Kenya’s cross-border economy in 2025 was shaped more by recalibration than retrenchment.

After years of macroeconomic stress and currency volatility, the market entered 2025 with a relatively stable Kenyan shilling, cautious global liquidity, and evolving regional trade dynamics.

Large enterprises drove overall trade volumes and revenue, while SMEs continued to play an outsized role in shaping operating models, trade corridors, and adoption of digital financial infrastructure.

Regional Importers & Distributors

The country’s largest importers, exporters, and regional distributors accounted for the bulk of cross-border trade value.

Enterprise players in manufacturing, FMCG distribution, construction materials, energy-linked supply chains, and agribusiness drove high-volume flows across East and Central Africa. They benefited from improved FX availability, more predictable settlement cycles, and renewed confidence among international suppliers.

Enterprises increasingly moved beyond traditional correspondent banking relationships.

Many adopted multi-currency operating accounts, regional treasury structures, and direct settlement corridors to improve cash-flow predictability and reduce transaction costs.

The scale of these firms meant that even small efficiency gains translated into meaningful revenue and margin impact at the national level.

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SMES Defined Cross-Border Trade Evolution

While large enterprises anchored trade volumes, SMEs defined how cross-border trade evolved. SMEs demonstrated speed and adaptability, particularly in response to earlier disruptions in supply chains and FX markets. From retail importers navigating diversified Asian sourcing to mid-tier exporters expanding regionally, SMEs were early adopters of digital tools and innovative practices.

“We saw Kenyan businesses become more operationally disciplined in 2025,” says Ola Oyetayo, Verto Co-founder and CEO. “Enterprises focused on scale and efficiency, while SMEs showed how quickly digital infrastructure can be embedded into day-to-day trade decisions. Together, they reshaped the market.”

Kenya’s Trade Corridors

Kenya’s trade corridors continued to diversify.

China remained a dominant import partner for machinery, electronics, and consumer goods, particularly for enterprise buyers. Both large firms and SMEs increased sourcing from Vietnam, India, Turkey, and the UAE as part of supplier diversification strategies.

On the export side, enterprise agribusinesses and manufacturers expanded networks across East and Central Africa, strengthening trade ties with Uganda, Rwanda, Tanzania, DR Congo, and South Sudan. Regional proximity, faster settlement cycles, and lower logistics costs made intra-African trade increasingly attractive.

These shifts supported greater use of regional currency pairs, including the Kenyan, Ugandan, and Tanzanian shillings, alongside CFA-linked markets. While the shilling remained relatively stable, businesses maintained heightened sensitivity to FX exposure, shaped by past volatility.

2025 marked a year of behavioural change in FX management. Enterprises formalized treasury practices and regional liquidity planning, while SMEs timed conversions, batched payments, and used digital tools for rate visibility. FX risk management, once concentrated among large corporates, became a standard operational consideration across business sizes, reflecting broader market maturation.

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Expansion of Embedded Finance

One of 2025’s most significant developments was the rapid expansion of embedded finance. Fintechs and trade platforms increasingly integrated payments, FX, wallets, and working-capital solutions directly into non-financial workflows. Platforms such as Triply enabled businesses to access financial services at the point of trade, logistics, or procurement.

For enterprises, embedded finance simplified multi-country operations by reducing the need for multiple banking relationships. For SMEs, it lowered barriers to sophisticated financial tools previously reserved for larger players. This convergence accelerated adoption and positioned embedded finance as a critical growth lever heading into 2026. Financial services became native features of trade, logistics, and marketplace ecosystems rather than optional add-ons.

Across segments, Kenyan businesses increasingly viewed payments and financial infrastructure as strategic assets. API-enabled payments, multi-currency wallets, and integrated reporting tools supported faster settlements, improved supplier terms, and stronger working-capital discipline. Mid-sized exporters in agriculture, textiles, and building materials actively integrated finance, logistics, and compliance into unified operating models. As margins tightened, operational efficiency became as important as market expansion.

Predictions for 2026

Kenya enters 2026 with a more balanced and mature cross-border ecosystem. Large enterprises will continue driving trade volumes and revenue, while SMEs and platforms are likely to remain at the forefront of innovation and adoption. Embedded finance, regional settlement infrastructure, and disciplined FX practices are set to define the next phase of growth.

“If 2025 was about building operational resilience,” Oyetayo notes, “2026 will be about scaling it. Businesses that integrate finance directly into their trade operations will set the pace for the next wave of regional commerce.”

The convergence of enterprise scale, SME agility, and platform-led financial infrastructure is reshaping cross-border trade across Africa.

Verto has unveiled the Atlas Suite, a next-generation. PHOTO/Verto.