds. So, when the government decided to lower its borrowing rates from 17 percent to currently in the regions of 10 percent the cost of funds went down and net interest margin has driven Kenya,’ said Equity Group chief executive James Mwangi during the bank’s investor briefing at the end of October.

‘As rates came down, we passed that to the customers and reduced loans by 300 basis points, so income has only grown by 3.0 percent. But interest expense has gone down by 21 percent, giving us a 16 percent growth in net interest margin from Sh80 billion to Sh93 billion,’ he added.

Data from the Central Bank of Kenya (CBK) shows that the banking sector’s average deposit rate dropped to 7.63 percent in September 2025 from 11.24 percent a year earlier.

The sector’s average lending rate on the other hand declined marginally to 15.07 percent from 16.91 percent in September 2024.

The growth in lending margins has helped the large banks to report higher earnings in the nine months to September.

Equity Bank Kenya’s net profit grew 51.2 percent to Sh31 billion in the review period as interest margin widened to 8.1 percent from 6.6 percent.

KCB Bank Kenya reported a 6.4 percent profit growth to Sh33.7 billion, supported by its interest margin widening to 7.1 percent from 6.5 percent.

KCB and Co-operative Bank of Kenya were the only large banks to record growth in interest income. KCB recorded a 17 percent expansion of its loan book while other banks saw their lending to the private sector shrink, signalling a difficult business environment.

‘Total revenue grew by five percent supported by 12 percent growth in net interest income on the back of a drop in interest expense,’ said the group’s chief executive, Paul Russo, in a note to investors.

Stanbic Bank recorded the widest drop in the cost of funds of 48 percent, which helped it absorb a 24 percent slump in interest income.

NCBA Bank Kenya recorded a 45.5 percent drop in interest expenses compared to a 16.4 percent decline in interest income. NCBA said it had been rejecting expensive deposits which saw customer savings held in its vaults drop by Sh31.4 billion.

The CBK has been pressuring banks to lower their interest rates to spur private sector lending in a bid to support economic growth.

The CBK’s monetary policy-making committee has in the past nine consecutive meetings cut its base rate to 9.25 percent from 13 percent in June 2024.

Besides rate cuts, it has also reduced the cash banks are required to hold as reserves with the regulator so as to increase liquidity and increase lending to the private sector.

Banks have, however, been slow to pass the benefits of reduced cost of funds and a lighter cash requirement, drawing rebuke from the CBK which has told them to stop giving excuses and lower lending rates.

The regulator is also banking on a new loan pricing formula, which takes effect starting next month, to see banks transmit rate cuts by the monetary policy to the public in full and promptly.

Some of the hurdles, cited by banks, to cutting interest rates on loans include different base lending rates and the poor development of the risk-based pricing framework.

Commercial banks are expected to adopt a new industry loan-pricing standard dubbed the Kenya Shilling Overnight Interbank Average (Kesonia), which is hooked to the rate banks lend to each other.

Banks have used the wider interest margins to protect their profit levels, which are under threat from slow credit growth, loan defaults and a dip in forex income.

The lenders were emboldened to reject expensive deposits as they were not growing their loan books. Taking cash out of banks to invest in Treasury bills also became less attractive for cash-rich individuals and companies as the returns on the sovereign debt declined.

Slow lending has seen banks hold record cash levels, with average liquidity ratio rising to 59.8 percent at the end of August, up from 54.4 percent a year earlier.

This is the highest liquidity ratio recorded for the industry and is against a regulatory requirement of 20 percent.

The liquidity ratio -which captures the amount of cash or near-cash assets held by banks in comparison to their short term deposits- reflects how efficiently a bank is deploying customer savings to make profits.

A new requirement for importers to provide certificates of origin could clog the port without catching rogue traders who undervalue goods to pay low taxes, the Parliamentary Budget Office (PBO) has warned.

PBO notes that while making it mandatory for importers to have the document before goods can be processed by customs offers assurance on where that have been sourced, the government has not proved how the requirement will curb undervaluation.

In the Finance Act, 2025, the government amended the Tax Procedures Act making it mandatory for importers to have certificates of origin issued by a competent authority in the exporting country and now the Kenya Revenue Authority (KRA) must first verify the document before processing imports.

Enforcement of the certificates of origin commenced in October.

‘The mandatory certificate of origin requirement is designed to curb undervaluation and improve customs compliance, but its success will depend heavily on enforcement. If poorly managed, it could create delays at ports and increase bureaucracy without solving the problem,’ the office says.

In a report analysing the government’s budget implementation for the current fiscal year, the PBO is calling on the government to keep an eye on customs clearance times to tell if the policy will affect efficiencies at the port.

The office also observes that to measure its impact, a growth in import duty collections will signify increased compliance among importers.

‘To measure its impact, it will be necessary to keep an eye on customs clearance times, which reflect efficiency. The share of consignments flagged for undervaluation will show if enforcement is improving,’ the PBO says.

KRA has for years concentrated on deployment of advanced scanning technologies at ports of entry to nab tax evaders, though the strategy has not been impactful in cargo valuation.

The PBO observes that resistance to policy changes and new technologies from stakeholders has been one of the main challenges for KRA, in dealing with undervaluation of imports.

Last year, Kenya imported goods valued Sh2.7 trillion, KNBS reported.

‘However, the accurate valuation of import cargo continues to face major challenges, primarily due to widespread undervaluation of goods. High-value commercial and excisable goods are often declared at artificially low values, making accurate valuation difficult and leading to substantial revenue losses,’ the PBO says.

The amendment gave KRA powers to seize goods that lack the certificate of origin.

The PBO reckons that the deeper challenge for the government lies in enforcing strict verification and ensuring that declared values truly reflect market realities, rather than merely asking for the certificate of origin.

‘The mere presence of a certificate of origin does not necessarily guarantee accurate cargo valuation, as importers may still declare lower values despite presenting the correct origin documentation,’ it says.

The office notes that the real challenge is for the government to address underlying issues such as resistance to new policies and technologies, potential corruption, or lack of proper compliance incentives.

‘It will be critical to observe whether this measure leads to an increase in revenue collection and effectively curbs revenue losses arising from undervaluation. Only time will tell if this legislative change solves the long-standing problems or simply reinforces existing challenges under a new legal framework,’ the PBO says.

In Kenya’s rapidly evolving digital economy, the rise of online marketplaces has reshaped how businesses and consumers interact.

From e-commerce platforms like Jumia and Kilimall to P2P (peer-to-peer) services like Twiga Foods, the marketplace model has proven transformative, connecting millions of buyers and sellers. However, as these platforms scale, there is a gap in the broader digital economy – embedded finance.

Embedded finance (integrating financial services into non-financial platforms) can unlock significant growth. Platforms must evolve into ecosystems offering payments, lending, insurance and investment tools, not just listings.

Kenya is primed for this shift. Rising smartphone penetration and widespread mobile money services create demand for integrated services. Yet many marketplaces operate apart from the financial system, leaving users exposed to frictions embedded finance can resolve.

Many Kenyans remain underserved by banks. Mobile money raises inclusion but often provides only basic payments. Marketplaces need deeper tools such as credit, savings and insurance, embedded into the platform to help consumers and suppliers scale.

Small and Medium Enterprises (SMEs) face barriers to bank finance because of collateral rules and costs. Embedded finance can integrate lending into marketplaces.

For instance, a vendor could receive short-term loans based on sales history, bypassing bank bureaucracy. Access to working capital improves inventory, service and growth.

Expanding credit access is a major benefit. Platforms can use alternative data like sales flows, ratings and transaction patterns, to assess creditworthiness and offer microloans timed to business cycles.

As sellers grow they generate more data, improving future terms.

Payments are the connective tissue of marketplaces. Cash-on-delivery, fragmented transfers and inconsistent mobile money integrations disrupt purchases.

Embedded payments integrate checkout, reconciliation and settlement into the marketplace, reducing disputes, lowering fraud risk and improving seller cash flow.

As Kenyan marketplaces expand regionally, they increasingly serve customers in Uganda and Tanzania. Cross-border purchases are a growth vector, but currency fragmentation and manual conversions deter buyers and sellers.

Embedded payments with built-in currency routing solve this. With a solution like Atlas, marketplaces can collect payments in UGX or TZS from Kampala or Dar es Salaam, convert to KES automatically, and settle to Kenyan merchants within the platform experience.

This widens the addressable market without forcing sellers to manage foreign accounts. A buyer in Uganda pays in UGX; a Nairobi vendor receives KES, while the marketplace handles conversion, compliance and reconciliation. That frictionless flow builds trust, accelerates fulfilment and keeps revenue moving across borders.

Trust and data ethics matter. Kenyan consumers want secure, transparent financial products. When platforms use transaction data responsibly they can deliver personalised offerings such as affordable loans for steady sellers, tailored insurance for logistics partners, or simple savings tools for repeat buyers, all inside the same app.

Embedded finance will enable marketplaces to become regional commerce hubs. By offering integrated payments, multi-currency settlement and data-driven credit, platforms can support expansion across East Africa while keeping user experience central.

Specifically, embedded multi-currency payments reduce operational headaches for marketplaces: they eliminate manual FX management, lower currency-exchange costs through optimised routing, and simplify merchant onboarding by removing the need for foreign bank accounts.

For logistics and fulfilment partners, faster settlement improves cash flow and enables reinvestment. For consumers, paying in a familiar currency and seeing transparent prices at checkout reduces cart abandonment and raises loyalty.

Marketplaces that deploy embedded finance strategically will not only capture local commerce but will become the rails for regional trade.

The NCBA Group has lost its bid to stop the implementation of a judgment that quashed the Sh384.5 million stamp duty exemption granted to it following the merger of NIC Bank and CBA in 2019.

The High Court ruled last week that allowing NCBA’s request would undermine constitutional principles, effectively requiring the lender to settle the tax bill.

The CBA and NIC Bank merged in 2019 to form NCBA, and the transaction was exempted from stamp duty tax by the Treasury.

The court in April 2025 said the decision to exempt that bank from paying the stamp duty following the merger was not made in the public interest.

Last week, the High Court declined to freeze the rider for the payment of the Sh384.5 million.

“It would be inappropriate and possibly contrary to article 2(4) of the Constitution for this court, as the trial court, to grant a stay of its decision declaring the gazette notice exempting payment of stamp duty unconstitutional,” stated the ruling rejecting the bank’s bid.

The top owners of the lender are families of the late President Mzee Jomo Kenyatta and former Central Bank of Kenya Governor Phillip Ndegwa.

The Ndegwa family holds 14.94 percent stake through First Chartered Securities Limited, while the Kenyattas hold 13.2 percent through Enke Investments Limited.

In good faith

The lender maintains that the exemption application to the Treasury Cabinet Secretary, supported by the Lands Cabinet Secretary, in 2019 was made in good faith and in strict compliance with the laws.

The court dispute traces back to Legal Notice No.112 of 2019, dated June 26, 2019, during the tenure of retired President Uhuru Kenyatta, when the Treasury exempted NCBA from paying stamp duty on merger documents.

Activist Okiya Omtatah (now Busia Senator) successfully challenged the decision in court.

In April 2025, slightly over two years after Mr Kenyatta’s retirement in September 2022, the High Court allowed Mr Omtatah’s petition and declared the waiver unconstitutional, citing violations of the Stamp Duty Act and Article 201 of the Constitution on equitable tax burden sharing.

NCBA returned to court seeking to halt the payment pending appeal, arguing that immediate enforcement would destabilise its operations and harm depositors.

“Immediate enforcement of the judgment will occasion great hardship on the applicant’s (NCBA) operations because the applicant will be compelled to pay over Sh384.5 million excluding interest and penalties,” said the bank’s lawyers.

“It may result in irreversible business consequences.”

NCBA sought an injunction order restraining the respondents, including the Collector of Stamp Duty and Kenya Revenue Authority (KRA), from demanding or initiating enforcement action to levy or collect stamp duty on the instruments executed in relation to the merger between NIC Group PLC and CBA.

The bank warned that forcing it to pay upfront would disrupt liquidity and shareholder value, given that the merger’s financial structure relied on the tax waiver.

“Enforcement of the decree at this stage will cause substantial and irreversible harm because stamp duty waiver was a central element in the financial structuring of the merger,” said the advocates.

They contended that payment of the amount would result in substantial loss to NCBA, which they argued KRA would not be able to refund should the appeal succeed.

They also said that KRA lacked a legal mechanism to refund the money if NCBA’s appeal succeeded, an argument that the court said was incorrect.

“Executing the judgment will affect the applicant’s (NCBA) customers and necessitate immediate drawing from operational funds, including deposits held for the public,” the advocates submitted.

Unconstitutional waiver

However, Mr Omtatah countered that the court had no authority to suspend its own invalidation of an unconstitutional act, emphasising that Article 2(4) of the Constitution voids illegal actions instantly.

The judge agreed, stressing that permitting a stay would amount to reviving an unconstitutional waiver-a move contrary to precedent.

He noted that the Court of Appeal had previously barred such suspensions in similar cases, including a 2024 judgment, where judges emphasised that “public interest cannot preserve laws already deemed invalid.”

The judge dismissed NCBA’s fears of irreparable loss, stating KRA-as a public entity-could refund the taxes if the appeal succeeded.

“KRA is a public entity and is capable of refunding money should the appeal succeed. I do not think the applicant’s fear that it will not get a refund is well-founded. The argument that the applicant will suffer substantial loss is also not well-founded,” said the court.

In the application, NCBA had also argued that the payment of the contested stamp duty threatens to undermine the commercial and strategic foundations of the merger, thereby discounting shareholder value; planned integrations and future business projections.

This is because the financial implications of enforcing the judgment are significant and immediate, according to the bank’s lawyers.

“Execution of the decree now will place an undue financial burden on the applicant, thereby disrupting its capital allocation, liquidity planning and compliance with regulatory obligations,” they stated.

“The merger involved two significant financial institutions in the banking sector with direct implications on the market stability, investor confidence and economic growth,” they added.

The high-profile corporate dispute is now pending at the Court of Appeal, where the bank argues that the High Court “erred by misapplying the public interest principle in relation to the tax waiver granted for the merger transaction and the constitutional principle on sharing tax burden in Article 201 (b) (i) of the Constitution”.

Kenya’s digital revolution has brought with it a new civic reality: speaking up online can now put your life and freedom at risk.

A new Amnesty International report shows that during and after the 2024 Gen Z protests, the same platforms that energised political mobilisation also exposed young people to unprecedented levels of surveillance, harassment, and physical danger.

Amnesty documented more than 3,000 arrests, 83 enforced disappearances and at least 128 deaths linked to excessive force since 2024, a pattern that reveals how deeply digital and physical repression have become intertwined.

What began as online anger over proposed tax hikes quickly evolved into a nationwide movement powered by TikTok videos, rapid-fire updates on X (formerly Twitter) and crowdsourced fundraising.

But it also unfolded under a rapidly expanding State surveillance apparatus that transformed online footprints into real-world vulnerability.

Digital monitoring tools

Kenyan security agencies, the report notes, have invested heavily in digital monitoring tools over the past decade.

This enhanced capacity allowed authorities to track communication patterns and identify vocal activists, turning social media posts into potential flags for physical targeting.

Several protesters told Amnesty that threats first appeared in their inboxes, and then at their doorsteps.

One human rights defender from Mombasa said she received anonymous messages detailing her child’s school, stream and bus number plate before she was abducted for two nights.

‘I had people coming into my inbox telling me, ‘You will die and leave your kids. What you’re doing is not right,” she said. ‘Someone even sent me my child’s name and details. They told me, ‘If you continue, we will take care of this child for you.”

Self-censorship

Such intimidation triggered widespread self-censorship among young Kenyans who had once found unfiltered political expression online.

Amnesty notes that many activists became more cautious, fearing that even private chats could reveal their location or identity through device-based tracking and facial recognition systems increasingly used by State agencies.

The report also highlights the rise of coordinated online propaganda, with paid teams pushing hashtags that discredited protesters or framed them as foreign-sponsored.

One participant described a WhatsApp group of about 20 people paid up to Sh50,000 daily to influence trending topics, reinforcing pro-State narratives while drowning out organic messaging.

Gender targeting

Female activists faced an additional layer of harm as AI-generated pornographic images were deployed to shame and silence them, a tactic described in the report as both gendered and technologically sophisticated.

Compounding these pressures were internet disruptions on key protest days. On June 25, 2024, for instance, Kenya experienced a nearly 40 percent drop in connectivity, affecting platforms like X and Signal – essential channels for real-time coordination.

These interruptions came just as social media usage surged across the country, with Facebook crossing the 50 percent usage mark for the first time, according to the Communications Authority.

Despite the risks – abductions, intimidation, propaganda, disinformation and connectivity sabotage – digital organising has not died out.

Kenyans continue to use social platforms to demand accountability, call for the release of political detainees and seek justice for those killed during the repression.

The management and disclosure of nature-related risks and opportunities by organisations have been driven by a recognition of the increasing need to consider nature in business and financial decisions.

Organisations, as members of society, have impacts and dependencies on nature, which require them to aim to reduce the adverse effects on nature.

For example, reducing and preventing waste, including pollution from production activities such as manufacturing. It could also involve efforts that have a positive impact on nature.

For example, the adoption of sustainable business practices and business model transformation that conserve, enhance and restore ecosystems.

In 2021, the Taskforce on Nature-related Financial Disclosures (TNFD) was established to develop the risk management and disclosure framework for organisations to report on nature-related risks and opportunities.

There are currently over 700 organisations globally that have voluntarily adopted the TNFD, with more organisations committing to do so.

The TNFD recommends that organisations use the LEAP (Locate, Evaluate, Assess, and Prepare) approach when assessing nature-related risks and opportunities.

It requires organisations to identify interference with nature, evaluate dependencies and impacts, assess material risks and opportunities, and prepare to respond and report.

Recently, the ISSB (International Sustainability Standards Board), the body responsible for issuing the global baseline sustainability disclosure standards, IFRS S1 and IFRS S2, announced its decision to move into a standard-setting process on nature-related risks and opportunities, leveraging the disclosure recommendations and guidelines of the TNFD, including aspects of the LEAP approach.

The announcement aligns with the ISSB mandate to meet investor demand for information on biodiversity, ecosystems, and ecosystem services research.

The ISSB has set an initial target to have a draft exposure of the standard, potentially IFRS S3, by late October 2026.

Therefore, the TNFD plans to complete all its technical work by the third quarter of 2026 and focus resources on supporting the ISSB’s work programme for the new sustainability disclosure standard.

This approach by the ISSB is a welcome move. Organisations planning to adopt the ISSB standards should proactively begin preparing for the management and disclosure of nature-related risks and opportunities.

Africa is seeing an unprecedented growth in digital technologies. And while the continent’s rapid digitalisation is a welcome catalyst for innovation, Interpol found that cybercrime now accounts for over 30 percent of all reported crimes in West and East Africa, and that two-thirds of African countries classify cyber-related incidents as medium to high priority threats.

Most countries on the continent lack a comprehensive national cybersecurity strategy, which hampers effective defence and enforcement measures.

Given the growing risk landscape and the lag in policy adoption, the role of emerging technologies such as artificial intelligence has become increasingly pivotal in shaping both the threats and defences within Africa’s digital ecosystem.

AI is playing a transformative role in cybersecurity defence strategies, enabling defenders to synthesise vast data sets, detect novel threats and respond more rapidly than ever before.

However, cybercriminals are also harnessing the power of AI, trialling emerging tactics, such as fake digital IDs, across Africa’s evolving attack surface, because of perceived and real inherent weaknesses in the continent’s cyber defences.

Africa is increasingly being targeted by identity-based and AI-driven threats – and AI has significantly reduced the time attackers need for reconnaissance. AI-generated content is flooding digital spaces, overwhelming detection systems and enabling deepfake-enabled fraud, voice cloning, and the creation of synthetic identities at scale.

Africa has a unique opportunity to lead in combating new threats, helping to shape the future of cyber defence. African SMEs are at the frontline of cyberattacks. Small and medium businesses make up nearly 90 percent of businesses in Africa, driving employment, economic growth and, in many instances, innovation.

As these businesses digitise, adopting cloud services, mobile platforms and e-commerce, they are both targets and defenders in the cybersecurity arena.

Cybersecurity must be embedded into the fabric of organisational strategy and addressed regularly as part of risk management. Culture and readiness are key factors – human defences, no matter how good they are, are inadequate alone without the right technology to support them. Even the most vigilant person can fall for a ploy or tactic if it is good enough.

Africa’s SMEs are no longer passive recipients of cybersecurity solutions; they are active architects of a safer digital future.

Operating in resource-constrained environments encourages SMEs to develop creative, cost-effective cybersecurity solutions such as mobile-first security tools tailored to local usage patterns, community-based intelligence sharing and partnerships with regional cybersecurity hubs and incubators.

A breach in one SME can ripple across supply chains or financial networks, and even government services. However, the converse is equally true: a well-defended SME sector that is responsive to identifying new tactics strengthens the entire digital infrastructure.

SMEs should approach cybersecurity as a top priority, on a par with any financial or legal issue. While small business owners might tend to deflect or delay introducing cybersecurity measures due to concerns about cost, or a lack of resources or understanding, they should regard building in ground up cyber defences as a vital part of protecting their investment.

Attackers are simply looking for the weakest path into the business, and a siloed approach opens up areas for exploitation in most defences. Cloud-based security options are becoming increasingly affordable for small businesses, while endpoint protection and multifactor authentication can secure devices and accounts.

There is a growing fitness craze among Kenyans, judging by the rising numbers at gyms, wellness clubs, hiking trails, and pools. However, behind the sweaty gym selfies and ripped muscles on Instagram lie untold stories of pain-often nerve-racking injuries caused by intense workouts.

According to Dion Njogu, a doctor of chiropractic (DC) and the Head of Physiotherapy at the Chiropractic and Physiotherapy Health Centre in Nairobi, more people are seeking treatment for gym-related injuries such as knee injuries, hip discomfort, and persistent back pain. She attributes most of these cases to poor technique and lack of proper guidance.

‘When most people join a gym, they’re quickly registered and start working out. The trainer might show them one or two things, but very few take time to evaluate the individual’s strengths, weaknesses, or fitness goals,’ DC Njogu explains. ‘The goal for most trainers is just to make you strong. But what if someone is 55 years old and only wants to maintain muscle strength, not become a bodybuilder?’

The first mistake

She believes that’s the first mistake, the lack of personalised evaluation. Without understanding what each person wants to achieve, trainers may end up subjecting the clients to workouts that are harmful to their health.

‘You must ask yourself, what do I want from the gym? When your trainer understands that, they can focus their skills to help you safely achieve it.’

She illustrates the second cause, poor technique, with an example: ‘Someone may want to strengthen their legs and arms or tone their abdominal muscles. Instead of starting with simple body-weight exercises, many go straight to lifting heavy weights. Nobody trains them on how to lift. They’re handed a 10-kilogramme weight, and because they can lift it, the instructor assumes they’re doing well. But no one checks the posture. Strength training is not about how much you lift; it’s about how you lift.’

Even basic exercises such as sit-ups and deadlifts are commonly done wrong. ‘When you forcefully try to touch your knees before your tummy muscles are ready, the pressure shifts to your spine. That’s how people end up with disc problems or muscle strains,’ she says.

‘Deadlifts too. Most people lift with their toes instead of keeping the whole foot grounded. This strains the ankles unnecessarily.’

According to DC Njogu, lower limb and back injuries top the list of gym-related complaints. ‘The most common are knee and ankle injuries, and lower back pain. Occasionally, we also see shoulder injuries.’

For anyone starting to go to the gym, DC Njogu’s advice is simple: start slow. ‘Don’t feel guilty for starting small, even without weights. Begin with light exercises, one kilogramme if necessary, and build up gradually. Learn the right skills first. If something feels heavy, your body will automatically shift position to compensate, and that’s when injuries happen.’

She adds that gradual progression is key. ‘Go slowly until your body adjusts. The goal is not to rush but to grow strong safely.’

DC Njogu believes many gym-goers underestimate the value of proper preparation and recovery.

‘Warm up with gentle movements to prepare your muscles. Stretching, both before and after workouts, improves flexibility and prevents muscle tightness,’ she advises. ‘Hydration, posture, and rest are also critical for safe training.’

Knowledge gap

DC Njogu observes there’s a knowledge gap among many gym trainers. ‘Every trainer should evaluate new clients individually before getting them into a workout routine. They need to ensure clients understand the correct skills, postures, and styles of each exercise. Without that, we’ll keep seeing injuries.’

Social media, she adds, hasn’t helped. ‘Many of those we treat say they saw an exercise on YouTube or Instagram and tried it at home. They copy what they see, but not the correct posture. They end up doing the right exercise in the wrong way.’

When it comes to recovery, she says healing time depends on the severity of the injury. ‘If you’ve suffered a severe disc prolapse or a major knee injury, it takes longer to heal. The more serious the damage, the longer the recovery,’ she explains.

She cautions against self-medication after injury. ‘When you get hurt, stop guessing and seek professional help. You need proper training on how to move safely again.’

DC Njogu has observed that younger adults, especially those aged between 28 and 40 years, are most affected. ‘Older people rarely get these injuries because they don’t push themselves too hard. The younger ones want to get strong fast. After sitting behind a computer all day, they rush to the gym and strain muscles that are already tense from poor posture,’ she notes.

She also advises people to mind their workday habits. ‘If you’re sitting at a computer, make sure your hands are not pressed against the table. Good posture at work prevents unnecessary tension that carries into your workouts.’

For those resuming exercise after injury, DC Njogu recommends starting with simple, active movements. ‘If it were your shoulder, begin with gentle stretches without weights, and then add light resistance as you improve. The same applies to squats; start with body weight before progressing to added load. Gradual progression is everything.’

The Kenya Development Corporation (KDC) has advanced Sh500 million to the Githunguri Dairy Co-operative Society for onward lending to farmers who rely on the dairy value chain for their livelihoods.

The funds form part of proceeds from a World Bank-backed support programme aimed at unlocking long-term credit access for Micro-, Small and Medium-sized Enterprises (MSMEs).

The programme, dubbed Supporting Access to Finance and Enterprise Recovery, was unveiled following the outbreak of the Covid-19 pandemic to help in aiding the recovery of small businesses ravaged by the disease.

‘Through KDC, we are exploring ways to extend the lending period from the current seven years to 10 years and reduce the interest rate from 9 per cent to 8 per cent,’ said Trade Cabinet Secretary Lee Kinyanjui.

‘The objective is to make long-term credit more accessible to investors and institutions, particularly those involved in capital intensive industrial projects,’ he added.

Githunguri is the third-largest dairy processor after the New Kenya Cooperative Creameries and Brookside.

The Kiambu-based milk processor and maker of Fresha milk started off as a small cooperative society in 1961, and has over the years ridden on low pricing to wrestle a sizeable market share from Brookside, New KCC, Kabianga Processors, Sameer Agriculture and Meru Farmers.

In July 2004, the society bought its own milk processing plant and has since been able to access a wider market through value addition.

The dairy society is supported by a network of over 27,000 small-scale farmers who supply over 260,000 litres of milk daily.

The newly-unveiled credit facility is poised to aid the farmers in purchasing better equipment, expanding their stock, as well as hiring more workers. The funds are also set to serve as a cushion from shocks such as drought and market swings.

The World Bank’s financial sector specialist, Leah Kiwara, termed the partnership between KDC and Githunguri Dairy as part of a broader effort to narrow the stubborn financing gap that holds back promising small firms across the country.

‘Today’s partnership is a clear demonstration towards closing the financing gap that continues to limit the growth of MSMEs across the country. As we move forward, monitoring impact and highlighting success stories is critical to drive meaningful and sustainable MSME growth,’ she said.

Investors have shown an appetite for long-term Treasury bonds as they chase securities that are still paying high returns amid the recent fall in interest rates.

This month, the Central Bank of Kenya (CBK) held two separate auctions in which it reopened a total of four papers: a pair of 15-year bonds with 8.7 years and 11.4 years to maturity, a 20-year bond with seven years to maturity, and a 25-year bond that has 21.9 years until it falls due.

These bonds are paying investors interest at rates of between 12 and 14.2 percent, which is significantly higher than the 7.8 percent to 9.4 percent available on short-term Treasury bills.

Investors offered the government a cumulative Sh208.75 billion in the two issuances, with the CBK taking up just over half of this amount at Sh107.6 billion.

The maturity profile of these bonds, according to analysts, would have appealed to buyers who normally have a long investment profile such as pension funds, but retail investors have also bought in as returns from other assets such as unit trusts and fixed bank deposits trend lower.

At the first of two auctions held on November 5, targeting Sh40 billion, the CBK received bids of Sh57.6 billion for the first of the 15-year papers with 11.4 years to run, accepting Sh33.3 billion. The government’s fiscal agent received bids of Sh35.3 billion for the 20-year paper and accepted Sh19.5 billion.

In the second auction on November 19, the 25-year bond realised bids worth Sh82.14 billion, with the CBK accepting Sh34.6 billion, while the second 15-year bond had bids of Sh33.7 billion and acceptance of Sh20.2 billion.

‘The results of this auction (of November 19) only emphasise the importance assigned by investors to higher long-term return especially in an environment of declining interest rates. The 25-year has the longest tenor on the NSE with 21.9 years to maturity and the 14.18 percent is attractive to investors with long-term investment horizons like pension funds,’ said analysts at Sterling Capital in a note.

The general decline in interest rates has followed the easing actions of the CBK’s monetary policy committee, which has cut rates in its last eight meetings held since August 2024.

The Central Bank Rate (CBR) benchmark currently stands at 9.25 percent, having been cut by 0.25 percentage points in the latest meeting on October 7.

The CBR stood at 13 percent before the current easing cycle started in August 2024.

For investors, the lower base rate has reduced returns on fixed-income investments whose pricing is linked to government securities.

The average interest rate on fixed deposits in banks, for example, fell to 7.63 percent in September 2025, from 11.24 percent in September 2024, as lenders adjusted the returns downwards to protect their margins while also cutting the interest charged on loans.

Unit trust providers have also cut the annualised returns on their money market funds, which now range from 4.9 percent to 12.2 percent, compared to 11 percent to 18.1 percent in November 2024.

The money market funds are primarily invested in short-term government securities and fixed cash deposits. The funds have seen heightened investor demand as more Kenyans seek to invest in the formal markets through professional fund managers.

As a result, the assets under management in collective investment schemes climbed to Sh596.3 billion by June 2025, up from Sh254.1 billion in June 2024 and Sh176 billion in June 2023.