Rwanda Sides With Kenya on Dangote Refinery After Uganda, Tanzania Exit

Welcome to the Money News Roundup. Today, we look at Rwanda's plans to invest in Aliko Dangote's proposed Ksh2 trillion oil refinery in Lamu. We also cover new Treasury rules allowing retirees to channel up to 50% of their pension savings into healthcare funds.

Rwanda in Talks to Buy Stake in Dangote’s Ksh2 Trillion Lamu Refinery

Rwanda has confirmed it is in early discussions to acquire a stake in Aliko Dangote’s proposed Ksh2 trillion oil refinery in Lamu, Kenya.

As reported by Taarifa Rwanda, President Paul Kagame said talks are ongoing but remain at a preliminary stage. Rwanda joins Kenya and Ethiopia as potential investors in the project, which could see regional governments collectively acquire a 30% stake valued at about Ksh194.2 billion.

Kenya has already committed to invest approximately Ksh64.7 billion ($500 million) for some stake in the refinery.

The refinery is expected to process up to 700,000 barrels of crude oil daily. Rwanda views the investment as a way to strengthen energy security and access to fuel supplies, while supporting deeper regional economic integration and infrastructure development.

Tanzania and Uganda recently signed a deal to develop a joint refinery in Tanga after Dangote settled on investing in Kenya.

It is not yet clear if Uganda and Tanzania will be purchasing a stake at the Lamu refinery.

The deal signed in early August between Uganda and Tanzania is expected to attract more than Ksh2.58 trillion ($20 billion) in energy investments.

The MoU included a crude oil refinery in Tanzania’s Tanga region, a storage terminal, a jetty and a pipeline transporting refined products between Tanga and Uganda.

Retirees Can Now Use Up to 50% of Pension Savings for Healthcare in New Treasury Rules

Retirees can now set aside up to 50 per cent of their pension savings for healthcare under new regulations introduced by the National Treasury.

As reported by the Star, Treasury CS John Mbadi said the Retirement Benefits (Post-Retirement Medical Funds) Regulations, 2026, create a framework that allows pension scheme members to transfer part of their retirement benefits into dedicated medical funds after retirement.

Under the rules, retirees may move up to half of their accrued pension benefits into a registered post-retirement medical fund. The money can be used to purchase medical insurance, pay healthcare bills, reimburse medical expenses or buy annuities that cover insurance premiums.

Dependants may also access medical benefits depending on the option selected by the retiree. 

The regulations further allow employees and employers to contribute to post-retirement medical funds before retirement, helping workers build healthcare reserves early.

Businesses to Pay for Customer Response Messages on WhatsApp From October

Kenyan businesses will begin paying to respond to customer queries on WhatsApp from October 1 after Meta introduced new charges on its WhatsApp Business platform.

As reported by the Business Daily, under the changes, firms will pay about Ksh0.52 ($0.0040) for each delivered service or utility message sent within a 24-hour customer service window. Service messages include replies to customer inquiries, while utility messages cover updates such as payment confirmations and order status notifications.

The new fees will apply only to businesses, not customers. Meta already charges for marketing messages, which cost about Ksh3 per message in Kenya.

WhatsApp Business is widely used by small enterprises for customer support, automated replies and sales. Businesses without a payment method on file by September 30 risk having service messages blocked.

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KRA Says Ksh3.2 Million Cargo Threshold Does Not Determine Actual Tax Liability 

KRA has clarified that the new Ksh3.2 million minimum threshold for consolidated cargo is not the actual tax payable by traders but a risk-management benchmark used under a simplified customs clearance system.

The clarification, made through a statement, comes as small-scale traders plan nationwide protests, demanding a return to the previous Ksh2.5 million threshold, which they say has increased business costs.

KRA said taxes are still determined by the nature, value and classification of goods, while the minimum yield test is designed to simplify and speed up cargo clearance for pooled shipments.

The Authority noted that the threshold was last reviewed in 2022/23 and revised after consultations and a one-month grace period. Traders may also opt for physical cargo verification or individual declarations instead of the simplified system.

Equity Group Hires 410 Employees in 3 Months as DRC Leads Hiring

Equity Group increased its workforce by 410 employees between March and June 2026, taking total staff numbers to 14,265. DRC accounted for 253 of the new hires, raising its workforce to 3,560 despite its branch network remaining unchanged at 81 outlets. Kenya added 34 employees, bringing its staff count to 7,505.

As reported by Business Daily, over the past year, the lender hired 1,352 employees, signalling a renewed recruitment drive. 

The expansion comes despite growing digital adoption, with 98.3% of transactions occurring outside branches. Staff costs rose 35% to Ksh23.8 billion as net profit increased 32% to Ksh43.7 billion.

KAA Registered as a Private Company Ahead of JKIA Expansion, NSE Listing

The Kenya Airports Authority (KAA) has officially adopted the public limited company (PLC) designation as part of ongoing Government reforms targeting state-owned enterprises.

As reported by Capital Business, KAA said it was incorporated as Kenya Airports Authority PLC on June 3, 2026, under the Companies Act, 2015.

The move follows the repeal of the Kenya Airports Authority Act under the Government Owned Enterprises Act, 2025, which requires several commercial state corporations to transition to PLC status.

As a PLC, a company can potentially offer shares to the public through listing on the NSE.

The plan also comes as the government undertakes the expansion of JKIA. The government awarded the Ksh155 billion JKIA expansion contract to China Road and Bridge Corporation (CRBC) in June. CRBC is expected to construct the new terminal building and upgrade the existing airport infrastructure.

Financial Results 

• I&M Bank reported a record half-year profit after tax of Ksh10.2 billion, up 22%, marking its first time above the Ksh10 billion mark. Profit before tax rose 15% to Ksh13.5 billion, while customer deposits grew 18% to Ksh505 billion. Kenya contributed 67% of total profit before tax. Read more
• HFCB Group reported a 74% increase in profit before tax to Ksh1.22 billion for the six months ended June 2026, supported by strong revenue growth, rising customer deposits and improved efficiency. Total assets grew 22% to Ksh94.04 billion, while customer deposits climbed 31% to Ksh68.97 billion. Read more
• NSE has reported a 386.1% surge in half-year profit after tax to Ksh736.9 million, as total income more than doubled to Ksh1.21 billion. The growth was driven by a 475.6% jump in equity transaction levy income. Profit before tax rose 396% to Ksh1.01 billion, while the bourse did not declare an interim dividend. Read more
• CIC Insurance Group posted a 70.3% rise in half-year profit after tax to Ksh1.09 billion, driven by a 43.9% surge in investment returns and stronger asset management income. Operating profit rose 20.6% to Ksh1.85 billion, while total assets grew 10.8% to Ksh81.68 billion. Read more
• TotalEnergies Marketing Kenya reported a 21.3% rise in half-year profit after tax to Ksh1.33 billion, as revenue increased 19.1% to Ksh84.42 billion. Profit before tax jumped 53.1% to Ksh2.17 billion, supported by higher sales volumes and lower finance costs. The company did not declare an interim dividend. Read more
• Britam Holdings posted a 53.3% increase in half-year profit after tax to Ksh2.66 billion, while profit before tax rose 52% to Ksh3.8 billion. Insurance revenue grew 14% to Ksh22.4 billion and net insurance service result increased 36% to Ksh1.8 billion. Total assets stood at Ksh270.8 billion, while assets under management reached Ksh308 billion. Read more‍