NSE Loses KSh 96Bn in 7th Biggest Daily Drop Since 2008
The Nairobi Securities Exchange recorded its 7th largest single-day loss since 2008 on March 23, 2026, with KSh 96.02Bn in market value wiped out. Safaricom alone shed KSh 54Bn, accounting for over half the decline. The selloff, driven by the Iran war and Strait of Hormuz closure, hit a market that had rallied from KSh 2.94Tn to above KSh 3.5Tn on domestic capital alone, with foreign investors net sellers throughout. The launch of Ziidi Trader in February amplified retail participation but left the market exposed when institutional holders distributed into the rally. Market cap fell to KSh 3.38Tn but remains up 14.69% YTD.
Makini, Crawford Schools Owner Posts Record KSh 15Bn Profit in 2025, Doubles Down on Kenya Expansion
Makini Schools and Crawford International owner Advtech posted record FY2025 results. Operating profit crossed R2 Bn (KSh 15.39 Bn) for the first time, up 13.8%. The Education division drove growth with 12.9% revenue increase to R7.87 Bn (KSh 59.39 Bn). In Kenya, Regis Runda Academy was acquired for KSh 1.29 Bn and rebranded as Makini School Runda with enrolments up 17% post-acquisition. Free operating cash flow before capex surged 24.7% to R1.89 Bn (KSh 14.28 Bn).Africa’s Billionaires Add Over US$ 20Bn as Combined Wealth Crosses US$ 126.7Bn
Africa’s 23 billionaires increased their combined wealth to US$ 126.7 billion in 2026, adding more than US$ 20 billion as equity markets rallied. Nigeria’s Aliko Dangote remains the richest person on the continent, while Abdulsamad Rabiu recorded the largest wealth gain.
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.Lamu Port Sees Increased Activity As Global Shipping Diversions Continue
Lamu Port is recording increased activity following the arrival of a second vehicle carrier operated by Grimaldi Group, bringing total units handled to over 4,200. The surge, partly driven by diverted shipments from Jebel Ali Port, signals growing confidence in the port’s capacity and its emerging role in regional trade, according to the Kenya Ports Authority.DRC, Rwanda Agree to Fresh De-escalation Steps in Washington Talks
The Democratic Republic of the Congo (DRC) and Rwanda have agreed to a new set of coordinated measures to ease tensions, following the latest talks in Washington, D.C.AfrexInsure Appoints Lesley Ndlovu as New CEO
International Islamic Trade Finance Corporation Signs US$ 1bn Pact with Mauritania
LemFi secures Bank of Canada registration to strengthen position in Canada’s $8.6bn remittance market
Registration under Canada’s new Retail Payment Activities Act (RPAA) places LemFi within the country’s new robust federal supervisory framework.
JetBlue Briefly Grounds Flights Days After Codeshare Deal With Kenya Airways
Flights operated by JetBlue were briefly grounded after a system outage prompted the airline to request a temporary halt from the FAA. The disruption comes days after the U.S. carrier announced a new codeshare partnership with Kenya Airways to expand connectivity between Nairobi and multiple U.S. cities.Thousands of Flights Cancelled Across Middle East Aviation Hubs in First Week of Hostilities
More than 19,000 flights have been cancelled across seven major Middle East airports since February 28 following regional airspace closures linked to escalating conflict involving Iran, the United States, and Israel. While limited operations have begun to resume, aviation disruptions continue to affect global travel networks.Vodafone to Use Amazon Leo Satellites for Rural Coverage
Vodafone has signed an agreement with Amazon Leo, Amazon’s low Earth orbit satellite network, to connect remote 4G and 5G mobile masts across Europe and Africa
