Author: Korir Issa

Absa Bank Uganda has entered into a definitive agreement to acquire the Wealth and Retail Banking (WRB) business of Standard Chartered Bank Uganda. In a market update issued Friday, Absa Group confirmed that the acquisition aligns with its broader ambition to deepen its footprint across the continent and enhance its retail and wealth management offerings. Seamless Transition for Clients and Staff Under the terms of the deal, all WRB clients and staff from Standard Chartered Uganda will transition to Absa Bank Uganda. The acquisition is expected to deliver greater convenience, broader service offerings, and improved value to customers. “This transaction…

Kenya’s usable foreign-exchange reserves surged to an all-time high of USD 12.07 billion (KSh 1.56 trillion) in mid-October 2025, marking the highest level ever recorded since the Central Bank of Kenya (CBK) began weekly disclosures. This milestone follows a USD 1.36 billion (KSh 176 billion) build-up in the first two weeks of October, driven primarily by proceeds from the government’s latest Eurobond issuance. Eurobond Proceeds Drive Reserve Surge The October 2025 Eurobond raised USD 1.5 billion (KSh 194 billion) across seven- and twelve-year tranches.  CBK data show the following reserve trajectory: October 2: USD 10.72 billion (KSh 1.39 trillion) October…

Mi Vida Homes has transitioned to full local ownership following a management-led buyout from UK-based investor Actis and Indian conglomerate Shapoorji Pallonji for the Nairobi-based residential developer. Strategic Exit by Actis and Shapoorji Pallonji The value of the transaction Share Purchase Agreement (SPA) remains undisclosed and is subject to regulatory approvals. The buyout marks the first time Mi Vida Homes has been fully locally owned since its founding in 2018, when Actis and Shapoorji Pallonji launched the platform to deliver green, affordable, and mid-market housing built to institutional standards. “Today, with a strong balance sheet, a diversified capital base, and…

Mauritius-based private equity firm Adenia Partners has received regulatory clearance from the Competition Authority of Kenya (CAK) to acquire 100% of Minet (Mauritius) Holdings Ltd through its investment vehicle, Bima Holdings Ltd. The unconditional approval allows Adenia to expand its footprint in Kenya’s financial services sector, marking its first entry into insurance brokerage and pension administration. Minet Kenya, the local arm of the pan-African insurance group, holds approximately 6% of the general insurance brokerage market, less than 1% in long-term insurance, and 4.89% in pension administration, according to CAK. “The proposed transaction is unlikely to substantially lessen or prevent competition…

Kenya has finalised a currency conversion deal with China for its Standard Gauge Railway (SGR) loans, a strategic move expected to save the country approximately $215 million (Ksh27.79 billion) annually in debt servicing. The announcement was made by Treasury Cabinet Secretary John Mbadi, who confirmed that the government successfully converted part of its Chinese railway debt from U.S. dollars to Chinese yuan (renminbi) following bilateral talks. “Presently, our debts are so concentrated in one currency, in dollar terms, especially external debts,” Mbadi told Bloomberg. “We are trying to spread that risk by diversifying currencies.” Currency Diversification Strategy The conversion is…

The Central Bank of Kenya (CBK) has lowered its benchmark lending rate by 25 basis points to 9.25%, citing room for further monetary easing amid stable inflation and resilient economic performance. In its Monetary Policy Committee (MPC) meeting held on October 7, 2025, the CBK announced the reduction of the Central Bank Rate (CBR) from 9.50% to 9.25%, marking the eighth consecutive rate cut. “The Monetary Policy Committee (MPC) decided to lower the Central Bank Rate (CBR) by 25 basis points to 9.25 percent from 9.50 percent,” the CBK said in its statement. The Committee noted that the move is…