Nairobi — For decades, Kenya’s artists have powered the nation’s cultural heartbeat but struggled to convince financiers that art can be an asset. Now, NCBA Bank is trying to change that story.
The bank has unveiled ELEV8 LIVE Studio, a creative and business support hub developed in partnership with celebrated music producer Motif Di Don. The project is meant to help musicians and other creatives record, manage, and monetise their work — while also learning to treat their craft as a viable business.
“This is more than a music studio,” the bank said at the launch. “It’s a platform to empower youth, build capacity, and reshape perceptions around the creative economy. We want to prove that creativity is not just passion — it’s business.”
A New Chapter for Kenya’s Creative Economy
Kenya’s creative sector is already a major contributor to the economy — accounting for about 5.3 percent of GDP, or roughly KSh 110 billion, and employing over 300,000 people, according to recent government data.
Yet, despite this promise, the industry remains chronically underfunded. A 2022 report by the Music Copyright Society of Kenya (MCSK) found that only five percent of local artists consistently earn royalties. For many, talent rarely translates into stable income.
“The system doesn’t make it easy for artists,” said Motif Di Don, who has worked with some of East Africa’s biggest stars. “Most don’t have collateral, business registration, or steady cash flow. But their ideas have value — that’s what banks need to start recognising.”
The Barriers Artists Face
For years, banks have applied what insiders call the “three Cs” of credit assessment: capacity, character, and collateral. Few creatives meet these criteria. Most don’t own property or vehicles to use as security, and many operate informally, making it difficult for financial institutions to assess their earning potential.
Cultural bias has also played a role. Professions such as medicine, law and engineering have long been viewed as more legitimate paths to success, while creative work has often been dismissed as a hobby.
The result, economists say, is a sector rich in potential but starved of funding. “Kenya’s creative industries could easily rival agriculture or tourism in revenue generation if properly structured,” said one Nairobi-based creative economist.
Why NCBA’s Move Matters
The ELEV8 LIVE Studio isn’t just about recording music. It’s designed as a launchpad for artists — offering mentorship, financial education, and access to credit. Artists can learn how to structure their businesses, manage royalties, and prepare for long-term sustainability.
It also fits into NCBA’s wider sustainability commitments, including channeling KSh 30 billion into green and inclusive projects and planting 10 million trees by 2030. Youth empowerment, the bank says, is a key part of that vision.
Beyond music, NCBA is expanding its support into film, theatre, comedy, and visual arts, as well as initiatives to monetise amateur golf — all aimed at redefining how institutions engage with non-traditional industries.
A Global Opportunity
Globally, the music industry is thriving. Analysts project its value to reach $153 billion by 2030, with streaming expected to contribute more than 65 percent of that revenue. In Kenya, this digital growth offers a lifeline for creators who can now earn from multiple platforms — but only if they have access to tools and finance.
By investing in the creative economy, NCBA hopes to unlock what it sees as Kenya’s next major growth engine.
“This is innovation in banking,” said one NCBA official. “We’re not just lending; we’re building with the people who make culture happen.”
Industry observers say the success of ELEV8 LIVE will depend on whether it reaches artists beyond Nairobi’s established stars. Smaller creators — from street poets to upcountry producers — often lack networks or exposure.
Still, the move marks a cultural shift in how banks view the creative sector. If it works, it could encourage other financial institutions to treat intellectual property as real collateral — something long overdue in Africa’s creative markets.
For now, Kenya’s artists are watching closely. For the first time, their dreams might just be bankable
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