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Recent Topicals

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Kenya’s FY’2025/2026 Budget Review

Jun 29, 2025

On 12 June 2025, the National Treasury presented Kenya’s FY’2025/2026 National Budget to the National Assembly highlighting that the total budget estimates for FY’2024/25 increased by 7.1% to Kshs 4.3 tn from the Kshs 4.0 tn in FY’2024/2025 while the total revenue inclusive of grants increased by 8.0% to Kshs 3.4 tn from the Kshs 3.1 tn in FY’2024/2025. The increase is mainly due to an 6.7% increase in ordinary revenue to Kshs 2.8 tn for FY’2025/2026, from the Kshs 2.6 tn in FY’2024/25. The FY’2024/2025 budget focuses mainly on providing solutions to the heightened concerns on the high cost of living, the measures put in place to stimulate sustainable economic recovery as well as undertaking a growth-friendly fiscal consolidation to preserve the country’s debt sustainability. Notably, the government project...

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A Review of the Affordable Housing Program

Jun 22, 2025

Introduction It has been three years since the Kenya Kwanza government assumed office, and one of its key pillars under the Bottom-Up Economic Transformation Agenda (BETA) is providing affordable housing to Kenyans. This housing program builds on initiatives from the previous administration under the Jubilee government's Big Four Agenda, launched in 2017 with the ambitious goal of delivering 1,000,000 housing units by 2022. The continued emphasis on housing by both the current and previous regimes underscores its importance, as outlined in Article 43(1)(b) of the Kenyan Constitution, which states that "every individual has the right to accessible and adequate housing, as well...

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Kenya Listed Banks Q1’2025 Report

Jun 15, 2025

Following the release of the Q1’2025 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 Q1’2025 Earnings Note KCB Group Q1’2025 Earnings Note Standard Chartered Bank Kenya Q1’2025 Earnings Note ABSA Bank Kenya Q1’2025 Earnings Note

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Understanding Joint Venture Agreements (JVs) in Real Estate

Jun 8, 2025

Kenya’s vibrant economy, strategic position as East Africa’s economic hub, and investor-friendly policies make it an attractive destination for businesses seeking growth through collaboration. Joint ventures (JVs) have emerged as a powerful strategy for local and international companies to pool resources, share risks, and tap into new markets. Whether in real estate, infrastructure, technology, or manufacturing, JVs enable businesses to leverage complementary strengths while navigating Kenya’s dynamic business landscape. This article provides an in-depth exploration of joint ventures in Kenya, covering their types, legal frameworks, benefits, risks, recent developments, and best practices for success. A joint venture is a strategic business arrangement where two or more parties—individuals, companies, or government entities—collaborate to achieve a specific goal while maintaining their independent identities. Unlike mergers or acquisitions, JVs...

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The Progress of Retirement Benefits Schemes in Kenya

May 25, 2025

According to the ACTSERV Q1’2025 Pension Schemes Investments Performance Survey, segregated retirement benefits scheme quarterly returns increased to a 7.1% return in Q1’2025, up from the 6.0% gain recorded in Q1’2024. The y/y growth in overall returns was largely driven by the 4.9% points increase in returns from Fixed Income to 7.8% from a gain of 2.9% in Q1’2024 attributable to increased investments in government securities to lock in the higher yields in anticipation of further yield declines driven by the CBK’s expected continued monetary policy easing. The performance was however weighed down by the 21.0% points decline in the Equities returns to 4.6%, from 25.6% in Q1’2025. Notably, on a q/q basis the segregated retirement benefits schemes recorded a decline in returns from a gain of 13.2% in Q4’2024. This week, we shall focus on understanding Retirement Benefits Schemes and...

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