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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.
NSE Suffers Worst Week Since Covid 19 Week, Oil Shock Wipes KSh 231Bn From Market
The Nairobi Securities Exchange recorded its worst week since COVID-19, erasing KSh 231.17Bn across five consecutive losing sessions in the second largest weekly decline since 2008. The Banking Index fell 8.03%, posting its worst day since launch on Thursday. The NSE 10 lost 9.02%, also a record worst week. ABSA dropped 14.5%, KCB shed 10.5%, and Equity fell 9.8%. Brent crude closed above $106 after Iran rejected US peace talks, with Kenya facing a fuel price shock at the April 15 EPRA review. Foreign investors were net sellers at KSh 503.76M. Market cap fell to KSh 3,241Bn. YTD gains narrowed from 12.24% to 4.76%.
Kenya Re's Underwriting Engine Stalls, Investment Income Carries the Load
Kenya Reinsurance Corporation (NSE: KNRE) reported a KSh 3.92 billion profit after tax for the year ended 31 December 2025, an 11.6% decline from KSh 4.44 billion in 2024. The insurance service result collapsed 96.3% to KSh 108 million as net reinsurance contract expenses nearly doubled to KSh 1.35 billion. Net investment income surged 41.4% to KSh 6.60 billion, largely on a foreign exchange swing of KSh 1.44 billion. Operating cash flow fell 80.2% to KSh 876 million. A final dividend of KSh 0.15 per share was declared.
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
Kenya Could Unlock Over US$700m from Waste Sector as New Circular Economy Investment Prospectus Highlights Investable Pipeline
The Kenya Investment Authority (Invest Kenya) has launched Waste Management and Circular Economy: Investment Pathways and Opportunities in Kenya, a new investment prospectus aimed at unlocking investment in Kenya’s waste management and circular economy sectors
Kenya Clarifies USB-C Rule, Affirms Budget Phones Remain Legal
The authority emphasized that the rules apply only to newly imported devices seeking type approval; phones already in circulation or in transit remain fully legal.
Treasury CS Mbadi Rules Out New Taxes In Finance Bill 2026
Treasury is betting that tighter enforcement, digital tax collection and broader compliance can raise enough revenue to support the next budget.
Afreximbank Unveils Eight Digital Trade Startups in Inaugural Accelerator Cohort
The African Export-Import Bank (Afreximbank) has launched the inaugural cohort of its “Afreximbank Accelerator Programme,” with eight startups.
Nairobi Securities Exchange Posts Record 2025 Performance, Moves to Extend Trading Hours
Total revenue crossed the KSh 1 billion mark for the first time, growing 31% year-on-year, supported by strong performance across both the equities and fixed income markets.
Why France Excluded South Africa, Invited Kenya, to G7 Summit
France has defended its decision to disinvite South Africa, a member of the G20, from the upcoming G7 Summit in Evian-les-Bains, choosing instead to invite Kenya as Nairobi prepares to host the Africa-France Summit in May.
NSE Banking Index Posts Worst Day Since Launch as Four-Day Rout Wipes KSh 215Bn
The Nairobi Securities Exchange lost KSh 64.34Bn on Thursday March 26, extending a four-day selloff that has erased KSh 215.58Bn in market value, the third worst week since 2008. The Banking Index fell 3.91%, its worst session since launching in October 2025, with six of eleven banks dropping more than 4%. KCB traded 8.95 million shares worth an estimated KSh 595M. The selloff is being driven by the Iran war and Strait of Hormuz disruption, with Brent crude above $106 and Kenya facing a fuel price shock at the April 15 EPRA review. Market cap fell to KSh 3,257Bn. YTD gains have narrowed from 12.24% to 5.27%.