Investors in collapsed e-commerce startup Copia Kenya are unlikely to recover their money after the High Court appointed liquidators to wind up the company, with its assets falling far short of its liabilities. Court filings by the company’s administrators show that Copia had realisable assets worth Sh206.6 million as of March 2026, while its liabilities were substantially higher. The startup had raised $123 million (about Sh15.9 billion) through eight funding rounds, making it one of Kenya’s most heavily funded technology companies. Its backers included Kenyan venture capital firm Enza Capital, UK-based Lightrock, the US International Development Finance Corporation, Netherlands-based Goodwell…
Author: Davin Muthoni
Payment service providers such as M-Pesa and Airtel Money could continue investing customer funds in government securities and interest-bearing bank accounts under the proposed National Payments Systems Bill 2026, as debate grows over whether wallet holders should benefit from the returns. M-Pesa, Kenya’s largest mobile money platform, processed Sh41.7 trillion in transactions in the year to March 2026, highlighting the scale of funds moving through mobile wallets. Customer balances are held in trust accounts at commercial banks and ring-fenced from payment providers’ operational finances. Under existing regulations, income generated from deposits in the trust accounts is directed towards public charitable…
Marathon runner Philemon Kiplimo Kimaiyo has been suspended for two years after admitting to an anti-doping violation involving the banned substance chlortalidone, the Athletics Integrity Unit (AIU) has said. The 27-year-old road racer will serve the suspension from September 1, 2026, through August 31, 2028, ruling him out of sanctioned athletics competitions for the duration. The AIU has also disqualified all of Kimaiyo’s results from July 19, 2026, onwards. He will consequently lose any medals, titles, prize money, ranking points and appearance fees obtained during the affected period. Kimaiyo returned a positive out-of-competition urine sample collected in Mwaita, Kenya, on…
Distributed denial-of-service attacks targeting Kenyan websites, servers and networks more than doubled in the year to June, underscoring the growing threat to digital systems as more services move online. Data from the Communications Authority of Kenya shows that 72.16 million DDoS attacks were recorded in the year ended June 2026, up 114.3 percent from 33.68 million attacks recorded a year earlier. The increase was the highest among the cyber threats monitored by the regulator, pointing to a sharp rise in attempts to disrupt access to digital services and systems. DDoS attacks work by overwhelming a website, server or network with…
Heavy machinery and construction materials for Aliko Dangote’s planned $16 billion (about Sh2 trillion) refinery in Lamu have arrived at Lamu Port, days before President William Ruto is expected to lead the project’s groundbreaking ceremony on Wednesday. The vessel MV Da Yang docked at the port on Saturday carrying 2,930.295 tonnes of construction equipment for the proposed refinery, marking a major step in preparations for the start of construction. The shipment is the first cargo linked to the project to arrive at Lamu. Kenya Ports Authority (KPA) Managing Director William Kipkemboi Ruto received the vessel, which came from China, and…
Kenya is among three African countries that will manufacture a new monthly HIV-prevention pill under an early licensing arrangement by pharmaceutical giant Merck, potentially positioning the country to supply the medicine to markets across the continent if clinical trials and regulatory approvals are successful. The Kenyan manufacturer, Universal Corporation Limited (UCL), is one of seven generic drugmakers selected by Merck to produce alimatravir, an investigational once-monthly oral pre-exposure prophylaxis (PrEP) medicine. The other two African manufacturers are in Uganda and South Africa, while four companies in India are also part of the licensing arrangement. The move is significant because African…
Supermarket chain Quickmart is set to list on the Nairobi Securities Exchange (NSE), with its sole shareholder offering up to a 57.5 per cent stake in a multi-billion-shilling deal that will give private equity firm Adenia Partners and the retailer’s founders a partial exit. Quickmart announced the proposed listing on Wednesday, September 24, saying it would trade on the Main Investment Market Segment of the NSE. Its sole shareholder, Sokoni Retail Kenya Limited (SRKL), plans to sell two billion existing ordinary shares, each with a nominal value of Sh0.20, representing 50 per cent of the company’s issued share capital. An…
A Machakos County employee and a primary school teacher have been charged with allegedly operating an investment scheme without a Capital Markets Authority (CMA) licence and fraudulently inducing members of the public to invest in securities. Ruth Mueni Kimeu, an employee of Machakos County, and Mary Katuma Mwangangi denied two counts brought under the Capital Markets Act when they appeared before Milimani Chief Magistrate Gethi Kibiru. The prosecution alleges that the two, jointly with other persons who have not been charged, operated an investment scheme between January 1 and September 17, 2026, at an unknown location in Kenya. They are…
At least 24 HIV-positive sex workers in Kenya have died after losing access to treatment and support services following disruptions to US-funded health programmes, according to frontline health workers and sex-worker organisations. The deaths, confirmed by AFP, have raised concerns over the impact of reduced funding for services targeting key populations, including sex workers. Health workers and NGOs say the number of deaths could be higher, while new HIV infections among sex workers have also increased. The disruption follows changes to US foreign assistance programmes announced in 2025, which affected organisations providing specialised HIV services. A July 2026 study by…
The High Court has granted Nyachoti & Company Advocates permission to withdraw from representing Foxcapital Investment Limited in its Sh145 billion dispute with Kenya Commercial Bank (KCB), after the law firm told the court it could no longer act for its client due to a lack of adequate instructions. Lady Justice Rhoda Rutto allowed the firm’s application, dated September 10, 2026, during a mention held on September 17. The court granted Foxcapital 14 days to regularise its legal representation following the withdrawal, with the matter set to return to court on October 27 for further directions on how the case…
