Kenya to raise its stakes in Africa insurer

President William Ruto and ATIDI CEO Manuel Moses during the ATIDI's 26th Annual Gneral meeting held at State House, Nairobi last week. [PCS]

Kenya plans to increase its shareholding in the continental insurer African Trade and Investment Development Insurance (ATIDI) to $65 million (Sh8.4 billion) from the current $25 million (Sh3.23 billion).

This is according to President William Ruto, who spoke during the 26th Annual General Meeting (AGM) of the ATIDI, which took place in Nairobi.

Ruto said Kenya will, subject to the necessary national processes, progressively increase its shareholding.

He also presented ATIDI with the title deed for land for the construction of its permanent headquarters.

Ruto issued a clarion call for Africa to strengthen its financial institutions and  fund its development on its own terms.

 “For years, we have called for a fairer global financial architecture, one that stops mispricing African risk and making our capital needlessly expensive. That call remains right. But Africa cannot wait for reform elsewhere. While the world debates reform, Africa must build,” Ruto said.

President Ruto endorsed the establishment of the New African Financial Architecture for Development (NAFAD), an initiative launched by Dr Sidi Ould Tah, President of the African Development Bank Group (AfDB) in April 2026.

The NAFAD aims to call African institutions to work together to strengthen the continent’s risk-sharing mechanisms, to reduce the continent's borrowing costs, and to unlock domestic capital at scale for Africa’s development.

“Africa does not suffer from a shortage of capital. Africa suffers from a shortage of institutions capable of transforming risk, mobilising savings and connecting them to productive investment,” Ruto said.

ATIDI CEO Manuel Moses reflected on the silver jubilee, saying the organisation had “demonstrated that African solutions are often best placed to address Africa's unique challenges and opportunities.”

 “We have built our success on the ability to combine world-class standards with a deep understanding of African markets, designing solutions that reflect local realities while meeting the expectations of global investors,” said Moses.

Professor Kelly Mua Kingsly, Chairman of the Board of Directors at ATIDI, argued that Africa’s economic advancement hinges on boosting investor confidence.

He said the continent’s vast natural resources or attractive demographics may capture investors’ interest, but projects will not be financed unless investors have the confidence to commit funds.

 “Africa’s greatest asset is confidence. If capital is the engine of development, confidence is its fuel. That is where ATIDI has found its unique purpose. We do not merely mitigate risk. We create confidence,” said Kinglsy.