Safaricom Group Net Income Rises 35.9% to KSh 58.2 Billion
Safaricom PLC has reported a strong half-year performance, with Group net income increasing by 35.9% to KSh 58.2 billion. The growth reflects improved performance in Kenya alongside a significant reduction in losses from its Ethiopian operation.
Safaricom Ethiopia continued to gain traction, recording a 71.6% increase in service revenue to KSh 10.6 billion. At the same time, EBITDA losses narrowed by 96.5% to KSh 434.4 million, bringing the operation closer to its targeted break-even by the end of the financial year.
The Ethiopian business remains an important part of Safaricom’s longer-term growth strategy.
M-PESA Revenue Crosses KSh 100 Billion in Half-Year Reporting Period
M-PESA has reached a major financial milestone, with revenue surpassing KSh 100 billion for the first time in a half-year reporting period.
Revenue grew by 13.6% to KSh 100.1 billion, reinforcing the mobile money platform’s position as one of Safaricom’s most important revenue drivers.
Safaricom Appoints Boniface Mungania as Chief Financial Services Officer
Safaricom has appointed Boniface Mungania as its new Chief Financial Services Officer, placing him in charge of the company’s financial services function, which includes M-PESA.
Mungania brings nearly two decades of experience at the telecommunications company. He joined Safaricom in 2007 as a Customer Care Representative and has since held several leadership positions, including Head of M-PESA Products and Services Development, Payments Tribe Lead and Director of Public Sector Digital Transformation.
Jubilee Holdings Appoints Juan Cazcarra as Group CEO
Jubilee Holdings has announced a leadership transition, with Group CEO Dr. Julius Kipngetich set to retire after serving in the role since 2018.
The Group has appointed Juan Cazcarra as his successor, effective 1 December 2026. Cazcarra joined Jubilee in July 2021 and has served as Deputy Group CEO since April 2025.
He brings more than 20 years of experience in the insurance industry, having worked across Europe, South East Asia and Africa.
KMRC Appoints Patrick Macharia to Its Board
The Kenya Mortgage Refinance Company (KMRC) has appointed Patrick Macharia as a Non-Executive Director.
Macharia currently serves as Chief Economist in the National Treasury’s Resource Mobilisation Department. His responsibilities include overseeing the planning, resource mobilisation and reporting of foreign-financed projects.
NCBA Revises Kenya’s 2026 GDP Growth Forecast to 4.8%
Kenya’s economic outlook and preparedness for 2027 took centre stage at the 11th NCBA Economic Forum, where discussions examined the country’s growth prospects, fiscal position and investment environment.
NCBA revised its 2026 GDP growth forecast downwards from 5.1% to 4.8%, citing global uncertainties and domestic fiscal pressures. The lender projects economic growth of between 4% and 5% in 2027.
Discussions at the forum centred on the importance of fiscal discipline, better debt management, affordable credit and increased investment in productive sectors. These issues will remain important as the country navigates its financing needs while seeking to sustain economic growth.
Nedbank Completes Acquisition of 66% Stake in NCBA Group
South Africa’s Nedbank Group has completed its acquisition of a 66% controlling stake in NCBA Group, making the Kenyan lender a subsidiary of the South African banking group.
Under the transaction, Nedbank issued 43.63 million new shares and made a cash payment to participating NCBA shareholders.
NCBA will retain its Nairobi headquarters, NSE listing, existing brand and local leadership. The arrangement therefore brings a change in majority ownership while preserving the bank’s local identity and presence in the Kenyan market.
The acquisition also gives NCBA access to Nedbank’s wider financial services network and capabilities across Africa.
NCBA Announces Board and Senior Leadership Changes
Following the completion of the Nedbank transaction, NCBA Group PLC has announced changes to its board and senior leadership.
The Group has appointed Michael Howard Davis and Anél Bosman as Non-Executive Directors. Both bring extensive experience from Nedbank Group, with Davis serving as its Chief Financial Officer and Bosman as Chief Executive of Nedbank Corporate and Investment Banking.
NCBA has also appointed Esther Wanjiku Kung’u as Group Company Secretary.
Treasury Bills Attract KSh 53.13 Billion in Bids
The Central Bank of Kenya received strong demand for Treasury Bills in the latest auction, with total bids accepted amounting to KSh 53.13 billion against an advertised KSh 28 billion.
This represents an overall subscription rate of approximately 190%. The 91-day Treasury Bill attracted the strongest demand, receiving bids worth KSh 34.46 billion.
Weighted average interest rates stood at 8.75% for the 91-day paper, 8.845% for the 182-day paper and 9.0282% for the 364-day paper.
Victoria Wealth Management Joins the NSE as a Trading Participant
Victoria Wealth Management Limited has joined the Nairobi Securities Exchange (NSE) as a Trading Participant.
The firm, a subsidiary of Victoria Commercial Bank, will facilitate the buying and selling of listed securities on behalf of clients. Its services also include investment advisory, portfolio management and corporate finance.
DTB Opens New Branch in Isiolo
Diamond Trust Bank (DTB) has opened a new branch in Isiolo, bringing its Kenyan branch network to 94 as it works towards a target of 100 branches by the end of 2026.
The expansion is intended to improve access to banking services for individuals, traders and businesses in underserved markets, particularly in northern Kenya.
Isiolo’s strategic position along the LAPSSET corridor, together with its role in trade and tourism, makes it an important location for expanding financial services.
Teenage Investors at the NSE Double
Financial literacy and participation in capital markets among young Kenyans are gaining momentum. A recent Business Daily report highlighted that the number of teenage investors at the Nairobi Securities Exchange has doubled, pointing to growing interest in investing among younger people.
Minors can participate in the market through junior CDS accounts managed by their parents or guardians. This creates an opportunity to introduce children to saving, investing and ownership from an early age.
This is why financial education should not wait until adulthood. Abojani’s next Finance for Teens Workshop is coming up, providing an opportunity for young people to build a practical understanding of money management, saving and investing, and develop healthier financial habits early in life.
KBA Continues Its #KBACEOChat Series with Two Bank CEOs
The Kenya Bankers Association (KBA) continued its #KBACEOChat series with two live Q&A sessions featuring Nancy Njau, CEO of Family Bank, and Michael Mutiga, CEO of Stanbic Bank Kenya.
One of the key takeaways from the conversations was that making money work better requires deliberate financial planning, disciplined money management and informed decisions about where funds are placed.
The discussions also highlighted the importance of accessible and affordable financing in supporting individuals and businesses. Access to appropriate financing can create opportunities for growth, but borrowers also need to understand the purpose, cost and repayment implications of the funds they take on.
The next #KBACEOChat session takes place on Friday, 13 November 2026, featuring Rebecca Mbithi, Managing Director of Ecobank Kenya Limited.
The conversation will focus on “Discovering and Financing the Business of Tomorrow”, exploring how the business landscape is changing and the role of financing in supporting enterprise growth.
Register here: https://chat.kba.co.ke/
Coming Up: The 6th Abojani Economic Empowerment Conference
Preparations are underway for the 6th Abojani Economic Empowerment Conference 2026, scheduled for 21 November at the Radisson Blu Hotel, Upper Hill, Nairobi.
Under the theme “Invest Intelligently,” the conference will bring together investors, industry leaders, entrepreneurs and financial experts to explore emerging investment opportunities, navigate changing economic conditions and discuss practical ways to position and grow wealth.
The conversations will focus on helping participants make more informed investment decisions in an evolving financial environment.
We look forward to welcoming you!
CEO & Co-Founder, Abojani Investment
Robert Ochieng is a visionary entrepreneur and the co-founder of Abojani Investment, a leading financial education platform in Kenya that has empowered over 20,000 Africans to embark on their investment journeys. As CEO, he has demonstrated an unwavering commitment to financial literacy, successfully demystifying money and investments and making them accessible and relevant to individuals from all walks of life.
Running Thriving Investment Communities
Robert’s influence extends well beyond Abojani Investment’s core offerings. He has actively fostered a sense of community by running investment forums and groups with a vast following of over 300,000 Africans. These communities provide a safe space for individuals to exchange ideas, share experiences, and support each other on their investment journeys.
Vision for the Future
As co-founder of Abojani Investment, Robert envisions a financially empowered Africa. He strives to expand the reach of his financial education initiatives, enabling millions more to gain the knowledge and confidence needed to achieve their financial goals. His vision is to create a society where every individual has the tools and understanding to build lasting wealth and prosperity.
Professional Background
Robert Ochieng is a highly accomplished CEO at the helm of Abojani Investment, an investment and advisory firm in Kenya. He is a seasoned professional with over 14 years of experience in IT, Finance, and leadership.
His career includes key roles at prominent institutions such as Equity Bank, Gulf African Bank, Guaranty Trust Bank (GTBank) and Airtel.
Robert’s expertise has also been sought after by the National Treasury for consultancy on planning and budgeting systems, showcasing his exceptional knowledge and skills in the field. Passionate about driving meaningful conversations and collaborations between academia, industry, and the public sector, Robert actively engages in research projects focusing on digital transformation within the financial services sector. With his visionary leadership and strategic insights, Robert Ochieng continues to make a significant impact in the business world.
