News and Analysis
March 3, 2026
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Hello and welcome to the Money News Roundup Newsletter, where we cover a court case banning Pepsodent’s 10x cavity-fighting advert. We also cover the new deal for the expansion of JKIA after the formal cancellation of the Adani deal.
Unilever has lost its bid to continue using the slogan “10X cavity fighting” in Pepsodent advertisements after the High Court dismissed its appeal.
As reported by the Business Daily, the ruling upholds a Standards Appeals Council (SAC) order, following a complaint by Colgate Palmolive that the claim was misleading and unsubstantiated.
The dispute, which began in June 2023, centred on whether Pepsodent’s advertising complied with the Code of Advertising Practice.
Unilever argued that leaving the Marketing Society of Kenya (MSK) stripped the council of jurisdiction, but the court rejected this, noting the company participated while a member.
The court also found no procedural unfairness and confirmed that SAC acted within its authority. Unilever was ordered to pay costs to Colgate, and the directive banning the “10X cavity fighting” claim remains in force in Kenya.
The government has unveiled a new plan to expand Jomo Kenyatta International Airport (JKIA) after scrapping a previous Ksh200 billion deal with India’s Adani Group.
Roads and Transport CS Davis Chirchir said the expansion will ease congestion and boost passenger and cargo capacity, with passenger numbers expected to rise from 9 million to over 22 million and cargo from 407,000 tonnes to 860,000 tonnes by 2045.
As reported by Business Daily, a new tender invites investors to construct a new terminal, upgrade existing facilities, expand runways, build aircraft parking and access roads.
The project includes a partial parallel taxiway, rapid exit taxiways, and an Airport City with a Special Economic Zone.
CS Chirchir said the upgraded current terminal will handle up to 12 million passengers within 15 months, while the new terminal will accommodate an additional 10 million annually, with future expansion planned.
Meanwhile, as reported by Citizen Digital, the Kenya Airports Authority (KAA) has denied reports linking India’s Adani Group to the new JKIA expansion project.
Acting CEO Mohamud Gedi confirmed the modernisation will be fully government-funded and follow public-sector procedures.
The clarification follows claims that the Indian billionaire Gautam Adani might be reinstated despite the 2024 cancellation over alleged Ksh30 billion bribery charges linked to solar energy contracts.
Nedbank Group will spend a maximum of Ksh31.6 billion ($237 million) in cash to acquire a 66% stake in NCBA Group, up from an initial Ksh21.9 billion ($164 million), giving more flexibility for investors unable to take shares in the South African firm.
As reported by Business Daily, the deal, valued at Ksh109.6 billion ($813 million), offers 20% of NCBA shares in cash and 80% in Nedbank stock.
Shareholders with small holdings or institutional restrictions will receive full cash, while others convert their units at 4.02994 Nedbank shares per 100 NCBA shares at a discount.
Nedbank expects to secure at least 51.17% of NCBA and complete the buyout by September 2026, leveraging NCBA’s strong East African presence, regional network, and digital capabilities to complement its corporate and investment banking expertise.
Energy CS Opiyo Wandayi has assured Kenyans that the country has sufficient petroleum stocks to meet local and regional demand despite rising Middle East tensions.
As reported by Capital Business, he said reserves are adequate, with scheduled imports secured through the end of April 2026, guaranteeing supply stability.
His remarks follow disruptions in Gulf supply chains, including the United Arab Emirates, Bahrain and Kuwait, after Iran threatened vessels transiting the Strait of Hormuz, which handles about 20% of global oil and gas.
Meanwhile, the BBC reported Brent crude rose 3.2% to Ksh10,335 ($80) per barrel as markets reacted to escalating tensions. Wandayi said the ministry is monitoring developments and engaging G-to-G suppliers to ensure an uninterrupted supply.
The share of bad loans among Saccos regulated by the Sacco Societies Regulatory Authority (SASRA) fell to 5.88% in December 2025, the first time in over two years it has dipped below 6%.
This marks an improvement from 7.79% in September 2025 and 6.79% in December 2024, edging closer to the 5% global benchmark set by the World Council of Credit Unions.
Deposit-taking saccos posted a 5.41% Non Performing Loan ratio, while non-withdrawable DT-saccos stood at 6.36%.
As reported by the Business Daily, Saccos expanded their loan book by Ksh105.51 billion to Ksh948.31 billion, while defaulted loans fell to Ksh52.32 billion. Deposits rose to Ksh831.91 billion.
Higher lending and lower defaults lifted income to Ksh172.44 billion, boosting reserves to Ksh251.8 billion.
Kenya will receive Ksh50.3 billion from the World Bank over three years to expand digital infrastructure under the Kenya Digital Economy Acceleration Project.
As reported by Citizen Digital, the funding will support broadband growth, the adoption of the Open Fibre Data Standard, and the creation of a shared fibre database to attract tech investment.
Approved in March 2023, the facility has disbursed only 6%, with the bank targeting full rollout before 2028.
Over Ksh25.8 billion ($200 million) will fund backbone infrastructure, including Ksh12.9 billion ($100 million) for 27,000km of fibre and Ksh8.4 billion ($65 million) for last-mile links to schools and hospitals.
Communications Authority of Kenya says reforms will cut duplication, lower costs, and boost investor confidence.
The Tax Appeals Tribunal has ruled that insurance agents offering asset management services, including bonds, equities, and money market funds, must pay 16% VAT on commissions earned.
The verdict affects nearly 15,000 agents working with providers such as Britam, ICEA, CIC, and Old Mutual.
According to the Business Daily, the case followed an appeal by Martin Kinyingi Waweru, who challenged a KRA demand of Ksh5,317,609 ($39,000) for commissions earned from January 2020 to May 2022.
The tribunal dismissed the appeal, noting that only insurance and reinsurance services are VAT-exempt, while asset management commissions remain taxable.
BAT Kenya has appointed Sidney Wafula as Managing Director, effective June 16, 2026, succeeding Crispin Achola, who exits on June 15 after five and a half years to pursue opportunities outside the BAT Group.
Achola, who has been the MD since January 2021, steered the firm through regulatory shifts and complex markets, boosting resilience and competitiveness.
As reported by Citizen Digital, Wafula, currently Finance Director for BAT Sub-Saharan Africa, joined BAT Kenya in 2006 as Head of Audit and has held senior roles across West, Southern, and East Africa.
Catherine Chepkong’a becomes Finance Director on April 1, 2026, replacing Philemon Kipkemoi, who retires on March 31 after 19 years.
Recently, the company proposed a Ksh70 dividend payout for investors.
Starlink is expanding in Kenya through a new partnership with Mawingu Networks. Mawingu will lead the deployment of Starlink’s satellite internet across rural areas, starting with 450 community innovation hubs funded by Microsoft.
The deal follows similar redistribution agreements with Safaricom and Airtel Kenya.
Initially seen as a disruptor, Starlink has recalibrated its strategy to complement existing fibre and mobile networks.
Mawingu, founded in Nanyuki in 2012, holds 3.7% of Kenya’s fixed internet market with 84,099 subscribers, while Starlink commands 0.8%.
As reported by the Business Daily, the partnership targets schools, farmers and entrepreneurs, aiming to cut connectivity costs and bridge rural broadband gaps.
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