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Analysis

Long-term goals focus on boosting Nairobi’s position as one of the continent’s key financial centres
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Kenya’s blueprint for broad-based economic development is its Vision 2030 document, which outlines a series of long-term goals and how they will be reached. One of the key elements of the plan is turning Nairobi into a financial centre for the East Africa region. The Capital Markets Authority, the government regulator, has developed a Capital Market Master Plan, a detailed roadmap for the sector,…

Analysis

Manufacturing
OBG
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The Company East African Breweries Limited (EABL), Diageo’s brewing powerhouse, is the leading producer of alcoholic beverages in the East African region and the second-largest listed company on the Nairobi Securities Exchange by market capitalisation (KSh229bn, $2.6bn). With operations in Kenya, Uganda and Tanzania, 42.8% of EABL is owned by Diageo Kenya, 4.6% by Diageo Holdings Netherland’s…

Analysis

Banking
OBG
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The Company Equity Bank, founded in 1984 as a building society, is currently the largest bank in Africa by customer numbers with 8.4m clients. The bank is 24.5% owned by Helios Investment Partners Holdings, and it has a strong regional presence, operating in Kenya, Uganda, Rwanda and Tanzania. Equity Bank has 186 branches and 10,000 agents. In Kenya, the bank has a market share of 16.6% of total…

Analysis

Transport
OBG
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The Company Kenya Airways (KQ) is the largest airline in East Africa by seat capacity, and the fourth largest in Africa behind market leaders South African Airways, Ethiopian Airlines and EgyptAir. It is currently managed through a public-private partnership with the government of Kenya holding 29.8%, KLM owning 26.7% and more than 40% traded on the major bourses of Kenya, Uganda and Tanzania. KQ…

Analysis

Utilities
OBG
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The Company THE COMPANY: Kenya Power is a monopoly player in Kenya’s energy sector. Its core business activities include the transmission, distribution and retail of electricity purchased in bulk from Kenya Electricity Generating Company (KenGen, 70%) and independent power producers (IPPs, 30%). The company is largely owned by the government of Kenya with a controlling stake of 50.1% while private…

Analysis

Telecoms
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The Company Safaricom is the leading mobile network operator in Kenya with 68% market share of total mobile subscribers in the country. It controls 79% of voice traffic and 96% of mobile text messages. The company is the largest listed entity on the Nairobi Securities Exchange by market capitalisation, representing 25% of the market. It is 40% owned by the Vodafone Group of the UK and 35% owned by…

Analysis

The government finalises its foreign currency bond sale
OBG
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A major highlight for Kenya’s capital markets sector in 2014 was the government’s first foreign currency bond sale in June 2014. Successfully issuing the two tranches of a eurobond on June 16, 2014, Kenya joined a select list of sub-Saharan countries that have sold foreign-currency-denominated debt, including Nigeria, Ghana, Zambia, Rwanda and South Africa. The issue raised $2bn from international…

Analysis

Takaful products are set to secure livestock
OBG
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As Islamic financial products become increasingly popular in Kenya’s financial landscape, sharia-compliant agricultural insurance offerings are poised to make a significant impact on food security in the country. Kenya’s sole takaful provider has witnessed strong growth since its inception in 2011, setting a precedent for future expansion. Islamic finance, which adheres to religious principles…

Analysis

Diversification into new lines and expansion into new markets underpins growth
OBG
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Insurance activities in Kenya have seen rapid expansion over the past decade, with the sector consistently witnessing double-digit growth. This is expected to continue on the back of overall economic expansion, a burgeoning middle class, untapped potential within the life insurance segment and new opportunities for project insurance. While hampered by low penetration and fraud, the country’s potential…

Analysis

Transmission upgrades are under way to curb power cuts
OBG
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Sub-Saharan Africa is no stranger to power cuts – the World Bank estimates that outages cost businesses in the region 20% of sales. Kenya is no exception to the rule, where businesses and manufacturers account for 60% of electricity demand. The Kenya Private Sector Alliance (KEPSA), an organisation that advocates for improvements to the business environment, estimates power outages reduce sales by…