McKinsey & Company opens an office in Kenya, 7th in Africa

18 September 2014

Expanding its African presence even further, strategy firm McKinsey & Company have opened their 7th office on the continent, this time in the Kenyan capital of Nairobi. Globally, this is the firm’s 107th office. 

As the financial sector on the African continent has picked up momentum in tandem with economic growth in the region, a number of consulting firms have begun to expand their operations in Africa, the latest being McKinsey & Company with their new office in Nairobi. 

A number of factors have contributed to the opening of the Nairobi presence. The first is that the firm has been prolific in Kenya recently, having aided with the reorganisation  of a number of major companies including East African Breweries, Kenya Commercial Bank, Britam and a number of others. A local operation would ease the firms practice in the country, which is clearly gaining momentum.

McKinsey & Company opens Kenya office, 7th in Africa

Moreover, Nairobi’s status as an economic nucleus in East Africa will give the firm a boost In the eastern region, complementing its 6 other offices across the continent. The decision was a considered one, after a comprehensive internal assessment of potential locations. Another key factor is the fact that, as the capital of a developing economy, Nairobi still has a long way to go in terms of infrastructural development and energy efficiency, both of which sectors spell major opportunities for the consulting industry. 

Commenting on the new office, Bill Russo, Managing Partner at McKinsey for East Africa said “There is $100 billion in infrastructure investment in the region. We all know the correlation between economic growth and infrastructure investment is a strong one. The second thing is if you look at energy, we estimate that there are 290 gigawatts of energy potential in East Africa. Today there’s only an install base of seven gigawatts.” 

Establishing contact 

To consolidate the new chapter for the firm, Managing Director at McKinsey Dominic Barton visited the Kenyan President, Uhuru Kenyatta in Mombasa. Barton gave the company a brief on McKinsey’s intentions in the country, and its potential contribution to overall economic growth.

Enwealth Financial Services makes strategic entry into Ugandan market

07 March 2019

Nairobi-based pension consultancy Enwealth Financial Services has launched an operation in the Eastern African nation of Uganda, having obtained an operation license from the Uganda Retirement Benefits Regulatory Authority (URBRA), the legal body in charge of the establishment.

East Africa is an increasingly lucrative region for investment, and economies in the region are increasingly intertwining. Enwealth’s latest foray into the Ugandan market is symbolic of this interconnvectivity, and representative of a broader trend of concern around pernsion and retirement plans in these economies.

Reports in recent times have indicated that in the current context of financial planning, nearly 80% of the current population in working age in Kenya risk sinking into poverty upon retirement. As a result, Enwealth has found itself in a steady stream of business, as professionals look to rectify this scenario.

Enwealth Financial Services makes strategic entry into Ugandan market

Enwealth focuses on financial and retirement planning, and offers a wide range of services including scheme administration services, training and consulting services in the retirement benefits domain. The firm also offers advisory services in the insurance and brokerage domain and support with property and real estate planning.

The firm – which currently handles financial assets of more than Sh 2 trillion in Kenya – will now offer its services in the Ugandan market, where it will operate in collaboration with several other pension administrators. The entry into the market is made possible due to regulatory clearance that the firm has obtained from URBRA.

Alongside the expansion into new markets, the firm is also looking to generate a more innovative approach to financial services and planning, a trend that is increasingly prominent across the African market. Digital integration will be the platform through which it hopes to attain these goals.

Commenting on the expansion, Chairman and Board of Directors at the firm Nelson Kuria said, “We are passionate about value proposition. We have done visibility studies to inform sustainability of our business. Our products and services are driven by research. Our driving force is a long term perspective; we have confidence in Uganda’s economy which has potential to grow."