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Recent Topicals

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Nairobi Metropolitan Area (NMA) Infrastructure Report 2021

Dec 26, 2021

In November 2019, we released the Nairobi Metropolitan Area (NMA) Infrastructure Report, which highlighted that approximately Kshs 717.1 bn was required to finance the construction of 463.4 Km of ongoing road projects in the NMA. Water and sewer coverage realized 0.2% and 0.1% points increase to 61.0% and 18.0% in 2018 from 59.0% and 17.0% in 2017, respectively. Since 2019, NMA’s infrastructure sector has witnessed more development activities. Currently, there are 939.6 Km ongoing construction and rehabilitation of road projects valued at Kshs 162.4 bn, whereas 99.7 Km road projects worth Kshs 4.3 bn have been completed so far in 2021, according to the Kenya Rural Roads Authority. Water and sewer network coverage both recorded 1.0% points increase to 55.8% and 19.0% in 2020, from 54.8% and 18.0%, respectivel...

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Review of the Kenyan Shilling Performance

Dec 19, 2021

In 2021, the Kenyan shilling has depreciated by 3.5% against the US Dollar (USD), mainly attributable to the increased dollar demand by energy and general importers with Kenya largely being a net importer. Key to note, this decline, though lower than the 7.7% depreciation in 2020, has pushed the Kenyan Shilling to new all-time lows, with the shilling closing at Kshs 113.0 as at 17th December 2021. This poor performance of the shilling is mainly attributable to the increased dollar demand by energy and general importers, with Kenya largely being a net importer. Global oil prices have also increased during the year, attributable to the reopening of economies globally, which has seen demand outpace fuel supply, further inflating the country’s import bill and consequently weakening the shilling. In the East African region, the currency markets have recorded a mixed performance, with the Ugandan and Tanzanian shillings gaining against the USD by 2.2% and 0.1% YTD...

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Kenya Listed Banks Q3’2021 Report

Dec 12, 2021

Following the release of the Q3’2021 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.  The Asset Quality for the listed banks improved in Q3’2021, with the gross NPL ratio declining by 0.4% points to 12.0%, from 12.4% in Q3’2020. We however note that despite this marginal improvement in the asset quality, the NPL ratio remains higher than the 10-year average of 8.1%. The listed banks’ management quality also improved, with the Cost of Income ratio improving by 12.0% points to 58.1%, from 70.1% recorded in Q3’2020, as banks continued to reduce their provisioning levels following the improved business environment during the period. 

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Regulatory Changes in the Kenyan Pensions Industry

Nov 28, 2021

In August 2021, the National Treasury published two legal notices affecting the Individual Retirement Benefits Scheme and Umbrella Retirement Benefits Scheme. The legal notices have amended the access rule to allow members, before retirement age, to access a maximum of 50.0% of the total accrued pension benefits, down from the previous regulation where members could access 100.0% of their own contributions plus 50.0% of the employer's portion. The additional clause stipulates that a trust corporation shall not appoint an administrator, fund manager, custodian or approved issuer who is related to the trust corporation by way of ownership, directorship or employment. This and many other regulatory amendments and guidelines point towards the Retirement Benefits Authority (RBA) proactive change of regulations aimed at boosting the pensions industry's development. This week, we will demystify these guidelines an...

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Kenya’s 2022 Election Campaign Promises Tracker

Nov 28, 2021

Election Watch: Kenya’s next Presidential Elections are set to be held in August 2022 and with less than a year left, we have seen the political temperatures in the country continue to rise. As such, we shall be analyzing the economic campaign promises made by the politicians and the impact these promises will have on the economy. To read more on the same, click here;

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