Winners and Losers in Kenya’s Slow Rebound...

I am Brian from The Kenyan Wall Street…

In today's newsletter edition, CEOs in Kenya are split in their expectations as the country's economy slowly recovers. Meanwhile, a new survey from TransUnion shows how Kenyans are juggling their finances even as they shrink as days go by…

Winners and Losers in Kenya’s Slow Rebound

A CBK survey shows tech and farms thrive while hospitals and factories are left choking. 

By Fred Obura

The Kenyan economy is finally catching its breath, but not everyone is breathing easy. A new CBK survey of CEOs sketches a two-speed recovery: fields and fintech buzzing, while factories and hospitals gasp for air.

Manufacturers speak of razor-thin margins eaten away by energy bills and taxes, with demand too weak to justify bold bets. In the health sector, hospitals complain of bills piling higher than patients, as government arrears and fading donor funds squeeze liquidity.

Yet elsewhere, optimism is rising. Agriculture is riding the good rains, tourism buoyed by arrivals, ICT riding its digital wave. The survey, in other words, is less a tale of collapse than of a recovery that feels uneven, fragile, almost selective. The warning is clear, without relief for sectors that anchor jobs and human capital, the economic rebound may remain more mirage than miracle. Read more here >>>>>

Banking & Credit

The Fragile Optimism of the Household Ledger

By Brian Nzomo 

Kenyan households are humming with cautious hope, imagining paychecks that might stretch a little further in the months ahead. Yet, behind that optimism lies a trail of unpaid bills, credit juggling, and a nervous glance at the price of maize flour. 

Inflation may have slowed on paper, but in kitchens and kiosks, it still eats away at every shilling. Generational divides run deep: the young lean on digital loans, the middle-aged cling to savings, and the older ones rely on pensions that feel thinner each month.

Big-ticket purchases are being postponed, even small indulgences such as airtime, data, a weekend treat. It's a story of resilience laced with fragility, of optimism that glimmers even as the household ledger groans. Read more here >>>>>

StanChart Bank Profits in H1 Drop by 21%

By Harry Njuguna

Profits shrank, margins thinned, and trading gains lost their spark in StanChart’s half-year results. Even as income faltered, the dividend stood tall.

Here is how the bank performed:

🔴 Profit before tax fell 21% to KSh 8.09Bn.

🔴 Operating income dropped 15% to KSh 22.1Bn, reflecting a 29% fall in non-interest income and a 7% dip in net interest income.

🟢 Customer deposits rose 5% to KSh 290.6Bn.

🟢 The bank kept its interim dividend of KSh 8 per share intact.

Read the full financial analysis here »»»»»

Capital Markets 

Bond Fever : CBK On the Market Again…

By Harry Njuguna 

The Central Bank of Kenya is back in the market, this time with a smaller tap sale after last week’s frenzy left billions on the table. Investors are chasing long-dated, tax-free infrastructure bonds with the kind of hunger usually reserved for IPOs. The offer is capped at KSh 50 billion and will operate on a first-come, first-served basis. It’s a test of just how deep this appetite runs, or whether last week’s record oversubscription was the peak. Read more »»»»»

Kakuzi’s H1 Profits Slump By 15%

By Harry Njuguna

Avocados did not perform well, macadamias soared, and blueberries finally pulled their weight. Kakuzi’s half-year numbers read like a produce aisle in flux. Profit is down but the cash is up…

Here is the the financial breakdown:

🟢 Sales climbed to KSh 1.51 billion, a 28.6% jump from last year.

🔴 Net profit, however, slipped 14.9% to KSh 295.5 million.

🔴 Avocado revenue fell hard, dropping to KSh 395 million, less than half of what it was a year ago.

🟢 Macadamias, by contrast, delivered KSh 319 million in profit, a tenfold leap.

🟢 The real surprise sits in the cash drawer, which swelled to KSh 890 million, a staggering 583% increase.

Read full financial analysis here >>>>>

OPINION : Insights on the August Infrastructure Bond’s Oversubscription

By Parminder Kaur Umesh

The August auction of long-dated infrastructure bonds was not just oversubscribed, it was a stampede. Investors were lured by fat tax-free yields and the rare promise of real returns, something inflation hasn’t managed to erode. The Central Bank, for its part, kept a firm hand on the tiller, taking less than a third of the offers to steady rates. That discipline is laudable, but it doesn’t erase the risks of piling public debt higher while private credit thins. The question isn’t whether investors still want these bonds, but whether Kenya can afford their affection. Read this piece here »»»»»

NSE Gainers & Losers 

INSIGHT : Carving Up the Leviathan

By Fred Obura

The government wants Kenyans to weigh in before it auctions off chunks of the national cupboard, from pipelines to rice mills. The new Privatization Bill promises transparency, but history has taught the public to squint at such assurances. Proponents dream of leaner state firms, smaller debts, and a bustling stock exchange listings. Skeptics warn of fire sales, lost jobs, and the quiet transfer of public treasures into private hands. Court battles are already nipping at the plan’s heels, proving the politics of privatization is as volatile as the assets themselves. By week’s end, citizens will have their say, but whether they’ll be heard is another question entirely. Read more »»»»»

Also Read 

Stories you missed 

♦️ Tourism. Kenya has appointed a 23-member taskforce to overhaul the “Magical Kenya” brand and position the tourism sector for growth and record revenues

♦️ Companies. Liberty Kenya Holdings Plc has reported a sharp decline in profit for the first half of 2025 as underwriting losses from higher motor and medical claims weighed on the listed financial services provider.

♦️ Public Policy. As divorce cases continue to rise in Kenya, legal experts have warned that couples trapped in harsh prenups should not expect the courts to bail them out

♦️ Sustainability. Kenya is set to host a new Africa Center of Excellence in Sustainable Transport, headquartered in Nairobi and supported by the University of California, Davis.

♦️ Mobility. Ride-hailing platform Bolt has launched a first-of-its-kind dash cam in Kenya in collaboration with AI-based mobility tech firm Driver Technologies.

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