Kenya's financial market leaders, led by Nairobi Securities Exchange boss Frank Mwiti, made a strong appeal to global investors at the 81st United Nations General Assembly week in New York. They emphasized that Africa's biggest investment challenge is not a shortage of capital, but rather the ability to channel it into productive businesses and infrastructure. This appeal was made at the Bullish Africa Summit, held alongside the UNGA.
At the summit, NCBA group chief executive John Gachora told global investors that Africa faces an annual financing demand of over $700 billion, or Sh90.5 trillion, across infrastructure, climate finance, trade finance, and micro, small, and medium enterprises that remains unmet. Gachora highlighted that Africa's unspoken opportunity lies in financing the systems that enable African businesses to trade, manufacture, move goods, generate power, and reach customers.
Despite the financing gap, Africa has seen rising capital flows. In 2025, the continent attracted $70 billion, or Sh9.05 trillion, in foreign direct investment, marking its third-highest annual inflow in 25 years. Additionally, private-capital fundraising more than doubled to $5.1 billion, or Sh660 billion. Venture funding stood at $3.9 billion across 506 deals, while diaspora remittances are projected to surpass $100 billion.
The Bullish Africa Summit shifted attention towards the financial infrastructure needed to convert these flows into factories, trade, power projects, and expanding businesses. In Kenya, the capital markets have shown signs of renewed activity. Quickmart, a retailer with 72 stores across 16 counties, announced plans to join the Nairobi Securities Exchange through an offer for sale of two billion existing shares, equivalent to 50 per cent of its issued share capital.
The Quickmart transaction, expected around September 30, subject to regulatory approval, will not raise fresh capital for the retailer; proceeds will go to its existing shareholder, Sokoni Retail Kenya Limited. This planned listing follows Family Bank's entry to the NSE earlier this year, adding to efforts to broaden the exchange after a prolonged drought in new listings.
Investors have shown strong appetite for government paper, with the September 24 Treasury-bill auction attracting Sh41.7 billion in bids against Sh28 billion on offer, a 149 per cent subscription rate. However, yields on the three standard maturities continued to decline, with the 91-day bill rate at about 8.78 per cent, according to CBK data.
The equities market, however, remained volatile, with a heavy sell-off erasing about Sh337 billion from NSE market value from the September 3 peak. Despite a rebound, with large banks among the principal drivers, total shares traded fell 23.19 per cent and equity turnover dropped 40.55 per cent. In contrast, bond-market activity saw secondary-market turnover more than double, indicating investors' continuing appetite for fixed-income assets.
Key points
- Africa faces an annual financing demand of over $700 billion that remains unmet.
- Kenya's capital markets show signs of renewed activity with Quickmart's planned listing on the Nairobi Securities Exchange.
- Investors show strong appetite for government paper, with a 149 per cent subscription rate in the September 24 Treasury-bill auction.
