Category: Business Daily

The funds are linked to forged documents, suspicious payments from Invest and Grow Sacco and a person who falsely posed as a lawyer.

While ruling on the forfeiture suit filed by the Assets Recovery Agency (ARA), the court directed that the money, together with the accrued interest, be transferred from the law firm’s I and M Bank account to the Criminal Asset Recovery Fund.

‘This court enters judgment for the applicant against the respondent that Sh14.6 million plus all accrued interest held under the respondent’s name are proceeds of crime and are hereby forfeited to the state,’ it said.

The respondent did not file any response or participate in the proceedings despite being served with court papers and offered no explanation for the source of the money, leaving the ARA’s evidence unchallenged.

The court said ARA had proved, on a balance of probabilities, that the funds were proceeds of crime.

The case arose from investigations launched by ARA after it received information in March 2025 that the firm’s bank account had received suspicious payments from Invest and Grow Sacco, reportedly for legal and consultancy services supported by documents later found to be forged.

According to the agency, the firm’s managing partner represented himself as an advocate of the High Court and operated Birus Chambers Advocates and Solicitors LLP and another entity, Eristic and Qlance Advocates, despite not being a licensed lawyer.

ARA told the court it opened a file to investigate suspected fraud, forgery and money laundering linked to the partner’s acquisition of property and transactions through entities associated with him.

Investigators said analysis of the company’s bank account showed substantial inflows followed by rapid transfers, mobile money transactions and cash withdrawals, which they said were intended to conceal the origin and ownership of the money.

ARA told the court that Sh10 million was deposited into Birus Chambers’s account, while another Sh8 million was paid into an account belonging to Qlance Intakes Ltd, purportedly for tax consultancy rendered to the sacco.

ARA added that the payments were unsupported by legitimate business activity and formed part of a fraudulent scheme.

It said investigators uncovered forged documents used to justify withdrawals, including vehicle sale agreements, invoices, logbooks and documents relating to vehicles.

It said letters from relevant parties and searches conducted at the National Transport and Safety Authority established that some vehicles were not owned by the said sellers, while others had no connection to the transactions.

Investigators said entities linked to the firm’s managing partner had no staff, offices, tax compliance records or demonstrable capacity to provide the legal and consultancy services for which they received the money.

millions of shillings.

ARA further said the chief executive officer of Invest and Grow Sacco -ACCO had limited knowledge of the respondent and indicated that due diligence may not have been undertaken before the payments were made.

Since the law firm did not participate in the proceedings or file any response to challenge the allegations, the judge said the only issue before the court was whether the money constituted proceeds of crime and whether the money should be forfeited to the State.

“The Agency need not prove the actual crime committed; it is sufficient to show unlawful conduct,” the court said.

It added: “Once the applicant establishes, on a balance of probabilities, that the assets in question are proceeds of crime, a duty is cast on the respondent to prove that he obtained the funds lawfully.”

The judge noted that the respondent did not explain being served with the proceedings.

“In the absence of any evidence to the contrary, it is my view that the applicant has proved, on a balance of probabilities, that the Sh14.6 million preserved in the respondent’s account constitutes proceeds of crime,” the court said.

The judgment follows recent guidance by the Supreme Court, cited by the High Court, that once ARA establishes that assets are probably proceeds of crime in civil forfeiture proceedings, the evidential burden shifts to the respondent to explain their lawful source.

The Supreme Court has cleared the way for the hearing of a case challenging the appointment of chief executives at four state corporations over alleged ethnic marginalisation and discrimination.

At the same time, the court issued a landmark ruling that broadens the Employment and Labour Relations Court’s jurisdiction over recruitment disputes.

In a judgment delivered on Friday, the court directed that the petition challenging the State appointments be fixed for hearing on priority after more than two years of litigation over which court should handle the dispute.

The judges upheld the Court of Appeal’s finding that the High Court was properly seized of the specific petition filed by Magare Gikenyi and six other public-interest litigants.

The dispute stems from the 2024 government’s recruitment of chief executives and managing directors for Moi Teaching and Referral Hospital (MTRH), Athi Water Works Development Agency, Kenya Broadcasting Corporation (KBC) and Kenya National Shipping Line.

After applications were invited, Government Spokesperson Isaac Mwaura announced the appointments. Philip Kiptanui Kirwa was named MTRH chief executive, Joseph Mungai Kamau was appointed to Athi Water Works Development Agency, Agnes Kalekye Nguna was named KBC managing director, and Abdalla Mohamed Hatimy was appointed managing director of Kenya National Shipping Line.

Dr Gikenyi and six other petitioners moved to the High Court in Nakuru in May 2024 seeking to nullify the appointments. They alleged the recruitment process violated constitutional requirements, including merit, equality and inclusivity.

The petitioners also alleged ethnic marginalisation and argued that statutory instruments establishing the four state corporations had expired, rendering the recruitment process unlawful.

The High Court certified the matter as urgent and issued conservatory orders suspending implementation of the appointments.

It also rejected the Attorney-General’s preliminary objections that challenged its jurisdiction and that sought to have the petition struck out.

The Attorney-General, appearing for some of the respondents, together with other parties, argued that the dispute concerned recruitment into employment positions and therefore fell exclusively within the Labour Court’s jurisdiction, not the High Court.

They also challenged the High Court’s territorial jurisdiction, alleging forum shopping and procedural irregularities.

The petitioners maintained that they were not litigating as employees or job applicants but as citizens seeking to enforce the Constitution and challenge alleged violations of public governance, constitutional values and inclusivity.

The High Court dismissed the objections, and the Court of Appeal later upheld that decision in a ruling dated May 23, 2025, finding that the petition had been filed by citizens acting in the public interest rather than within an employer-employee relationship.

The dispute then reached the Supreme Court, where the appellants argued that recruitment and appointment disputes fall squarely within the Labour Court’s mandate because they arise from employment processes.

They also contended that the High Court in Nakuru lacked geographical territorial jurisdiction since the recruitments were undertaken elsewhere.

The Supreme Court agreed that the Labour Court’s mandate extends beyond existing employment relationships and includes constitutional challenges arising from recruitment, advertising of vacancies, shortlisting, interviews and selection processes.

“The jurisdiction of the Labour Court is not limited to employer-employee relationships only and does extend to pre-employment disputes,” the court ruled.

For more than a decade, exchanging phone numbers has been the first step in almost every Kenyan digital interaction, but WhatsApp is preparing to change this familiar routine fundamentally.

The messaging platform is introducing unique usernames that will eventually allow users to connect without revealing their mobile numbers, marking one of its biggest identity changes since launching in 2009.

The shift promises greater privacy for millions of users but also threatens to reshape how Kenyans network, verify businesses, avoid scams and even build new personal and professional relationships online.

Unlike today, where every WhatsApp account is tied directly to a visible mobile number, users will instead create unique usernames that become their primary public identity on the platform.

The system resembles long-established models used by social media giants X, Instagram and Telegram, where people search, share and connect using usernames instead of personal telephone numbers.

In Kenya, where WhatsApp has become the country’s dominant communication platform, the implications extend far beyond a simple design update or new account setting.

The application now sits at the centre of business transactions, customer support, neighbourhood groups and family communication, as well as political mobilisation and countless informal commercial activities across the country.

Small businesses, particularly, rely on WhatsApp as their primary customer service channel, while freelancers, consultants and entrepreneurs routinely publish their personal phone numbers across social media platforms.

According to Chartered marketer and digital content strategist Nyandia Gachago, the new system will prove particularly attractive for small traders, professionals and freelancers who currently struggle to separate business enquiries from their private communications.

The biggest immediate winner, she says, is likely to be privacy, especially in public WhatsApp groups where thousands of strangers can currently access one another’s telephone numbers.

Job seekers, church members, chama participants and school parents often unknowingly expose their personal contacts simply by joining groups created for legitimate community purposes.

“For ordinary users, hiding 07xx reduces exposure in job groups and chamas where M-Pesa fraud often starts. For SMEs, an @username like @MamaMbogaKE is safer and more professional than printing a personal number on posters. For professionals, it offers a way to network without giving a direct line,” says Gachago.

The timing of the system update comes at a time when Kenya is battling increasingly sophisticated mobile fraud targeting M-Pesa users through unsolicited calls, text messages and impersonation schemes.

Yet the same technology designed to improve privacy may introduce an entirely different set of digital security challenges for unsuspecting users.

Ms Gachago notes that instead of stealing phone numbers, fraudsters may begin creating usernames closely resembling trusted businesses, organisations or public personalities to deceive unsuspecting victims.

‘The move could, however, enable new scams through lookalike handles and impersonation, especially if brands don’t claim their @ early. There’s also the Sept 8, 2026 cutoff for Android 5.0/5.1 phones, which could lock out many low-income users,’ Gachago says.

Today, consumers already struggle to distinguish authentic accounts from fake social media pages, and similar impersonation risks are set to emerge as usernames become WhatsApp’s primary public identity.

“Verification becomes the weak link. Without the phone-number anchor, we may see more handle-based phishing and cloned business accounts,” says Gachago.

Her sentiments are echoed by digital marketing strategist and Brand Moran co-founder Egline Samoei, who adds that brands and public figures are staring at the danger of not just losing their preferred usernames, but also having them used to run scams and damage reputation.

‘Once usernames become available, people will compete for recognizable names. We are already seeing this discussion among Kenyan users on X, where some people are posting about securing names linked to prominent individuals, while others are joking about taking up usernames associated with brands,’ says Ms Samoei.

‘People may start assuming that a familiar-looking username is official. That is dangerous. A scammer does not need to perfectly copy a brand name. They only need to create something close enough to confuse people, especially in a fast-moving chat environment.’

The changes are also set to quietly transform how Kenyans discover new contacts, particularly outside their immediate personal and professional circles.

Today, obtaining someone’s phone number is usually enough to establish a WhatsApp connection, whether through referrals, networking events, business cards or mutual acquaintances.

That simplicity will disappear since users must now know somebody’s exact username before initiating conversations through the platform.

Random discoveries will, therefore, become less common unless usernames are actively shared through websites, social media profiles, business cards, QR codes or other marketing channels.

Professionals seeking new clients and entrepreneurs targeting new customers may increasingly invest in promoting memorable usernames instead of simply advertising telephone numbers.

The transition will particularly affect Kenya’s vibrant informal economy, where quick exchanges of phone numbers often lead directly to business transactions and lasting customer relationships.

For many users, mobile numbers have also served as a trusted verification tool because every registered SIM card carries regulatory identification requirements.

Usernames remove that visible identity layer, forcing people to rely more heavily on digital literacy and platform verification features before trusting unfamiliar accounts.

“Usernames improve privacy and SME safety, but only if paired with digital literacy. Otherwise, Kenya risks trading ‘number-based fraud’ for ‘handle-based fraud,'” says Gachago.

There is an old saying that hard cases make bad law. In Kenya, an equally compelling observation is emerging: sometimes Parliament makes new law because the courts got the old law exactly right. That is precisely what has happened with the Finance Act, 2026.

After years of litigation over the VAT treatment of labour outsourcing, the High Court had finally delivered what appeared to be a definitive answer. Outsourcing companies were required to account for VAT on the full value of their invoices-including payroll costs-not merely on their management fees. The court was not making policy; it was interpreting the law as Parliament had written it.

Then Parliament intervened. Effective July 1, 2026, employee-related costs incurred by outsourcing firms are now deemed to be disbursements made on behalf of clients, removing them from the VAT base. In practical terms, VAT will now apply only to the outsourcing firm’s service fee. For the outsourcing industry, this is an unequivocal victory. For businesses that rely on outsourced labour, it promises lower costs and improved cash flow.

Yet the significance of this amendment extends far beyond VAT. It reminds us that there is an important distinction between legal correctness and policy preference.

The High Court was never asked whether taxing payroll costs was economically desirable. Its task was to determine what the VAT Act required. Looking at the contractual relationships, the Court concluded that outsourcing firms remained the legal employers of their staff. Salaries and statutory deductions were therefore their own business costs, not payments made as agents on behalf of clients. Under the law as it then existed, the conclusion was difficult to fault.

Parliament simply reached a different policy conclusion. Rather than disputing the Court’s reasoning, it changed the legislation itself. It removed the need for businesses to prove that payroll costs qualified as disbursements by declaring that they would be treated as such as a matter of statute. That distinction is more than constitutional theory. It demonstrates how tax policy should evolve.

Courts are guardians of the law. Legislatures are architects of the law as it ought to be. When Parliament believes a judicial interpretation produces an undesirable commercial outcome, its proper response is not to criticise the courts but to amend the legislation. That is exactly what has occurred.

The Finance Act, 2026 therefore represents neither a judicial error nor a legislative correction. It is simply an example of each institution performing its constitutional role.

There is, however, a cautionary lesson for businesses. Many taxpayers assume that once the High Court has spoken, uncertainty disappears. This episode demonstrates otherwise. Judicial certainty can last only until Parliament decides that economic policy requires a different result. That reality reinforces the importance of monitoring legislative developments with the same vigilance as court decisions.

The amendment also offers no comfort for historical disputes. Businesses with pending audits or appeals cannot rely on the new law to extinguish liabilities arising before July 1, 2026.

The principles articulated in the High Court decisions continue to govern earlier periods, meaning many outsourcing firms must now navigate two distinct VAT regimes-one historical and one prospective.

Ultimately, the Finance Act 2026 is about much more than labour outsourcing. It is a reminder that tax policy is shaped through an ongoing dialogue between the judiciary and Parliament. The courts define what the law means. Parliament decides whether the law continues to reflect the country’s economic priorities. This time, the courts answered the legal question correctly. Parliament simply decided it preferred a different economic answer.

Internet service providers in Kenya are eyeing a windfall as rising demand for faster speeds and more broadband pushes data usage to new highs.

New data from the Communications Authority of Kenya (CA) indicates a sharp jump in subscriptions to fourth-generation (4G) and fifth-generation (5G) networks, with 5G users recording the fastest growth.

The two networks are the fastest commercially deployed generation of mobile network technologies yet. Kenya added 722,343 new 5G users in the year to March 2026, pushing the subscriber base on the high-speed network to 1.9 million, up from 1.2 million in March 2025.

Meanwhile, 4G remains the country’s dominant mobile network, with subscriptions rising to 45.9 million from 36.3 million in the same period.

As consumers migrate to faster networks, older technologies continue to decline. The number of 3G users fell to five million from seven million a year earlier, while 2G subscriptions decreased to 9.8 million from 12.7 million.

The shift has largely been driven by the growing adoption of video streaming, with platforms like TikTok, YouTube, Netflix and Instagram pushing users to ditch their 2G and 3G devices.

This comes as analysts project growth in video streaming, online advertising and the adoption of AI among users in Africa over the medium term.

According to the latest report from consulting firm PwC, Kenya, Nigeria and South Africa lead the continent and outperform global averages in digital engagement, a trend expected to persist into the medium term.

‘In 2024 Nigeria led the region with a 11.2 percent growth, followed by Kenya at 7.1 percent and South Africa at 6.2percent,’ PwC says in its latest edition of the Africa Entertainment and Media Outlook.

‘The compound annual growth rate (CAGR) through 2029 is projected to be 7.2 percent for Nigeria, 5.2 percent for Kenya and 3.5 percent for South Africa.’

Smartphones have become the primary gateway to the internet for millions of Kenyans, replacing desktop computers and feature phones whose use is declining.

CA data shows that an overwhelming 98.2 percent of Kenyan users accessed the internet through a smartphone between January and March 2026, up from 97.9 percent in the previous quarter and 97.6 percent in the three months to September 2025.

Smartphone connections rose to 50.2 million in the three months to March, up from 48.7 million in December, marking the first time Kenya has crossed the 50-million smartphone threshold.

The shift towards high-speed mobile internet has prompted telecom operators to step up investment in network infrastructure.

Safaricom has invested more than Sh500 billion in capital expenditure over the past decade, including Sh55.8 billion last year alone. Of this, Sh38.6 billion went into network infrastructure, alongside investments in new data centres, distribution infrastructure and software applications.

Kenya’s largest telco says the number of smartphones on its network grew by 21.2 percent to 33.16 million.

Airtel Africa invested $884 million (Sh114.3 billion) in capital expenditure during the year ended March 2026, predominantly in network expansion, while adding more than 3,250 infrastructure sites across its 14 African markets.

The company says its 4G network now reaches 75.6 percent of the population across its markets, up 1.2 percentage points from the previous year, while 96.7 percent of data traffic on its network now comes from customers using 4G and 5G smartphones.

Smartphone penetration on Airtel’s network stood at 49.5 percent as of March. Leveraging this growth, Safaricom in 2024 invested in the country’s first smartphone assembly plant in the region, the East Africa Device Assembly Kenya (EADAK).

Over the last two years, Safaricom has put more than Sh192 million into EADAK. The facility assembled 700,000 devices last year. This, coupled with other initiatives such as the Lipa Mdogo Mdogo device financing, has boosted the number of 4G and 5G subscribers on the company’s network.

Telcos have also been venturing into satellite-based connectivity to extend internet coverage into remote areas where cell towers and fibre optic networks are limited and expensive to deploy.

In December 2025, Airtel Africa announced a partnership with US satellite firm SpaceX to introduce Starlink Direct-to-Cell (D2C) satellite connectivity across its African markets.

The technology is designed for areas without reliable internet connectivity, including remote locations and flights and maritime environments.

Satellites equipped with cell tower technology act as space-based mobile towers, connecting directly to phones using existing 4G or 3G protocols. Handsets recognise the satellite as another mobile network, much like they would when roaming. Airtel has begun piloting the service in Kenya.

South Africa’s multinational Absa Group is putting pressure on its Kenyan unit to raise more income from non-lending activities in order to reduce the impact of falling interest rates on earnings.

This was among the higher ratios among Tier One banks, only trailing DTB (77 percent), I and M Group (76.2 percent) and Stanbic Bank Kenya at 76 percent.

Equity Group had the lowest ratio of net interest income to operating income at 59.7 percent, followed by NCBA (60.9 percent), Standard Chartered Kenya (62.7 percent), Co-operative Bank of Kenya (66.4 percent) and KCB Group at 68.6 percent.

Banks have been looking to grow their non-interest income streams through digital channels in order to protect their profits from the impact of volatile interest rates.

Mr Fihla said the group felt the impact of lower interest income in Kenya and Ghana, where central banks aggressively cut interest rates over the past two years in order to improve lending to the private sector and spur economic growth.

‘Reflecting on the net interest income headwinds in the African Region, there is a very high concentration in Ghana and Kenya. These two geographies are overweight, which is why we have been talking about the need to accelerate the diversification of our business,’ the Absa Group boss said.

In the first quarter of the year, Absa Kenya saw its net profit fall by 13.8 percent to Sh5.3 billion.

Its net interest income decreased by 7.9 percent to Sh10.37 billion, while non-funded income was down by five percent to Sh4.28 billion.

The lender cut its loan book by Sh4.5 billion to Sh303.8 billion and increased investments in government securities by Sh30.5 billion to Sh174.5 billion.

The increased exposure to government debt, however, came at a time interest rates in the economy fell in line with the Central Bank of Kenya (CBK) lowering its base lending rate to 8.75 percent from nine percent at the beginning of the year and 13 percent in August 2024.

In the last two years, the rate of the 91-day Treasury Bill has halved from 16.7 percent to 8.2 percent, while bonds are now paying 12 to 14 percent from highs of 18 percent just two years ago.

Read: Guaranteed buyout for Absa Bank Kenya owners capped at 10,000 shares

In February, Mr Fihla visited Kenya where he outlined the lender’s drive to deepen its presence in the retail market, while also exploring opportunities to make acquisitions and expand its footprint in East and Central Africa.

The South African multinational is also tightening its grip on the Kenyan unit by bidding for an additional 16.5 percent stake through an open market tender purchase at the Nairobi Securities Exchange.

The offer, which opened on Tuesday and runs until August 11, will see Absa’s stake in the Kenyan bank rise to 85 percent from 68.5 if fully subscribed.

Absa Group is purchasing the additional 895.9 million shares at a unit price of Sh34.50 each, valuing the deal at Sh30.9 billion.

Panama hat. Cream-on-cream monochrome aesthetic. A popular and expensive cologne that conveys, if not power, then success. It’s not a menswear line; it is how Nahashon Mungai strides in, looking anything but a banker. Success doesn’t always go to your head. Sometimes it shows on your belly. ‘I’ve always been very lean, and suddenly now, I’m puffy,’ he concedes his insecurity.

He talks about the philosophy behind creating Mansa-X, a special fund now worth Sh153 billion, at just 32. He loves horse racing, golf, fruit farming, not necessarily in that order. He speaks about parenting girls and how he teaches them about money. ‘My daughters crochet and paint,’ he says, ‘but I take my cut, agency fees.’

Do you come here a lot?

I joined Muthaiga Country Club because I needed a social but family-oriented place. I was born in a very small family. Dad, mum, elder sister, and I. We’re are still very tight. You met my wife Nancy; she’s a psychologist, and I like to joke I am patient zero [chuckles]. We have daughters aged 16 and eight.

You have access to the who’s who of society. How do you keep in touch with your younger self?

I come from Ndeiya, proper ushago, in Limuru. I have maintained many of the friends I grew up with.

Did success not cause a rift in the friendships?

The people you meet later in life are the ones who view you differently. You are this financier, this whatever. My friends still call me Nash, and I feel very relaxed around them.

What kind of friend are you?

A loyal one.

What does loyalty mean?

I take most of my friends as brothers because I never had one. If you need something, I will provide it to you, no questions asked. That has hurt me in some ways because some people view you as a resource.

What’s the best thing a friend has done for you?

I don’t have a lot of friends. Recently, one bought me a Montblanc pen, a very expensive pen, in fact, the John Lennon edition, because I love The Beatles.

How does a boy from Limuru cavort with The Beatles and not Kamande wa Kioi?

My parents were exposed. My mum worked for the International Union for the Conservation of Nature. So she was well-travelled. My father was a civil engineer, and he also travelled quite a bit. I only grew up in the village because they chose to live there. My mum would play Abba, Bee Gees and all. But now I am gravitating towards Kamande wa Kioi, though [chuckles].

What do The Beatles say about you?

I didn’t say The Beatles are my favourite. It’s actually Dire Straits. I find that music absolutely fabulous. I think their lead singer, Mark Knopfler, is the best guitarist ever.

Not Jimi Hendrix?

Well, Jimi Hendrix was more of a rock and roll type; Mark Knopfler went with the folk type of playing the guitar. Jimi Hendrix’s versatility is unmatched, obviously. I think the guitars were made for him. That’s how good he was [chuckles]. I like to do things that are not popular, hence why I liked that kind of music.

Which song from that period best encapsulates your life now?

I like ‘One Song at a Time’ by Mark Knopfler. But I also like the ‘Sultans of Swing’ [starts singing]. I feel like I’m creating something unique and being talked about on the streets of Nairobi. I’m like a Sultan of Swing.

What’s a money lesson that has remained true for you over the years?

Always spend less than you would like. I’ve seen people say you only live once. But there’s a comfort that comes with knowing I can afford something, but I’m not buying it. Delayed gratification is something I really try to teach my children.

How do you ensure your daughters do not confuse your success with theirs?

Interesting you bring that up. Because when we were in Dubai, we went to the Burj Khalifa with my daughters and we saw a quote from the ruler of Dubai: ‘Hard times make hard men. Hard men make soft times; soft times make soft men. Then those soft men make hard times.’

I posted it in our family WhatsApp group and recently picked it up again with them, that they are growing up privileged. They must be very careful and continuously hungry and driven.

We talk about money openly in my house. My daughter is an artist, a painter, and during an affordable art show, she sold me one of her paintings at Sh100,000. As her agent, I removed my agency fees 15 percent, then the cost of materials (Sh31,000), emotional support for my youngest daughter Sh1,000, and transport for my wife Sh5,000. In the end, I paid her Sh46,000, and she was upset. But she learned how business works. You can make Sh100,000 and go home with nothing.

You mentioned that you lost a son in between your two children. What did that loss teach you about life?

Life is fickle. No sooner had the baby been born than we lost him. But it also made me very interested in healthcare and how it can be improved. I’m always asking myself questions like, was that handled the right way? Would it have been handled better? If that had happened, maybe my son would still be here. It wastough. I don’t think it’s something you can ever fully recover from. It’s always there at the back of your mind. That first year was really bad.

Nash, what wouldn’t one find in a parenting book?

Children can be pretty thankless, and I’m like, don’t you feel that these things you’re getting come with a lot of effort? I wonder if we were like that. Probably we were; we just never noticed.

Where do your daughters test your patience?

I’m not just praising them; I find that I have really nice watotos. I love my girls. But with their mother, they feel like they can just talk anyhow, and I have to remind them, that’s my wife you are stressing.

What’s your fatherhood flaw?

The whole sitting down, doing homework and academics with them. I’m always thinking, come on, it’s your homework, not mine. I don’t remember my parents ever wanting to do homework with me.

What’s a small thing you do to put a smile on your face?

Just being alone, so in all my houses, I always have a mancave. I like watching movies alone. And my wife has never interfered with that. It is where my creativity comes from. And when I am alone, I eat a lot of chocolate [chuckles].

How has the interpretation of the word wife changed over the years?

When you start, you’re lovers. Over time, you become partners in dealing with life, including raising children and building wealth, even when your perspectives are different. If you don’t break at that point, then you’re good. They say your wife is not your relative, but I disagree. They become a part of you. Which is why divorce is very tough. It’s like losing a part of you.

How has she changed your life?

She’s a cheerleader. That has helped because my ideas are radical. Eddie, she has never said no or slowed me down by doubting me. That’s her superpower. I hope my children grow to be kind, and I believe kind people also tend to be very smart. If you’re kind, a lot of people will open doors for you because everybody is going through something.

Speaking of, what bad habit have you failed to kick?

[long pause] Overthinking. It makes me see things as more perilous than they actually are. Sometimes it will even give me anxiety. But I think I get it from my mother.

Does success feel like how you thought it would when you were growing up?

I suppose. Life imitates art. One of the things I did a lot growing up was reading books and watching documentaries about successful people. A lot of the things I see in my life now are very similar to the things I saw and read about. What you don’t anticipate is the feeling, especially of betrayal, when it happens.

Success is a moving target; how do you know when you hit it?

I guess you never know [chuckles]. Success is multifaceted. When I started with my wife, I just wanted to afford a car because I had a family, and that was success then. I started as a cashier, and I just wanted to be a proper officer, which is another success, or to attain a certain level of money. This is the human condition: if you stop swimming, you sink.

What matters more than you thought it would?

Peace of mind. That is the one thing you eventually come to discover is more important than anything. So, you step away from conflicts and unnecessary excitement.

What’s life’s simplest pleasure?

Laughing. Because you can get it anywhere. And the biggest superpower is to be able to laugh at oneself. Some people are too stuck up, too concerned, too self-important. Even my team selection is very much based on characters who know how to first be very kind and take themselves lightly.

What’s your insecurity now?

I’ve started having protrusions from certain parts of my body that I didn’t have. I’ve always been very lean, and suddenly now, I’m puffy [chuckles]. My friends started getting big in their early 30s, and it’s happening to me now at 42.

What’s a small thing people do for you that makes you feel loved?

Saying thank you. I don’t have a lot of people who say thank you, as people might think. In fact, it even changed my relationship with God, because when I’m praying, I like to focus on saying thank you before anything.

If I were to read any chapter from your life, which one would you recommend?

25 to 35. That’s the age when I learned to be a father, a husband, and learned to dream and actualise those dreams at the same time. I created Mansa X when I was 32, when I left banking, when everyone thought I was crazy. I look at the young version of myself, and I’m really proud of him because he just never knew the limitations, and that has also helped me to be very careful with my children. No matter what they choose to be, I will be proudest of them if they become the best versions of themselves.

What’s an investment cliché you’re tired of hearing?

The higher the risk, the higher the return. It annoys me. There is a lot of low return that comes from mediocre investing, not because you took lower risk. Just because you’re doing something in a mediocre way does not mean that it’s less risky, and just because someone else is having a higher return doesn’t mean they necessarily took on more risk.

What do you do that’s not for money at all?

Golf. I’m very enthusiastic about it, but I’m not a very good golfer. Golf is a lot like life and business. I am also into horse racing, and here, we have a syndicate of 10 who own three horses. I can ride, but I cannot ride a racehorse. I also work a lot on my fruit farm in Limuru. Let’s not talk about whether it makes money or not [chuckles].

What’s your weekend plan?

I’ll go see my dad, who is a bit sick. Later I’ll take my girls to Naivasha for the weekend and play some golf. I got them a teacher for Kikuyu lessons too [chuckles].

Why is it important for them to learn Kikuyu?

It’d be ridiculous to abandon your heritage. My great-grandfather is Chief Waiyaki wa Hinga. And he was the first freedom fighter, killed by the British before it was fashionable to be killed by the British [chuckles]. I took them to watch a play about him in Kikuyu, and this is to make it cool for them to know your language.

What does money mean to you now?

It is the best validator in the world I live in. First, it is intimidating, but the same way Sh10 hits you psychologically is the same way a million dollars hits you. It becomes a number you take care of. Money accumulates toward people who respect it, so spend less than you make.

Give us some good advice.

In life, ‘And this too shall pass.’ But in trading, the theory is simple. If it is bad, it can always get worse haha! Take your losses early. The best traders tend to be very pessimistic. Luckily, in life, unlike markets, bad things tend to get better [chuckles]. Remember to be playful. Don’t let life dictate who you are.

For years, companies have listed in the stock market to raise capital, expand operations, invest in new opportunities or strengthen their balance sheets. While these remain important motivations, they are not the only reasons a company may choose to enter the public market. A key but often overlooked benefit for listing is institutionalisation.

The Nairobi Securities Exchange (NSE) has shown renewed momentum, reporting a 134 per cent increase in profit after tax in 2025, with the total revenue surpassing Sh1 billion for the first time.

Family Bank rang the bell at the NSE, marking the largest private sector listing at the bourse in more than 17 years. This is a milestone not just for the institution but also for homegrown corporates, raising a question that calls for greater attention: why have few Kenyan companies chosen to follow that path?

Kenya is not short of successful businesses. Over the past two decades, Kenya has seen ordinary ideas grow into extraordinary enterprises. Entrepreneurs and family-owned businesses have built companies that have stood the test of time, creating jobs, driving growth and proving that resilience and innovation can transform dreams into lasting economic impact. Despite this, relatively few have made the transition from private enterprises to publicly listed institutions.

Their hesitation is understandable. Listing is associated with increased scrutiny, heightened bureaucracy and concerns about dilution of ownership or control. In some cases, there is no pressing need to raise additional capital. If a business is profitable, growing and adequately financed, the incentive to pursue a listing may appear limited.

This perception, however, misses the deeper purpose of public markets. Building a successful business is one thing; building an institution that lasts is another. Many businesses begin with the passion and vision of a founder. But for a company to endure, it must grow beyond one person, anchored by strong governance, accountability and systems that carry the vision forward for generations.

Building a company takes vision, courage and persistence. Ensuring it thrives beyond its founders is a greater test. Many businesses reach a point they must navigate leadership transitions, ownership changes and the challenge of scaling without losing their purpose.

Others have found it difficult to attract new investors, professionalise operations or maintain momentum as they scale. The real journey is not just creating a successful business, but building an institution that can stand the test of time.

Listing can become an important step in a company’s journey from founder-led into a lasting institution. It brings greater transparency, stronger governance and accountability, giving investors confidence while helping companies build the systems needed to grow sustainably. Equally important, it provides a platform to raise capital.

For Family Bank, listing by introduction represents this next stage of maturity. Unlike an initial public offering (IPO), it is not about raising new capital or issuing more shares, but opening an institution to the discipline and visibility of a regulated market. It reflects the strength of what has already been built and a commitment to creating a bank that can serve future generations.

The conversation around capital markets often focuses on encouraging people to invest. Equally important is creating a pipeline of strong businesses ready to open their doors to public ownership.

Publicly listed businesses create opportunities for wealth creation by allowing ordinary citizens, pension funds, institutional investors and other stakeholders to participate in corporate growth. They contribute to stronger governance standards and help channel capital towards productivity. They also provide transparency.

Perhaps most importantly, they help transform private success stories into national economic institutions. That is why the significance of Family Bank’s listing goes beyond a single company joining the exchange.

The government plans to strip three agricultural parastatals of their lending powers, and instead consolidate State-backed financing for farmers under a single institution to curb misuse of public funds.

A Bill introduced in the National Assembly by Majority Leader Kimani Ichung’wah proposes to remove lending functions from the Kenya Agricultural and Livestock Research Organisation (Kalro), the Tea Board of Kenya and the Kenya Sugar Board (KSB).

If passed, the Crops Laws (Amendment) Bill, 2026 will channel all agricultural lending through the planned Kenya Agribusiness Development Corporation (KADCO) Limited, which is being created through the merger of the Agricultural Finance Corporation (AFC) and the Commodities Fund, the two State agencies that have traditionally provided agricultural credit.

‘This Bill removes those mandates and ensures that the relevant funds under the Sugar Act are channelled to KADCO for lending, completing the alignment of existing agricultural laws with the new institutional framework,’ Mr Ichung’wah says in the Bill’s statement of objects and reasons.

The proposed changes will remove provisions in existing laws that empower the three agencies to establish and manage lending schemes for farmers and other players in their respective value chains.

Traditionally, agricultural lending in Kenya has been undertaken by the AFC, which financed a broad range of farming activities, and the Commodities Fund, which specialised in lending to scheduled crop value chains such as coffee, sugar and coconut.

Read: Treasury purge fuels crash in banks’ lending to parastatals

The government has been consolidating the two institutions into KADCO as part of wider reforms aimed at reducing duplication among State corporations.

The AFC, Kalro and KSB were established primarily to regulate, promote and support the development of their respective agricultural sectors, with lending forming only one of several functions.

Kalro is responsible for agricultural research and the development of new crop and livestock technologies, while the Tea Board oversees regulation and promotion of the tea industry. The Kenya Sugar Board regulates the sugar sub-sector, including licensing, industry development and policy implementation.

Policymakers argue that concentrating lending under one institution will improve accountability, enhance access to finance and ensure public funds are deployed more efficiently in supporting agricultural production and value addition.

KSB currently runs a loans scheme through the Commodities Funds using the Sugar Development Fund(SDF), which is seeded through the Sugar Development Levy (SDL). The SDL is charged on both imported and locally produced sugar.

Every local miller pays four percent of the ex-factory price of the produce by the 10th day of the month immediately following the month when the sugar is manufactured. SDL is also payable at four percent on the cost, insurance, and freight (CIF) value of each consignment of imported sugar falling under the East African Community, Common External Tariff. CIF is an international shipping agreement that represents the charges paid by a seller to cover the costs, insurance, and freight of a buyer’s order while the cargo is in transit.

Repayment of loans through the SDL has, however, been challenging over the years, with official records indicating that borrowers had by 2024 defaulted on an estimated Sh3.7 billion. To curb the bad loans, the State has shaken up credit terms under the SDF-a development that is likely to slow down disbursements.

For example, individual sugarcane farmers tapping credit from the SDF face tougher scrutiny of their credit records as the State moves to tame runaway loan defaults running into billions of shillings.

Read: The truth about State-owned enterprises

The AFC currently issues loans to farmers at a fixed interest rate of 10 percent, making its facilities a key financing channel for small-scale and medium-scale agricultural producers.

The Bill is part of a broader government push to streamline the operations of State corporations by assigning specialised functions to dedicated agencies. By centralising agricultural lending under KADCO, the State hopes to create a single institution responsible for administering agricultural credit, improving oversight of public lending programmes and reducing fragmentation across multiple agencies.

KADCO is expected to serve as the government’s principal agricultural development finance institution, providing loans to farmers, cooperatives, agribusinesses and processors across various value chains.

Policymakers argue that concentrating lending under one institution will improve accountability, enhance access to finance and ensure public funds are deployed more efficiently in supporting agricultural production and value addition.

The State paid oil marketers Sh7.9 billion for the fuel subsidy scheme last month, helping ease cash flow woes that had hit the industry amid high operational costs.

Kello Harsama, the Principal Secretary in the State Department of Petroleum, said the money was paid to importers who will then pay the respective oil marketers based on the volumes lifted.

The payment, which was for the May 15-June 14 cycle, will significantly boost an industry that has in the past few months struggled due to cash flow hitches tied to the subsidy arrears.

A combination of the arrears and costly fuel in the wake of the US-Israel war on Iran made it difficult to lift sufficient volumes of fuel, leading to shortages, which were more pronounced in May.

‘Two weeks ago, we paid Sh7.9 billion for the subsidy arrears of the May-June cycle. We expect the importers to wire the money to the respective oil marketers,’ Mr Harsama said.

‘We now have an obligation to settle the arrears for the June-July cycle.’

This means that the unpaid subsidy money is the Sh10 billion for the current monthly cycle, which lapses on July 14.

Oil marketers had in May warned that the piling subsidy arrears had squeezed the industry’s ability to purchase fuel that became costly in the market shocks tied to the US-Israel war on Iran.

Read: Oil marketers protest over unpaid diesel subsides

Dealers who operate stations for Vivo Energy Kenya and Rubis Energy Kenya and dozens of small marketers were hit hard since April, with the erratic supplies triggering panic buying by consumers wary of missing out on fuel.

Prices of diesel, petrol and kerosene skyrocketed in March due to the supply and transport hitches caused by Iran’s attacks on oil refineries in the Gulf region and a blockade of the Strait of Hormuz, where nearly a quarter of the world’s fuel transits.

Besides paying for costly fuel, oil marketers are also required to pay taxes upfront before accessing fuel from the Kenya Pipeline Company (KPC) system for sale in the local market. These two became increasingly difficult due to the cash flow woes.

The subsidy kitty is funded by the Petroleum Development Levy (PDL) of Sh5.40 per litre of diesel and petrol and Sh0.40 per litre of kerosene.

Illegal diversions of money to cater for items outside those contained in the regulations governing the use of the PDL kitty and steep subsidies have nearly depleted the Petroleum Development Levy Fund (PDLF).

Read: New Sh10bn fuel subsidy piles cash flow pressure on marketers

The subsidy has been critical in preventing pump prices from rising by higher margins in the wake of the US-Israel war on Iran that led to record-high prices of refined fuel.

For example, diesel and petrol prices could have jumped by Sh64.92 and Sh33.37 per litre in the monthly cycle from April 15 had the State not subsidised prices and cut value added tax (VAT) from 16 percent to 13 percent. They rose by Sh40.30 and Sh28.69 per litre of diesel and petrol, respectively.

In the current prices to July 14, a subsidy of Sh34.07 per litre of diesel helped lower prices by Sh10 to Sh222.86. The State did not subsidise petrol prices.