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People who made headlines in the business landscape in 2024

In 2024, Kenya's business landscape was shaped by dynamic figures who made significant impacts. Central Bank Governor Kamau Thugge took decisive action to combat inflation and stabilize the shilling, earning him the title of Central Bank Governor of the Year. Safaricom CEO Peter Ndegwa navigated the telecom giant through complex collaborations with the government, addressing challenges in security, digital loans, and health services.

Meanwhile, businessman Benson Ndeta's multibillion-shilling bid to acquire Bamburi Cement nearly doubled the firm's share price, though he ultimately withdrew his offer. On a controversial note, Anne Njeri Njoroge claimed to have imported diesel worth Sh17 billion, only to face skepticism and criticism for her assertions. — Dive into the full story!

The actions and decisions of these key individuals highlight the intricate interplay between government policy, corporate strategy, and market dynamics in Kenya's evolving economic landscape.

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Tanzania tycoons inject billions into Kenyan ventures

Tanzanian tycoons are reshaping Kenya's business scene, with investments like Rostam Aziz's Sh16.9 billion Taifa Gas plant and Ally Awadh's acquisition of Hashi Energy stations. Amsons Group also made waves by purchasing Bamburi Cement for Sh23 billion, one of Nairobi Securities Exchange's biggest deals. — Dive into the full story!

Tanzanian investments highlight Kenya's appeal as a strategic regional hub and boost East African economic integration.

Uber drivers ditch own app plan in favour of a members’ sacco

In 2024, Kenyan ride-hailing drivers, frustrated with foreign platforms like Uber and Bolt, initially planned to develop their own app to offer more favorable pricing. However, due to the high costs and challenges in competing with established companies, they have shifted focus towards forming a Sacco (cooperative) to operate collectively, similar to matatu (public transport) operators. — Dive into the full story!

This strategic pivot underscores the complexities and financial hurdles in developing competitive technology solutions, leading drivers to adopt cooperative models to enhance bargaining power and operational efficiency within the ride-hailing industry.

Nehemiah Ng’etich, the GMO man who doubles up as a preacher

Nehemiah Ng’etich, acting CEO of Kenya's National Biosafety Authority (NBA), seamlessly integrates his scientific expertise with his role as a preacher. With an extensive academic background in horticulture and plant ecology, he is dedicated to combating misinformation about genetically modified organisms (GMOs) through factual, science-based communication. Ng’etich emphasizes that his professional responsibilities and personal convictions coexist harmoniously, stating, "One is a matter of conviction, the other is work." — Dive into the full story!

Ng’etich's dual roles highlight the potential for individuals to bridge the gap between science and faith, fostering public trust in biotechnology by addressing concerns with empathy and evidence-based information.

Morris Maina: Credit bureau CEO’s take on money, empathy and fatherhood

Morris Maina, CEO of TransUnion Kenya, emphasizes the importance of empathy in leadership, stating, "If you care about what the client cares about then the organisation becomes successful." With over 20 years of experience in various organizations, he believes that understanding and addressing client needs is fundamental to organizational success. Maina also reflects on his personal journey, sharing that he initially aspired to be a lawyer and is now proud to see his daughter pursuing that path, noting, "I will probably still do law." — Dive into the full story!

Maina's perspective underscores the significance of empathy in leadership, suggesting that a client-centric approach not only fosters organizational success but also builds stronger, more meaningful relationships with clients.

I’ve been a stay-at-home mum for four years. Should I use my Sh720,000 secret savings to start a business?

Roseline, a stay-at-home mother of two, has saved Sh720,000 over four years and is considering starting a business, possibly in clothing and beauty products targeting career women. Financial consultant Edna Wambui advises that while it's commendable to have saved such an amount, it's crucial to invest in avenues that offer growth, as keeping money in a non-interest-bearing account diminishes its value over time. She also emphasizes the importance of collaborative financial planning with one's spouse to strengthen the family's financial future. — Dive into the full story!

Transitioning from saving to investing requires careful consideration of investment vehicles that preserve and grow capital. Additionally, open communication and joint financial planning with a partner are vital steps toward achieving long-term financial stability and success.

Falling interest rates offer reprieve for big corporates

In 2024, the Central Bank of Kenya (CBK) reduced the Central Bank Rate (CBR) by a total of 1.75 percentage points, bringing it down to 11.25 percent, due to decreasing inflation and a stabilized exchange rate. This monetary easing has provided significant relief to large corporations with substantial debt obligations, such as Sanlam Kenya, which has been managing a Sh4 billion loan pegged to fluctuating Treasury Bill rates. Despite the CBK's rate cuts, some banks have been slow to adjust lending rates for customers, citing concerns over elevated default risks and previously locked-in higher deposit rates. — Dive into the full story!

The CBK's monetary policy easing in 2024 has alleviated financial pressures on large Kenyan corporations by lowering borrowing costs. However, the cautious approach of banks in adjusting lending rates highlights the complexities of monetary policy transmission and underscores the need for effective mechanisms to ensure that policy benefits reach end borrowers.

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