Cracks on the Green Wall...

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Safaricom's dominance in the Telco market is facing a renewed effort by Airtel to chip away subscribers, not just in its core mobile services but even in the mobile money domain. How is the game going, according to the latest stats…

I am Brian from The Kenyan Wall Street and this is today's edition of our daily newsletter…

The Leading Stories

💸 M-Pesa’s Reign On a Quiet Slide…

By Harry Njuguna

The Kenyan mobile money landscape, long dominated by M-Pesa, is undergoing a quiet but meaningful realignment. Safaricom’s market share in mobile money subscriptions has dropped to 90.8%, its lowest in recent memory, while Airtel Money now commands 9.1%, having tripled its stake in just two years.

Fee refunds, cashback campaigns, and a growing agent network have drawn users to Airtel’s more affordable offering. Meanwhile, regulatory reforms like wallet interoperability have chipped away at M-Pesa’s once-insurmountable network. Read more.

Airtel Vs Safaricom : the Gap Narrows an Inch

By Harry Njuguna

In voice and data services, Safaricom is slowly yielding ground. The telco’s subscriber share dipped to 63.3% in Q1 2025, its steepest fall in over five years, as Airtel surged to 32.2% with nearly 25 million users.

Airtel’s network improvements and low call rates are translating into longer call durations and rising loyalty, especially among budget-conscious consumers. Despite leading in SMS and call volume, Safaricom’s grip is facing its most credible challenge yet. Read more.

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🚗 A Race against the Car Taxes 

By Fred Obura 

A quiet frenzy is unfolding at Kenya’s ports and showrooms, as car and motorcycle registrations surge ahead of a sweeping revision to import tax calculations. The Kenya Revenue Authority’s new pricing model, the first major update since 2019, will double taxes on popular used cars like the Suzuki Swift and Toyota Vitz, pricing many out of reach. While over 5,200 car models now fall under the updated tax matrix, local assembly remains modest, hinting at deeper policy contradictions. Read more.

Capital Markets 

📈 NSE Investors have a reason to smile…

NSE CEO, Frank Mwiti

Investor euphoria returned to the Nairobi Securities Exchange in the first half of 2025, as market capitalization surged by KSh 477 billion to cross KSh 2.4 trillion, levels not seen since the pre-slump days of 2022. It’s a bull run with vintage echoes, with the All Share Index rising over 24% and Kenya Power more than doubling in value. From Safaricom’s reclaimed trillion-shilling valuation to infrastructure stocks igniting a sectoral blaze, the rally is broad yet uneven—leaving agricultural and auto counters in the dust. Since November 2023, over KSh 1 trillion in wealth has been restored, feeding investor optimism and a new appetite for risk. Read more.

NSE Gainers And Losers

Source: NSE

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Opinion 

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