New Details Emerge on Kenya-China Deal to Restructure SGR Loans

Hello and welcome to the Money News Roundup. Today, we cover new details on Kenya's deal with China to convert SGR loans to Yuan, alongside talks between the Treasury and CBK over the Ksh10 billion bank capital deadline.

Kenya-China SGR Loan Restructuring Deal Covered Ksh450 Billion – World Bank

A new report by the World Bank has revealed that the 2025 deal between Kenya and China covered Ksh450 billion (US$3.5 billion) in loans borrowed to finance the construction of the Mombasa-Naivasha SGR. 

This is the first time the exact amount negotiated has been made public. 

As reported by the World Bank in the 2026 International Debt Report, the deal extends the repayment period by five years and increases the grace period, giving Kenya more time before making principal repayments.

Another major change is the conversion of the loans from US dollars to Chinese yuan, shielding Kenya from some of the exchange-rate risks associated with dollar-denominated debt.

Treasury CS John Mbadi said the currency switch would save Kenya approximately Ksh27.9 billion (US$215 million) annually in interest costs, freeing up resources for other government expenditure. 

He explained that yuan-denominated borrowing carried almost half the interest rate charged on the dollar facilities.

The impact is already reflected in government debt payments. Treasury data shows Kenya paid Ksh107.74 billion to Chinese lenders in the financial year ended June 2026, down from Ksh129.35 billion the previous year.

According to the National Treasury, Kenya borrowed about Ksh648 billion ($5 billion) for the railway project. 

Treasury, CBK Hold Talks After Fallout Over Ksh10 Billion Bank Capital Deadline

The National Treasury and the Central Bank of Kenya (CBK) are holding talks to resolve disagreements over the deadline for commercial banks to raise their minimum core capital to Ksh10 billion.

As reported by the Business Daily, Treasury CS John Mbadi confirmed discussions with CBK Governor Kamau Thugge following his proposal to extend the deadline from 2029 to 2032 and scrap annual capital targets.

However, CBK directed banks to maintain the original schedule, requiring Ksh5 billion by December 2026, Ksh6 billion in 2027, Ksh8 billion in 2028 and Ksh10 billion by 2029.

The disagreement has raised concerns about lending, competition and the survival of smaller banks, with 14 lenders yet to meet the Ksh5 billion threshold as of June 2026.

Govt to Extend Rironi-Mau Summit Highway to Kisii

President William Ruto has announced plans to extend the Rironi-Mau Summit Highway through Kericho, Kisii and Kisumu to the Malaba border to improve connectivity and stimulate economic growth in the Gusii region.

As reported by the Star, the announcement builds on the ongoing Ksh184 billion Rironi-Mau Summit highway expansion, a Public-Private Partnership (PPP) project involving two Chinese contractors.

China Road and Bridge Corporation (CRBC), alongside NSSF, is undertaking the first phase, while Shandong Hi-Speed Road and Bridge International is handling the second phase. The government targets full completion by June 2027.

The President did not provide a completion timeline for the proposed extension.

CA Records Surge in Complaints Over Mobile Data Bundles Running Out Early

The Communications Authority of Kenya (CA) received 44 complaints over mobile data billing and charging between July and September 2026, accounting for 31.4% of 140 complaints involving data and SMS services.

As reported by Capital Business, subscribers reported bundles running out before their advertised expiry dates, unexplained deductions and charges for unused data.

The regulator resolved 37 of the complaints, representing an 84.1% resolution rate, through refunds, credit adjustments and service restoration.

Overall, the CA received 479 escalated complaints during the quarter, resolving 422, equivalent to 88.1%.

KUPPET Threatens to Withdraw Teachers From KCSE Exam Marking Over Low Pay

KUPPET has threatened to withdraw its members from the national examination marking exercise over what it describes as poor remuneration.

As reported by Citizen Digital, National Vice Chairman Julius Korir said teachers were dissatisfied with the allowances offered, arguing that the payments do not reflect the workload, time and commitment required.

The union has urged the Ministry of Education and the KNEC to review marking allowances and improve working conditions.

National Assistant Treasurer Mary Rotich warned that failure to address the demands could disrupt marking and delay examination results.

Institutional Investors Secure 45.6% Stake in Quickmart After Ksh15 Billion IPO

Institutional investors have secured a combined 45.6% stake in Quickmart PLC following its Ksh15 billion Initial Public Offering (IPO), while retail shareholders received just 4.4%.

As reported by the Kenyan Wall Street, the final allotment results published on November 6, 2026, show that selling shareholder Sokoni Retail Kenya retained 50%, while cornerstone investors acquired 21.6%, Kenyan and East African institutions 18.1%, and foreign investors 5.9%.

The IPO attracted 18,492 applications worth Ksh18.41 billion against an offer of Ksh15 billion, representing a 22.7% oversubscription.

Quickmart will begin trading on the Nairobi Securities Exchange on November 12, 2026, under the ticker QMRT.

Safaricom Appoints Boniface Mungania as Chief Financial Services Officer

Safaricom has appointed Boniface Mungania as its Chief Financial Services Officer, effective November 1, 2026, following regulatory approval. He will oversee the company's financial services business, including M-PESA, and report directly to the CEO.

As reported by Capital Business, Mungania joined Safaricom in 2007 as a customer care representative and has held various leadership positions, including Head of M-PESA Products and Services Development and Payments Tribe Lead.

He previously worked at Vodafone Qatar before returning to Safaricom. He holds a Bachelor of Science degree and is pursuing a master's degree in Entrepreneurship at JKUAT.

NCBA, Britam and Jubilee Awarded at 2026 Service Excellence Awards

NCBA Bank, Britam Holdings and Jubilee Group Insurance emerged among the top winners at the 2026 Service Excellence Awards hosted by the Institute of Customer Experience (ICX) Kenya.

As reported by the Star, NCBA won Best CX Strategy, while Britam secured the Best Social Impact & Sustainability Award. Jubilee Group Insurance took home two awards: Best Customer Communication Strategy and Best Use of Technology.

Other winners included I&M Bank Kenya (Best Internal CX), Family Bank (CS Week Innovation Award) and Diamond Trust Bank (Best Contact Centre).

Also in the News

• The Technical University of Kenya (TUK) has been given 30 days to pay Ksh6.43 billion owed to current and former employees in unpaid pension contributions and interest. The debt comprises Ksh3.04 billion in unpaid contributions and Ksh3.39 billion in accumulated interest dating back to 2010. The university also has pending bills exceeding Ksh12 billion. Read more
• The High Court has overturned a Ksh62.7 million fine imposed on Tononoka Rolling Mills by the Competition Authority of Kenya (CAK) over alleged price fixing in the steel industry. The court ruled that CAK relied on electronic evidence, including emails, that lacked mandatory certification under the Evidence Act. It also found that the watchdog had wrongly attributed liability between two legally separate companies. Read more