Quest: Contrasts and commonalities driving Nairobi's growth

Richard Quest at a shop run by Nelson Ombati and his brother, Haron Obwogi Gicheri, in Kangemi, Nairobi. PHOTO | COURTESY

Nairobi is a city of contrasts, and that point was underscored for me today. I spent the morning at the Nairobi Stock Exchange, which is nestled in amongst one of the city’s most exciting developments. Pulling up at the door I looked around at the towers rising above me. Hotels, offices, apartments, all part of Nairobi’s ambitious Vision 2030 plan.

I chatted to the NSE’s Chairman and CEO, a selection of Nairobi’s business leaders, and the red-jacketed traders who work on the exchange floor. I was asked what preconceptions people have of business in Kenya and Africa, and whether my experience in Nairobi had lived up to them. My answer was simple: foreigners still worry about the levels of corruption, and that is a barrier to doing business. But what I saw at the NSE was a team focused on delivering fair and transparent business. This is the backbone of any growth economy, and it was enormously impressive to see the determination to deliver it. They deserve every support. What’s more, I got to ring a bell and wear a red jacket.

Richard Quest at the Nairobi Stock Exchange. PHOTO | COURTESY

Just minutes away from the NSE, the character of Nairobi changes completely. Along a busy road in Kangemi, flanked by muddy banks and Matatu lines, is a shop run by Nelson Ombati and his brother, Haron Obwogi Gicheri. This was more like the scene many foreigners picture when they think of Africa: a bustling dirt track road with a slightly ramshackle selection of shops, selling every possible variety of everyday goods.

Finding himself unemployed, Nelson had opened the shop, but had struggled with a problem that is the scourge of start-ups the world over: cash flow. He joined the Mastercard-initiated Jaza Duka programme earlier this year, which gives him small regular loans and allows him to unlock the growth potential of his store. He has never looked back, and is now even looking to open a second shop.

On the face of it, the two worlds of the NSE and Nelson’s little shop couldn’t be more different. But they are more similar than you might think: both show how Kenyans are using technology and supportive investment to drive their country’s economy onwards.