Hello, I’m Annah. Welcome to today’s edition of The Business Roundup. In this issue, we bring you news on the Unclaimed Financial Assets Authority (UFAA) fining 20 companies and institutions, Safaricom’s new deal with Meta for its second undersea cable, and other top business stories.
Major this week
20 companies and institutions have been penalized a total of Ksh 2.23 billion for failing to hand over unclaimed financial assets to UFAA.
According to UFAA, the fines follow a detailed audit by the Auditor-General, which revealed that these firms withheld dividends, insurance payments, dormant savings, and other idle funds that, by law, should have been transferred to the State agency to help reconnect the funds with their rightful owners.
Among the institutions penalized, Moi University tops the list with Ksh 211.4 million in penalties for unremitted assets worth Ksh 171.4 million, representing 123% of the unclaimed amount.
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UFAA Fines 20 Firms for Failing to Remit Unclaimed Financial Assets
Maseno University, Egerton University, Kenyatta University, University of Nairobi, United States International University (USIU), and Egerton University Pension Scheme were also fined millions for non-compliance.
The Moi University Retirements and Benefits Scheme faced an even steeper sanction — Ksh 111.6 million in penalties against unremitted assets of Ksh 29.7 million, equivalent to 375% of the total unclaimed funds.
At the top of the overall list is Carbacid Investments, which was fined Ksh 30.9 million for failing to remit only Ksh 1.07 million in unclaimed assets — a 2,870% penalty rate, the highest among all listed entities.
Equity Bank Ltd, one of the country’s largest financial institutions, was fined Ksh 249.7 million on unremitted assets worth Ksh 286.5 million.
CIC Group PLC faced a penalty of Ksh 999.6 million for unclaimed assets amounting to Ksh 1.46 billion, while Pioneer Assurance Company Ltd was fined Ksh 131.1 million.
Others in the list include Airtel Kenya, Total Kenya Ltd, WPP Scan Group, UNGA Group, Gemina Insurance, and several savings and credit cooperatives such as Unaitas SACCO and Mwalimu National SACCO.
EABL Opens Ksh 11 Billion Bond Offer to Local Investors
In other news, the East African Breweries Ltd (EABL) has opened the first tranche of its Ksh 20 billion domestic bond programme, seeking to raise up to Ksh 11 billion to strengthen its financial flexibility and fund strategic growth initiatives.
In a statement on Monday, October 27, EABL announced that the Capital Markets Authority (CMA) approved the move on October 2, 2025, allowing the company to issue debt securities periodically to finance its operations and expansion.
“East African Breweries PLC hereby announces that the Capital Markets Authority, in exercise of its powers under Section 30A of the Capital Markets Act, has granted approval to EABL to offer medium-term notes in the aggregate principal amount of up to Ksh 20 billion under its Domestic Medium-Term Note Programme,” read part of the notice.
The minimum investment amount has been set at Ksh 10,000, making it accessible to both retail and institutional investors.
The initial tranche of up to Ksh 11 billion will be issued for a five-year period at an annual interest rate of 11.80%.
The offer opened on Monday, October 27, 2025, and will close on Monday, November 10, 2025.
The allotment of the notes is scheduled for November 12, 2025, with payment and issue dates set for November 18, 2025. The notes will be uploaded to investors’ CDS accounts by November 20, 2025.
Meta Partners with Safaricom to Land Second Submarine Cable in Kenya
Meta, the parent company of Facebook, has entered a deal with Safaricom (NSE: SCOM) to bring its second submarine cable to Kenya.
Through its Irish subsidiary, Edge Network Services Limited, Meta has appointed Safaricom as the landing partner for a new high-capacity submarine cable connecting Oman and Kenya.
The Under-Sea Cable System will be fully funded by Edge, with locally licensed operators in Kenya and Oman contracted to operate the cable segment within territorial waters and all associated in-country infrastructure.
In a statement issued on Tuesday, October 28, the telco said the deal underscores Safaricom’s readiness to offer more than voice, data, and mobile money services.
Safaricom CEO Peter Ndegwa said the deal marks a significant milestone as the telco celebrates its 25th anniversary.
“It positions us to meet the surging demand for high-capacity, low-latency connectivity, which is critical for powering economic growth, cloud adoption, and digital innovation,” said Peter Ndegwa.
According to the company, the partnership reinforces its commitment to deliver faster, more resilient, and future-proof connectivity in line with its vision to be Africa’s leading purpose-led technology company by 2030.
“It also positions the company at the forefront of digital transformation, empowering businesses, communities, and consumers with the bandwidth they need to thrive in a connected world,” Safaricom said.
ALSO BIG THIS WEEK
- IRA has proposed measures to protect motorists from unfair insurance claim denials. Under the new proposal, insurers will now be required to honor claims even if a driver’s license had expired or premiums were unpaid, provided the policy was not formally canceled.
- KRA has opened applications for several senior positions targeting experienced professionals in technology, cloud architecture, and business project management.
- Kenya’s property prices rose 1.1% in Q3 and 8.2% year-on-year, driven by strong demand for detached homes in Runda and Athi River, as buyers sought space and value. Rents, however, fell by 1.6%, mainly due to expatriate exits and softer demand in high-end areas such as Muthaiga and Upper Hill.
- The Social Health Authority (SHA) has announced 212 job vacancies across multiple departments as part of efforts to boost institutional capacity and deliver on its mandate under the Social Health Insurance Act, 2023.
- Stanbic Bank Kenya and Uganda have arranged Ksh 5.8 billion in cross-border funding for two PepsiCo bottlers in East Africa — Crown Beverages Ltd (CBL) in Uganda and SBC Kenya Ltd — to expand manufacturing and boost regional trade. The deal allocates Ksh 3.9 billion to CBL and Ksh 1.9 billion to SBC Kenya.
- The Government of Kenya has re-advertised a call for individual consultants to support the National Youth Opportunities Towards Advancement (NYOTA) Project.
- Land prices in Nairobi’s satellite towns rose just 0.8% in Q3 2025 as self-building slowed under economic pressure. Developers shifted focus to Nairobi suburbs like Spring Valley, where demand for multi-use plots pushed prices up 3.6% in the quarter and 13.3% over the year.
- Tana River County Public Service Board has announced 72 job openings across 46 different positions in various county departments.
- Family Bank shareholders have approved the lender’s plan to list on the Nairobi Securities Exchange (NSE) in 2026, marking a significant milestone in the Bank’s long-term growth journey toward becoming a Tier One Bank.
- The Central Bank of Kenya (CBK) has reopened bids for two fixed-coupon Treasury bonds, giving Kenyans an opportunity to invest in government securities starting from as low as Ksh 50,000.
Currency Trends
The Kenya shilling remained stable against major international and regional currencies during the week ending October 24, 2025.
It exchanged at Ksh 129.23 per USD on October 24, unchanged from the rate on October 19.
Kenya’s apex bank, CBK, quoted the shilling at Ksh 129.2404 on Tuesday, October 29.
Against other major currencies, the shilling traded at:
- Sterling Pound – Ksh171.5472
- Euro – Ksh150.6297
- South African Rand – 7.5198
- Japanese Yen (100 units) – Ksh84.9958
Against regional currencies, the shilling exchanged at:
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- Ugandan Shilling – Ksh24.8492
- Tanzanian Shilling – Ksh19. o343
- Rwandan Franc – Ksh11. 2442
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