Insurance fraud is becoming more complex...

Good evening. It’s Brian from The Kenyan Wall Street.

These are our top financial stories today…

Insurance Fraud Is Becoming More Complex

By Fred Obura

Insurance is built on the promise that when something goes wrong, somebody will pay. In Kenya, that promise is becoming an increasingly expensive proposition as claims rise across the industry while the fraudsters themselves appear to be getting more imaginative about where the money can be taken. The latest figures point to a curious change in the character of the problem, with the old tricks giving way to premium diversions, insider theft and schemes whose details are harder to fit into a neat category. That raises a more uncomfortable question for an industry already dealing with heavy claims: how do insurers protect the pool of money when some of the pressure is coming from within the system itself? The answer matters well beyond insurance companies, because every shilling lost to fraud ultimately complicates the business of pricing risk, paying legitimate claims, and keeping cover affordable.

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Inside Tom Mulwa’s Rapid Rise to NSE Board Chair

By Harry Njuguna

Tom Mulwa arrives at the Nairobi Securities Exchange (NSE) with something the exchange could use: three decades spent dealing with the machinery of insurance, pensions, investment and risk. His appointment also comes at an interesting moment for the NSE, whose market value has improved but whose investor base and supply of new listings remain narrow. Mulwa’s ambition to push the number of Kenyan securities investors to nine million raises a bigger question about whether technology and easier access can turn ordinary Kenyans into more active owners of the market. His career at Liaison Group, which grew from an insurance brokerage into a regional financial-services group, gives him an unusual vantage point on how pools of institutional capital can be mobilised. But the real test of his chairmanship may be whether he can make the NSE feel less like a preserve of institutions and market professionals and more like a market ordinary Kenyans actually participate in.

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Tanzania Opens the Door to Foreign Bond Buyers

By Harry Njuguna

Tanzania is making a significant bet on foreign capital by opening its domestic government securities market to investors from anywhere in the world. The change comes as the government prepares to borrow more at home, raising the question of whether international investors can provide the deeper pool of demand Tanzania needs without exposing the country to the currency risks that come with more external borrowing. The timing is particularly interesting because the Bank of Tanzania is also introducing a sovereign yield curve, giving investors a clearer benchmark for what Tanzanian debt should cost across different maturities. For a domestic market dominated by pension funds, insurers and banks, bringing in global investors could change both who owns Tanzania’s debt and how that debt is priced. It is a quiet but consequential shift that could give Tanzania’s shilling debt market a much larger audience. 

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Market Analysis

Financial Breakdown : MTN Uganda Raises Dividend by 73%

By Harry Njuguna

MTN Uganda’s profit after tax rose 37.7% to a record Ush 367.49Bn in the half year ended June 2026.

• Despite profit before tax slipping 3.4% to Ush 525.09 Bn, as a sharply lower tax charge offset weaker underlying operating momentum.

• The comparison was distorted by the prior-year Ush 110.9 Bn transfer-pricing settlement, which had depressed H1 2025 earnings; on an adjusted basis, MTN had reported PAT of Ush 377.90 Bn last year, slightly above the latest result.

• The mix has shifted materially over time: data revenue has more than doubled from Ush 237.65 Bn in H1 2022, while fintech has risen from Ush 302.12 Bn, leaving voice as the slowest-growing major revenue line.

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