Kenya Political Party Financing in 2019

What’s to be learnt about the state of political party finance in Kenya? Some parties have published their unofficial financial results for the year 2019.

Jubilee: The ruling party has income of  Kshs 339 million, that includes 240 million from the Political Parties Fund (PPF) and 98 million from members. They spent 80 million on rent, down from 90 million, 173M on general  expenses and 81 million on secretariat staff and executives.  They have 16 million of property.

ODM: The main opposition party received Kshs 112 million from the Political Parties Fund, same as last year, and donations of 78M. They have also booked an astronomical accrued amount from the government of Kshs 6.47 billion. They spent 170 million on administrative expenses, 19M on campaigns, 11M on party policy, 10M on conferences, 3M on branch coordination and just 712,000 on civic education. The amount they are claiming from the government is also listed as a current asset and bumps up their balance sheet from 119 million last year, to 6.5 billion.

Other Parties: Meanwhile other parties have been silent on their finances, but are active in other areas. These include the former ruling party – Party of National Unity, which has changed its officials. New parties have been formed this year  include  Transformation National Alliance Party of Kenya (TNAP) with “money bills” as its party symbol, the Democratic Action Party Kenya and the National Ordinary People Empowerment Union (NOPEU).

Summary of results:

1. Party coalitions are dead:  The party coalitions put together for elections appear to have fallen apart. ODM has stopped making payments to its coalition partners and no longer provides for them as they did in their earlier accounts.

2 Expensive secretariats: The amount at Jubilee of 81M  is down from 141M last year and which was a sharp rise from 28M in the previous year. That may coincide with hiring for the 2017 election period. Usually, party activities go into a lull after elections, until the next election cycle. In Kenya, this is set for 2022 unless another constitutional referendum is engineered to happen before that by political leaders.  At ODM, their property assets went up from 8M to 185M. in September 2019 they relocated their headquarters from Orange house to Chungwa House ay Loiyangalani  Drive in Lavington.

Old Pic from the State House FB page

3. Parties IPO: ODM has sued the government for not paying it the amount of Kshs 6.4 billion which it says dates back to when parliament came up with the  political parties act.   

But the National Treasury has been saying it cannot afford  to fund the political parties to the tune of 0.3% of the budget as parliamentarians had their parties, without impeding their constitutional requirement  to also fund the county governments.  Treasury has been allocating Kshs 300 million instead of 3.6 billion a year to the Political Parties Fund.

4. If that payment ever materializes, ODM’s coalition partners, have stated that they will stake a claim for a slice of that windfall. 

EDIT – September 2020: For the first quarter of 2020/2021, the Political Parties Fund to pay the Jubilee Party Kshs 161 million and the Orange Democratic Movement party, Kshs 75 million.
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Private Equity investment guide for East Africa

This week in Nairobi saw the launch by  EAVCA, FSD Africa and IFC Africa of a new private equity (PE) investment guide for East Africa.

The PE investing guide is a tool to enable pension funds across East Africa to assess and invest in private equity assets by raising knowledge among pension fund managers who are primarily invested in stocks and bonds.

It is a simple guide that can be read in just thirty minutes to gain an understanding of private equity assets. It has a checklist of useful information to look for before investing in PE, and after to manage portfolios, and roles for general and limited partners.

Also, EAVCA released a market report on the current status of private equity investments in the region following a survey of pension schemes and PE general partners. It found that, while five Eastern African countries have generous provisions for pension funds to invest in private equity, led by Rwanda at 20%, Uganda at 15% and Kenya at 10%, the uptake has been low with Uganda attaining 2.2% investments in PE funds followed by Kenya at 0.08%.

Nzomo Mutuku of Kenya’s Retirement Benefits Authority (RBA), who officiated the launch,  said that while pushed for pension schemes to diversify and explore alternative investments to grow returns for members, many still had huge investments in one company (i.e Safaricom) and stocks and bonds of banks in which they held their deposit funds. (Later it came up the concentration in a few NSE stocks is not unusual among sub-Saharan markets- Nigeria’s largest firm commands 35% of the market while in Ghana, the top three firms have an 80% share).

Other Insights from the Q & A after the launch:

• Excluding South Africa, there is about $100 billion of funds held by pension and insurance funds and collective investment schemes (CIS). Of that East Africa, has about $30 billion with  Kenya at $20 billion.

• The IFC has been in private equity for over 20 years and is invested in 300 funds globally, with 50 of them active in this region.

• One pension manager cited their investments in I&M bank before it listed at the NSE, UAP, and invested in an energy IPP that gave attractive returns of 13% on a Euro investment.

• Another mentioned that they had participated in 40 bonds offers in 17 African countries with decent returns and no defaults.

• Speakers cautioned about Kenya’s move to raise the capital gains tax on private equity from 5% to 12%, a move that the country’s parliament has since set aside thanks to concerted lobbying.

The teams will next move to market the assets class to trustees in Botswana and Nigeria.
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Online currency trading with FXPesa in Kenya

With the recent attention on exchange rates and online forex (foreign exchange) trading in Kenya, this month we got to engage with one of the pioneers in the space – EGM Securities.

Their parent company is Equity Global Markets Capital, with seven locations across the world, They launched in Kenya in 2017 after they got a non-dealing online foreign exchange broker license from the Capital Markets Authority (CMA). This means that they don’t set the prices locally, they just enable the trades and make money from the spreads.

They then spent their first few months tweaking and develop their offering in Kenya where the mobile phone is prevalent for payment transactions. They then came up with FXPesa, a simple tool for retail traders to use.

FXPesa was launched in May 2019 and also has a web version. Within six months, FXPesa had registered over 25,000 users. They have integrated with local payment methods such as M-pesa, Equitel, cards, and bank transfers for traders to get money out and in easily. People can trade as little as $100, right from an uber or matatu. Prices change in nano-seconds, but traders on FXPesa can set “stop-loss” and “take profit” triggers and also earn trading bonuses.

After downloading the FXPesa from an app store, users can register and get on to a demonstration portal. The demo account comes with some virtual money, and prices the same as real the trading side, for new potential investors to get started. 

Meanwhile, EGM does some vetting and extensive know-your-customer (KYC) checks to ensure the accounts are legitimate and not being used for money laundering. They also offer beginner, intermediate, or advanced training classes. They also aim not to be used for dangerous speculation and cap trading amounts based on people’s income.

FXPesa offers clients over 100 instruments such as currency pairs, commodities, indices and shares. Some of the most popular ones are currency pairs like Euro/US dollar, US dollar/ Japanese Yen and Great Britain pound/US dollar as well as commodities like gold and crude oil, and Apple and Google shares. The South African Rand is the third most traded currency.

EDIT: On June 4, 2020, Genghis Capital announced a partnership with EGM Securities, to offer investors a wider range of alternative asset classes including online currencies, commodities, precious metals, oil, and biotech company stocks.

EDIT: On April 20, 2021, EGM Securities become Kenya’s first online trading broker to offer derivative contracts on the most liquid traded equities and index in the country – futures contracts on British American Tobacco, KCB Group, Equity Group, Safaricom Plc, East African Breweries and ABSA Bank Kenya, as well as the NSE 25 Index. 
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Ineos 1:59

Today Kenya stood still, and the world watched as Eliud Kipchoge ran a specially staged marathon in Vienna Austria completing it in under two hours. The event dubbed “Ineos 1:59” was an unprecedented partnership event, backed by British chemical company Ineos and its billionaire Chairman,  Jim Ratcliffe.

Kipchoge ran the 42 kilometre-length course on a time of 1 hour 59 minutes and 40 seconds, dipping under the two-hour mark for the first time in marathon history. This was his second attempt at breaking the milestone mark. He had tried this in May 2017 and come 25 seconds short in another special run at the historic Monza Formula One track in Italy. That was in a project supported by Nike, dubbed “Breaking2.”

Eliud Kipchoge is currently the world record holder for the marathon with a time of 2:01:39 that he set at the 2018 Berlin marathon. He is also the reigning Olympic champion (2016 Rio games), and at 34 years old, has won 12 of 13 competitive marathons he has entered since 2013 including the London marathon four times, and the Berlin marathon three times.

Also used in support of the Ineos 1:59 challenge was an electric-powered Audi SUV, driven at a constant pace throughout the race, that projected laser beams to guide Kipchoge and his rotating team of forty-one elite pacesetters from across the world – Japan, Australia, Switzerland, Turkey, USA, Uganda, Ethiopia, and several of his Kenyan compatriots

Local brands that have supported Kipchoge include Safaricom and Isuzu East Africa who signed him up as a brand ambassador in September 2017.  And last week, Safaricom changed its M-Pesa brand to read “Eliud 1:59” for seven days and rolled out a free 1.59 gigabyte data bundle to enable Kenyans to watch Kipchoge’s run on their phones or their home devices via YouTube.  It is reported that over 3 million subscribers signed up for the special data bundle. 
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NewGold ETF top performer at the NSE in 2019

The Barclays New Gold Exchange Traded Fund (ETF) is the top performing investment at the Nairobi Securities Exchange this year.

While the NSE has introduced several new products like REIT’s, index futures, equity futures, and the M-Akiba bond, it is the ETF that is shining this year.

The Barclays New Gold ETF was launched at the NSE in March 2017 of 400,000 shares was listed at the NSE in March  2017 at a price of Kshs 1,205 per share. This was a relatively small number of shares for the new investment class. But their liquidity is assured as Barclays buys all the shares that are sold, paying investors two or three days later. 

The ETF is ideal for pension and insurance funds and other institutional investors, as well as for individuals and retail buyers, and gold does feature in the portfolios of a small number of high net worth individuals in Kenya. The ETF attracts no capital gains tax and is shariah-compliant.

Gold has traditionally been a hedge for times of turmoil, and with ongoing trade disputes between the US and China, UK’s Brexit, slowing growth in Asia and Europe, and uncertainties of debt levels and weaker currencies in Africa, gold represents a hedge, or point of safety that people turn to as a store of value.  Africa’s largest economy, South Africa is also facing its own capital flight and repatriation issues.

Gold has risen on the back of global demand for safety as the ETF represents the fractional equivalent of the price of real gold bullion. Gold is now ~$1,500 per ounce, up from $1,280 at the beginning of the year. The price has moved between $1,000 and $1,300 over the last five years.

As Nairobi investors have suffered paper losses with NSE share index prices dropping to ten-year lows, levels last seen in March 2009, the NewGold ETF has ascended this year by 21% and is up 25% since its introduction. That’s largely due to it being determined the global price of gold, not by local demand.

NewGold, which is the largest ETF on the Johannesburg exchange, is also listed and trades on share exchanges in Botswana, Nigeria, Ghana and Mauritius.
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