News and Analysis
June 10, 2026
Hello and welcome to the Money News Roundup Newsletter. Today, we unpack how Vodacom could influence the appointment of Safaricom's next CEO and how I&M Bank overtook NCBA to become Kenya’s fourth-largest bank by assets.
South Africa’s Vodacom will gain the power to influence the appointment of Safaricom’s next CEO if its planned acquisition of the Kenyan government’s 15 per cent stake is completed.
As reported by the Business Daily, disclosures filed by Vodafone Group show Safaricom’s board would be required to appoint a CEO from a list of nominees provided by Vodafone Kenya Limited once Vodacom’s stake rises above 50 per cent.
The deal would increase Vodacom’s holding from 39.9 per cent to 55 per cent, making Safaricom its subsidiary.
The National Treasury, which would retain a 20 per cent stake, will continue to have a say in the appointment of the board chair, with Vodacom committing to support a Kenyan chairman and maintain a predominantly Kenyan management team.
The Ksh204.3 billion transaction remains suspended pending the outcome of a court case challenging the sale.
I&M Group has surpassed NCBA Group in total assets, becoming Kenya’s fourth-largest lender behind KCB, Equity and Co-operative Bank. As of March 2026, I&M’s assets stood at Ksh742.5 billion, slightly ahead of NCBA’s Ksh741.1 billion.
As reported by the Business Daily, the milestone reflects I&M’s aggressive expansion into retail banking, SMEs and digital channels, helping it steadily narrow a gap that stood at over Ksh183 billion in 2022.
The bank has also been closing the profitability gap with NCBA, posting a 24.4 per cent rise in net profit to Ksh19.83 billion in 2025.
New satellite images have revealed significant progress in the construction of a US-backed Ebola quarantine and treatment facility at Laikipia Air Base.
According to Nation, an image captured on May 19 showed the site at the early stages of construction. However, a fresh image taken on June 6 shows several tents erected and vehicles stationed at what appears to be a newly established field hospital.
The development comes months after the Kenyan government approved a request by the United States to set up the facility. The move sparked public opposition, with protesters and petitioners moving to court in an attempt to block the plan.
The High Court consequently issued conservatory orders suspending the plan.
Kenya is also set to receive Ksh1.75 billion from the US government to strengthen the country's Ebola preparedness and response efforts.
As reported by Bloomberg, the Central Bank of Kenya (CBK) has retained its benchmark lending rate at 8.75 per cent, citing rising inflation driven by higher global energy prices linked to the Middle East conflict.
In a June 9 meeting, the Monetary Policy Committee noted that inflation rose to 6.7 per cent in May from 5.6 per cent in April but remained within the government's target range.
CBK also revised Kenya’s 2026 growth forecast down to 4.9 per cent from 5.3 per cent. The bank said the financial sector remains stable, with private sector credit growth accelerating and non-performing loans declining.
The Tax Appeals Tribunal has upheld a Ksh2.36 billion compensating tax assessment against KenGen, strengthening KRA’s ability to pursue firms that pay dividends despite reporting little or no corporation tax.
As reported by the Business Daily, the dispute arose after KRA found that KenGen distributed Ksh6.92 billion in dividends between 2019 and 2024 while paying no tax on its core business income due to capital allowance claims.
KRA argued the company failed to prove the dividends came from profits that had already been taxed.
KenGen maintained that the payouts were funded from retained earnings and that it had recorded tax losses during the period. However, the tribunal ruled the company failed to provide sufficient evidence linking the dividends to taxed profits, backing KRA’s assessment.
Turaco, an embedded insurance provider, has won the Innovation of the Year Award at the 11th African Insurance Awards held in Cairo, Egypt.
Turaco was honoured for its embedded insurance model, which has enabled more than 5 million people across Africa and South Asia to access financial protection through products they already use.
Turaco beat finalists from the Democratic Republic of the Congo, Nigeria, Benin and Angola to clinch the award.
Recently, the company was named by the Financial Times as one of Africa’s fastest-growing companies.
Kenya Pipeline has stopped advertising tenders and procurement opportunities in newspapers, directing contractors and suppliers to access all notices through its official website.
As reported by Capital Business, the directive took effect on June 9, 2026, as the state corporation moves to digitise its procurement processes and improve access to tender information.
The company added that it will no longer issue individual notifications or publish tender adverts in print media except where necessary.
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