Category: Business Daily

A massive nine out of every 10 of the Sh65 billion unclaimed assets, including cash shares and dividends, are worth below Sh1,000, piling pressure on the Unclaimed Financial Assets Authority (UFAA) to lower the cost of reunifying the properties with their owners.

Auditor-General Nancy Gathungu revealed that 17.7 million of the 20 million idle assets in the books of UFAA, or 88.5 percent as of the financial year ended June 2024, are worth sums below Sh1,000.

Cash sums below Sh100 formed the bulk of the idle asset records forwarded to the UFAA, with 61.5 percent or 12,318,000 falling under this category.

The Auditor-General said that holders of small amounts were forced to incur high costs, such as travel expenses and certification fees, when claiming the money from the agency. This resulted in most of them forgoing the money.

All claimants are required to present claim forms duly commissioned along with certified copies of the national identity card and the Kenya Revenue Authority PIN certificate. The cost of certifying the documents is an average of Sh500.

Claimants are also required to physically visit the office of the unclaimed asset holder to obtain an official letter, increasing the time and cost involved in lodging the claims.

‘Due to the non-differentiated nature of the claim process, apparent owners of unclaimed financial assets that were relatively low in value incurred the same cost as high-value claimants. Consequently, fewer claims were lodged, leading to a low reunification rate,’ reads the report by the Auditor-General.

The National Treasury was cited for failing to implement proposals by UFAA to simplify the claims process. The agency had proposed the use of a single standardised form to be signed by the claimant without certification by a judicial officer or legal practitioner. The small amounts accumulated to form a huge sum, with the authority previously disclosing that assets worth less than Sh5,000 totalled Sh43 billion.

These small amounts have been attributed to people forgetting their bank accounts, ignorance, relocation, and death.

Mobile money has also been cited for the small records, as dormant accounts are passed on to new users.

On the upper side, 2,000 records worth between Sh500,000 and Sh750,000 were submitted to the authority. Records worth more than Sh100,000 but below Sh500,000 were 22,000.

The auditor general urged UFAA to make use of Huduma Centres to decentralise its services and increase the rate of reunification with rightful owners of assets.

‘The audit established that the authority intended to deploy their staff in the Huduma Centres, although they had yet to recruit the required staff. This contributed to the low number of claims lodged and ultimately the low reunification rate,’ said Ms Gathungu.

As of August 2024, the authority had received Sh65 billion from holders of unclaimed assets, with four percent of the assets reunified with their rightful owners.

Assets are considered unclaimed if they are dormant for a long period. The period differs between asset classes; for example, dormant bank accounts become unclaimed after five years, while utility deposits such as water and electricity are marked unclaimed two years from the date service is terminated.

The Kenya Ports Authority (KPA) faces pressure ahead of the peak activity at the Mombasa port, coinciding with the December festivities.

Traders and shippers are cautioning of potential delays and congestion if the port agency fails to streamline operations to manage the anticipated high volume of cargo.

The number of vessels scheduled to dock in Mombasa is much higher compared to previous years.’

The port is braced for record vessel traffic in the next few weeks as traders rush to stock up ahead of the December festivities.

More than 50 vessels are expected to dock at the Mombasa port in the coming 14 days, including 34 container ships, 11 conventional cargo carriers, four car carriers, and two oil tankers.

The port traditionally records peak traffic in November, following a buildup in activity from late July into October as traders stepped up shipment of stocks in readiness for the Christmas period.

A latest Central Bank of Kenya survey of more than 1,000 private sector CEOs confirmed projections of heightened business activity ahead of December.

The survey shows private sector firms plan to raise the number of full-time employees in the final quarter of the year to support heightened activity anticipated during the festive period.

The CEOs expect improved business activity in the fourth quarter, relative to the third, with higher demand orders, sales, production volumes, and employment levels projected as consumer spending rises.

The Mombasa port handled 32.86 million tonnes of cargo throughput between January and September 2025, compared to 29.97 million during the same period last year, marking a 9.6 percent growth.

In the latest data, the port registered 1.55 million twenty-foot equivalent units (TEUs) between January and September 2025 compared to 1.46 million TEUs in 2024.

The increase represents a growth of 91,000 Teus, equivalent to 6.2 percent.

KPA Managing Director, William Ruto, said the agency has invested in equipment and technology to boost efficiency at the port.

‘Over the past year, the port has invested heavily in modern handling equipment and technology to boost throughput. Last month, we brought ten Rubber-Tyred Gantry (RTG) to improve efficiency and are part of the authority’s equipment modernisation programme, with the new cranes expected to ease rising cargo pressure at the port,’ he said.

KPA two weeks ago offered a significant amnesty on port storage charges for long-stay containers at the Mombasa port ahead of the peak season.

The agency offered an 80 percent waiver on the accrued storage fees as one of the strategies to ease pressure on the port. The amnesty runs until November 6, 2025. Any cargo not cleared by the deadline would be transferred to the Naivasha Inland Container Depot (ICD).

‘This measure is expected to improve port efficiency by clearing up space currently occupied by aged cargo. We intend to expedite the clearance of cargo by offering 80 percent amnesty on accrued storage fees,’ Mr Ruto said in an October 15, 2025, notice.

KPA said the waiver applies to long-stay containers that have been at the port of Mombasa for more than 21 days from the date of the notice, and those affected cargo owners must lodge a waiver application to be considered for the reduction.

While offering the amnesty, the KPA issued a firm warning regarding uncleared transit containers, saying that all long-stay transit containers that are not cleared within the notice period will be transferred to the Naivasha ICD.

‘This transfer will be at the owner’s cost. Furthermore, these containers shall attract normal storage charges from the date the container landed in Mombasa,’ Mr Ruto said.

Mary Claudio Trevisan’s journey to dual citizenship began with the 2010 constitutional shift.

After Kenya’s 2010 Constitution lifted restrictions on dual nationality, she seized the opportunity to reclaim her Italian roots flowing through her paternal grandfather’s Kenyan-Italian bloodline.

‘I’m Kenyan, born and raised here, but my paternal grandfather was half Kenyan, half Italian. After the 2010 Constitution was passed, I applied for an Italian passport. It took three years to come through.

Whether it could have been faster, I’ll never know,’ she tells the BDLife.

The mother of three, aged 15, 13, and 11, is now stepping up and taking the next necessary steps to secure a second residency for herself and the children.

She is part of a growing wave of affluent Kenyans exploring second residencies and citizenships, particularly in Italy.

In 2017, Italy introduced the Italian Golden Visa, a residence-by-investment programme designed to attract foreign capital by offering residency in exchange for strategic investments.

By investing in Italy’s economy, one earns the right to live, work, and study in the Mediterranean nation. The programme grants a two-year visa, renewable for an additional three years, provided the investment is maintained.

Holders may later apply for permanent residency once they meet the long-term stay requirements of 10 years. The scheme has quickly blossomed into a lifeline for wealthy Africans seeking global mobility.

Orience, a global investment migration firm operating in Africa from its South African base, tells the BDLife the scheme has been gaining traction in recent years among Africa’s ultra-high (UHNWI) and high-net-worth individuals (HNWI), with South Africans and Kenyans emerging as the continent’s most enthusiastic applicants over the past two years.

‘Residency-by-investment programmes such as Portugal’s Golden Visa or the US’s EB-5 programme, China, and India are always at the top, but among African countries, South Africa leads, followed by Kenya. Kenya’s numbers are still much lower than South Africa’s, but they’re growing quickly’ notes Lisa Bathurst-Orience’s Southern Africa Manager.

She notes, ‘The Kenyan number wouldn’t be anywhere near 60 percent; it’s a very small fraction as these programmes require a high level of wealth, so you’re really looking at the top five percent or so.’

Luxury Property firm Knight Frank classifies UHNWIs as persons with a net worth of above $30 million (Sh4 billion), while those whose net worth is at least $1 million (Sh128 million) are classified as HNWIs.

Kenya has a substantial HNWIs base of approximately 6,800 individuals compared to South Africa’s 41,000 as of August this year, according to The Africa Wealth Report 2025 compiled by Henley and Partners.

Initially, when the Italian Golden Visa launched, applicants were required to invest at least pound 500,000 (Sh75 million) to qualify.

However, in recent years, the enquiries and applications have surged when Italy slashed the minimum investment threshold to pound 250,000 (Sh38 million). With this, one can invest in stocks or shares of an Italian innovative startup.

Other investment levels are pound 500,000 in an active Italian company, pound 1 million (Sh150 million) as a philanthropic donation to a project of public interest in culture, education, immigration management, scientific research, or heritage preservation. The highest investment threshold is pound 2 million (Sh300 million) in government bonds.

When the Italian government lowered the entry investment, that move triggered an avalanche of inquiries from South African and Kenyan elites, according to Orience.

“I’ve never pursued a second residency for my children before, but with this opportunity, the timing feels right. I see this opportunity as giving them a chance to integrate, learn the language and culture, and study in Italy. Personally, I don’t speak Italian, it’s also an opportunity to invest there. The process now feels much more plug-and-play compared to when I applied in 2010 and had to wait until 2013 for approval.’

Since obtaining her Italian passport, Trevisan says one of the biggest perks has been the freedom to travel, and she believes an opportunity to secure a residency would benefit her even more.

‘ I barely remember the last time I applied for a visa to the US or Europe. An Italian Visa allows you visa-free access to about 20 European countries, and having once studied in the UK, I know just how frustrating visa applications can be, especially to European countries.’

Orience, which also offers its financial consultancy services for high-net-worth clients in other attractive residency markets such as Greece, Spain, and Portugal, says that, whereas these markets also offer very mouthwatering deals, it has been impossible to ignore the rising interest demand for the Italian Golden Visa by South Africans, Kenyans, and Namibians.

‘Italy’s Investor Visa or Golden Visa is fast becoming one of the most cost-effective and flexible residency routes for Africans seeking opportunities in Europe, and I see a few reasons for that. Initially requiring a minimum investment of pound 500,000, the threshold has since been lowered to pound 250,000 through an innovative real estate company accredited by the Italian government. Adding to its modern appeal, investors also now have the option to transact using cryptocurrency,’ says Lisa Bathurst-Orience, Southern Africa Manager.

Ms Bathurst adds that the processing times of Italy’s Golden Visa are also considerably faster, often taking three to four months compared to for instance, Portugal, which can extend over 12 to 18 months or even longer.

But that’s not all.

Italy also imposes no strict minimum stay requirement, whereas Portugal’s Golden Visa typically demands about seven days per year.

‘This scheme unlocks mobility across the 26 countries of the Schengen zone, education in top-ranked EU schools and universities, and Italian healthcare access ranked as one of the world’s best, and family inclusion – spouse and children under 18 and citizenship in 10 years with minimal presence of one day per year required,’ she goes on.

To further incentivise, the programme processing of Italian Golden Visa takes 60 days.

‘You’re approved for the visa before transferring any funds, which makes it low-risk. Investing in this Visa also comes with very attractive and favourable tax incentives and an assured three percent return on investments in government bonds.’ Ms Bathurst adds.

For citizenship paths, Italy requires 10 years of residency before naturalisation, matching Spain, while Portugal currently allows citizenship after five years, though proposed reforms may extend this period, Ms Bathurst adds.

Healthcare and education access

Once residency is established, it guarantees the investor access to essential public services, though a few distinctions remain between residents and full citizens.

Golden Visa holders are also eligible to register with Italy’s national healthcare system, the Servizio Sanitario Nazionale (SSN).

The SSN covers most essential medical services, with only modest co-payments required for certain treatments or prescriptions.

Compared to private healthcare, these costs are significantly lower, making public care an attractive option for most Italian residents.

Besides health care, without needing to relocate, the residency also offers access to European universities at local tuition rates.

Closure of Spain Golden Visa

The discontinuation of the Spanish Golden Visa in April this year has also contributed to the rise in enquiries and applications for the Italian Golden Visa.

Since its launch in 2013, before its suspension, the Spanish Golden Visa had been one of the most sought-after second residency programmes among African high-net-worth individuals.

The Spanish Golden Visas allowed individuals to make investments with an entry investment of Sh75 million in Spanish real estate businesses.

But visa holders were not obliged to live, work, or study in Spain, even though they had purchased the right to do so, meaning they could just as easily use properties as personal holiday homes or to rent out to tourists.

However, in 2024, the government announced it was stopping the programme this year to address the rising property prices and help ease Spain’s housing shortage, which could reach a deficit of 600,000 homes in 2025.

Venice, the new frontier

Such a geopolitical situation pushed investors to look for other options, and Ms Bathurst says the floating city of Venice is emerging as one of the most eye-catching Italian cities for wealthy Africans.

‘Beyond its rich cultural history and romance, Venice has become one of the most compelling strategic investment opportunities in Europe, especially for African families seeking residency through real estate.

‘The investments are in pre-existing hotels across Italy, such as the historic Garibaldi Hotel in Venice, now being refurbished under the luxury Soho Hotel Group. Because it isn’t a timeshare or faceless equity fund giving assurance of real ownership in hotels in one of the world’s most visited cities, it’s easy to see why there is a huge demand from Africa. The bricks and mortar boutique hotel is also just good business as Venice is in huge demand as a tourist destination and hence demand for hotel rooms consistently outpaces supply,’ she says.

Ms Bathurst also observes that the majority of these wealthy Africans are not looking to leave their home countries but have an investment tool that can earn them money in foreign currencies, which translates into good returns when reinvested in Africa.

‘The appeal isn’t really about whether Africans personally like Venice. You don’t even have to live in Italy to qualify for residency. But Venice is one of the world’s most popular tourist destinations, so investing in hotels or property there is secure and potentially very profitable. You can make money without ever setting foot in the country and still gain European residency. Its for these reason that the wealthy are increasingly investing abroad because these programmes allow them to diversify into strong currencies. The Kenyan shilling has been depreciating, which means local wealth is losing value. Investing in euros, pounds, or dollars acts as a hedge.’

Ms Bathurst further adds: ‘Also, Kenyans love tangible investments, especially real estate, bricks and mortar. So, these programmes appeal culturally, too. You can buy into property or a company that invests in property, and in return, you get more than just an investment so you gain lifestyle and tax benefits. For example, as a resident, you no longer have to worry about visa restrictions. There are also tax efficiencies if you move part of your business structure abroad.’

For the super wealthy Africans seeking even greater mobility, Ms Bathurst says they strongly advocate for Caribbean citizenships such as St. Kitts and Nevis, where a $250,000-$300,000 (Sh32 million – Sh40 million) investment grants a passport within five months, providing visa-free access to 168 countries.

Another option for those seeking even greater mobility is the US EB-5 Green Card.

‘We had a client, a Kenyan energy entrepreneur, who chose the US EB-5 Green Card route. By investing $800,000 (Sh103 million) in a US property project, he secured green cards for his family, saved significantly on his children’s university tuition, and gained permanent business access to the US market.’

Frank Marangu Ireri, who steered Housing Finance (now HF Group) through one of the most consequential transitions in Kenya’s banking sector, has died of cancer in Nairobi at the age of 63.

His passing on Sunday, October 26, marks the end of a chapter for a leader who believed that finance should bring Kenyans closer to home ownership-and who carried the weight of the sector’s upheavals with quiet determination.

Appointed managing director of Housing Finance in 2006, Ireri set out to move the mortgage specialist beyond its narrow niche. He diversified lending, backed bold funding initiatives-including corporate bonds-and in 2014 helped recast the lender into HF Group, a holding structure designed to transform it into a full-service bank.

That ambition unfolded during a decade of rapid innovation and fierce competition in Kenya’s financial sector, and for a time, HF punched above its weight.

His later role as a non-executive director at Centum Real Estate reflected his enduring interest in property and affordable housing.

‘We are deeply saddened by the passing of Mr Frank Marangu Ireri, a respected member of the Centum Real Estate Board,’ Centum Real Estate said in a statement.

‘His leadership, kindness, and steady presence left an enduring impact on all of us,’ the firm added.

The tide turned after 2015. A cooling property market and the interest rate cap squeezed margins, and by 2017, HF’s profit had fallen to Sh126 million from Sh905.8 million a year earlier. Disclosures that Ireri earned Sh64.4 million that year – about half of the net profit – sparked debate over executive pay at struggling lenders, contrasting sharply with his reputation for prudence.

The institution also grappled with legacy credit issues. In litigation reported at the time, former insiders alleged that HF had under-reported bad loans, while market coverage highlighted the dispute’s impact on investor confidence.

Ireri denied any wrongdoing, but the claims added to the headwinds facing the lender.

In 2018, with about six months left on his contract, Ireri took medical leave for specialised treatment. HF later confirmed that he would retire in March 2019 after 13 years, handing over to incoming chief executive Robert Kibaara.

Although he stepped back from day-to-day management, he remained close to the industry through board service.

Colleagues remember Ireri as exacting on process and governance, and as a leader who viewed banking as a public-minded craft-one that should deploy capital responsibly, manage risk wisely, and open doors to home ownership.

He leaves behind his wife Angie and daughters Lian Waithera and Ella Gathoni.

The Kenya Reinsurance Corporation (Kenya Re) board suspended managing director Hillary Wachinga for about two months over allegations that he had unprocedurally dismissed two employees, setting off a disciplinary process that later spilt into court.

The controversy is detailed in an Employment and Labour Relations Court ruling delivered last Thursday, in which Dr Wachinga’s case against Kenya Re was formally withdrawn following his own notice to terminate proceedings.

The withdrawal of the court case effectively ended the court battle. Sources told this publication that Dr Wachinga would be back in office next week amid a growing delicate balance between board oversight and independence of the management among State-controlled firms.

Dr Wachinga had moved to court on September 22, 2025, accusing Kenya Re of violating his constitutional rights through a disciplinary process that he said was ‘in bad faith’ and risked violating his rights to ‘fair hearing, fair labour practices and fair administrative action.’

In his court filings, Dr Wachinga argued that he had received two letters – a suspension letter dated September 2, 2025 and a show-cause letter dated September 3, 2025 – which he described as contradictory.

Dr Wachinga told the court that one letter indicated that investigations were to be carried out, while the other initiated disciplinary proceedings against him.

He claimed that the disciplinary process did not conform to the reinsurer’s human resources policies, given that he had not been given access to the investigation report and had been summoned to a disciplinary hearing before he could adequately respond.

Kenya Re is 60 percent owned by the government.

On those grounds, Dr Wachinga sought a temporary injunction restraining Kenya Re from proceeding with the intended disciplinary hearing against him or ‘interfering in any way’ with his continued employment. The disciplinary hearing had been scheduled for September 23.

Kenya Re’s response

Kenya Re’s replying affidavit filed on October 6, 2025, alleged that Mr Wachinga had been suspended for overstepping his authority in the handling of a disciplinary matter involving two of the reinsurer’s staff.

According to the affidavit, the issue began in April 2025, when a report by Dr Wachinga led to the commencement of disciplinary proceedings against two employees.

Court papers show Kenya Re board then tasked the CEO to ‘conduct investigations and report to the board within 72 hours but failed to do so.’

Dr Wachinga was reminded on August 1 to continue with the investigations and report back.

‘[Instead], the claimant (Dr Wachinga) made a recommendation to terminate the two employees before they had responded. The claimant gave instructions for the termination of the two employees’ contracts without involving the board,’ reads the court papers.

The company told the court it was those actions that prompted the board to initiate disciplinary action against Dr Wachinga on September 2, 2025, for ‘not complying with its instructions.’

Dr Wachinga had been invited to a disciplinary hearing slated for September 23, 2025. However, the session did not proceed after the court issued a temporary freeze following Dr Wachinga’s application.

Court records show that both parties filed submissions – Dr Wachinga on September 24 and the reinsurer on October 6.

The case was scheduled for a ruling on October 23, after a mention hearing on October 7. However, before the court could pronounce itself on whether the disciplinary process should proceed, Dr Wachinga filed a notice to withdraw the entire case.

‘In light of the notice of withdrawal dated and filed in court on 8 October 2025, the court marks the cause as withdrawn,’ reads the ruling dated October 23, 2025.

How to Build a Library was the first film that opened the Nairobi Film Festival, and in my review, I talked about how much I enjoyed it, especially specific segments where the archived colonial period photographs came out. As much as I enjoyed the show overall, those were some of the most memorable moments of that documentary.

A few weeks later, still at the same festival, I got to see another documentary, and funny enough, what I loved about How to Build a Library was turned up to 11 here. The film I’m talking about is Memories of Love Returned.

A photo studio owned by Kibaate

Memories of Love Returned is a 2024 documentary made in Uganda and the US by director, writer, actor, and narrator Ntare Guma Mbaho Mwine. Executive producers include Steven Soderbergh and others. The story begins on April 24, 2002, when Ntare’s car breaks down in the small Ugandan town of Mbirizi.

While waiting for repairs, he wanders into a photo studio owned by Kibaate Aloysius Ssalongo, a local photographer whose work spanned from the late 1950s until his death in 2006.

That chance encounter becomes a 22-year journey of documenting Kibaate’s massive archive, staging a public exhibition in his hometown, and reconnecting photographed subjects with their long-lost images.

It’s fascinating how this film turns something as ordinary as a photo studio in rural Uganda into a time machine, a window into memories, love, and time.

Yes, it’s a documentary about the power of photography, but it’s really about the human stories that live inside those photographs. The film takes one of the most universal parts of our lives, time, and makes something very special out of it.

Friendship

From the very first 10 minutes, I knew what I was in for. Memories of Love Returned is the kind of documentary that could only be made by a creative person, someone who sees beauty in everyday obscure things.

This is a story about friendship, about two men brought together by a shared curiosity and love for photography. It’s about an unlikely bond formed in the most random way, a broken car leading to a lifelong creative connection.

Kibaate’s story could have easily remained unknown, buried in the countryside of Uganda, but through Ntare’s eyes, it becomes a love letter to photography and to the forgotten artists who quietly shape the visual memory of a small town.

I loved how the documentary explores their relationship, how Ntare takes what Kibaate created and builds something larger around it. He transforms these still images into an experience for the people who once stood in front of Kibaate’s lens. Watching those same people rediscover their youth through restored photos is haunting and beautiful at the same time.

Photography has a way of reminding us that life is fleeting. It’s all fading, all slipping away, youth, health, even memory. But photographs let us hold on to small pockets of time.

The film makes you sit with that idea, that bittersweet truth that nothing lasts forever, and that maybe that’s what makes it all worth remembering.

Authenticity

What makes Memories of Love Returned so authentic is how it refuses to sensationalise or dramatise what it captures. Everything feels real, and raw, very funny at times. I mean Kibaate was a very colourful character.

You see it in the old footage and photos, the changing aspect ratios, the grainy images and locations that transport you back decades. There’s no filter between you and the story. The editing style feels intentional but never showy. It just lets the story breathe.

Ntare also allows himself to get personal. He opens up about his family, his struggles, and his creative drive, making you feel the story through his own evolution as both filmmaker and human being.

You see him grow through time, stumble through hardship, and still find joy in creation.

The sound design and music choices are very good. At first, the music feels like your standard African documentary score, what you might expect from an outsider’s idea of African rhythm.

But as the story deepens, the music evolves. It becomes part of the emotional journey, carrying us through different eras. Combined with the sound design, it makes the transitions between past and present seamless and often emotional.

Visually, the documentary is stunning. You move from the sweeping landscapes of Uganda to more grounded, intimate shots of ordinary life. Those wide, open spaces contrast beautifully with the tight, concrete frames when at one moment we cut to the West. I thought it was a clever visual metaphor, freedom versus confinement.

The use of aerial shots and close-ups works beautifully with the theme. The structure also mirrors how memory works , you move through time, sometimes clearly, sometimes suddenly, but always tied down to meaning. One moment you’re in the 1990s, the next you’re watching someone from one of those photos reflect on who they’ve become.

And some scenes, when an old photograph is placed beside its subject decades later, are some of the film’s most powerful moments. Seeing time written on their faces hits differently. It’s emotional, not in a manipulative way, but in a deeply human one.

Gripes

Now, while I loved most of it, there were things that didn’t sit as well. The documentary sometimes takes on too many themes at once, family, legacy, loss, identity, even politics , and in trying to give space to all of them, it occasionally loses focus.

There’s also a brief section touching on LGBTQ representation in old photographs that feels disconnected from the main thread. Unlike everything else that was given present context, during this section they just show pictures of men and women together in a shot and loosely imply their sexuality with no present context.

These people could have easily been platonic friends. It’s not that the subject isn’t important; it just isn’t integrated smoothly into the central story about Kibaate, his family, and the restoration of his archive. It feels tacked on, an afterthought, like something that has to be there to align with a narrative or get funding. You could cut out that section and it would have zero implication on the story.

I also thought the small bits on politics were unnecessary considering the strength of what they already had.

There are also lingering questions that the documentary doesn’t quite answer. What happened to the studio? What about Kibaate’s family? The ending, while beautiful and very creative, feels more like a pause than a finish line.

I also thought more time should have been dedicated to the image restoration process for photography enthusiast.

Conclusion

Still, none of that takes away from how deeply moving the experience is. Memories of Love Returned is a film about time, friendship, and creative purpose. It’s about how a simple act, a photograph, can echo through decades, bringing joy to people in the most unexpected ways. It’s haunting in its truth but joyful in its rediscovery.

Through Ntare’s creative vision and Kibaate’s timeless work, this documentary becomes a heartfelt celebration of memory and art. It’s raw, sincere, and full of heart. If you ever come across it, take the time to watch. It’s one of those films that quietly stays with you.

Kenya’s private sector is expanding its workforce again, but in the rush to hire, it risks letting a costly and preventable threat slip through the cracks.

As businesses prepare for year-end demand and competition for talent intensifies, many firms may unwittingly recruit the very people who will defraud them.

The solution is not to slow hiring but to raise the bar: to pair urgency with vigilance, and ambition with accountability. Companies that fail to do so may find that their biggest threat this quarter does not come from the market, but from within.

Recent data show that business activity is rebounding. The Stanbic Bank Purchasing Managers’ Index rose to 51.9 in September, its first expansion since April, signalling renewed optimism and the fastest job creation since May 2023.

Across Kenya, companies are staffing up for the busy final quarter. Yet optimism should not breed complacency. When firms expand rapidly, background checks loosen, oversight thins, and controls are stretched. That is when insider fraud thrives.

Globally, occupational fraud is not an anomaly; it is a structural weakness. The Association of Certified Fraud Examiners estimates that organisations lose about five percent of annual revenue to fraud each year. The median loss per case is roughly $145,000, and many schemes persist undetected for months before discovery.

Contrary to popular belief, most frauds are not exposed by data analytics or forensic audits but by people-whistleblowers account for 43 per cent of detections.

The pattern is depressingly familiar: weak processes, unchecked access, and misplaced trust. More than half of all reported cases stem from poor or absent internal controls.

The most common form of occupational fraud is asset misappropriation-ghost workers, inflated claims, doctored expense reports, and fictitious suppliers. Though often smaller in scale than cooked books or procurement collusion, these acts collectively cost billions.

Procurement fraud remains one of the three most disruptive economic crimes globally, behind only cybercrime and corruption.

In Africa, the impact is particularly heavy, eroding productivity, distorting markets, and undermining investor confidence. Kenya is no stranger to this problem. Government audits continue to unearth ‘ghost workers’ and irregular payrolls-red flags that should alarm any private-sector leader.

The Public Service ministry recently concluded a national payroll audit, identifying rogue employees whose names may soon be made public. Meanwhile, the Ethics and Anti-Corruption Commission is pursuing asset recovery cases worth an estimated Sh49.5 billion, with billions more tied up in civil suits.

These figures are not abstract. They reflect a culture of internal manipulation that costs the economy jobs, investment, and credibility.

Kenya’s score of 32 out of 100 on Transparency International’s Corruption Perceptions Index, ranking 121st globally, reinforces the scale of the challenge.

Regionally, the African Union estimates that corruption drains about $148 billion from the continent each year-roughly one quarter of Africa’s total gross domestic product growth potential.

At the same time, the cyber-security agency KE-CIRT continues to list phishing and social engineering among the top forms of attack in Kenya. Many such breaches originate inside organisations, where trusted employees exploit system weaknesses or override safeguards.

Yet even in this landscape, the solution is within reach. Kenyan firms have successfully embedded ‘Know Your Customer’ protocols into their dealings with clients and suppliers.

The next step is to apply the same discipline internally through ‘Know Your Employee’ principles.

In practice, this means treating every new hire, transfer, and promotion as both a talent opportunity and a risk decision. Proper screening must become non-negotiable. Verification of identification documents, academic and professional qualifications, and previous employment history should be standard practice. For sensitive roles, lawful criminal and credit checks are essential.

As Kenya rolls out its Maisha Namba digital identity system, employers have a chance to streamline these checks, provided they adhere to data protection rules and ethical standards. Identity assurance should be viewed as a core business function, not an administrative burden. Beyond hiring, companies must design out opportunities for fraud.

Duties around procurement, payroll, and payments should be separated so that no one individual controls an entire process. Changes to supplier bank details or new vendor approvals should require dual authorisation. Staff in high-risk departments should be rotated periodically, and access rights limited to the bare minimum.

Studies by the ACFE show that strong internal controls not only reduce losses but also speed up detection.

By contrast, frauds that exploit control overrides or loopholes tend to inflict the greatest financial damage. Continuous monitoring is another critical line of defence. Payroll and vendor records should be analysed regularly to flag suspicious activity-duplicate bank accounts, round-number invoices, weekend approvals, or newly created vendors receiving instant payments.

Procurement, both in the public and private sectors, remains the single largest avenue of leakage, and it demands constant oversight rather than occasional audits. Whistleblower systems also deserve greater investment. Nearly half of all fraud cases are exposed through employee tips, yet many organisations still lack anonymous reporting channels or clear protection for those who speak up.

Building a culture of openness-where staff are encouraged to report anomalies without fear-can be a company’s most powerful safeguard.

Finally, firms must anticipate where regulation is heading. Kenya’s data protection and cybercrime laws are tightening, and authorities are ramping up enforcement. Insider lapses that once attracted mild sanctions now carry real financial and reputational costs.

Boards should view compliance not as a checklist but as a strategic pillar of corporate resilience. Kenya’s fourth quarter will bring thousands of new faces into workplaces nationwide.

Most will be genuine contributors; a few will test the seams. Businesses that pair fast hiring with rigorous verification, that balance trust with control, and that invest in integrity as seriously as they invest in growth will emerge stronger. Those that do not risk learning, once again, that the costliest fraud is not the one that happened-but the one they hired.

Investment inflows into public-private-partnership (PPP) projects in Kenya, have reached a cumulative total of Sh145 billion since 2013, new disclosures showed, signalling the growing influence of the financing option.

Treasury documents show that Kenya netted Sh17.7billion into PPP projects in the year ended June 2025 alone, an indication of the rapid growth of the model.

‘Since inception of the public-private partnership in 2013, approximately Sh145 billion private capital investments in PPPs has been mobilised, Sh17.7 billion of which was mobilised in the financial year 2024/25,’ the PPP Directorate of the National Treasury said.

Kenya adopted the PPP model in 2013 in a bid to deliver huge infrastructural projects without tapping Exchequer funds or incurring direct loans amid a ballooning debt burden.

The PPP model has delivered five projects: the 27.1-kilometre Nairobi Expressway, roads totalling 170.57 km in 11 counties and the 35-megawatt Sosian Menengai Geothermal Power Plant.

In a PPP-funded project, the investor recoups their investment by charging user fees over a defined period, for example, the Chinese firm that funded the construction of the Nairobi Expressway is charging toll fees to motorists using the road until 2047. Currently, there are 36 PPP-funded projects at various stages of approval in Kenya, as the country targets to raise an additional Sh65 billion worth of private investor capital via the model in the current 2025/26 financial year.

However, the Treasury says that the PPP model is still facing bottlenecks that have led to the cancellation of deals.

‘The programme continues to face challenges, including lengthy project preparation timelines and limited technical capacity at some of the contracting authorities,’ the PPP unit says.

In 2021, Kenya amended the Public-Private Partnerships Act of 2013 to streamline the process of onboarding private investors by reducing bureaucracies involved in finalising deals.

The Public-Private Partnerships (Amendment) Act, 2021 repealed the previous Act of 2013, allowing public entities in PPP deals to single-source work in an effort to accelerate projects.

Kenya had previously struggled to attract private investors to PPPs, prompting the legal changes that were signed into law by former President Uhuru Kenyatta.

The subsidiary legislation on the PPP Act 2021, also introduced a raft of other sweeteners, including doubling the limit of fees payable to transaction advisors behind successful PPP projects.

In the changes, the Treasury set the success fee at one percent of the total cost of a PPP project-double the previous one.

A success fee is a conditional agreement whereby a consultant or advisor is paid a set rate if a PPP project’s outcome is positive. If the outcome is not positive, there is no obligation to pay the fee. It serves as motivation to the consultants or advisors to do their best and earn the maximum.

Over the past two years, Kenya has taken significant steps to align policy, skills, and infrastructure with the new trend that has seen modern technologies such as artificial intelligence become more integrated into daily life.

In March this year, the government, through the Ministry of ICT, launched a five-year National Artificial Intelligence Strategy to guide the country’s development into a leader in AI innovation.

Private sector actors have also been playing an integral role in advancing the use of AI by investing in the development of tools that help to streamline work across key sectors such as manufacturing, agriculture, finance, and healthcare. However, while these steps have helped the country edge closer to realising its ambition, gaps in the adoption of locally developed AI and automation solutions threaten to reverse the gains made.

‘When the government needs software for elections, for example, they often outsource, even though local companies are capable of delivering solutions that work, at three-quarters or half the price,’ says Alexander Odhiambo, the CEO of Solutech Limited, a company that develops AI and automation solutions.

Compared to the foreign software providers, Alexander says that local software providers possess a more in-depth understanding of the specific needs, preferences, and operating conditions of the local market.

As a result, they are able to develop solutions that are more relevant and effective in the local market. Their proximity to clients also allows for quicker delivery, faster adjustments, and more responsive technical support for urgent issues.

Ironically, the software developer observes that many people still believe that local technology solutions may not have the same advanced features, scalability, or integration capabilities as international ones.

In addition, because local founders are easily reachable, people tend to expect that their solutions will be cheaper than those developed by international firms, even when the quality is the same or even superior.

‘When we started marketing Solutech after our launch in 2014, one of the questions clients would ask was why they should pay as much for our products, not because of quality, but because they could put a face on our name,’ says Odhiambo.

Rayyidh Bayusuf, a software engineer, observes that since they are designed with the needs of their source markets in mind, quite often, many imported solutions do not speak to the unique needs and challenges of other markets.

For instance, real-time order or logistics management tools developed abroad do not speak to the infrastructural challenges that make it difficult for manufacturing and distribution companies to effectively plan routes and track sales teams in Kenya.

‘We had a good use case of one of the largest sweet manufacturers in Kenya, who was struggling to monitor whether their agents were selling the right products to the right people,’ says Bayusuf.

‘While there were many imported solutions available for use, there was no off-the-shelf local software tailored to the unique needs of the manufacturer, a challenge that many other manufacturing firms also faced,’ he adds.

To grow the local IT industry, Mutie Mule, a computer scientist, recommends the formation and implementation of policies that will encourage both the public and private sectors to adopt solutions developed in the country.

‘We have seen the ‘Buy Kenya Build Kenya’ campaign being amplified on products that are tangible, but we hardly hear the same for technology. A policy on ‘buy Kenya’ in the tech space would be a big boost for local IT companies,’ states Mule.

Brian Amani, a computer scientist, agrees, adding that policy incentives for organisations that adopt local digital solutions could encourage more businesses to integrate local IT solutions deployed by both the public and private sectors into their operations.

‘Two years after the electronic Tax Invoice Management System (eTIMS) was rolled out, many businesses are still reluctant to onboard because they fear the Kenya Revenue Authority will be knocking on their doors the moment they do,’ observes Amani.

If, however, companies felt that by adopting the eTIMS system, they would be able to go about their daily operations without being targeted, then they would be more than willing to onboard.

‘This will be a big boost for companies that help businesses connect their accounting, Point of Sale (POS), and Enterprise Resource Planning (ERP) systems to eTIMS for automated, real-time tax compliance,’ says Amani.

In addition, deploying digital upskilling programmes can help to equip organisations with the foundational knowledge and technical skills required to effectively use and integrate emerging local tech solutions into their operations.

Mark Kiarie, an application programmer, says that, of importance also, would be for stakeholders such as the Office of the Data Protection Commissioner to conduct data privacy sensitisation programmes, to promote a culture of responsible data stewardship, among local tech firms.

‘There has been some effort toward that; however, many businesses still lack clarity on compliance. Conducting thorough sensitisation on the importance of proper data management can enhance compliance,’ says Kiarie.

Hacking attacks rose above 100 million breaches in the nine months to September, as cyber criminals increasingly ride on smart phones to hack into consumer bank accounts.

Cyberthieves are using such so-called malware to steal banking credentials from unsuspecting consumers when they log on to their bank accounts via their mobile phones, according to regulators and cybersecurity specialists.

A cyber security report from the Communication Authority of Kenya (CA) shows that malicious software attacks hit 103 million in the nine months to September from 99 million in the same period a year earlier. It is gaining popularity as criminals look for new and lucrative ways to attack firms, disrupting operations and compromising sensitive data across diverse sectors – from healthcare and financial services to retail and regulatory bodies.

This highlights the growing financial exposure of local firms to data theft, extortion and operational downtime caused by malicious software.

Central Bank of Kenya (CBK) data show that half of the Sh1.59 billion that was stolen from banks by hackers was through mobile banking.

Cyberthieves stole Sh810.68 million last year from Sh182.41 million a year earlier-representing a jump of 344 percent.

The communications regulator said the attacks mainly targeted Internet service providers, cloud platforms, government systems and enterprise networks that hold large volumes of consumer or financial data.

The Authority noted that most incidents involved the exploitation of outdated software, default passwords and unsecured system configurations that allowed attackers to gain entry and install backdoors for repeated access.

Read: Cyberattacks against Kenya more than double to 8.6bn in a year

Malware was identified as one of the top threat vectors facing Kenya’s critical information infrastructure alongside system attacks and web application exploits during the three-month review period.

‘Malware attacks mostly targeted systems with known vulnerabilities and those containing sensitive information,’ the report states, adding that the objectives included ‘data encryption or corruption, reputational damage, the deployment of backdoors for persistent access and the exfiltration of confidential data.’ The regulator said the attacks were largely aimed at stealing credentials, encrypting sensitive data or deploying ransomware designed to paralyse operations until payments are made to the perpetrators.

Malware infections often begin when employees click on phishing emails, open infected attachments or visit compromised websites that automatically download malicious code on company networks.

Once inside, the malware spreads across servers and endpoints, harvesting credentials and disabling key systems that support payments, supply chains, or public services.

The growing mobile-phone malware threats represents a new entry point for criminals who typically were used to stealing bank credentials by other means, such as installing skimmers on automatic teller machines or by using scams targeting desktop computer users.

The malware typically gets onto a phone when a user clicks on a text message from an unknown source or taps an advertisement on a website. Once installed, it often lies dormant until the user opens a banking app.

The malware then creates a customized overlay on the authentic banking app. This allows criminals to follow a user’s movements on the phone and eventually grab credentials to the account.

This type of mobile-phone malware is gaining ground as more consumers are using banking apps and financial firms are rolling out a wider array of mobile services.

The share of Kenyans with bank accounts using mobile banking has increased from 25.3 percent in 2019 to 32.6 percent in 2024, CBK data shows.

The rising popularity of mobile-banking malware creates yet another security headache for consumers who are increasingly turning to their mobile phones for everyday tasks from banking to shopping.

‘Cyber risks have increased due to the digitalisation of payments and transfer of money from person to person,’ CBK notes.

It also represents a setback for banks that are pushing customers toward digital channels as a way to reduce costs and improve efficiency. Mobile phones are considered particularly vulnerable to hackers because consumers typically don’t install anti-malware protection onto their devices.

Bank executives say they are trying to thwart the malware by frequently updating and revising their banking applications.

The CA report said the persistence of malware is being driven by the use of artificial intelligence and cybercrime-as-a-service models, which allow criminals to automate attacks and lease malicious tools at minimal cost. ‘The detected cyber threats can be attributed to several factors, including inadequate system patching, limited user awareness of threat vectors such as phishing and other social engineering techniques, as well as the growing adoption of AI-driven attacks,’ reads the report.

These developments, the agency said, have lowered the entry barrier for attackers and increased the frequency of attempted intrusions across both public and private networks.

During the quarter, the National KE-CIRT/CC issued 19.9 million cyber threat advisories, warning organisations to review firewall configurations, update antivirus systems, and strengthen password policies.

Financial institutions have been urged to reinforce monitoring of mobile and online banking platforms, which remain popular entry points for credential theft and fraudulent transactions.

CBK data shows that lenders lost Sh1.59 billion to cyber-criminals last year, with more than half of the amount linked to attacks on mobile banking channels.

The losses underscore the monetary impact of malware and related fraud, which are now being treated by the financial sector as material operational risks. The CBK disclosure shows that the theft of customer deposits has grown four-fold from Sh412 million in 2023 due to fraudulent wire-transfer requests. CBK data showed card fraud cost customers Sh263.29 million, 16.9 times the Sh15.59 million lost in the prior year.

Computer fraud, which includes hacking into systems to steal data, saw bank customers lose Sh203.39 million, a 2.7 times jump from the preceding year, while fraud through identity theft grew six times to Sh199.08 million.

The review period saw online banking fraud rise to Sh111.83 million from Sh106.2 million, while internet scams cost lenders Sh6.07 million up from Sh797,7000 in the prior year.

The CA says weak cyber hygiene, especially in patching and password management, remains the single biggest driver of successful malware infections.

The regulator further warns that firms relying on legacy systems and unsupported software face the highest probability of financial loss from malware-related incidents.

Elsewhere, insurers have begun adjusting cyber cover terms, linking premium rates and deductibles to the maturity of a company’s internal cybersecurity controls.

Underwriters say policyholders with outdated systems or insufficient response plans face limited compensation in the event of a breach.

The CA report shows that financial institutions, government agencies and cloud service providers remain the primary targets of these attacks because of the sensitive data and real-time transactions they handle.

Tech firm IBM’s Cost of a Data Breach 2025 report estimates that the global average cost of a single data breach is about $5 million (around Sh657.5 million), covering response, downtime, customer compensation, and reputational loss.

Such costs can prove catastrophic for medium-sized enterprises and service providers whose operations rely heavily on digital infrastructure.

A prolonged system outage caused by malware can halt revenue collection, disrupt production schedules, and expose firms to penalties under data protection and business continuity regulations.