Kenya's New Debt now rests on Local Lenders

Hello 👋🏽 It's Brian from The Kenyan Wall Street.

In today's newsletter,

• The proportion of local debt to external debt continues to widen

• There is a funding crunch at the Sports Ministry ahead of the AFCON tournament in 2027

Kenya's New Debt now rests on Local Lenders 

By Harry Njuguna  

Kenya added KSh 1.37 trillion to its public debt last year, but the real shift happened at home. With foreign repayments fresh in memory, the government turned decisively to domestic markets, pushing local institutions to absorb nearly 70% of new borrowing. Banks, pension funds, and insurance firms deepened their exposure, tightening the link between the sovereign and the financial system. By December, net domestic financing was already 87% of the full-year target, leaving little room to maneuver. The result is a quieter but more intimate risk: the state and its lenders now move more closely in step.

Read the full article here >>>>>

Will Hosting AFCON Pass the Fiscal Test?

By Brian Nzomo

Kenya has yet to pay its KSh 3.5 billion AFCON hosting fee, even as Uganda and Tanzania have quietly met theirs. The Sports Ministry’s request for a higher budget was rejected, leaving a clear signal from parliament: fiscal restraint takes precedence over football ambition. With less than two years to go, the country’s position as a co-host now feels precarious, a balancing act between international expectations and domestic budget realities. Infrastructure, logistics, and public confidence are all on the line, and even small missteps could echo loudly across the continent. The pitch may be green, but the financial footing is anything but.

Read the full article here >>>>>

Meta’s WhatsApp Changes Draw Monopoly Scrutiny

By Fred Obura

When the COMESA Competition and Consumer Commission opened a probe into Meta Platforms Ireland Limited, it turned a routine terms-of-service update into a question about power. An October change to WhatsApp Business appears to block outside A.I. tools from plugging into the app, while giving Meta’s own assistant privileged access. For Kenyan startups that rely on WhatsApp as their storefront, that shift could quietly redraw the map of who gets to innovate. The investigation is less about code than about control…who owns the digital marketplace that millions already depend on.

Read the full article here >>>>>

On Your Watchlist 

Can Kenya secure $2 Billion in investment in a single day? In this exclusive business interview, we sit down with John Mwendwa, CEO of Invest Kenya, to break down the ambitious roadmap for the Kenya International Investment Conference (KIICO) 2026.

Heads Up 

Partner Content 

Snapshots 

For timely and insightful market updates, follow our Whatsapp page here 

Upcoming Events : InvestKenya Announces the Upcoming Kenya International Investment Conference (KIICO) 2026

Taking place at the Radisson Blu Upper Hill on March 25, 2026, the 4th Kenya International Investment Conference (KIICO) 2026 is set to be the largest and most impactful investment promotion conference in Kenya’s history. Register here »»»»»

During KIICO 2026, Kenya will also host the 2nd COMESA Investment Forum on March 26 and the Africa Green Industrialization Initiative (AGII) on March 27th.

Read more about it here »»»»»

Today in History 

Keep up with what’s happening on our X and LinkedIn pages. Stay updated with the latest financial news on our website The Kenyan Wall Street.