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News and Analysis
October 27, 2026
Hello and welcome to the Money News Roundup. Today, we explore why petrol stations across Kenya are facing fuel shortages and FirstRand’s plans to acquire a bank in Kenya.
Independent petrol stations across Kenya have reported fuel shortages they accused Oil Marketing Companies (OMCs) of selling petroleum products above government-set wholesale price limits.
In a joint statement dated October 27, 2026, the Petroleum Outlets Association of Kenya (POAK) and Kenya Independent Petroleum Dealers Association (KIPEDA) said the violations had made it difficult for independent retailers to source fuel.
The associations said the EPRA gazetted maximum wholesale prices on October 14, setting petrol at Ksh211.80 per litre, diesel at Ksh212.60 and kerosene at Ksh204.79.
However, they alleged that OMCs continued charging above the limits after the new prices took effect on October 15, despite complaints to regulators.
The associations urged independent dealers to suspend purchases exceeding the caps and called for enforcement action, warning that prolonged shortages could disrupt fuel distribution across the country.
“We demand that EPRA and the State Department for Petroleum take swift regulatory sanctions against non-compliant OMCs to restore lawful trading conditions immediately,” read the statement in part.
“The government must act decisively to prevent a full-scale shutdown of independent retail outlets, which account for a massive share of the country's fuel distribution network.”
Safaricom dismissed 118 employees in the year ended March 2026 over misconduct, including fraud, up from 113 in the previous year, according to its sustainability report.
The Business Daily reports that the telco recovered Ksh953 million linked to inflated agent commissions, down from Ksh1.7 billion a year earlier. However, the report does not establish a direct link between the dismissals and commission recoveries.
Safaricom also issued three disciplinary warnings and referred 14 cases to law enforcement.
The company said its fraud detection systems helped identify irregular payments, while its Single View SIM-swap platform reduced fraudulent swaps by 65%.
Separately, Interpol reported that Kenyans lost Ksh491.6 million to SIM-swapping fraud, which surged 327% last year.
Safaricom also monitored 1.25 billion cyber intrusion attempts during the review period.
South Africa’s FirstRand Bank is pursuing the acquisition of a mid-sized Kenyan lender as foreign banks expand into East Africa’s financial services market.
As reported by the Business Daily, Chief Executive Mary Vilakazi said the group is targeting a smaller bank, alongside organic growth, while also exploring opportunities in insurance and investment banking.
The name of the bank being considered for the purchase was not revealed.
The move comes as Kenya raises minimum core capital requirements for commercial banks from Ksh1 billion to Ksh10 billion by 2032, potentially triggering industry consolidation.
South African lender Nedbank is pursuing a 66% acquisition of NCBA Bank in a Ksh110 billion deal, while Nigeria’s Zenith Bank has agreed to acquire Paramount Bank.
FirstRand is the second-largest bank in South Africa by total assets, which stand at about Ksh21.3 trillion.
Kiharu MP Ndindi Nyoro has acquired a 9.76% stake in Nairobi Securities Exchange-listed Olympia Capital through Limpopo Capital Limited, purchasing 3,982,253 shares worth Ksh29.8 million.
As reported by the Business Daily, Nyoro plans to increase his holding to 25% to transform the investment company into a diversified investment vehicle modelled on US conglomerate Berkshire Hathaway.
Olympia Capital operates across Kenya, Botswana and South Africa, with interests in manufacturing, construction, logistics and real estate.
Nyoro said he could exit the investment at a profit if he fails to acquire enough shares to influence the company’s direction. Olympia shares recently traded at Ksh7.46.
The COMESA Competition and Consumer Commission is investigating Uber’s proposed takeover of Delivery Hero, Glovo’s parent company, over potential competition concerns in Kenya and Egypt.
The Kenyan Wall Street reports that Uber plans to acquire a majority stake through a cash offer of about Ksh6,007 per share (€41.50 per share) in a Ksh1.9 trillion deal, subject to regulatory approvals and a minimum 50% plus one share acceptance threshold.
The deal could affect merchant commissions, consumer delivery charges and competition. Interested parties have until November 11 to submit representations.
Completion is expected in the second half of 2027. Delivery Hero also owns talabat and Foodpanda, expanding the transaction’s potential regional impact.
Co-operative Bank of Kenya recorded the highest online search interest among 38 commercial banks surveyed between January and September 2026.
As reported in Capital Business, a digital analysis covering 41 urban centres ranked Co-op Bank first with a Share of Search Interest (SSI) score of 100, followed by Absa Bank at 61.24, Equity Bank at 45.90, KCB at 37.96 and Family Bank at 26.42.
NCBA and I&M Bank ranked sixth and seventh, respectively.
Co-op Bank led in several towns, including Siaya, Maua and Mariakani, while Absa topped in Masimba and Garissa. Equity led in Murang’a and Kapsabet.
The findings reflect online search trends, not actual customer numbers, deposits, lending activity or market share.
Expressions Agency will launch Expressions Influencer Agency on October 29 at an invite-only summit at Tusker Microbrewery along Thika Road, Nairobi.
As reported by the Star, the event will bring together marketers, creators and industry executives to discuss campaign performance, returns on influencer spending and data-driven marketing.
Kenya’s influencer marketing industry generated an estimated Ksh1.07 billion in creator payouts in 2025, according to OdipoDev’s Decoding Kenya’s Creator Economy report.
The country’s 10 highest-paid influencers earned Ksh296 million, while small and medium-sized enterprises accounted for approximately 80% of brand partnerships.
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