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Equity Bank Posts 23.8pc Profit Growth to Sh18.3bn
Equity Group Holdings has announced a significant 23.8% increase in profit after tax for the first quarter of 2026, reaching Sh18.3 billion, driven by cost-cutting measures and a digital shift. KCB Group also reported strong performance with a 10.7% increase in net profit to Sh17.81 billion for the same quarter, while its pre-tax profit rose 15.3% to Sh24.4 billion despite a challenging business environment. Sidian Bank contributed to the banking sector momentum, posting a 9.0% increase in profit after tax to Sh607.03 million, with deposits jumping to Sh74 billion on the back of expanded net interest income and balance sheet growth.
Schneider Electric Opens Innovation Hub, Training Centre in Nairobi
Schneider Electric has launched a new innovation hub and hands-on training centre in Nairobi, Kenya, to foster energy technology, digitalization, and technical skills development across East Africa. Italy is deepening its engagement with Kenya's burgeoning tech sector, showcasing innovation at the inaugural AI Everything Kenya x GITEX Kenya exhibition in Nairobi. Google has announced a significant push into the agentic era of AI with the unveiling of major upgrades, including Gemini 3.5 and Antigravity, aimed at enabling AI systems to handle complex tasks with minimal human input.
CEOs Sound Alarm on AI Gap as Africa's Workplaces Go Digital
East African business leaders are urging immediate and widespread adoption of Artificial Intelligence (AI), warning that companies delaying digital transformation risk losing competitiveness, calling during a roundtable discussion on AI's impact on jobs, productivity, and leadership. Kenya is bolstering its cybersecurity training programs and recognizing top student talent as part of efforts to enhance national digital security, despite a recent decrease in cyberattacks. The State Department for Industry is requesting an additional Sh6.978 billion for the 2026/27 financial year to address critical funding gaps in industrial projects and operations.
KPC Union Petitions CMA Over CEO Recruitment Process
The Kenya Petroleum Oil Workers Union has petitioned the Capital Markets Authority regarding alleged corporate governance irregularities at the Kenya Pipeline Company, specifically concerning the recruitment of its Managing Director. Adan Mohamed has been appointed Commissioner General of the Kenya Revenue Authority, signaling a new direction emphasizing economic understanding over purely tax administration. A Kenyan Member of Parliament is proposing significant cuts to fuel taxes and levies in an effort to lower pump prices and alleviate cost of living pressures.
Sorted Wallet Raises $4.4mn to Expand in Emerging Markets
Sorted Wallet, a non-custodial digital wallet for feature phones, has successfully raised $4.4 million in seed funding to fuel its expansion into emerging markets. Kenya Power has announced its e-mobility revenues have surged to Sh382 million, driven by a significant increase in electric vehicle adoption and electricity sales. Discovery Health has rebranded its employer health insurance arm, formerly Vitality Health International (Africa), to Discovery Health Global Health Solutions, signaling an expansion of its integrated healthcare offerings for employers across Africa.
