AAR Credit Services Limited (now FinCredit Limited) was our partner in a 250 million KES commercial paper program. AAR Services Limited was established in 2000 as a subsidiary of the AAR Group of Companies and is a credit only microfinance institution. The company offers products such as, AAR Insurance Premium Finance, Asset Financing and SME/Employee check-off loans amongst others.
Alios Finance Kenya was our partner in a 300 million KES commercial paper program. Incorporated in 1956, Alios Finance is a non-bank, pan-Africa asset finance company specializing in auto leasing. Alios Finance provides financial solutions through a range of products such as operational and financial leases.
ASL Credit Limited is our partner in 1.5 billion KES commercial paper program and a 500 million KES medium-term note program. Founded in 2007, ASL Credit is part of the RAMCO Group of Companies. The company offers hire-purchase financing mainly for vehicle and industrial machinery. Further, the company was ranked 23rd in the top 100 mid-sized companies by KPMG In 2014.
ASL Limited has been our partner in a 500 million KES commercial paper program. ASL Limited, formerly known as Associated Steel Limited, was incorporated in 1976, and is part of the RAMCO Group of Companies. ASL Limited now comprises four divisions: Trading Division, Steel Division, Heavy Fabrication Division and the Wire and Cables Division.
Burn Manufacturing is the world’s largest clean cookstove manufacturer and distributor positively impacting the lives of over 20 million people. The company produces a range of energy-efficient clean cooking appliances utilizing variously wood, charcoal, LPG-fueled and electric induction cookers.
In July 2023, Dry Associates arranged and placed a USD 10 million Green CP program as a result of Burn’s carbon-offset project financing structure. The green certification was assisted by the UK-funded Financial Sector Deepening Kenya Trust and the Agusto & Co. teams.
Car & General is our partner in an 800 million KES commercial paper program and a 200 million KES medium-term note program. Car & General was established in 1936 and listed its shares on the Nairobi Securities Exchange (NSE) in 1950. The company is a leading supplier of generators, motorbikes, automotive and engineering products in East Africa.
CMC is one of the oldest automotive distributers in Kenya, initially incorporated in 1948. Over the years, the company distributed many brands including VW, Audi and Nissan.
We established an early KES 500 million CP program for CMC Motors in the 1990’s prior to its purchase by the current owners.
Davis & Shirtliff has been our partner in a 200 million KES commercial paper program. Davis & Shirtliff was founded in 1946 and is now the leading supplier of water-related equipment in the East African region. The company focuses on water pumps, boreholes, swimming pools, water treatment, generators and solar equipment. The company is ISO 9001:2008 certified
Express Kenya is one of the oldest companies operating in Kenya. Its services include cleaning & forwarding, warehousing, road & air transport and removals
Dry Associates established a KES 150 million CP program for the company in the late 1990’s.
Fina Bank, now Guaranty Trust (GT) Bank, had a business and SME clientele. This target market was the “missing middle”, that is, business owners who had outgrown the microfinance organizations yet were considered too small by larger banks. Dry Associates issued a KES 500 million 7-year bond to provide Supplementary Tier II Capital to support expansion. The bank had 27 branches in Kenya, Rwanda and Uganda. The parties to the transaction were Dry Associates as Transaction Advisor, PricewaterhouseCoopers (PwC) as Reporting Accountant, Walker Kontos as Legal Advisor and Hamilton Harris Matthews as Note Trustee.
Fourth Generation (4G) Capital is a licensed digital credit provider bringing responsible lending to thousands of SME’s and individuals. With branches in Kenya and Uganda, its proprietary technology provides high fidelity insights and due diligence to previously underserved sector of the economy. 4G Capital has a KES 800 million facility with us.
Gardaworld (Kenya) Limited is our partner in a KES 1.8 billion medium term note program. In January 2017, Gardaworld Security Corporation acquired 100% of Kenya Kazi Limited (KK Security) and all its seven subsidiaries through the newly incorporated entity Gardaworld (Kenya) Limited. Gardaworld (Kenya) Limited will offer security service, facilities management and professional training.
Industrial Promotion Services (IPS) has been our partner in a 500 million KES commercial paper program. IPS is part of the Aga Khan Fund for Economic Development and provides venture capital, technical assistance and management support to encourage and expand private enterprise in East Africa. The IPS Group of companies operates in the manufacturing, agro & food-processing and infrastructure sectors.
In 2012, Dry Associates established a KES 500million CP program for Intex Construction. Intex is a leading civil engineering and infrastructure company in Kenya.
KK Security is our partner in a 1 billion KES commercial paper program. KK Security, established in 1967, is now one of the fastest growing security companies within Africa. The company is a leading supplier of security services and products in the region, covering Kenya, Tanzania, Uganda, Rwanda, Burundi, Congo and Malawi.
K-Rep Bank, now Sidian Bank, was a leading microfinance institution providing loans, savings and other financial services to low-income earners. In 2001, Dry Associates opened a KES 500 million CP program for the bank
Mabati Rolling Mills is best known for its wide variety of roofing products which it makes from rolled steel. Dry Associates issued a KES 500 million commercial paper program for Mabati in 1998.
Mogo Auto Kenya is a part of the Eleving Group, an international fintech company operating in 14 countries in 3 continents. The company specializes in used auto and new boda-boda logbook loans. The company focuses on productive lending meaning it primarily finances vehicles for customers to earn a living or increase income from existing businesses.
In June 2022, Dry Associates arranged and placed a KES 1 billion multicurrency program of 6- and 12-month notes. In June 2023, it was expanded to KES 2 billion and continues to date.
In June 2023, Dry Associates also launched a separate 3-year note program. In January 2025, we converted the program from a private offering to a Restricted Public Offer allowing more investors to participate in the offering. The program is secured by Mogo’s European parent and loan collateral. The program is credit rated A-
Pan Africa Paper Mills, popularly known as Pan Paper, was the largest pulp and paper mill in Kenya for many years. Dry Associates established a KES 500 million debt facility for Pan Paper in 2004 guaranteed by KCB Bank.
RA International is our partner in a USD 3 Million medium term note program. Established in 2004, RA International is Africa’s premier remote service provider. The company provides construction, logistics, life-support and maintenance services to its clients, primarily in the humanitarian, mining and oil and gas sectors. RA International has a presence in 10 different African countries, with a capability to mobilize across the entire African continent.
Founded in 1980, Repelectric (K) Limited has grown to become East Africa’s premier electric motor and rotating equipment repair and rewind shop. Over the years the company has expanded to offer additional products and services now operating from five divisions and one sister company. The group currently employs more than 50 people across its various divisions.
RMA Kenya has been our partner in a 6 million USD commercial paper program. RMA Kenya was established in 2013 and is the authorized distributor for Jaguar Land Rover, offering sales, service and spare parts for these vehicles. RMA Kenya is part of the RMA Group, which has a global presence and focuses on all aspects of vehicular fleet composition, supply and support, heavy equipment and power generation.
Synergy Industrial Credit is a hire purchase financing company to corporations. Hire purchase is a source of medium-term credit for the purchase of equipment. A hire purchase company purchases the equipment and while holding title to the equipment, makes it available for use by the lease. After scheduled payments, the lease becomes the owner of the equipment.
In 2007, Dry Associates established a KES 100M CP program for Synergy. I&M Bank was the guarantor and Receiving & Paying Agent for the issue.
In 2010, Tourism Promotion Services (Kenya) Limited, the owner of Serena Hotels, issued a KES 200 million 5-year Bond. It was oversubscribed 2x. The bond proceeds were used to refurbish the Serena Hotel in Nairobi.
Dry Associates was the Transaction Advisor, Walker Kontos the legal advisor, PwC the reporting account, Diamond Trust Bank the note trustee, KCB the paying and receiving agent and Image Registrars the registrar.
Watu Credit (Kenya) provides high impact financing for the Kenya’s unbanked population at the bottom of the pyramid (BoP). The company has created asset finance for 2 and 3 wheeled motorcycles financing some 200,000 bikes in 2024 which has led to strong entrepreneurial self-employment in the boda boda market. More recently, the company has expanded into mobile phone financing.
In 2020, Dry Associates acted as Transaction Advisor for a KES 500 million 1-year note programme which has expanded to KES 1.25 billion in 2025.
In 2020, Dry Associates arranged and placed a US Dollar 5 million 1-year facility for Watu Credit (Uganda) which has expanded to US Dollars 7 million in 2025.