BBB- to Default: S&P and Fitch Rate Five African Nations
S&P Global Ratings downgraded Senegal's local currency sovereign rating four notches to CCC+ on March 27, 2026, citing gross financing needs of 26% of GDP, a suspended IMF program, and government debt estimated at 131% of GDP. In the same 48-hour window, S&P affirmed Morocco at investment-grade BBB- and Ghana at B-, while Fitch affirmed Tanzania at B+ Stable. Mozambique's selective default local currency rating was also affirmed alongside a CCC+ foreign currency rating with Negative outlook. The five actions were shaped by the Middle East war, IMF program access, and commodity exposure.
KCB Kenya Appoints Peter Ng'eno as New Corporate Banking Director
KCB Group has appointed Peter Kipkorir Ng’eno as the Director Corporate Banking-KCB Bank Kenya, with effect from March 27, 2026, succeeding John Okulo
NCBA Posts Record KSh 23.4Bn profit as Nedbank Takeover Looms
NCBA Group PLC posted a record post-merger profit after tax of KSh 23.39 Bn for the full year ended 31 December 2025, up 7.0%, driven by a 27.7% surge in net interest income to KSh 44.08 Bn as funding costs collapsed. Total dividend rose 29.1% to KSh 7.10 per share, the highest since the 2019 CBA-NIC merger. Nedbank of South Africa has tabled a $855 million bid for 66% of NCBA, valued at 1.4 times book. CMA waiver secured February 2026. CBK approval expected Q3 2026, with deal closure targeted late 2026.Sidian Bank Taps KCB's John Okulo as CEO to Steer Kenya's Fastest-Growing Bank
Sidian Bank has appointed John Okulo, currently Director of Corporate Banking at KCB Bank Kenya, as its new Managing Director and CEO effective 1 May 2026, subject to CBK approval. He succeeds Chege Thumbi, who retires on 30 June 2026 after nine years. The transition completes a full governance overhaul: former Cabinet Secretary James Macharia replaced Centum's James Mworia as chairman in October 2025, three new directors joined the board, and Centum exited entirely in March 2026. Okulo brings 28 years of experience across Standard Chartered, Stanbic, NCBA, and KCB, including founding NC Bank Uganda.The Rapid Growth of Equity Group’s Insurance Arm
Equity Group’s expansion into insurance is accelerating just as financial pressures reshape how Kenyan households manage risk, positioning the business as a key growth engine
I&M Group's Profit Rises 28% on Income Growth
I&M Group reported a 27.6% rise in FY2025 net profit to KSh 18.8 billion, driven by strong income growth and lower funding costs.Prime Bank's Profits Jump 28% to KSh 5.56 Bn as Falling Funding Costs Drive Widest Margin in 33 Years
Prime Bank Group, Kenya's largest Tier II lender and tenth biggest bank by market share, posted a 27.6% rise in net profit to KSh 5.56 billion for the year ended December 2025. Net interest income surged 49.1% to KSh 9.93 billion as interest expense fell 11.6% during the CBK's easing cycle. Total assets expanded 44.6% to KSh 277.25 billion, concentrated in government securities, while net loans held flat at KSh 55.56 billion. Gross NPLs improved 7.4% to KSh 5.59 billion. EPS rose 27.6% to KSh 836.Equity Group Shifts Expansion Plans to Angola as Ethiopia Entry Delays Persist
Equity Group is prioritizing expansion into Angola through a planned acquisition in Luanda, as regulatory and licensing delays continue to slow its long-standing efforts to enter Ethiopia.Sidian Bank Profit Jumps 500% to KSh 1.73 Bn as Public Sector Deposits Reshape Balance Sheet
Sidian Bank posted a sixfold increase in profit after tax to KSh 1.73 Bn for the year ended 31 December 2025, up from KSh 287 Mn, the strongest result in the lender's 40-year history. Total assets grew 50.8% to KSh 90.80 Bn, driven by a 62.9% surge in customer deposits to KSh 72.30 Bn from public sector mandates including Nairobi County, the Social Health Authority, the housing levy, Kenya Railways, and KEMSA. Government securities holdings doubled to KSh 49.05 Bn. The CBK reclassified Sidian from Tier 3 to Tier 2 in September 2025.Diamond Trust Bank's Profit Tops KSh 10 Bn as Deposits Cross Half a Trillion
Diamond Trust Bank Kenya's Group profit surpassed KSh 10 Bn for the first time, rising 21.4% to KSh 10.7 Bn for the year ended 31 December 2025. The milestone was driven by a 16.3% drop in funding costs that lifted net interest income 24.1% to KSh 34.9 Bn. Customer deposits crossed the half-trillion threshold at KSh 509.1 Bn. The Group completed the disposal of its Burundi subsidiary, booking a KSh 533 Mn loss from discontinued operations. The board proposed a final dividend of KSh 9.00 per share, up 28.6% from KSh 7.00.National Bank of Kenya Doubles Profit to KSh 2.39 Bn in First Results Under Access Bank
National Bank of Kenya recorded a profit after tax of KSh 2.39 Bn for the full year ended 31 December 2025, more than doubling the KSh 1.06 Bn posted in 2024. The results, the first filed under Access Bank Plc following its KSh 13.2 Bn acquisition completed in May 2025, were driven by a 13.7% fall in operating expenses, a 37% decline in loan loss provisions, and gross NPLs halving to KSh 15.66 Bn. Earnings per share rose to KSh 0.88 from KSh 0.39. The cost to income ratio improved to 77.5% from 91.7%.United Bank of Africa (UK), British International Investment Expand Trade Finance for African Businesses
UBA UK and British International Investment plan to expand trade finance for African businesses through a new collaboration targeting persistent funding gaps. The initiative aims to mobilize capital for underserved markets, though structural constraints may limit its reach.
