United Paints boss Stephen Moche named top trusted CEO

United Paints Managing Director Stephen Moche has been honored as the Top Trusted CEO in the 2024 Mizani Africa Awards.

The prestigious accolade celebrates influential leaders in business and politics who are highly regarded by Kenyans.

Starting from humble beginnings as a hardware store in 1997, Moche was recognized for spearheading strategies that enabled the company to manufacture premium yet affordable paint products for the Kenyan market.

“Many of the clients we interacted with were telling us they couldn’t use certain paints because they perceived them to be for the high end. Meanwhile, the ‘high end’ who used these paints needed an alternative that was high quality but affordable,” explained Moche.

During the award ceremony, Moche called for the implementation of policies to encourage local production, fostering economic growth and creating jobs.

“The government needs to protect its local business people. We cannot have foreign developers being allowed to import building materials such as paints, which can be sourced locally,” he emphasized.

Moche also highlighted the need to simplify the tax system, pointing out that many traders fail to pay taxes not due to unwillingness, but because of the complexity of the process.

He further advocated for tax incentives, such as rebates, to enhance the competitiveness of local manufacturers.

“When a manufacturer is given tax incentives, they are able to pass on the cost benefit to the consumer, which creates room for more money to flow in the economy,” said Moche.

Favorable policies, he noted, not only boost local revenue but also generate forex revenue by enabling manufacturers to export surplus production.

“We need to start seriously investing in local value addition, to avoid exporting raw materials, only for us to import finished goods at higher prices,” Moche remarked.

He highlighted the country’s reliance on imports and its negative economic impact, citing titanium as an example.

“Titanium, which is a component used widely in the paints industry, is mined in large quantities in Kwale, but what are we doing to that raw titanium to be able to produce these other products?” he posed.

Reducing dependence on imports, Moche argued, could address challenges such as the fluctuating value of the Kenyan shilling against the US dollar.

“Just the other day, the dollar hit the Ksh.160 exchange rate, and you still have to import products. So what happens then, and you still want to sell your products at a competitive price? It is a very delicate balancing act,” he explained.