Chris Kiptoo, Principal Secretary at Kenya’s National Treasury and Economic Planning, hosted a delegation from JP Morgan Chase in Nairobi on January 26, 2026. The team was led by Olivier Eweck, Managing Director and Head of Public Sector for Sub-Saharan Africa.
The meeting followed JP Morgan’s decision to open a representative office in Nairobi, which covers the East African region.
The discussions focused on Kenya’s recent economic progress, including the sovereign credit rating upgrade, growing investor confidence, and reforms aimed at strengthening the economy. The talks also highlighted Nairobi’s rising status as a regional financial centre.
“The engagement followed the establishment of JP Morgan’s Representative Office in Nairobi, serving the wider East African region,” Treasury stated on X.
“Provided an opportunity to exchange views on Kenya’s recent economic developments, including the sovereign rating upgrade and improving investor sentiment, underscoring growing international confidence in the country’s macroeconomic reform agenda and Nairobi’s role as a regional financial hub.”
JP Morgan secured approval to set up its office in October 2024 from the Central Bank of Kenya. The move expands the bank’s reach in East Africa and follows previous engagements, including a visit by JP Morgan CEO Jamie Dimon to Nairobi in the same month. Dimon toured Africa to explore potential business opportunities.
In 2024, President William Ruto clarified that the US giant finance firm JP Morgan will not engage in banking activities in the country.
“JP Morgan, the world’s biggest bank by balance sheet, has received the approval of the Central Bank of Kenya to open a representative office in Nairobi. The office will serve as a liaison and marketing hub for JP Morgan and its subsidiaries.
“Though it will not engage in banking activities, it will explore business and investment opportunities in Kenya and the entire East African region. Kenya has tremendous appeal as a diversified and dynamic economy and has the potential of being JP Morgan’s financial centre in Eastern Africa,” Ruto said in a statement posted on X.
Kenya’s economy has shown signs of resilience. On 22 August 2025, S&P Global Ratings upgraded the country’s long-term sovereign credit rating to ‘B’ from ‘B-’. The agency noted that near-term external liquidity risks had declined.
Strong exports, particularly coffee, and remittances from abroad helped reduce the current account deficit to 1.3 per cent of GDP in 2024, down from 2.6 per cent in 2023. Foreign exchange reserves reached a record $11.2 billion in July 2025, up from $6.6 billion at the end of 2023.
Fitch Ratings affirmed Kenya’s rating at ‘B-’ with a stable outlook on January 23, 2026. The firm cited strong growth prospects and a diversified economy compared with regional peers. It also highlighted the build-up of official reserves.
However, Fitch warned that Kenya faces challenges, including high debt servicing costs and governance issues. It projected a fiscal deficit of 5.8 per cent of GDP for 2026, higher than the government’s target of 4.7 per cent, and estimated general government debt would reach 68.6% of GDP by 2027.
The World Bank forecasts Kenya’s GDP growth at 4.9 per cent in 2026, similar to 2025, while independent estimates suggest 5.3 per cent. Lower interest rates support this growth. The Central Bank of Kenya cut its lending to 9.0 per cent. Inflation remained stable at 4.5 per cent, supporting economic stability.
Kiptoo said the meeting with JP Morgan offered a chance to exchange views on Kenya’s recent economic developments, including the sovereign rating upgrade and improving investor sentiment. The engagement signals international trust in Kenya’s reforms and highlights Nairobi’s potential to attract global finance.
