Govt Misses 98.6% Cash Target From Affordable Housing Sales

Hello and welcome to the Money News Roundup. Today, we cover the government’s affordable housing sales target shortfall and the strong traction from Kenyans investing in QuickMart’s IPO through Ziidi Trader.

Govt Struggles to Generate Cash From Affordable Housing Sales

The government is struggling to generate enough cash from its affordable housing programme to finance the next phase of construction, despite strong demand for completed units.

As reported by the Business Daily, the Affordable Housing Board collected Ksh212.342 million from housing sales in the year to June, against a Ksh15.25 billion target, achieving just 1.4% of projected revenue. 

The State attributed the shortfall to most units being sold through the Tenant Purchase Scheme (TPS), where buyers make monthly rent-to-own payments instead of upfront cash purchases.

Despite the weak collections, occupancy of completed affordable homes reached 94%, exceeding the government’s 90% target. By June, 1,836 units had been completed and handed over, while another 1,380 were 98% complete.

The government expects sales proceeds to become an increasingly important funding source as it expands construction, even as reports indicate that it nearly depleted the Housing Levy collections in the years to June 2026.

Spending on affordable, social and institutional housing and related infrastructure is projected to rise to Ksh360.1 billion in 2027/28, up from Ksh110 billion in 2026/27.

QuickMart IPO Draws Over 100,000 Ziidi Trader Users

Safaricom’s Ziidi Trader platform recorded traffic exceeding 100,000 users at a time as QuickMart opened its Ksh15 billion IPO on Tuesday, according to a source monitoring activity who spoke to the Star.

QuickMart is offering two billion shares at Ksh7.50 each, with investors required to purchase at least 500 shares, costing Ksh3,750. The offer represents 50% of the supermarket’s issued share capital.

QuickMart operates 72 stores across 16 counties and recorded Ksh50.4 billion in revenue and Ksh1.7 billion adjusted profit in 2025.

The IPO closes October 30, with results expected November 6 and trading scheduled to begin November 12.

Dangote IPO Minimum Investment Cut to Ksh5,400 for Kenyans

Some Kenyan stockbrokers have lowered the minimum investment required to access Dangote Petroleum Refinery’s IPO, targeting more retail investors.

The Business Daily reports that Francis Drummond has set a minimum of 100 shares at Ksh54 each, requiring Ksh5,400, while Kestrel Capital has no minimum investment threshold. Kestrel is offering the shares at between Ksh53 and Ksh56, with no processing fee.

This is significantly below the Ksh107,000 minimum required under the GDR programme, which involves purchasing at least 2,000 units at Ksh53.50 each.

Seven Kenyan firms have received CMA approval to facilitate access to the IPO, which closes on October 13.

Road Construction Falls by 62% in the Last 4 Year

Kenya’s road construction has fallen 62% over the past four financial years, with KeNHA, KURA and KeRRA building 2,584.25km compared with 6,813km in the previous four years.

As reported by the Business Daily, construction averaged 646km annually, down from 1,703km, amid fiscal constraints and delayed payments to contractors. Output fell to 495km in 2022/23 before recovering to 786km in 2025/26.

The government has used securitisation of the Road Maintenance Levy Fund to raise financing and settle pending bills. The levy increased from Ksh18 to Ksh25 per litre in 2024, with Ksh12 now committed to servicing the financing.

Jubilee Partners With FSD Africa to Expand Affordable Insurance

Jubilee Group has partnered with FSD Africa and seven insurtech companies to develop affordable insurance products for underserved Kenyans, including SMEs, informal workers, farmers and low-income households.

Citizen Digital reports that the partnership will run an eight-week product co-creation programme before joint pilots begin in Kenya in November 2026.

The initiative will test low-cost bundled and embedded insurance, SME-focused solutions and products connecting customers to health and wellness services.

The participating companies are Dukatech Solutions, Aura Insure Technologies, Inclusivity Solutions, DPE, Fiinovate, Agrails and Ibisa Network.

Jubilee said the programme aims to improve access to simple, affordable insurance through channels customers already use.

World Bank Raises Kenya’s 2026 Growth Forecast to 4.6%

The World Bank has raised Kenya’s 2026 economic growth forecast to 4.6% from 4.4%, citing resilience in domestic activity despite shocks from the Middle East conflict.

As reported by Business Daily, the lender said employment continued to expand while business confidence reached a three-and-a-half-year high, signalling resilient underlying demand.

Kenya’s economy grew 5.3% in the first quarter of 2026, supported by stronger domestic demand, tourism and industrial production.

However, the World Bank expects inflation to average 5.5% this year, up from its previous 5% projection. The budget deficit is projected at 6.1% of GDP, while public debt could reach 71.1% of GDP.

CFAO Mobility Kenya Takes Over Case IH Agricultural Machinery Business

CFAO Mobility Kenya has taken over management of the agricultural machinery brand Case IH as it expands into Kenya’s agriculture sector.

As reported by Capital Business, the company, which distributes Toyota vehicles in Kenya, will oversee Case IH sales, technical support, spare parts and aftersales services.

CFAO said the transition will not affect existing customers, with current orders, relationships and contacts remaining unchanged. Case IH has operated in Kenya under CFAO Group since 2014, supplying tractors, farm implements and precision farming equipment.

The company said the move will leverage its nationwide network and aftersales infrastructure to improve farmers’ access to machinery support, spare parts and technical expertise.

Mansa-X and Oak Special Funds Announce Returns for Q3 2026

Mansa-X Special Fund KES delivered a 4.71% net return in Q3 2026, bringing its nine-month performance to 16.2%, equivalent to an annualised net return of 22.16%.

Oak Special Fund KES recorded a 3.90% net return in Q3, taking its January-to-September performance to 12.28%.

For dollar-denominated funds, Mansa-X Special Fund USD returned 2.51% in Q3, lifting its nine-month performance to 9.22%, with an annualised return of 12.48%.

Oak Special Fund USD posted a 2.40% Q3 return, bringing its year-to-date performance to 7.93% and 12-month trailing return to 10.35%.

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