South African companies have made significant investments in Kenya, operating in various sectors such as banking, retail, telecoms, education, and food. According to South African President Cyril Ramaphosa, these companies have undertaken 96 investment projects in Kenya, valued at over $2 billion. This substantial investment was revealed in June 2026, highlighting the growing economic ties between South Africa and Kenya.
The banking sector in Kenya has seen considerable investment from South African firms. Standard Bank Group holds a 99.99% stake in Stanbic Bank Kenya through its subsidiary Stanbic Holdings PLC. Absa Group increased its shareholding in Absa Bank Kenya to approximately 85% in 2026 through a KSh 30.9 billion transaction. Nedbank Group acquired a 66% stake in NCBA Group for R13.9 billion, or around $855 million, further solidifying its presence in the Kenyan banking sector.
South African companies have also made significant inroads in Kenya's telecoms sector. Vodacom Group increased its stake in Safaricom to 55% after purchasing the Kenyan government's 15% stake in a KSh 245 billion deal concluded in June 2026. This deal is one of the largest single South African investments in Kenya in recent memory. Additionally, MTN Group maintains an enterprise services presence in the country, expanding its footprint in the telecoms sector.
In the retail sector, South African companies such as Woolworths Holdings and Mr Price Group operate multiple stores in Kenya. Woolworths Holdings launched a beauty destination at Sarit Centre in Nairobi in 2025, its first of that format outside South Africa. MultiChoice Group, through DStv and GOtv, has long been a recognizable South African brand in Kenyan homes, offering television and entertainment services.
The education sector in Kenya has also seen investment from South African companies. ADvTECH, a South African education company, owns Makini Schools and acquired Regis Runda in September 2025. The group plans to double student capacity at its Makini Statehouse campus in Nairobi by December 2026 and introduce the Cambridge International curriculum at Makini Runda from September 2026.
South African companies have also made a significant impact in Kenya's food and restaurant sector. Companies such as Nando's, Steers, Debonairs Pizza, and Spur Corporation's portfolio of brands, including Spur Steak Ranches, Panarottis, John Dory's, and RocoMamas, all operate in Kenya. Galito's, which opened its first international outlet in Kenya in 2006, now spans more than 260 stores across 17 countries.
Bilateral trade between South Africa and Kenya has shown steady growth, climbing from R9.3 billion in 2016 to R10.5 billion in 2025, reflecting average annual growth of 3.5% over the period. However, not every South African retailer has succeeded in Kenya, with Massmart exiting in 2022 and Shoprite departing in 2021, illustrating the competitive pressures that foreign entrants face in the local retail environment.
Key points
- South African companies have undertaken 96 investment projects in Kenya worth over $2 billion.
- 18 South African companies operate in Kenya, with significant footprints in banking, telecoms, retail, education, and food sectors.
- Bilateral trade between South Africa and Kenya has shown steady growth, with average annual growth of 3.5% between 2016 and 2025.
