Michael Joseph, the former Safaricom chief executive, has been appointed to the board of De La Rue Kenya EPZ Limited following substantial ownership changes at the security printing firm.

The Swiss-based Thomas De La Rue AG has transferred its entire 60 percent stake in the Kenyan subsidiary to Mauritius-registered Monarch Capital Limited, according to recent filings with the Registrar of Companies. The Kenyan government retains its 40 percent share through the National Treasury.

Background and Restructuring

De La Rue Kenya, based in Ruaraka, had suspended banknote printing operations in January 2023 after losing the Central Bank of Kenya’s currency printing contract to Germany's Giesecke+Devrient. The suspension resulted in most staff being laid off amid low demand for new banknotes.

Despite this setback, the company remains active through its joint venture with the Kenyan government, and the new ownership and board appointments suggest a strategic pivot toward other security printing opportunities beyond currency, such as national examination papers, excise stamps, and tamper-proof labels.

New Board Composition

  • Michael Joseph, renowned for transforming Safaricom into East Africa's most profitable firm, joins alongside:
  • Andrew Pkemoi Lopokoiyot, executive director at Wilken Group aviation company.
  • Humphrey Arnold Munyamerere Nzeyi, founder of Invicta Africa Limited, which provides technical services for Uganda’s passport production in partnership with De La Rue.
  • Isaac Mukui Nduru, a Kenyan advocate and new company secretary, also a director at Galana Energies.

Michael James Aumann, an Australian and the former CFO, remains a director despite Thomas De La Rue AG’s exit.

Future Prospects

Industry experts believe De La Rue Kenya can rebuild its business by targeting government contracts for secure document printing. The company’s history in Kenya dates back to 1966, with its Ruaraka facility serving as the main banknote producer for over three decades.

Michael Joseph’s appointment brings leadership experience that could guide the company through this transition. His tenure at Safaricom and Kenya Airways marks him as a key figure in Kenyan corporate circles.