2024 was a year of significant developments in Kenya’s corporate sector, with companies making headlines for various reasons, including innovation, expansion, partnerships, and controversies. This article highlights ten firms that captured public and media attention throughout the year.
1. Safaricom
Safaricom cemented its position as Kenya’s leading telecommunications provider by launching its highly anticipated 5G internet service. This rollout enabled faster internet speeds and enhanced connectivity, particularly in rural areas. Additionally, Safaricom’s M-Pesa platform introduced a cross-border payment system, allowing seamless transactions across East Africa, further solidifying its dominance in the fintech space.
2. KCB Group
KCB Group made headlines for acquiring a majority stake in National Bank of Kenya (NBK), a move that strengthened its foothold in the banking sector. The group’s profit surged by 20% in the first half of 2024, attributed to increased lending and digitisation efforts. Its corporate social responsibility (CSR) initiatives, particularly in youth empowerment and environmental conservation, also earned it widespread recognition.
3. Equity Bank
Equity Bank continued its regional expansion by entering the Democratic Republic of Congo (DRC) market. The bank’s innovative “Equity Virtual Assistant” chatbot also gained traction, offering customers real-time assistance. Moreover, Equity’s focus on women entrepreneurs through its Wings to Fly programme garnered praise for uplifting thousands of Kenyan families.
4. Kenya Airways
Kenya Airways made waves with its strategic partnership with Delta Airlines, aiming to boost its international routes and enhance customer experience. Despite ongoing financial struggles, the airline reported improved revenue from cargo operations, spurred by increased demand for exports to Europe and Asia.
5. Stanbic Bank Kenya
Stanbic Bank Kenya took centre stage for its Inua Biashara initiative, which provided funding and training for over 5,000 small and medium enterprises (SMEs). Its partnership with the International Finance Corporation (IFC) to train over 2,000 DADA women entrepreneurs showcased its commitment to financial inclusion and economic empowerment.
6. KenGen
Kenya Electricity Generating Company (KenGen) received accolades for its green energy projects, particularly the Olkaria Geothermal Power Plant expansion. The project boosted Kenya’s renewable energy capacity, aligning with the government’s goal of achieving 100% green energy by 2030. KenGen also launched a carbon trading initiative, enabling local and international companies to offset their emissions.
7. Bidco Africa
Bidco Africa, a leading manufacturer of consumer goods, expanded its product portfolio by introducing a line of plant-based food products. This move catered to the growing demand for healthier and more sustainable food options. Bidco also invested heavily in solar energy, reducing its carbon footprint and setting an example for sustainable manufacturing.
8. EABL (East African Breweries Limited)
EABL launched Kenya’s first alcoholic beverage made from sorghum, creating a new income stream for local farmers. The company’s innovative marketing campaigns and focus on sustainability through its water conservation initiatives helped it maintain a strong market presence amidst stiff competition.
9. Twiga Foods
Twiga Foods, the agritech startup, secured $50 million in funding to scale its operations across Africa. The company’s technology-driven approach to linking farmers with retailers continued to revolutionise the agricultural supply chain. Its efforts in reducing post-harvest losses and promoting food security made it a standout in the tech space.
10. Samsung Electronics East Africa
Samsung Electronics East Africa gained attention for its role in the Kenya Korea Partnership Week, where it showcased cutting-edge consumer electronics. The launch of the 2024 Neo QLED TV and smart home solutions positioned Samsung as a leader in innovation. The company’s focus on local partnerships and product localisation strategies also resonated with Kenyan consumers.
