Kenya has secured a credit of Sh65.44 billion ($509 million) from the African Development Bank (AfDB) to fund critical infrastructure projects, aligning with the Country Strategy Paper for 2024-2028. This financing will bolster economic transformation by investing in different industries to address infrastructure gaps that continue to constrain productivity. This move follows a joint technical mission between Chris Kiptoo, the Principal Secretary, National Treasury, and Alex M. Mubiru, Director General for the Regional Development and Business Delivery Office for East Africa at the AfDB, to review progress of the strategy paper. The technical mission was an opportunity to evaluate how…
Author: Antony Mutunga
Antony Mutunga
Antony Mutunga holds a Bachelors degree in Commerce, Finance from Jomo Kenyatta University of Agriculture and Technology. He previously worked for Altic Investment & Consultancy before he joined NBM team in 2015. His interest in writing ranges from business, economics and technology. He is also our lead researcher in matters business.
The African Development Bank Group (AfDB) and the United Nations Development Programme (UNDP) have officially unveiled the AI 10 Billion Initiative. This initiative is an ambitious and transformative continental effort designed to accelerate the responsible adoption of artificial intelligence (AI) and spur inclusive digital economic growth. The partnership was announced at the recently concluded Nairobi AI Forum 2026, which served as the ideal backdrop for this landmark declaration. It brought together a diverse assembly of governments, private sector leaders, development partners, and technological innovators from all over the world to chart viable pathways for impactful AI integration. One of the…
With tech advancement on the rise, this era has seen our digital identities being increasingly intertwined with our mobile phones. As a result, the security of our personal data has never been more critical. One of the most concerning threats, which continues to rise, is the fraudulent registration of SIM cards, where criminals use unsuspecting citizens’ IDs or passports to acquire mobile numbers for illicit activities. To tackle this growing challenge and empower its citizens, the Communications Authority of Kenya (CA) is announcing its intention to procure a centralised ID-to-SIM card checker. The core mission of this service is to…
The current administration has signalled its return to the international capital markets with the launch of a new dual-tranche US Dollar Eurobond, setting the stage for a significant liability management exercise. It has announced preliminary pricing, or initial price thoughts (IPTs) for two new bonds that include a 7-year bond due in 2034 with an interest rate around 8.375%, and a 12-year bond due in 2039 with a rate in the 9.25% range. The proceeds from this transaction are primarily earmarked for the capped Sh64.42 billion ($500 million) buyback of existing bonds notes due in 2028 as well as those…
The World Bank has sharply reduced its financial support package for the Affordable Housing Finance Project, slashing it from Sh174.19 billion ($1.35 billion) to a total of Sh117.46 billion ($910.32 million) in just a couple of months. The major changes were made to the project’s commercial and development finance components. Total financing from the International Bank for Reconstruction and Development (IBRD) was reduced from Sh35.48 billion ($275 million) to Sh16.13 billion ($125 million) while commercial financing was reduced from Sh116.13 billion ($900 million) to Sh46.45 billion ($360 million). On other other hand, total financing from International Development Association (IDA) was…
Most Africans who work online continue to face one major challenge: getting paid efficiently and affordably. While the work they perform is mostly instantaneous, payment has often lagged by days, been eroded by fees, and complicated by bureaucratic red tape. A new partnership between Noah and Payd aims to tackle these barriers. Noah, a UK-based global payment infrastructure firm, and Payd, a Kenyan fintech company, are addressing the limitations of traditional banking channels. For example, when a freelancer in Nairobi invoices a client in New York or Berlin, the funds travel via the SWIFT network—a decades-old system not designed for…
Stanbic Holdings Plc has announced the appointment of Dr Joshua Oigara as its new Chief Executive Officer and Director, effective 1 March 2026. He will take over the role from Patrick Mweheire, who retires from the position on 28 February after a six-year tenure characterized by strategic execution, consistent growth, and the strengthening of Stanbic Kenya’s standing as a formidable franchise within the Standard Bank Group. After stepping down, Mweheire will remain within the group in a senior executive capacity, ensuring continuity and the retention of his deep institutional knowledge. Dr. Oigara’s appointment comes at a pivotal moment for Stanbic…
The gates to capital markets in Kenya have opened wider as the Capital Markets Authority announced the licensing of several new financial intermediaries. This move aims to increase the number of players in the market and reshape who can participate and how. Access to sophisticated investment tools has often been limited to institutional giants and the wealthy, but these approvals signal a push toward democratization, technological innovation, and a more inclusive financial system. Among the newly licensed entities, Rock Advisors Limited stands out. Previously focused on investment advisory work, the firm has now secured an investment banking license, allowing it…
The Central Bank of Kenya (CBK) has reduced its benchmark lending rate following the latest Monetary Policy Committee (MPC) meeting, lowering the Central Bank Rate (CBR) by 25 basis points to 8.75% from 9.00%. The move is aimed at stimulating private sector credit and supporting economic activity amid resilient domestic growth, easing inflationary pressures and a cautiously improving global economy, despite lingering uncertainties. Globally, the MPC observed that growth remains steady at an estimated 3.3% for 2025, with a similar outlook for 2026. The resilience is largely driven by strong performance in the United States, the euro area and China,…
Eleving Group, an international fintech company that is the parent organization of Mogo Kenya, has entered into a partnership with Chaseit, a Lithuanian tech start-up, to deploy artificial intelligence voice agents across its call centers. This move follows a successful pilot program where AI agents conducted English-language calls, yielding remarkable results. According to Modestas Sudnius, CEO of Eleving Group, these AI agents are capable of handling over 20,000 calls daily, a volume that would traditionally require around 100 human operators. He noted that with call centers already managing immense volumes of daily information, the company is beginning to roll out…
