Somali-born Abdiweli Hassan rose from banker to builder, creating Amal Bank and Business Bay Square to empower Africa’s unbanked.

NAIROBI, Oct 17 (BW Africa) — Step into the bright atrium of Business Bay Square (BBS) in Eastleigh, Nairobi’s commercial heartbeat. It is hard to believe its founder, Abdiweli Hassan, once counted shillings behind a teller’s counter. Today, he stands among East Africa’s most visionary Somali entrepreneurs — a man whose journey from banking halls to billion-shilling projects proves that foresight and discipline can still rewrite destinies. These are the traits that Joe Mamo, an Ethiopian American fuel mogul, used to build a billion-dollar empire.

From Garissa to Global Vision

Born in Garissa, northern Kenya, in the late 1970s, Hassan grew up surrounded by trade and resilience. His father traded livestock across the Kenya–Somalia border, while his mother sold fabrics in Garissa Town. However, life was far from easy. “Money was tight,” he recalled in a 2023 interview with Business Daily Africa. “But my parents taught me that even small trade, if done honestly, could open big doors.”

After attending Garissa Primary and Wajir High School, he won a scholarship to study finance at Moi University, graduating in 2002. He soon joined Barclays Bank of Kenya (now Absa Bank Kenya). During nearly a decade there, he learned the rhythm of money and the psychology of trust. “Banking taught me how money behaves,” he says. “More importantly, it taught me how people behave around money.”

Banking Lessons that Built a Billion-Shilling Dream

By 2010, Hassan had saved roughly KSh 6 million ($47,000) — his seed capital. Instead of chasing Nairobi’s elite property market, he looked to Eastleigh, a district many dismissed as chaotic. “People underestimated Eastleigh,” he said. “They saw disorder; I saw opportunity.”

In 2013, he co-founded Amal Bank Kenya, a Sharia-compliant lender that began as a modest remittance firm helping Somali diaspora families send money home. Over time, trust deepened and Amal became a full-service bank serving traders, professionals, and small businesses.

Under Hassan’s leadership, Amal Bank has grown into one of the Horn of Africa’s most trusted Islamic banks, operating in Kenya, Somalia, Ethiopia, and Djibouti. “We didn’t build Amal to chase profit alone,” he told Business Daily Africa. “Our mission has always been to bank the unbanked — to bring dignity and opportunity to people once invisible to mainstream lenders.”

The Mission to Bank the Unbanked

That mission continues to define his philosophy. Amal’s micro-finance arm now supports over 25,000 small traders in Garissa, Mandera, and Eastleigh. Moreover, its remittance service processes more than KSh 15 billion ($115 million) every year in diaspora inflows — a vital lifeline for rural economies.

Hassan’s model merges Sharia-compliant ethics with digital innovation, ensuring inclusion without compromising values. “We built trust before we built profit,” he says. Consequently, Amal became a blueprint for community-based banking.

According to the Central Bank of Kenya, Islamic finance now accounts for nearly 10 percent of the nation’s banking assets, up from just 2 percent a decade ago. As a result, Somali-led financial ventures have reshaped Kenya’s financial inclusion landscape.

Building Business Bay Square: Eastleigh’s New Skyline

In 2018, Hassan founded Business Bay Group, which invested more than KSh 12 billion ($92 million) to build Business Bay Square — one of East Africa’s largest mixed-use developments. The project blends retail, hospitality, and office space in a district once written off by formal investors.

Built on the belief that “Eastleigh deserved a skyline,” BBS transformed the neighborhood into a structured commercial hub. The complex now houses over 1,200 retail outlets and employs more than 3,000 people. It also attracts investors from the Gulf region, the Somali diaspora, and major Kenyan corporations.

However, the road was rough. During the COVID-19 pandemic, lockdowns stalled imports and financing. “We were weeks away from insolvency,” Hassan admitted. Fortunately, a refinancing deal with Amal Capital — his investment arm — saved the project. As a result, BBS finally opened its doors in 2022.

Lessons for Africa’s Next Generation of Entrepreneurs

Today, Hassan’s portfolio spans banking, real estate, logistics, and renewable energy. His companies employ more than 5,000 people across the Horn of Africa and generate estimated annual revenues of KSh 25 billion ($190 million).

For many young Somali entrepreneurs, his story delivers hard-won lessons. “Entrepreneurship isn’t about money,” he says. “It’s about solving problems others ignore. If your community grows, your business will grow with it.”

Meanwhile, Kenya’s participation in the African Continental Free Trade Area (AfCFTA) is opening fresh opportunities. Hassan believes Somali enterprises will play a decisive role in shaping Africa’s new economic era. “The next frontier is integration,” he says. “We have the networks, the trust, and the hunger. Now we need to build the bridges.”

From a teller’s window in Garissa to the skyline of Eastleigh, Abdiweli Hassan’s story shows that opportunity often hides where others see disorder — and that fortune favors those who build where no blueprint exists.

Explore the journey of Paul Wanderi Ndung’u, a Kenyan entrepreneur who rose from humble beginnings to build a multi-million-dollar empire, faced significant challenges, and is now quietly rebuilding his legacy.

A Quiet Rebuilding in 2025

In 2025, Paul Wanderi Ndung’u is not a name that frequently graces the headlines. Yet, in the corridors of Kenya’s business community, his quiet resurgence is being closely watched. Once a prominent figure in the mobile distribution and betting sectors, Ndung’u is now focusing on rebuilding his business empire with a renewed sense of purpose and discipline.

His current ventures span agriculture, healthcare, and hospitality, including interests in G-North & Son, Life Care Medics, and small-cap ventures along the Rift Valley corridor. Friends and associates describe him as a man who has learned from his past and is committed to building a sustainable future.

Humble Beginnings and Early Career

Born in 1962 in Kagwathi, Nyeri County, Paul Wanderi Ndung’u’s journey into the business world began in 1991 as a junior accounting clerk at Uchumi Supermarkets. Armed with a Finance degree from USIU-Africa, he quickly rose through the ranks, moving on to Pioneer General Assurance as Chief Accountant and Investment Officer. Here, he honed his skills in balance-sheet analysis and risk management, setting the stage for his future entrepreneurial endeavors.

The Rise: Forex Ventures and Mobile Distribution

In 1995, when Kenya liberalized its foreign-exchange market, many entrepreneurs hesitated. Ndung’u, however, saw an opportunity. He launched Glory Forex Bureau, one of Kenya’s first currency-trading firms, and later Taipan Forex. His ventures built a reputation for agility and integrity in a volatile market.

By 2001, sensing a telecom revolution, he co-founded Mobicom Kenya Ltd, a mobile-phone and accessories distributor. As Kenya’s mobile-phone penetration exploded, Mobicom thrived. Ndung’u rose to Chairman, expanding operations to Uganda and Tanzania.

The Stock Market Masterstroke

The Nairobi Securities Exchange (NSE) became Ndung’u’s playground. In 2002, he bought one million shares of Kenya Power at KSh 1 each. A year later, he sold them for KSh 6—a 500 percent return. He reinvested the windfall into 16 million shares of Kenya Airways at about KSh 6 per share. When the stock hit KSh 120 in 2006, he partially cashed out—turning that trade into roughly KSh 2 billion (~$14.3 million USD).

His portfolio ballooned with stakes in Car & General, Uchumi, and CMC Holdings, where he later served as a director.

Betting on SportPesa—and Losing the Boardroom

In 2014, Ndung’u made what seemed another brilliant move. He invested in Pevans East Africa Ltd, the company behind SportPesa, joining a group of bold entrepreneurs who saw a legal betting boom ahead. SportPesa exploded into one of Africa’s most valuable betting platforms, sponsoring Everton FC and Hull City in the English Premier League, and generating billions in revenue across Kenya, Tanzania, and the UK.

However, success turned sour. By 2020, cracks emerged between local shareholders, including Ndung’u, and foreign partners over governance and revenue flows. The Kenyan Revenue Authority accused SportPesa of withholding taxes; its license was briefly revoked.

Ndung’u, who had chaired Pevans East Africa, was ousted from the board in 2021, leading to protracted court battles and his eventual financial strain. “It wasn’t about greed,” he later said. “It was about principles. When you fight for transparency, you pay a price.”

The Hammer Fell: Equity Bank Auctions His Properties

The price came due in May 2023, when auctioneers acting on behalf of Equity Bank moved to sell Ndung’u’s prime Nairobi and Nyeri properties over a KSh 600 million (~$4.3 million USD) debt. The Standard reported that the loans were backed by commercial property in Westlands and farmland in Nyeri County.

His appeal to stop the sale was dismissed by the High Court, leaving him to watch decades of wealth go under the hammer. Yet, those close to him say he never lost his composure. “Paul told us, ‘I have built before; I will build again,’” recalls a long-time associate at Mobicom. “That’s his DNA—he rebuilds.”

A New Chapter: Quiet Rebuilding

Today, Ndung’u chairs Mobicom Kenya and has diversified into agriculture, hospitality, and healthcare—with interests in G-North & Son, Life Care Medics, and small-cap ventures along the Rift Valley corridor. Friends say he has returned to the philosophy that made him rich in the first place: focus, discipline, and timing.

“You don’t create wealth by noise; you do it by patience,” he told Business Daily in 2018. “If you think long term, the market rewards you.”

Lessons Entrepreneurs Can Learn

1. Don’t Fear Being Early: The biggest rewards come to those who enter before the crowd—as Ndung’u did with forex and mobile distribution.
2. Think Long-Term: He held Kenya Airways and Kenya Power shares for years before cashing out. Timing is patience in disguise.
3. Stand Firm in Storms: From CMC Motors disputes to SportPesa boardroom wars, Ndung’u proved that conviction can outlast chaos.
4. Diversify Smartly: By spreading investments across telecoms, insurance, and agriculture, he shielded himself from sectoral shocks.
5. Character is Currency: His belief that reputation matters more than quarterly profit earned him respect across Nairobi’s investment circles.

The Moral of the Story

Paul Wanderi Ndung’u’s journey—from a village in Nyeri to a billion-shilling fortune and back to rebuilding mode—is a study in persistence. He has been up, down, and back again. But in a country where many fortunes are fleeting, he stands out for one thing: resilience.

“I started with nothing,” he once said. “If I lose it all, I can start again—because I still have the one thing that built it: belief.”

Kenya’s High Court ruling in the Zukabet case highlights trademark rights and the value of IP in Kenya’s $1.6bn betting industry, where high taxes and tough rules shape success.

Zukabet Ruling Highlights Trademark Ownership in Kenya’s $1.6bn Betting Industry

A recent High Court decision in Nairobi has placed the spotlight on the importance of intellectual property rights in Kenya’s betting sector. Justice John Chigiti barred Ukrainian businessman Anatoliy Kavelanko and his firm, Muvans Limited, from using the trade name Zukabet. The court ruled that the registered trademark belongs to Kenyan entrepreneur Samuel Mungai Muigai.

Why the Trademark Dispute Matters

At the center of the case was a fallout between Kavelanko and Muigai, once business partners. Their disagreements over management and licensing costs escalated into a court battle. The judgment affirmed Muigai’s ownership of the Zukabet name, showing how trademarks can protect entrepreneurs in high-stakes industries.

Trademark law in Kenya has become increasingly robust. The Kenya Industrial Property Institute (KIPI) oversees trademark registration, which gives owners exclusive rights for renewable ten-year periods. Without that protection, businesses risk losing their brands to rivals or disgruntled partners.

Early this September, a group of Kenyan billionaires engaged in a courtroom over ownership of the trademarks of Sportspesa, a leading betting firm.in Kenya.

Kenya’s Betting Industry: Big Business, Bigger Risks

Kenya’s betting industry has exploded over the past two decades. According to the Betting Control and Licensing Board (BCLB), annual revenues exceed KSh 200 billion ($1.6 billion), most of it from online platforms.

Mobile money platforms such as M-Pesa have accelerated this growth. They allow customers to place wagers instantly on their phones. For operators, the technology provides mass-market access. For regulators, it requires constant monitoring to ensure compliance and protect consumers.

Critics argue the boom has fueled problem gambling, especially among young Kenyans aged 18–35. The government has responded with stricter licensing, tighter rules, and heavier taxation.

The Tax Burden in Global Context

Operators in Kenya face some of the heaviest tax obligations worldwide. They pay an excise duty of 7.5%–12.5% on stakes, while winners lose 20% of their earnings to the Kenya Revenue Authority (KRA).

International comparisons highlight the challenge. In the UK, operators pay a 15% point-of-consumption tax, but player winnings are tax-free. In the US, sports betting tax rates range from 6% to 15%, though in New York they go as high as 51%. South Africa charges about 6%–9.6% of gross gambling revenue.

Kenya’s dual burden on operators and consumers makes compliance costly. The 2019 standoff between regulators and SportPesa over alleged unpaid taxes forced the market leader to suspend operations. The episode revealed just how fragile the industry can be under heavy regulation.

Opportunities and Challenges for Entrepreneurs

Despite the risks, the sector continues to attract entrepreneurs. Kenya’s young population, high smartphone penetration, and mobile money adoption offer a ready market.

But entering the business is not easy. A license costs millions of shillings, equal to tens of thousands of US dollars. Applicants must also undergo rigorous vetting by the BCLB. Even after approval, firms face high compliance costs, frequent audits, and reputational risks.

Add in disputes like Zukabet, and the lesson is clear: succeeding in this industry requires capital, legal foresight, and a tolerance for regulatory risk.

What the Ruling Signals

The High Court ruling is more than a personal victory for Muigai. It highlights the decisive power of registered trademarks. For entrepreneurs, owning the rights to a brand is not optional—it is essential.

In a sector where customer loyalty often depends on name recognition, trademarks can be more valuable than infrastructure or technology. For global investors, the decision reinforces Kenya’s alignment with international standards on intellectual property.

Key Takeaways

• Trademark power: The Zukabet ruling confirms that registered marks give decisive protection.
• Big market: Kenya’s betting sector generates over $1.6 billion annually.
• Tax pressure: Operators and consumers face some of the toughest gambling taxes in the world.
• Entrepreneurial caution: High licensing costs, regulation, and legal disputes make foresight vital.