News and Analysis
September 10, 2026
Hello and welcome to the Money News Roundup Newsletter. Today, we look at the emergency loan Kenya is set to receive from the World Bank ahead of a potential El Niño event. We also cover the new law requiring trusts to disclose their beneficial owners.
Kenya is expected to receive about Ksh52 billion ($400 million) in emergency financing from the World Bank within six weeks to help cushion the economy against risks linked to Ebola, El Niño-related disruptions and high energy prices.
Reuters, which spoke to a source familiar with the matter, reported that Kenya applied for the World Bank’s Rapid Response Option after the Iran conflict triggered a sharp rise in global crude oil prices.
The funding is expected to support the health sector, agriculture, water resources and broader economic stability.
The World Bank confirmed it is working with Kenya to finalise a framework that would allow rapid access to financing during eligible crises.
Kenya currently has a World Bank project portfolio worth more than Ksh910 billion ($7 billion).
Trusts in Kenya will now be required to disclose their ultimate beneficiaries under the newly enacted Trust Administration Act, 2026, as the country seeks to strengthen its fight against money laundering and exit the Financial Action Task Force (FATF) grey list.
As reported by Business Daily, the law, signed by President William Ruto, requires all trusts to register beneficial ownership information in a centralised database and maintain accurate records for at least seven years. Existing trusts have 24 months to comply.
Authorities, including the Financial Reporting Centre, will have access to the information. Non-compliance attracts penalties of up to Ksh500,000 for individuals and Ksh2 million for companies, with higher fines for failing to cooperate with enforcement agencies.
Forbes has ranked Equity Group (71), KCB Group (79), Co-op Bank (120) and Stanbic Holdings (138) among the world’s top-performing banks.
Forbes evaluated lenders on profitability, growth and earnings quality, capital and funding resilience, and asset quality and efficiency. The ranking assessed 500 banks from 89 countries using financial data, desk research and information submitted by lenders.
To qualify, banks had to be licensed deposit-taking institutions with more than Ksh388 billion ($3 billion) in assets and at least three years of audited financial records.
The recognition comes as Kenyan banks continue to post strong earnings. For instance, Equity Group reported a 32% rise in half-year profit after tax to Ksh45.5 billion, while Co-operative Bank recorded a 28% increase to Ksh18 billion in the six months to June 2026.
The Competition Authority of Kenya has approved Diageo Plc’s planned sale of its 65% stake in East African Breweries Plc (EABL), valued at about Ksh297 billion ($2.3 billion), subject to several conditions.
According to a letter seen by Bloomberg, Diageo and EABL must set aside sufficient funds from the transaction proceeds to meet any liabilities that may arise after the deal is completed. The authority also directed EABL to reserve 20% of cooler space in retail outlets for competitors’ products.
The transaction will give Japan’s Asahi Group Holdings its first direct operations in Africa. The approval comes despite court challenges from distributors, contractors and minority shareholders seeking to block the deal.
Kenya is in talks with Aliko Dangote to develop a 1,000MW Liquefied Natural Gas (LNG)-fired power plant linked to the proposed refinery project in Lamu.
As reported by the Star, the plan would double the initially proposed 500MW captive plant, supplying electricity to the refinery, petrochemical complex and Lamu Special Economic Zone. Surplus power could be sold to Kenya Power.
The President’s Economic Adviser, David Ndii, said the government expects the gas-fired electricity to be contracted at about Ksh5-6 (4–5 US cents) per kWh.
Meanwhile, construction of the Ksh2 trillion oil refinery is expected to commence following the groundbreaking scheduled for September 10. The refinery will process 700,000 barrels of crude oil per day, making it the largest refinery in East Africa.
Absa Bank Kenya, in a statement, has confirmed Yusuf Omari as its Managing Director and Chief Executive Officer after receiving all regulatory and internal approvals.
Omari had been serving in the role on an interim basis since July 1, 2026. A veteran of the bank, he previously served as Chief Financial Officer for 17 years and has over two decades of experience in finance, treasury, risk management, strategy and transformation.
Absa credited him with improving efficiency, strengthening capital management and supporting business growth.
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