:Richard Evans, a pioneer in Kenya’s horticulture and hospitality sectors, transformed adversity into opportunity. His companies, including Flamingo Horticulture and Hemingways Hotels, have set new standards in sustainable agriculture and luxury tourism while creating lasting impacts on local communities. Knighted for his contributions, Evans continues to inspire with his values of innovation, resilience, and integrity. From exporting Kenyan produce to nurturing young entrepreneurs, his legacy underscores the power of business to drive development in East Africa.

By Charles Wachira

Richard Evans’ entrepreneurial journey is a testament to resilience, innovation, and an unwavering commitment to East Africa’s development. Recently knighted in King Charles III’s New Year’s Honours List, Evans has made a significant impact on Kenya’s horticulture and hospitality industries while maintaining strong ties to British sports, particularly rugby.

A Journey Born Out of Adversity

Evans’ connection to East Africa began in the early 1970s, under challenging circumstances. After completing his undergraduate degree in Engineering from King’s College, London, he traveled to Uganda to teach local engineers how to build UN-funded clean water systems. However, his time in Uganda was tragically cut short during Idi Amin’s coup d’état in 1971, when two of his colleagues were killed. Evans was evacuated from the country later that year, leaving behind a region in turmoil but carrying with him a deep connection to East Africa.

That same year, Evans arrived in Kenya—a country that would become the cornerstone of his business success. “Kenya gave me a second chance,” he recalls. “The potential was immense, and I knew that my engineering skills could make a significant difference.”

Building a Horticulture Empire

In 1982, Evans founded Homegrown, a horticulture company that capitalized on Kenya’s fertile land and favorable climate. His goal was to improve fruit, vegetable, and flower production using modern irrigation techniques. Homegrown, later rebranded as Flamingo Horticulture, quickly grew to become one of the largest exporters of flowers, fruits, and vegetables to Europe.

“The key to success in agriculture is innovation,” Evans says. “We introduced modern irrigation methods that improved yields while conserving water, and that set us apart.” By the early 2000s, Flamingo Horticulture was employing thousands of Kenyans and playing a major role in the country’s agricultural exports.

Evans’ commitment to sustainable farming practices and technological advancements helped his company thrive, even as global markets fluctuated. “Success isn’t just about profits—it’s about creating value for the community,” Evans emphasizes. “Our growth has always been tied to improving the livelihoods of the people around us.”

Expanding into the Hospitality Industry

In 1997, Evans ventured into the hospitality industry by launching Hemingways Watamu, a luxury hotel on Kenya’s coast. The hotel quickly became a go-to destination for international tourists, offering high-end service while preserving Kenya’s unique coastal culture. Following the success of Hemingways Watamu, Evans opened Hemingways Karen in Nairobi and Ol Seki Mara, a luxury tented camp in the Maasai Mara known for its eco-friendly safari experiences.

“Hemingways was about showcasing the beauty of Kenya to the world,” Evans explains. “We wanted to offer unmatched luxury while ensuring that our operations respected Kenya’s natural environment.”

Today, Hemingways Hotels are recognized for their excellent service, luxury, and dedication to conservation. “The hospitality business is about providing experiences, not just accommodations. We focused on creating unforgettable memories while ensuring that we preserved the environment.”

Richard Evans and Rugby: From Captain to Chairman

Beyond his success in business, Evans made his mark in the world of rugby. He captained Kenya’s national rugby team in the early 1970s and later became the Chairman of Nondescripts RFC, one of the oldest and most prestigious rugby clubs in Kenya. In addition, Evans owned a British rugby team, underscoring his lifelong passion for the sport. “Rugby taught me the value of teamwork and discipline, lessons I’ve carried into my businesses,” Evans notes.

Lessons in Success: Resilience, Innovation, and Integrity

Reflecting on his entrepreneurial journey, Evans attributes his success to three core principles: resilience, innovation, and integrity.

• Resilience: “Every business faces challenges. What matters is how you handle them.” Evans has experienced numerous hurdles, from political instability to economic volatility, but he never let those obstacles derail his vision. “You must keep going, no matter how difficult things get.”
• Innovation: Throughout his career, Evans has been a firm believer in the power of innovation. “You can’t stand still in business. Whether it was introducing modern farming techniques or creating luxury eco-friendly hotels, we always stayed ahead by embracing new ideas.”
• Integrity: “In the long run, your reputation is everything,” Evans emphasizes. Whether paying fair wages to his farm workers or promoting sustainable tourism, he has always placed ethical practices at the heart of his businesses. “People do business with those they respect. Trust is the foundation of lasting success.”

Challenges and Achievements

Evans’ ventures were not without challenges. In the early days of Homegrown, scaling up the business and managing international logistics was particularly difficult. “Exporting fresh produce while maintaining quality was a logistical nightmare at times,” he shares. In the hospitality sector, navigating regulatory hurdles around land use and environmental conservation posed additional challenges. “But those challenges pushed us to be more innovative,” Evans says.

Despite these hurdles, Evans’ businesses flourished. Flamingo Horticulture became a leader in sustainable agriculture, while Hemingways Hotels set a new standard for luxury tourism in Kenya.

A Role Model in Business

Evans credits much of his success to his early experiences in engineering and agriculture in East Africa, as well as the influence of notable entrepreneurs like Sir Richard Branson. “Branson’s ability to reinvent himself and his businesses across different industries is something I admire,” Evans says. “He taught me that taking risks and challenging the status quo are key to long-term success.”

Looking to the Future: Mentoring the Next Generation

Now in his later years, with a knighthood under his belt, Evans remains focused on expanding his ventures and mentoring young entrepreneurs. “Kenya has given me so much, and I want to give back by supporting the next generation of business leaders.”

His advice for aspiring entrepreneurs? “Take risks, think differently, and always keep your integrity intact. The opportunities in this country are limitless if you have the vision and the grit to pursue them.”

Leaving a Lasting Legacy

For Richard Evans, success is not measured by profits alone but by the positive impact his businesses have had on communities. His ventures in horticulture and hospitality have created jobs, supported families, and contributed to Kenya’s global standing.

“At the end of the day, success is about making a difference,” Evans concludes. “If you can leave a lasting, positive impact, you’ve done something truly worthwhile.”

Richard Evans’ story is a remarkable example of what resilience, innovation, and integrity can achieve—qualities that earned him a knighthood and cemented his place as one of East Africa’s most influential business figures.

Keywords:Richard Evans Kenya entrepreneur:Flamingo Horticulture success:Hemingways luxury hotels:Kenya horticulture industry:Sustainable tourism Kenya

:Revolutionizing Kenya’s Insurance Industry through Digital Innovation and Entrepreneurial Resilience

By Charles Wachira

Jihan Abbas, aged 31, identified an opportunity to simplify the insurance experience in a sector often criticised for its complexity and bureaucracy. With mobile penetration in Kenya at over 95%, she saw the potential for a digital-first insurance solution to reach more customers, particularly the tech-savvy younger generation.

“I realized the insurance industry was ripe for disruption,” says Jihan. “Customers were frustrated by long processes and lack of transparency. With Griffin Insurance, we’ve built a platform where users can buy, renew, and manage their insurance policies all on a mobile app, within minutes. This is the future of insurance—not just in Kenya, but across Africa.”

By leveraging technology and automation, Griffin Insurance eliminates much of the paperwork traditionally involved in buying insurance, providing customers with a fast and seamless experience. The company focuses heavily on motor insurance, allowing users to pay premiums, track claims, and even pause coverage when their vehicles are not in use—a feature unique to Griffin.

What It Takes to Succeed in Business: Jihan’s Perspective

Building a successful business in a sector as highly regulated and competitive as insurance requires a blend of resilience, innovation, and an unwavering focus on customer needs. According to Jihan, her journey has been challenging but also deeply rewarding.

“Success in business, especially in a market like Kenya, demands persistence. There are days when things don’t go as planned—especially when you’re trying to innovate in a conservative industry—but you have to keep pushing,” she explains. “It’s also important to be customer-centric. We built Griffin Insurance around what customers actually want, not what the industry thinks they need.”

Jihan emphasizes the importance of having the right team. “You need a team that is as committed to your vision as you are. Surround yourself with people who are smarter than you and can bring ideas to the table. Collaboration is key.”

Finally, Jihan points to risk-taking as a core element of her entrepreneurial journey. “In business, you have to be willing to take calculated risks. When I started Griffin, we were entering uncharted territory with a fully digital model. But I believed in the idea and trusted that technology was the answer to many of the pain points in this industry.”

The Insurance Landscape in Kenya: Challenges and Opportunities

Kenya’s insurance industry has seen steady growth, driven by a growing middle class, an expanding economy, and increased awareness of the need for protection. However, insurance penetration—the ratio of insurance premiums to GDP—remains low. As of 2022, Kenya’s insurance penetration stood at around 2.4%, which is below the African average of about 3% and far below leading countries like South Africa, where penetration is above 17%.

Despite this, Kenya’s insurance market holds immense potential. The country ranks as one of the top insurance markets in East Africa, supported by a relatively well-developed financial services sector and robust mobile infrastructure.

“The low penetration rate represents both a challenge and an opportunity,” notes Jihan. “On the one hand, it shows there’s a long way to go in terms of educating people about the benefits of insurance. On the other hand, it means there’s a huge untapped market. At Griffin, we’re leveraging digital platforms to reach people who may never have considered insurance before.”

Comparison with Other African Markets

Kenya lags behind countries like Morocco, where insurance penetration is at 4.5%, and Namibia, with 6.7%, but is on par with other East African countries such as Uganda and Tanzania, where insurance penetration hovers around 1-2%. The low insurance uptake across the continent is largely attributed to economic challenges, low disposable incomes, and a lack of trust in insurance providers.

“One of the reasons why insurance penetration is lower in Kenya compared to countries like South Africa or Namibia is the lack of trust in traditional insurance models,” says Jihan. “People often feel they don’t get value for their money, and claims processes can be opaque. At Griffin, we’ve worked hard to build trust by ensuring transparency and creating a hassle-free claims process.”

The Way Forward: Digitization and Innovation

The future of Kenya’s insurance industry lies in digitization and accessibility. With over 47 million mobile phone users in the country, mobile-based insurance services, like those provided by Griffin, are becoming a more viable way to increase coverage. Microinsurance—affordable, smaller-scale insurance products targeted at low-income earners—is also expected to drive growth in the sector, particularly as mobile money services like M-Pesa expand their integration with insurance products.

“Kenya is at the forefront of mobile innovation, and insurance companies need to tap into that potential,” Jihan says. “At Griffin, we are constantly exploring new ways to reach customers via mobile and provide them with products that fit their needs and lifestyles. I see the future of insurance as being on-demand, flexible, and fully integrated into our everyday lives.”

Insurance Regulatory Changes: A Positive Outlook

Jihan is optimistic about the regulatory changes taking place in the industry. The Insurance Regulatory Authority (IRA) has been pushing for reforms to streamline operations, make insurance more accessible, and ensure fair treatment of policyholders.

“Regulation is crucial for maintaining trust in the industry,” Jihan states. “At Griffin, we’ve embraced these changes because they align with our vision of providing a fair, transparent, and efficient insurance service. We are excited about what the future holds for the industry.”

Conclusion: A Bright Future for InsurTech in Kenya

As Griffin Insurance continues to grow, Jihan Abbas remains a pioneer in Kenya’s InsurTech space, paving the way for a new era of customer-centric, tech-driven insurance services. With a market ripe for innovation and a population increasingly familiar with digital solutions, the future of Kenya’s insurance industry is undoubtedly bright. As more Kenyans adopt digital insurance platforms, industry leaders like Griffin will be at the forefront of driving insurance penetration and financial inclusion in the country.

In her final thoughts, Jihan offers advice to aspiring entrepreneurs: “Start small, dream big, and most importantly, stay focused. There will be setbacks, but every challenge is an opportunity to learn and grow. Believe in your vision and don’t be afraid to disrupt the status quo.”

Keywords:InsurTech:Insurance penetration:Digital insurance:Griffin Insurance Kenya:Entrepreneurship in Kenya

: The Equity Group is pioneering positive outcomes for all with its Africa Recovery and Resilience Plan, visionary leadership, and strategic positioning.

 By Charles Wachira

Equity Group Holdings has proudly announced a proposed record dividend of Kshs 15.1 billion (US$ 116,884,751) for the second consecutive year, a significant achievement that underscores its robust financial performance in 2023.

 Dr James Mwangi, Group Managing Director and CEO, emphasised, “The Kshs. 4 per share dividend amounts to a 36% payout of the Kshs. 43.7 billion (S$ 338,269,114) profit after tax, or Kshs 11.1 earnings per share, and a dividend yield of 11.9% on the 2023 year-end closing share price of Kshs. 33.65, or 800% on par value.”

The financial results for 2023 underscored strong momentum, with net interest income growing by 21% to Kshs 104.2 billion (US$806,582,190) from Kshs 86 billion (US$665,701,232) and non-funded income registering an impressive 30% growth to Kshs 75.9 billion (US$587,520,040) from Kshs 58.3 billion (US$451,283,509).

 A 106% rise in lending related to trade finance and a 26% increase in trade finance guarantees and off-balance sheet items drove a 90% increase in gross trade finance revenue to Kshs.11 billion (US$85,147,832) from Kshs.5.8 billion (US$44,961.24).

 However, total costs escalated by 52% to Kshs 128.2 billion (US$992,359,278) from Kshs 84.5 billion (U$654,090,164), primarily due to a 139% rise in loan loss provisions to Kshs 32.8 billion (US$23,895,353) from Kshs 13.7 billion (US$106,047,744), aimed at bolstering asset quality buffers.

 The depreciation of the Kenyan shilling and high inflation also caused a 28% increase in staff costs and a 39% increase in other operating expenses. 

The return on average equity stood at 22.3%, exceeding the 18% cost of capital.

 Profit after tax decreased by 5% to Kshs 43.7 billion (US$338,269,114) from Kshs 46.1 billion (US$ 356,846,823), mainly due to a 53% increase in interest expenses compared to a 30% growth rate in interest income.

With a 29% increase in customer deposits to Kshs 1.358 trillion (US$10,511,886,896) from Kshs 1.052 trillion (US$8,143,229,024), the group’s gross balance sheet increased by 26% to Kshs 1.821 trillion (US$14,095,836,552).

Shareholders’ funds increased by 20% to Kshs 218.1 billion (US$ 1,688,249,287) from Kshs 182.2 billion ( US$ 1,410,357,726). 

 The deployment of funding saw net loans rise by 26% to Kshs.887.4 billion (US$6,869,107,828) from Kshs.706.6 billion (US$5,469,587,099), while government securities holdings grew by 27% to Ksh 500.5 billion (US$3,874,226,356.00) from Kshs.394 billion ( US$ 3,049,840,528)  

Cash and cash equivalents increased by 25% to Kshs 290.1 billion ( US$ 2,245,580,551) from Kshs 232.4 billion ( US$ 1,798,941,468).

Equity Group has demonstrated remarkable resilience, navigating challenges such as interest rate capping, the COVID-19 pandemic, global supply chain disruptions, and volatile global economic conditions, including FX volatility, high inflation, and interest rates. 

Over the past seven years, amidst these adversities, customer numbers have surged to 19.6 million from 10.4 million, customer deposits have risen to Kshs.1.358 trillion (US$10,511,886,896) from Kshs.303.2 billion ( US$2,346,983,878), and the loan book has grown to Kshs.887.4 billion ( US$ 6,869,107,828)  from Kshs.269.9 billion ( US$ 2,089,218,168). Total assets have soared to Kshs.1.822 trillion ( US$ 14,103,577,264) from Kshs.428.1 billion ( US$ 3,313,798,807), while shareholders’ funds have climbed to Kshs.218.1 billion ( US$ 1,688,249,287) from Kshs.72.1 billion ( US$ 561,089,494), a testament to the group’s stability and resilience.

Said Dr. Mwangi, “ The Group has navigated these challenges through a deliberate and strategic approach, reinforced by a robust risk management governance framework and a strong organisational culture emphasising innovation, customer-centricity, compliance, and prudent risk management.” 

The Group achieved a PAR of 11.7%, improving from 12.2% in the third quarter and outperforming the industry NPL ratio of 14.8%.

 Dr. Mwangi also noted, “The proactive derisking strategy involved providing for the lifetime expected loss on outstanding NPLs and increasing loan loss provisions by 139% to Kshs 32.8 billion (US$253,895,353) from Kshs 13.7 billion ( US$106,047,754), resulting in a cost of risk of 4.4% and an increased NPL coverage of 67.3% without guarantees and 90% with guarantees.”

Motivated by a vital mission and a risk management culture, Equity Group has received recognition through awards like the Oslo Business for Peace Award. 

In addition, Brand Finance has named it the second-strongest global banking brand.

The group maintains strong risk buffers,  53.4% liquidity, and excellent asset quality. Its total capital-to-risk-weighted asset ratio of 18.1% exceeds the regulatory requirement of 14.5%.

The core capital to risk-weighted asset ratio stood at 14.3%, comfortably above the regulatory threshold of 10.5%, positioning the group well for its growth strategy.

Looking ahead, Equity Group is strategically positioned in one of the world’s fastest-growing regions, East Africa, which boasts significant economic potential. With a diversified business model encompassing banking, insurance, health, technology, and philanthropy, the group is set to capitalise on growth opportunities, innovate, and enhance its service delivery, a promising outlook for the future.

Dr. Mwangi concluded, “With clarity on our Africa Recovery and Resilience Plan, strong leadership, and strategic positioning, Equity Group is uniquely positioned to deliver positive outcomes for all stakeholders.”

Keywords:Record Dividend: Financial Performance: Asset Quality:Balance Sheet Growth: