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Recent Topicals

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Progress of the Retirement Benefits Schemes in Kenya in Q1’2026

May 24, 2026

Kenya’s retirement benefits industry continued to demonstrate resilience and steady growth in Q1’2026, supported by continued implementation of the National Social Security Fund (NSSF) Act, 2013, improved contributions and favourable capital markets performance. The retirement benefits sector remains a critical pillar of Kenya’s financial system, serving both as a long-term savings vehicle for members and as a major source of long-term capital for the economy, contributing 16.1% of GDP as of December 2025. According to the latest Retirement Benefits Authority Industry Brief for December 2025, the Assets Under Management (AUM) increased by 24.6% to Kshs 2.8 tn from Kshs 2.3 tn. The performance was attributable to higher contributions from the NSSF Act, 2013’s raised limits and strong investment performance supported by a stable macroeconomic environment. According to the ACTSERV Q1’2026 Pension Sche...

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Unlocking Kenya’s Capital Markets

May 17, 2026

The most recent Nairobi Securities Exchange (NSE) Initial Public Offer (IPO) was in January 2026, when the Kenya Pipeline Company issued an IPO managing to raise Kshs 112.4 bn against the target of Kshs 106.3 bn, 105.7% success rate. This marked the end of an 11-year IPO drought at the bourse, with the previous IPO having been in 2015 when Stanlib Investments launched the first Real Estate Investment Trust (Fahari I-REIT) at the NSE. The issue raised Kshs 3.6 bn against a target of Kshs 12.5 bn, translating to a 28.8% subscription success rate. Currently, the bourse has 69 listed securities with a total market capitalization of Kshs 3.4 tn as at 15th May 2026. The bourse continues to be Safaricom-dominated, with Safaricom’s market capitalization of Kshs 1.2 tn equivalent to 35.3% of the entire market capitalization. Additionally, Safaricom (35.3%) and Banks (42.0%) make up 77.3% of the total bourse, leaving all other local sectors to share the remaining 22.7%, as of...

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Kenya Listed Banks FY’2025 Report

Apr 19, 2026

Following the release of the FY’2025 results by Kenyan listed banks, the Cytonn Financial Services Research Team undertook an analysis on the financial performance of the listed banks and identified the key factors that shaped the performance of the sector. For the earnings notes of the various banks, click the links below: Equity Group FY’2025 Earnings Note KCB Group FY’2025 Earnings Note Standard Chartered Bank Kenya FY’2025 Earnings Note ABSA Bank Kenya FY’2025 Earnings Note

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Kenya Mortgage Refinance Company (KMRC) Review 2026

Mar 29, 2026

The Kenya Mortgage Refinance Company (KMRC) is a non-deposit taking, public-private partnership (PPP) firm formed by the Government of Kenya and regulated by the Central Bank of Kenya (CBK). The primary mandate of KMRC is to ensure sustainable home financing in the country, by providing long-term funds to primary mortgage lenders (PMLs) such as; banks, microfinance institutions and SACCOs at low and fixed interest rates. KMRC was incorporated in April 2018 under the Companies Act 2015, and authorized by the CBK to begin lending operations in September 2020. In 2024, KMRC had managed to disburse Kshs 14.0 bn in mortgages. As a wholesale financial institution, KMRC does not take deposits nor lend directly to individuals. This strategic approach allows KMRC to concentrate on enhancing liquidity for primary mortgage lenders (PMLs) and fostering standardized lending practices in collaboration with governmental bodies and other stakeholders. The primary aim is to empower mortgage...

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Stablecoins and Their Potential Applications in Kenya’s Digital Economy

Mar 15, 2026

Kenya has established itself as one of Africa’s leading digital finance markets, driven largely by the rapid adoption of mobile money services and fintech innovation. Platforms such as M-Pesa and Airtel Money have transformed how individuals and businesses transact, making digital payments widely accessible and significantly improving financial inclusion. As digital financial infrastructure continues to evolve, new technologies are emerging that could further reshape the country’s financial ecosystem. One such innovation is stablecoins, a category of digital assets designed to maintain a stable value relative to an underlying asset, most commonly a fiat currency such as the US dollar. Stablecoins combine the efficiency and transparency of blockchain technology with price stability, enabling them to function as a potential medium of exchange, store of value, and settlement asset within digital financial systems. Globally, stablecoins have become an increasingly im...

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