Prime Bank was Kenya’s biggest market-share gainer in 2025, with its CBK weighted index jumping 1.4 percentage points to a record high 4.3%, up from 2.9% in 2024 and just 0.7 points below the 5% Tier One threshold.
The lender ranked 10th nationally, up from 16th in 2016 when its share stood at 1.8%.
The gain came alongside strong balance-sheet growth, with assets rising 45% to KSh 274Bn, deposits increasing 19.1% to KSh 171.2Bn and shareholders’ funds more than doubling to KSh 100Bn.
Prime has also been expanding its branch network while rolling out new remittance, payments and corporate digital banking products.
The lender ranked 10th nationally, up from 16th in 2016 when its share stood at 1.8%.
The gain came alongside strong balance-sheet growth, with assets rising 45% to KSh 274Bn, deposits increasing 19.1% to KSh 171.2Bn and shareholders’ funds more than doubling to KSh 100Bn.
Prime has also been expanding its branch network while rolling out new remittance, payments and corporate digital banking products.
❤1
Today at the Bullish Africa Annual Summit 2026, our opening panel explores Africa’s Unspoken Investment Opportunity.
Moderated by Julians Amboko of Nation Media Group, the conversation brings together British Robinson of Milken Institute International, John Gachora of NCBA Group and Anna Sophie Herken of GIZ.
Together, they’ll examine where Africa’s investment opportunities remain overlooked, what continues to shape global perceptions of risk and how better market intelligence can help turn potential into committed capital.
The conversation starts today in New York City at the Marriot Marquis, Westside Ballroom.
Few slots remaining. Secure your attendance via wallstreet.africa/bullish
#BullishAfrica2026 #BullishAfrica
Moderated by Julians Amboko of Nation Media Group, the conversation brings together British Robinson of Milken Institute International, John Gachora of NCBA Group and Anna Sophie Herken of GIZ.
Together, they’ll examine where Africa’s investment opportunities remain overlooked, what continues to shape global perceptions of risk and how better market intelligence can help turn potential into committed capital.
The conversation starts today in New York City at the Marriot Marquis, Westside Ballroom.
Few slots remaining. Secure your attendance via wallstreet.africa/bullish
#BullishAfrica2026 #BullishAfrica
❤3
Listing Alert
Quickmart has announced plans to list on the NSE’s Main Investment Market Segment, with sole shareholder Sokoni Retail Kenya proposing to sell 2 billion existing shares, equivalent to 50% of the retailer.
No new shares will be issued and Quickmart will receive no proceeds from the offer, which is expected to launch around 30 September, subject to CMA and NSE approvals.
Quickmart operates 72 stores across 16 counties and estimates it holds 15% of Kenya’s modern grocery retail market. It recorded KSh 50.43Bn revenue and KSh 1.51Bn net profit in 2025, while H1 2026 revenue reached KSh 27.27Bn.
Quickmart has announced plans to list on the NSE’s Main Investment Market Segment, with sole shareholder Sokoni Retail Kenya proposing to sell 2 billion existing shares, equivalent to 50% of the retailer.
No new shares will be issued and Quickmart will receive no proceeds from the offer, which is expected to launch around 30 September, subject to CMA and NSE approvals.
Quickmart operates 72 stores across 16 counties and estimates it holds 15% of Kenya’s modern grocery retail market. It recorded KSh 50.43Bn revenue and KSh 1.51Bn net profit in 2025, while H1 2026 revenue reached KSh 27.27Bn.
❤11🤷♀1🤷♂1🤔1
Kenyans have been waiting on PAYE relief since before the Finance Bill 2026. Treasury has now missed its own deadline once already, first before that bill, then again in September, with the reform pushed to October.
The pressure keeps building. What hasn't kept pace is the legislation itself.
Public participation is expected in the first week of October, ahead of the bill's introduction to Parliament. Millions of salaried workers are waiting to see if this time is different.
The pressure keeps building. What hasn't kept pace is the legislation itself.
Public participation is expected in the first week of October, ahead of the bill's introduction to Parliament. Millions of salaried workers are waiting to see if this time is different.
❤2
The NSE's NEXT Derivatives Market has crossed KSh 1Billion in annual turnover for the first time, with 2026 year-to-date trading reaching KSh 1.008Bn.
Turnover is already more than four times the KSh249 Million recorded in the whole of 2025 and over three times the previous annual high of KSh 297Mn in 2021.
Activity has accelerated sharply in September, with 18,460 contracts worth KSh 111.4Mn traded in the week ended September 18 alone.
Turnover is already more than four times the KSh249 Million recorded in the whole of 2025 and over three times the previous annual high of KSh 297Mn in 2021.
Activity has accelerated sharply in September, with 18,460 contracts worth KSh 111.4Mn traded in the week ended September 18 alone.
Nearly 90% of business expansion globally is funded through capital markets. In East Africa, banks still carry most of that weight and this series, featuring KCB Investment Bank MD Maurice Opiyo in conversation with Maina Chege, breaks down exactly why that has to change.
The standout insights:
🔹 Securitisation could unlock dormant capital — pooling loans and receivables into tradable products, giving pension funds and asset managers yield-generating options without looking outside the continent
🔹 East Africa is becoming one connected market — KCB Investment Bank structured Amsons Group's KSh 23.6 billion acquisition of Bamburi Cement, proof that cross-border mega-deals are now reality, not just policy talk
The takeaway: the investment bank of the future isn't a passive intermediary it's an architect, designing the structures that connect capital to East Africa's biggest opportunities.
Watch the full series : https://m.youtube.com/watch?v=L58nFC3WseI&t=536s&pp=ygUTa2NiIGludmVzdG1lbnQgYmFuaw%3D%3D
The standout insights:
🔹 Securitisation could unlock dormant capital — pooling loans and receivables into tradable products, giving pension funds and asset managers yield-generating options without looking outside the continent
🔹 East Africa is becoming one connected market — KCB Investment Bank structured Amsons Group's KSh 23.6 billion acquisition of Bamburi Cement, proof that cross-border mega-deals are now reality, not just policy talk
The takeaway: the investment bank of the future isn't a passive intermediary it's an architect, designing the structures that connect capital to East Africa's biggest opportunities.
Watch the full series : https://m.youtube.com/watch?v=L58nFC3WseI&t=536s&pp=ygUTa2NiIGludmVzdG1lbnQgYmFuaw%3D%3D
As Kenya's digital finance adoption matures, financial literacy is increasingly positioned as a key driver of informed decision-making amid rising cost-of-living pressures and inflation, according to a sponsored article by trading platform Exness.
The piece, which promotes Exness as a Capital Markets Authority-licensed broker in Kenya, highlights the company's reported trading metrics, including lowest median spreads among 28 forex pairs and over 98% of withdrawals processed automatically. It argues that Kenya's existing mobile-money familiarity provides a foundation for deeper financial understanding around budgeting, risk management, and global market participation.
https://kenyanwallstreet.com/financial-literacy-exness-ad
The piece, which promotes Exness as a Capital Markets Authority-licensed broker in Kenya, highlights the company's reported trading metrics, including lowest median spreads among 28 forex pairs and over 98% of withdrawals processed automatically. It argues that Kenya's existing mobile-money familiarity provides a foundation for deeper financial understanding around budgeting, risk management, and global market participation.
https://kenyanwallstreet.com/financial-literacy-exness-ad
❤9
Kenya’s Standard Gauge Railway generated a record KSh 22.09Bn in FY2025/26, up 8.1% YoY from KSh 20.43Bn.
Passenger revenue crossed KSh 5Bn for the first time, rising 17.8% to KSh 5.10Bn as passenger traffic climbed 13.6% to a record 2.85Mn.
Freight remained the largest revenue source at KSh 16.99Bn, up 5.5%, while cargo volumes increased 9.3% to a record 7.87Mn tonnes.
Compared with FY2018/19, total SGR revenue has more than doubled from KSh 10.25Bn, freight revenue has roughly doubled from KSh 8.49Bn, and freight tonnage has nearly doubled from 3.97Mn tonnes.
The FY2025/26 performance also coincided with Kenya Railways reporting the SGR’s first operating profit since services began in 2017.
Passenger revenue crossed KSh 5Bn for the first time, rising 17.8% to KSh 5.10Bn as passenger traffic climbed 13.6% to a record 2.85Mn.
Freight remained the largest revenue source at KSh 16.99Bn, up 5.5%, while cargo volumes increased 9.3% to a record 7.87Mn tonnes.
Compared with FY2018/19, total SGR revenue has more than doubled from KSh 10.25Bn, freight revenue has roughly doubled from KSh 8.49Bn, and freight tonnage has nearly doubled from 3.97Mn tonnes.
The FY2025/26 performance also coincided with Kenya Railways reporting the SGR’s first operating profit since services began in 2017.
❤8
Kenya’s fruit export earnings rose 19.8% YoY to KSh 5.70Bn in June 2026, the second-highest monthly value on record and only the third time monthly receipts have exceeded KSh 5Bn.
Export volumes were little changed at 25,742 tonnes, down 1.0% YoY, lifting the average value per tonne by about 21%.
For FY2025/26, covering July 2025 to June 2026, fruit exports totalled 231,727 tonnes worth KSh 40.56Bn, with volumes down 7.9% YoY and export earnings down 6.3% YoY from 251,594 tonnes worth KSh 43.30Bn in FY2024/25.
Volumes were lower than the previous fiscal year, but the final quarter showed a clear recovery, with April–June earnings reaching KSh 14.61Bn despite slightly lower tonnage.
Avocados remain Kenya’s biggest fruit export earner, followed by pineapples and mangoes, making the mid-year avocado export season a key driver of the trade cycle.
Export volumes were little changed at 25,742 tonnes, down 1.0% YoY, lifting the average value per tonne by about 21%.
For FY2025/26, covering July 2025 to June 2026, fruit exports totalled 231,727 tonnes worth KSh 40.56Bn, with volumes down 7.9% YoY and export earnings down 6.3% YoY from 251,594 tonnes worth KSh 43.30Bn in FY2024/25.
Volumes were lower than the previous fiscal year, but the final quarter showed a clear recovery, with April–June earnings reaching KSh 14.61Bn despite slightly lower tonnage.
Avocados remain Kenya’s biggest fruit export earner, followed by pineapples and mangoes, making the mid-year avocado export season a key driver of the trade cycle.
❤6
https://kenyanwallstreet.com/nse-rebound-september25
NSE Rebounds to Lead African Markets After Two-Week Rout
NSE Rebounds to Lead African Markets After Two-Week Rout
The Kenyan Wallstreet
NSE Leads African Markets With 4.15% Week Rebound | The K...
The NSE gained 4.15% to lead African markets, recovering KSh166Bn after a two-week rout. Banks rallied while foreign flows returned to positive territory.
❤2
Equity Group is no longer just a Kenyan bank.
With 51.7% of its Q1 2026 profit before tax now coming from operations outside Kenya, the group is building a much broader African financial services ecosystem.
Beyond traditional banking, Equity has expanded into telecom through Equitel, payment infrastructure through Jenga, cross-border remittances and insurance.
Its non-banking businesses generated KSh1.9 billion in revenue and KSh900 million in profit before tax in Q1, while regional subsidiaries in markets such as DRC, Tanzania and Rwanda continue to grow.
The next phase could take Equity further into Angola, Zambia and Mozambique, as it targets 100 million customers across 15 countries by 2030.
https://kenyanwallstreet.com/equity-group-diversification
With 51.7% of its Q1 2026 profit before tax now coming from operations outside Kenya, the group is building a much broader African financial services ecosystem.
Beyond traditional banking, Equity has expanded into telecom through Equitel, payment infrastructure through Jenga, cross-border remittances and insurance.
Its non-banking businesses generated KSh1.9 billion in revenue and KSh900 million in profit before tax in Q1, while regional subsidiaries in markets such as DRC, Tanzania and Rwanda continue to grow.
The next phase could take Equity further into Angola, Zambia and Mozambique, as it targets 100 million customers across 15 countries by 2030.
https://kenyanwallstreet.com/equity-group-diversification
❤4
Kenya's credit reference bureaus have ended data-sharing partnerships with 621 non-deposit-taking saccos in 2025, cutting third-party data sources feeding the bureaus by 30% to 2,241 from 2,824.
Even after the cuts, non-deposit-taking saccos remain the largest category of third-party sources at 63%, ahead of trade companies and insurance providers.
Meanwhile, banks' credit-report requests hit a record 47.3 million, up 23% from 38.6 million in 2024, tracking the recovery in private-sector credit growth to 5.9% by December from -2.9% in January, while individual customers' requests for their own reports fell 5% to 879,195.
https://kenyanwallstreet.com/crb-saccos-cbk-report
Even after the cuts, non-deposit-taking saccos remain the largest category of third-party sources at 63%, ahead of trade companies and insurance providers.
Meanwhile, banks' credit-report requests hit a record 47.3 million, up 23% from 38.6 million in 2024, tracking the recovery in private-sector credit growth to 5.9% by December from -2.9% in January, while individual customers' requests for their own reports fell 5% to 879,195.
https://kenyanwallstreet.com/crb-saccos-cbk-report
❤4
Aliko Dangote has played down the Lamu land dispute, saying legal challenges are not unusual for the group.
“This is normal for us in Africa. In fact, this is small,” he said, adding: “In Senegal they stopped our factory. We went to the Supreme Court… anyone who wants to cause trouble, we are ready.”
The Malindi Environment and Land Court ordered the status quo maintained on LR No. 13061 until 14 October, but declined to stop the refinery groundbreaking.
Dangote said: “We know who is doing all this. We will face them.”
In Senegal, construction of Dangote Cement’s Pout plant was halted by an administrative order during a land dispute. In 2013, Senegal’s Supreme Court ruled the claimants had no lawful interest in the disputed property, after which the closure order was lifted.
“This is normal for us in Africa. In fact, this is small,” he said, adding: “In Senegal they stopped our factory. We went to the Supreme Court… anyone who wants to cause trouble, we are ready.”
The Malindi Environment and Land Court ordered the status quo maintained on LR No. 13061 until 14 October, but declined to stop the refinery groundbreaking.
Dangote said: “We know who is doing all this. We will face them.”
In Senegal, construction of Dangote Cement’s Pout plant was halted by an administrative order during a land dispute. In 2013, Senegal’s Supreme Court ruled the claimants had no lawful interest in the disputed property, after which the closure order was lifted.
❤8👎1
Aliko Dangote said the planned Lamu refinery should ultimately be listed on the Nairobi Securities Exchange, arguing that African companies and investors should rely more on the continent’s own capital markets.
“If the Lamu refinery has to be listed, it should be on the NSE,” he said, dismissing suggestions that Dangote businesses should instead seek listings in New York.
“This is an African company to benefit Africa.” Dangote said the Lamu project could become East Africa’s biggest corporation, with largely dollarised revenues limiting currency-devaluation risk.
He added that the refinery complex will generate about 1,000MW, use roughly 500MW internally and as reserve, while another 500MW is expected to be sold to the Kenyan government under an agreement.
“If the Lamu refinery has to be listed, it should be on the NSE,” he said, dismissing suggestions that Dangote businesses should instead seek listings in New York.
“This is an African company to benefit Africa.” Dangote said the Lamu project could become East Africa’s biggest corporation, with largely dollarised revenues limiting currency-devaluation risk.
He added that the refinery complex will generate about 1,000MW, use roughly 500MW internally and as reserve, while another 500MW is expected to be sold to the Kenyan government under an agreement.
❤3🤡2
Aliko Dangote said the planned Lamu refinery will be built faster than Uganda’s proposed refinery, warning African governments against relying on investment promises that fail to materialise.
“By the time we are done with Lamu, it will be the fastest refinery to be built,” he said, adding that when Lamu begins operations he expects little physical progress to have been made on Uganda’s project.
Uganda selected UAE-based Alpha MBM Investments to develop a 60,000-barrel-per-day refinery in Hoima, with the firm taking a 60% stake and Uganda’s UNOC retaining 40%.
The refinery itself has been valued at about US$4Bn, while the wider oil development has been described as a roughly US$10Bn investment programme. Dangote said African governments should “be careful” about investors who raise expectations but do not execute projects.
“By the time we are done with Lamu, it will be the fastest refinery to be built,” he said, adding that when Lamu begins operations he expects little physical progress to have been made on Uganda’s project.
Uganda selected UAE-based Alpha MBM Investments to develop a 60,000-barrel-per-day refinery in Hoima, with the firm taking a 60% stake and Uganda’s UNOC retaining 40%.
The refinery itself has been valued at about US$4Bn, while the wider oil development has been described as a roughly US$10Bn investment programme. Dangote said African governments should “be careful” about investors who raise expectations but do not execute projects.
❤10🤔6🔥1🤣1
Kenya Revenue Authority intercepted 40 smartphones worth about KSh8.2 million at JKIA from a passenger making multiple short trips between Kenya and Dubai in September, after identifying him as a courier for a Dubai-based client.
The seizure follows larger interceptions at Eldoret International Airport, including a consignment where 55,607 smartphones were found against 3,000 declared units, averting an estimated KSh21.5 million tax loss, and a September 2025 case involving 21,600 undeclared devices worth KSh16.1 million in taxes. KRA said it is increasingly relying on intelligence-led interventions, baggage scanners, and passenger travel-pattern analysis to detect smuggling under the East African Community Customs Management Act.
The seizure follows larger interceptions at Eldoret International Airport, including a consignment where 55,607 smartphones were found against 3,000 declared units, averting an estimated KSh21.5 million tax loss, and a September 2025 case involving 21,600 undeclared devices worth KSh16.1 million in taxes. KRA said it is increasingly relying on intelligence-led interventions, baggage scanners, and passenger travel-pattern analysis to detect smuggling under the East African Community Customs Management Act.
❤1
Africa’s debt burden has climbed sharply from its pre-global-financial-crisis lows.
The continent’s debt-to-GDP ratio fell to 26.6% in 2008 before more than doubling to 65.1% in 2024 and easing slightly to 62.9% in 2025.
The map shows wide divergence across countries, from debt ratios above 100% of GDP in Sudan, Senegal, Mozambique and Cabo Verde to below 40% in economies including DR Congo, Chad, Comoros, Nigeria and Botswana.
The continent’s debt-to-GDP ratio fell to 26.6% in 2008 before more than doubling to 65.1% in 2024 and easing slightly to 62.9% in 2025.
The map shows wide divergence across countries, from debt ratios above 100% of GDP in Sudan, Senegal, Mozambique and Cabo Verde to below 40% in economies including DR Congo, Chad, Comoros, Nigeria and Botswana.
CBK accepted KSh 41.20Bn out of KSh 47.72Bn in bids in the latest T-Bill auction.
All three tenors were oversubscribed, with 182-day bids rising to KSh 19.15Bn as accepted rates fell across all maturities.
• 91-day: 12.88Bn @ 8.7694% (▼0.87bps)
• 182-day: 17.90Bn @ 8.8856% (▼0.93bps)
• 364-day: 10.42Bn @ 9.0397% (▼0.34bps)
Net Borrowing: KSh 7.31Bn
All three tenors were oversubscribed, with 182-day bids rising to KSh 19.15Bn as accepted rates fell across all maturities.
• 91-day: 12.88Bn @ 8.7694% (▼0.87bps)
• 182-day: 17.90Bn @ 8.8856% (▼0.93bps)
• 364-day: 10.42Bn @ 9.0397% (▼0.34bps)
Net Borrowing: KSh 7.31Bn
Africa’s Oil Refinery Map: Operating, Offline and New Projects
1️⃣1️⃣ 🇳🇬 Nigeria: 6 live, 3 offline, 2 building
9️⃣ 🇪🇬 Egypt: 9 live
7️⃣ 🇩🇿 Algeria: 6 live, 1 building
5️⃣ 🇱🇾 Libya: 4 live, 1 offline
4️⃣ 🇬🇭 Ghana: 4 live
4️⃣ 🇿🇦 South Africa: 2 live, 2 offline
3️⃣ 🇦🇴 Angola: 2 live, 1 building
2️⃣ 🇨🇬 Republic of Congo: 1 live, 1 building
2️⃣ 🇨🇮 Côte d’Ivoire: 2 live
2️⃣ 🇰🇪 Kenya: 1 offline, 1 building
1️⃣ 🇨🇲 Cameroon: 1 offline
1️⃣ 🇹🇩 Chad: 1 live
1️⃣ 🇨🇩 DR Congo: 1 offline
1️⃣ 🇩🇯 Djibouti: 1 building
1️⃣ 🇪🇷 Eritrea: 1 offline
1️⃣ 🇪🇹 Ethiopia: 1 building
1️⃣ 🇬🇦 Gabon: 1 live
1️⃣ 🇱🇷 Liberia: 1 offline
1️⃣ 🇲🇦 Morocco: 1 offline
1️⃣ 🇳🇪 Niger: 1 live
1️⃣ 🇸🇳 Senegal: 1 live
1️⃣ 🇸🇸 South Sudan: 1 offline
1️⃣ 🇸🇩 Sudan: 1 offline
1️⃣ 🇹🇿 Tanzania: 1 offline
1️⃣ 🇹🇳 Tunisia: 1 live
1️⃣ 🇿🇲 Zambia: 1 offline
Total: 65
Operating: 41
Offline: 16
Building: 8
1️⃣1️⃣ 🇳🇬 Nigeria: 6 live, 3 offline, 2 building
9️⃣ 🇪🇬 Egypt: 9 live
7️⃣ 🇩🇿 Algeria: 6 live, 1 building
5️⃣ 🇱🇾 Libya: 4 live, 1 offline
4️⃣ 🇬🇭 Ghana: 4 live
4️⃣ 🇿🇦 South Africa: 2 live, 2 offline
3️⃣ 🇦🇴 Angola: 2 live, 1 building
2️⃣ 🇨🇬 Republic of Congo: 1 live, 1 building
2️⃣ 🇨🇮 Côte d’Ivoire: 2 live
2️⃣ 🇰🇪 Kenya: 1 offline, 1 building
1️⃣ 🇨🇲 Cameroon: 1 offline
1️⃣ 🇹🇩 Chad: 1 live
1️⃣ 🇨🇩 DR Congo: 1 offline
1️⃣ 🇩🇯 Djibouti: 1 building
1️⃣ 🇪🇷 Eritrea: 1 offline
1️⃣ 🇪🇹 Ethiopia: 1 building
1️⃣ 🇬🇦 Gabon: 1 live
1️⃣ 🇱🇷 Liberia: 1 offline
1️⃣ 🇲🇦 Morocco: 1 offline
1️⃣ 🇳🇪 Niger: 1 live
1️⃣ 🇸🇳 Senegal: 1 live
1️⃣ 🇸🇸 South Sudan: 1 offline
1️⃣ 🇸🇩 Sudan: 1 offline
1️⃣ 🇹🇿 Tanzania: 1 offline
1️⃣ 🇹🇳 Tunisia: 1 live
1️⃣ 🇿🇲 Zambia: 1 offline
Total: 65
Operating: 41
Offline: 16
Building: 8
❤6