Rasik Kantaria becomes Kenya’s first billionaire

For most of his career, Rasik Kantaria has preferred to work quietly, away from public attention. His manner has always been measured, his decisions deliberate, and his approach rooted in the values of steady banking. Yet this year, the Kenyan businessman has found himself at the center of a rare financial milestone—one that places him in African business history.

Kantaria, the founder and chairman of Prime Bank Limited and Prime Capital Holdings and a co-founder of Mauritius-based FMB Capital Holdings PLC, has become the first Kenyan businessman with a verified fortune above $1 billion. His rise is tied almost entirely to the sharp increase in the value of his stake in FMB Capital Holdings.

FMB Capital’s surge fuels Kantaria gains

The Kenyan businessman’s path to this milestone reaches back beyond three decades. In 1995, he teamed up with Malawian billionaire Hitesh Anadkat to launch First Merchant Bank Limited in Blantyre. What started as a modest operation in Malawi’s commercial center gradually grew into First Capital Bank, now the flagship of FMB Capital Holdings.

Over the years, the group expanded into Mozambique, Zimbabwe, Zambia and Botswana, building a regional banking network known for cautious growth and strong governance. That helped set the stage for one of the most notable share-price climbs seen in Africa this year. Data tracked by Billionaires.Africa, after checking through financial statements, shows that Kantaria owns 525 million shares in FMB Capital Holdings, representing a 21.36 percent stake. 

That holding has surged in value as the group’s share price jumped more than 500 percent since January—from MWK555 ($0.32) to MWK3,383 ($1.95). The rally propelled the group’s market capitalization to MWK8.32 trillion ($4.8 billion), thus making it the largest company on the Malawi Stock Exchange and one of the standout performers across African markets in 2025.

The surge has reshaped Kantaria’s fortune. His stake, worth MWK291.4 billion ($167.8 million) at the start of the year, is now valued at MWK1.77 trillion ($1.02 billion). The leap—an increase of MWK1.48 trillion ($855.2 million)—places him firmly in billionaire territory. It also marks a first for Kenya, long known for influential business families and regional investors but without a confirmed dollar billionaire from private-sector enterprise until now.

What makes his position even stronger is that this figure does not include his major interests in Prime Bank Limited or Prime Capital Holdings. Those assets remain outside the valuation, leaving his documented net worth understated. When eventually included, his total wealth is expected to rise well beyond the billion-dollar mark.

Serving communities, rising with honor

Kantaria’s business reach extends well beyond banking. He chairs Tausi Assurance Company Limited and previously served on the board of the Deposit Protection Fund, an appointment made by the Central Bank of Kenya. His portfolio also includes investments in tourism, real estate and manufacturing—moves that show his preference for spreading risk and building assets that hold value over time. Those who have worked with him often describe a steady hand, a patient temperament and a focus on long-term growth rather than quick returns.

His public life carries the same measure of commitment. Kantaria has been an active Rotarian for many years, backing community projects and social programs across Kenya. In recognition of his service, he received an honorary Doctor of Humanities degree from The United Graduate College & Seminary in the United States. President William Ruto later awarded him the Head of State’s Commendation (HSC), thus acknowledging his contributions to national development.

Rasik Kantaria’s rise reflects East Africa growth

Rasik Kantaria’s new status, earned through decades of building institutions grounded in trust, discipline and a long view of African banking, is more than a personal achievement. It highlights the rise of regional banks that have quietly expanded across Africa and the growing weight of East African capital in wider markets. For Kenya, the arrival of its first documented billionaire from private enterprise marks a turning point and underscores the value of expansion built on verifiable market performance rather than speculation.