Why Kenya attracts investors
Kenya is the economic gateway to East Africa. With a nominal GDP of approximately 136 billion dollars in 2025 according to the World Bank, it is one of the most dynamic economies on the continent, driven by growth that has hovered between 4.5% and 5% per year for a decade. Inflation has returned within the central bank’s target range of between 2.5% and 7.5%.
Nicknamed the “Silicon Savannah”, Nairobi is home to one of the most advanced tech ecosystems in Africa. The country attracted approximately one billion dollars in startup funding in 2025, surpassing Nigeria, Egypt and South Africa according to tech industry counts. Fintech dominates this ecosystem, driven by M-Pesa, Safaricom’s mobile payment service launched in 2007, which has become the backbone of everyday payments for tens of millions of Kenyans and a continental reference for mobile money.
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Kenya also plays the role of a regional hub: as the headquarters of regional bodies and multinationals, it serves an East African market of more than 300 million consumers through the East African Community (EAC). The port of Mombasa remains a major trade corridor for Uganda, Rwanda, Burundi, eastern DRC and South Sudan.
For the French-speaking diaspora, the country offers an additional advantage: remittances from Kenyans abroad reached approximately 4.9 billion dollars in 2024, up 18% year-on-year, or approximately 427 million dollars per month. This windfall, greater than many aid flows, directly supports real estate, consumption and local savings — a signal of solid domestic demand for those looking to invest.
Key figures 2026
Here are the reference indicators for an investor, drawn from 2025 data and 2026 projections.
| Indicator | Value | Source / year |
|---|---|---|
| Nominal GDP | ≈ 136 billion $ (2025) ; ≈ 147 billion $ projected | World Bank / IMF, 2025-2026 |
| Real GDP growth | 4.6% in 2025 ; ≈ 4.5-4.6% expected in 2026 | KNBS, World Bank, IMF |
| FDI flows | 3.2 billion $ in 2025 (record, +37.7%) | UNCTAD, World Investment Report 2026 |
| Population | ≈ 57.5 million (2025) | World Bank |
| Currency | Kenyan shilling (KES) ; 1 USD ≈ 129 KES | market, early 2026 |
| NSE 20 Index | 3 139.19 points (+56.1% in 2025) | Nairobi Securities Exchange |
| NASI Index | 186.58 points (+51.1% in 2025) | Nairobi Securities Exchange |
The record in foreign direct investment in 2025 deserves attention: flows more than doubled in three years, rising from approximately 1.5 billion dollars in 2022 to 3.2 billion in 2025 according to UNCTAD. The digital economy and renewable energy are the main drivers. On the stock exchange, 2025 was one of the best years in the NSE’s recent history: the volume of shares traded jumped 37% to 145 billion shillings, and the bond market reached a record 2 700 billion shillings in transactions.
The most promising sectors
Tech and fintech
Tech is the primary pole of attraction. Kenyan startups raised nearly one billion dollars in 2025, a record level that makes Nairobi the leading venture capital destination on the continent. Fintech remains the dominant segment, accounting for approximately 42% of funding according to sector observers. On the listed market, Safaricom — the telecoms operator and parent company of M-Pesa — alone accounts for approximately 32% of volumes traded on the NSE in 2025, far ahead of banks KCB Group and Equity Group.
Renewable energy
Kenya already draws more than 80% of its electricity from renewable sources, with geothermal accounting for approximately 40% of installed capacity. Peak demand reached 2 316 megawatts in February 2025, and the country is targeting 100% clean energy by 2030. Private investors (independent power producers) sign 20 to 25-year power purchase agreements with the public operator Kenya Power, a model that has already attracted funds such as Globeleq or the Menengai group. Less than 10% of the country’s renewable potential is said to be exploited, leaving a significant pipeline of projects.
Agriculture and agro-industry
Agriculture, forestry and fishing represent 23.2% of GDP in 2025, up from 22.4% in 2024. Kenya is the world’s third largest tea exporter, fifth largest avocado exporter and third largest macadamia nut exporter, and supplies nearly 40% of the European Union’s horticultural imports. Horticultural exports generated approximately 216 billion shillings in 2025, tea nearly 187 billion and coffee approximately 52 billion. Value added — local processing rather than exporting raw commodities — remains the main lever of profitability to capture.
Real estate
Real estate and construction account for approximately 15% of GDP. Demand is driven by a young population, rapid urbanisation and diaspora remittances. Rental yields in Nairobi remain among the highest in Africa, with gross yields often between 5% and 8% depending on the neighbourhood; the average total return on residential property in the Nairobi metropolitan area stood at around 5.8% for the 2024-2025 period according to Cytonn. Listed REITs — ILAM Fahari I-REIT, Acorn I-REIT and Acorn D-REIT — offer a more liquid entry point, with a combined net operating income up 28% in 2025.
How to invest from France
Three main channels are available to an investor based in France.
The Nairobi Stock Exchange (NSE)
A non-resident can purchase shares listed on the NSE, but only through a broker or investment bank licensed by the Capital Markets Authority (CMA). The procedure requires opening a CDS (Central Depository System) account in the “foreign investor” category, which requires a passport and a Kenyan tax number (KRA PIN), obtainable remotely with the broker’s assistance. Brokers accustomed to foreign clients include SBG Securities, Dyer & Blair, Faida Investment Bank, AIB-AXYS Africa and Kestrel Capital. There is no liquid Kenya ETF in Europe: the leading stocks (Safaricom, Equity Group, KCB) are traded locally. Kenyan government bonds remain accessible to non-residents through a local intermediary and the central bank’s DhowCSD platform. Dividends paid to a non-resident are subject to withholding tax, and capital gains on share disposals are taxed; as these rates change regularly, it is prudent to confirm them with the broker before each transaction.
Setting up a company
The Investment Promotion Act of 2004 governs foreign investment. To obtain an investment certificate from the Kenya Investment Authority (KenInvest), the minimum threshold is 100 000 dollars for a foreign investor. This certificate facilitates work permits, tax registration and administrative procedures through a one-stop shop. A work permit also requires an annual income of at least 24 000 dollars or proven capital of 100 000 dollars. The authorities abandoned plans in 2024-2025 to raise this threshold to 500 000 dollars, a signal of openness to medium-sized investors.
Real estate
Foreigners can acquire a land lease (Kenya operates a leasehold system, with freehold ownership reserved for citizens). Purchases go through a local lawyer and payment of stamp duty. REITs listed on the NSE provide real estate exposure without direct management, with regular dividends.
Risks to be aware of
- Currency risk: the Kenyan shilling remained relatively stable at around 129 KES to the dollar in 2025-2026, but experienced a sharp depreciation in early 2024 (peak of 163 KES). An investor in euros is exposed to the volatility of the KES/EUR pair, which stood at around 150 KES to the euro in 2026.
- Stock market liquidity: despite a surge in volumes in 2025, the market remains narrow and concentrated. A few stocks (Safaricom, the major banks) account for the bulk of trading; exiting a position can be slow for small-cap stocks.
- Regulation and taxation: the framework changes frequently. The country replaced the digital services tax with a “significant economic presence tax” of 3% in late 2024, and introduced a minimum tax of 15% for groups whose consolidated turnover exceeds 750 million euros. Withholding taxes on dividends and capital gains taxation must be verified before each transaction.
- Economic conditions and debt: the high level of public debt and the electoral calendar (presidential election in 2027) may weigh on confidence and the currency. Budgetary pressures have regularly led to downward revisions of growth forecasts, and the issuance of work permits remains slow for foreign companies.
Frequently asked questions
What is the minimum amount to invest in Kenya? To benefit from a KenInvest investment certificate, the threshold is 100 000 dollars for a foreigner. There is no legal minimum for purchasing shares listed on the NSE: a CDS account is sufficient.
Can profits be repatriated from Kenya? Yes. Kenya does not impose blocking exchange controls; dividends and proceeds from disposals can be repatriated, provided that the inflow of funds is documented and applicable tax withholdings are settled.
Do you need to be on the ground to invest? No. Opening a CDS securities account, obtaining a KRA PIN and incorporating a company can all be done remotely through a local broker or lawyer. Being on the ground remains useful for real estate and operational partnerships.
To go further : discover our complete guide to investing in Africa (6 countries compared).
