The award was presented during the Africa Forum on Displacement 2025, held in Nairobi, in acknowledgment of Dr. Mwangi’s leadership in redefining access to banking and economic empowerment for refugees and their host communities.

Organisers hailed him as a transformative figure who has “reimagined financial systems to empower the underserved,” providing scalable and sustainable banking solutions where they were most needed.

Presenting the award, Nancy Aburi, UNHCR’s Chief of Private Sector Partnerships Africa, praised Dr. Mwangi’s inclusive leadership:

“There are leaders who serve markets and those who expand them. Dr. James Mwangi has done both, and more. Where most saw challenges, he saw opportunity. Equity Bank became the first commercial bank in Africa to step boldly into the displacement space.”

In his acceptance speech, Dr. Mwangi humbly dedicated the award to the wider Equity ecosystem, partners, and displaced communities themselves:

“This award is not for me. It is for Equity Group Foundation, Equity Bank, and the millions of refugees and partners working together to give displaced persons dignity, opportunity, and the chance to transform their lives. You don’t do good to be appreciated. You do good because it’s the right thing to do.”

The UNHCR Visionary Award honours individuals whose work exemplifies courage, empathy, and innovation in solving complex humanitarian issues. Dr. Mwangi’s recognition reflects his lifelong commitment to equitable development — informed by both his personal journey and professional mission.

Under his stewardship, Equity has pioneered financial inclusion initiatives that provide working capital, promote small enterprises, and support long-term livelihoods for displaced populations. These interventions have significantly improved quality of life in refugee-hosting regions across Africa.

The award was bestowed at the Solutions Gala Dinner, hosted by the Africa Forum on Displacement’s co-convenors: UNHCR, the Amahoro Coalition, and Inkomoko — all key players committed to sustainable solutions for refugees, internally displaced persons, and stateless communities on the continent.

Dr. Mwangi’s achievement marks a defining moment in the role of the private sector in humanitarian response, showcasing how visionary leadership can drive meaningful, lasting change for those most in need.

Kenya Railways Corporation on Thursday morning announced the suspension of its commuter rail services to Lukenya and Syokimau due to a blockage on the railway line at Mukuru.

In an official statement, the corporation confirmed that the obstruction had rendered the tracks impassable, forcing the temporary cancellation of the morning commuter link trains on both routes.

“Kindly note that owing to a blockage of the line at Mukuru, the morning link trains to Lukenya and Syokimau will not run,” the statement read.

The disruption significantly impacted early morning commuters who depend on the Nairobi Commuter Rail for timely and cost-effective travel from the city’s outskirts to the central business district. As of Thursday morning, no alternative transport arrangements had been provided.

Efforts were already underway at the site, with Kenya Railways dispatching a technical team to assess and clear the obstruction.

“Our team is on the ground working to ensure that normal services are restored as soon as possible,” the corporation assured.

Despite the inconvenience, Kenya Railways did not provide an estimated timeframe for service resumption but promised to keep the public informed through its official communication channels.

“We sincerely apologise for any inconvenience caused and will notify you once normal services resume,” the statement added.

The Lukenya and Syokimau lines form a critical part of Nairobi’s commuter transport system, serving thousands of daily passengers. The unexpected suspension underscores the vulnerability of urban transit systems to infrastructure-related disruptions.

Commuters are advised to monitor Kenya Railways’ platforms for real-time updates on service restoration.

In an official statement, KCB confirmed that the Central Bank of Kenya (CBK) approved the deal on April 4, 2025, in accordance with Section 13(4) of the Banking Act. This was followed by a green light from the Cabinet Secretary for the National Treasury and Economic Planning on April 10, 2025, under Section 9 of the same Act.

Transaction Timeline and Legal Framework

The proposed sale—initiated in March 2024—has since undergone a rigorous due diligence process. KCB and Access Bank have worked closely with regulators and shareholders to meet all legal, procedural, and compliance standards.

As part of the deal structure, the CBK also approved the transfer of certain NBK assets and liabilities to KCB Bank Kenya Limited. This transfer was similarly approved by the National Treasury and is also governed by Section 9 of the Banking Act.

CEO Paul Russo: “A Significant Milestone”

Commenting on the development, KCB Group CEO Paul Russo said:

“The CBK approval marks a significant milestone towards the completion of this transaction. Both Access Bank and KCB Group continue to engage to ensure a successful completion.”

Russo emphasized that NBK remains a fully owned subsidiary of KCB Group for now, with no immediate changes to the organizational structure or operations.

Commitment to Seamless Customer Experience

KCB has assured customers and stakeholders that service continuity will be maintained throughout the transition phase. All NBK operations will continue as usual until the transaction reaches full completion.

“Our commitment to customers remains unwavering. Service delivery will continue uninterrupted during this transition,” KCB stated.

Strategic Impact on Regional Banking

The sale is seen as a strategic move to strengthen regional banking synergies, allowing Access Bank to expand its footprint in East Africa, while KCB continues to focus on consolidating its core operations and strategic investments.

Once finalized, the transaction is expected to reshape the landscape of cross-continental banking in Africa, connecting West and East Africa through enhanced financial infrastructure and shared expertise.

In a statement issued on April 11, 2025, KCB announced that the new rate will apply to new loans starting immediately, while existing borrowers will see changes from May 11, 2025.

“This move is intended to provide more affordable credit and stimulate economic activity across the country,” the bank stated.

The revised base rate will affect only loans denominated in Kenyan shillings, and the final cost for individual borrowers will still vary based on KCB’s Risk-Based Credit Pricing Model, which considers each customer’s credit risk profile.

CBK Eases Monetary Policy Amid Improving Indicators

The decision by KCB comes just days after the CBK’s Monetary Policy Committee (MPC) lowered the Central Bank Rate (CBR) by 75 basis points to 10.00%, citing improving macroeconomic indicators and a stable inflation outlook.

“Overall inflation is expected to remain below the midpoint of the 5 ± 2.5% target range in the near term,” the MPC noted.

In support of its easing policy stance, the CBK also:

• Narrowed the interest rate corridor around the CBR from 150 to 75 basis points.
• Aligned the Discount Window rate to the new upper limit of the corridor — now 75 bps above the CBR.

These technical changes are aimed at enhancing the stability of interbank lending rates and improving monetary policy transmission to commercial banks and borrowers.

Lending Rates and Credit Uptake in Focus

According to CBK data, average lending rates in Kenya had already declined from 17.2% in November 2024 to 15.8% in March 2025. However, private sector credit uptake has remained weak, with only a 0.2% increase in March following a contraction in February.

KCB’s move is expected to pressure other commercial banks to follow suit, increasing competition in the credit market and widening access to cheaper loans for households and businesses alike.

The acquisition, which is pending regulatory approval, aligns with KCB’s strategy to drive digital transformation by enhancing its micro, small, and medium enterprise (MSME) offerings. The bank aims to provide seamless transaction and payment services, instant digital lending, business management tools, and non-banking solutions such as business training and marketplace access for customers.

Strengthening Digital Capabilities and Fintech Partnerships

This strategic move will enable KCB to integrate its banking solutions with fintech platforms, offering services such as virtual wallets, payment APIs, and an interconnected agent banking network. By consolidating these services, KCB seeks to enhance customer experience and expand its reach within the digital finance space.

KCB Group has maintained a 12-year partnership with Riverbank Solutions, making this acquisition a natural progression in strengthening their collaboration. The Group’s Secretary, Bonnie Okumu, stated:

“We are delighted to announce that, as of March 24, 2025, we have signed an agreement to acquire 75% of the issued shares in Riverbank Solutions Limited. This acquisition aligns with our commitment to enhancing payment solutions for the benefit of our customers.”

Regulatory Approvals and Future Prospects

The transaction is subject to approval from the Central Bank of Kenya (CBK) and the Competition Authority of Kenya (CAK). Once finalized, Riverbank Solutions will operate as a subsidiary of KCB Group, reinforcing the bank’s position in the fintech sector.

KCB has enlisted KCB Investment Bank Limited and IKM Advocates as transaction advisors to navigate the legal and financial intricacies of the acquisition.

Riverbank Solutions: A Fintech Leader in Kenya

Riverbank Solutions is a prominent financial technology firm providing software and digital payment solutions to banks, microfinance institutions, retailers, and manufacturers. Its offerings include secure mobile payment systems, point-of-sale (POS) solutions, switching services, and embedded financial technologies. Additionally, the company develops advanced card solutions, including contactless, magnetic stripe, and chip-based payment cards tailored to business needs.

Having worked closely with Riverbank Solutions for over a decade, KCB Group is confident in the fintech firm’s ability to enhance its digital banking capabilities. Okumu added:

“Riverbank Solutions is an excellent fit for our business, and we believe this acquisition will add significant value to the Group.”

This acquisition marks a significant milestone in KCB’s digital transformation journey, reinforcing its commitment to innovation and seamless banking solutions for its customers.

The impressive growth was fueled by strong revenue expansion across all business segments, despite prevailing economic challenges.

Key Financial Highlights

• Total revenue: Sh204.9 billion (+24.0%), driven by higher interest income and forex trading earnings.
• Balance sheet size: Sh1.96 trillion, supported by a strong deposit base and a stable loan portfolio.
• Customer deposits: Sh1.4 trillion.
• Customer loans and advances: Sh990.4 billion.
• Net interest income: +28.0%.
• Non-funded income (fees, commissions, forex): 33.0% of total revenue.
• Operating expenses: Sh92.9 billion (+11.8%), attributed to staff costs, technology investments, and inflation.
• Provisions for expected credit losses: -11.0%, aided by the appreciation of the Kenyan Shilling and successful loan recovery efforts.
• Gross non-performing loans (NPLs): Sh225.7 billion, with an NPL ratio of 19.2%.
• Return on equity (ROE): Improved from 17.8% to 24.6%.
• Total equity: Sh274.9 billion (+20.8%).

Leadership Insights

Releasing the results in Nairobi, KCB Group CEO Paul Russo reaffirmed the bank’s commitment to sustainable growth and long-term value creation.

“This strong performance underscores our strategic focus on delivering value for our customers, shareholders, and stakeholders. We are leveraging technology and optimizing customer-centered solutions to drive growth across the markets we operate in,” Russo stated.

He emphasized the bank’s drive toward innovation:

“Our priority is ensuring we have fit-for-purpose technology that provides seamless, reliable, secure, and innovative banking solutions.”

Subsidiaries’ Contribution and Strategic Outlook

KCB’s regional subsidiaries, excluding KCB Bank Kenya, contributed 34.9% of total assets and 30.3% of profit after tax, highlighting the bank’s growing footprint beyond Kenya.

Chairman Dr. Joseph Kinyua expressed optimism about KCB’s future performance, citing a projected economic recovery driven by key service sectors, agriculture, increased private sector credit growth, and improved exports.

“We are excited about the strong profits across all entities and optimistic about economic growth in the coming year. Our focus remains on preserving capital and cost containment for long-term sustainability,” Kinyua said.

Dividend Payout

The Board has proposed a final dividend of Sh1.50 per share, bringing the total dividend for 2024 to Sh3.00 per share, amounting to Sh9.6 billion, pending shareholder approval.

With strong capital buffers and continued strategic investments, KCB Group remains well-positioned for sustainable growth and long-term success in the Kenyan and regional banking industry.

The energy retailer confirmed that the restructuring initiative is designed to enhance sales, optimize operational costs, and ensure long-term sustainability.

“Over the past year, OLA Energy Kenya implemented a rescue action plan featuring multiple initiatives to reverse the company’s trajectory. These measures include increasing sales and reducing costs,” the company stated.

Despite these efforts, the company acknowledged the need for further intervention, citing difficulties in sustaining its current fixed costs. As a result, it has opted to implement a redundancy program—a decision made with deep regret.

“Due to ongoing financial constraints, OLA Energy Kenya finds it increasingly difficult to maintain its current cost structure. Consequently, we must take the necessary step of executing a redundancy program,” the company added.

While job losses are an unfortunate outcome, OLA Energy Kenya reassured employees and stakeholders that the process would be carried out in full compliance with Kenyan labor laws, with a commitment to fairness and sensitivity toward affected workers.

The restructuring plan is set to unfold over the next five years, positioning OLA Energy Kenya for sustainable growth in the competitive energy sector.

OLA Energy operates in 17 countries, managing over 1,300 service stations and 60 fuel terminals. The company also supplies fuel to more than 54 airports across Africa, including Jomo Kenyatta International Airport (JKIA).

Speaking in Nairobi on Tuesday, March 4, during a meeting with the Kenya Editors Guild, Kenya Power Managing Director Joseph Siror acknowledged that consumers had been enjoying a reprieve in electricity costs due to the strengthening of the Kenyan shilling against the US dollar. He explained that the stronger currency had significantly lowered pass-through costs, easing financial pressure on power bills.

Temporary Relief in Power Costs

According to Siror, the base electricity tariff has dropped from Ksh19.04 per unit in 2023 to Ksh17.94 per unit in 2024, a development that has been welcomed by both domestic and industrial consumers.

“This has added to the gains from the decline in the base energy cost following a review of the electricity tariff in April 2023, which put in place a three-year tariff structure. So far, the base tariff has dropped from Ksh19.04 per unit in 2023 to the current Ksh17.94,” he stated.

While this decline signals a positive trend, Siror emphasized that the relief could be short-lived if new wayleave fees are imposed on electricity infrastructure.

Impending 30% Electricity Price Surge

Siror revealed that Kenya Power operates and maintains over 319,000 kilometers of power lines across all 47 counties, ensuring electricity supply to millions of homes and businesses. However, under a new proposal, the Nairobi County Government and other stakeholders are pushing to introduce wayleave charges on power lines, which could have devastating financial implications.

“Under the proposal to charge wayleaves on electricity infrastructure at a cost of Ksh200 per meter, this translates into KShs.63.8 billion per year,” Siror explained.

This additional cost would inevitably be passed on to consumers, pushing up electricity prices by as much as 30%.

“The overall impact is that electricity will become unaffordable for the majority of Kenyans,” he warned.

Economic and Industrial Ramifications

If implemented, the wayleave charges will not only affect household electricity bills but also have far-reaching consequences for businesses and industries that rely on affordable power. Increased electricity costs could cripple manufacturing, raise production costs, and ultimately lead to higher prices of goods and services.

Additionally, the increased power costs could slow down economic growth and deter investors who depend on stable and cost-effective energy supply. Kenya’s industrial sector, which has been pushing for lower energy costs to enhance global competitiveness, could suffer a significant setback.

Call for Policy Review and Stakeholder Engagement

Siror called on policymakers and relevant authorities to reconsider the move, warning that burdening consumers with additional electricity costs would be counterproductive to the country’s development goals. He urged for a collaborative approach to finding a balanced solution that ensures sustainable revenue collection while keeping electricity affordable for all Kenyans.

As the debate over wayleave charges continues, consumers and businesses will be watching closely to see whether the government will intervene to prevent a surge in electricity prices.

Government’s Second Eurobond Buyback

This marks Kenya’s second Eurobond buyback, following the first in February 2024, when the government repurchased $1.48 billion (Ksh.191.9 billion) of the 2014 Eurobond, just four months before its maturity. That buyback was funded through a new seven-year bond worth $1.5 billion (Ksh.194.5 billion).

Bond buybacks allow governments to retire outstanding debt before maturity, reducing future repayment burdens and stabilizing the economy.

Breakdown of the 2019 Eurobond

Kenya’s 2019 Eurobond was issued in two parts:

• A seven-year $900 million tranche (Ksh.116.7 billion) at an interest rate of 7%
• A 12-year $1.2 billion tranche (Ksh.155.6 billion) at an interest rate of 8%

These bonds were structured for amortized repayments, requiring the government to pay $300 million (Ksh.38.9 billion) annually in 2025, 2026, and 2027. The first installment was due in May 2024.

Treasury’s Plan to Manage External Debt

Announcing the buyback, the National Treasury emphasized its commitment to proactive debt management.

“The Republic is making the offer, in conjunction with the offering of the new notes (new Eurobond), as part of the proactive management of Kenya’s external indebtedness, specifically to smooth out the maturity profile of the notes,” the Treasury stated.

By executing this $900 million buyback, Kenya will avoid the scheduled May 2024 repayment, easing financial strain amid rising domestic and external debt obligations.

Buyback Pricing & Investor Incentives

Regulatory filings show that the buyback will target the entire outstanding $900 million (Ksh.116.45 billion) of the seven-year tranche. The repurchase price is set at $1,002.50 per $1,000 bond unit—offering an attractive incentive to bondholders.

Additionally, existing 2019 bondholders will receive priority access to the new Eurobond issuance, allowing them to roll over their investments into a longer-term security.

“When considering allocations of any new notes (the new Eurobond), the Republic intends to give preference to those noteholders who, before such allocation, have tendered, or indicated their firm intention to tender, the notes (the 2019 Eurobond),” the Treasury confirmed.

Kenya’s Eurobond Strategy & Debt Management

This buyback follows Kenya’s latest $1.5 billion (Ksh.194.09 billion) Eurobond issuance in February 2024, which was used to repurchase a portion of the 2014 bond.

By strategically managing its external debt through buybacks and refinancing, the government aims to smooth its repayment schedule, reduce financial risks, and ease pressure on public finances.

As Kenya continues navigating its debt obligations, the latest Eurobond strategy signals a commitment to fiscal discipline, investor confidence, and long-term economic stability.

Treasury PS: All Transactions Follow Due Process

In a statement on Sunday, National Treasury Principal Secretary Chris Kiptoo dismissed the claims, emphasizing that all financial transactions adhere to strict legal and financial scrutiny.

“Every transaction undergoes due diligence and approval by the Controller of Budget, ensuring full compliance with public finance regulations. At no point has public money been lost or misappropriated,” Kiptoo stated.

He further explained that the government is automating the Exchequer system to improve efficiency and financial oversight.

Automation to Strengthen Financial Oversight

The Treasury, in collaboration with the Central Bank of Kenya (CBK) and the Controller of Budget (CoB), launched a major reform initiative on July 1, 2024, aimed at digitizing the Exchequer process.

The move is expected to:
Improve accountability
Reduce processing time
Strengthen financial oversight

However, some transactions—including debt payments, county allocations, the Judiciary Fund, and the Equalisation Fund—still require separate approval processes and are yet to be fully integrated into the digital system.

“These transactions were not included in the first phase of automation due to their distinct approval processes. Full integration is expected by the end of the 2024/25 financial year,” Kiptoo clarified.

Treasury Reaffirms Commitment to Transparency

Kiptoo reiterated the government’s commitment to prudent financial management, stating that once the Treasury receives the official Controller of Budget report, a detailed response will be provided.

“The National Treasury remains committed to transparency, accountability, and safeguarding public resources in line with its mandate,” he affirmed.

Digital Transformation in Public Finance

As part of ongoing financial reforms, all National Government Ministries, Departments, and Agencies (MDAs) have successfully transitioned to the automated Exchequer system. This ensures that all Exchequer requests and approvals by the Controller of Budget are processed digitally, enhancing efficiency and oversight.

The Treasury’s assurance comes amid heightened public interest in government expenditure, financial reforms, and accountability in Kenya. As the 2027 General Election approaches, transparency in public finance remains a critical issue for both the government and the electorate.