Financial Sercices

2nd July 2021 Trade & Financial Services Round Up

KENYA Employers oppose paying NHIF contributions for staff Kenyan employers have rejected proposals in a Bill that require them to match workers’ monthly contributions to the National Hospital Insurance Fund (NHIF). The Federation of Kenya Employers (FKE) warned compelling employers to match the contributions to

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26th March 2021 Trade & Financial Services Round Up

KENYA KCB receives Global Finance Award for best bank in Kenya KCB Bank has been recognized as the best bank in Kenya by the respected Global Finance Magazine during their 28th annual awards for the World’s Best Banks.  KCB Bank has won this award, for

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Appointment of Chief Executive Officer at the Capital Markets Authority

On 19 th November, 2020 it was confirmed that the Cabinet Secretary for National Treasury & Planning, Hon. (Amb.)Ukur Yatani, EGH, had approved the appointment of Mr. Wyckliffe Shamiah as the Chief Executive Officer of theCapital Markets Authority, a role that he has been acting

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Highlights of Virtual 2020 Taxpayers Day- 6th November 2020

The main objective of the occasion was to recognize taxpayers from various sectors of the economy for their contribution towards nation-building. This year’s celebration is anchored on the theme; “Enhancing Tax Administration for Economic Sustainability’’ similar to the Tax Summit. During the meeting, the Commissioner

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FTA Series – Part 2: African Continental Free Trade Area Agreement

The AfCFTA offers a unique opportunity to develop an inclusive trade system and economic model by increasing intra-continental trade; but in order to trade, Africa first has to produce; and not just primary commodities. However, the AfCFTA will only promote intra-African trade if governments actually implement it

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4th September 2020 Trade & Financial Services Round Up

KENYA Monetary Policy Committee (MPC) Meeting The next meeting of the Monetary Policy Committee (MPC) will be held on Tuesday, September 29, 2020. SME Credit Pro from Cameroon win the Virtual African Hackathon 2020 competition.  SME Credit Pro from Cameroon were crowned the winners of

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The Proceeds of Crime and Anti-Money Laundering proposed reforms

The National Treasury has published the Proceeds of Crime and Anti-Money Laundering Criminal Assets Recovery Fund Administration Regulations of 2020. Criminal Assets Recovery Fund The draft Regulations are a good step in the implementation of Part XI of the Proceeds of Crime and Anti-Money Laundering

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Launch of the Public Service Superannuation Scheme Fund

The Public Service Superannuation Scheme Act, 2012, was assented to on 9th May 2012. The Act established the contributory Public Service Superannuation Scheme (PSSS) to provide retirement benefits to public servants. The law requires that the Cabinet Secretary appoints and gazettes the commencement date of the scheme. Despite numerous challenges that has occasioned the delay, the Cabinet Secretary gazetted the 1st January, 2021 as the commencement date of the Act.

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Highlights of the Central Bank of Kenya (Amendment) Bill, 2020

In February, the Central Bank of Kenya (CBK) and the Treasury announced that they are preparing a law that will cover digital mobile lenders. It was during this period that the CBK Deputy Governor Sheila M’Mbijjewe shared that a suicide incident had been reported to

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FINANCIAL SERVICES ROUND UP

President Uhuru Nominates Nancy Janet Kabui Gathungu for position of auditor General. Her name has been forwarded to Parliament for vetting.

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The Income Tax (Real Estate Investment Trusts) Rules, 2020.

REITs are Real Estate Investment Trust Schemes. They are usually authorized by the Capital Markets Authority under the Capital Markets (Real Estate Investment Trusts) (Collective Investment Schemes) Regulations. Section 20 of the Income Tax provides that a real estate investment trust (REIT) alongside unit trusts and collective investment schemes, is exempt from income tax. The Finance Act, 2019 further exempted investment companies wholly owned by a REIT from income tax.

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CMA Stakeholders’ Consultative Paper

The CMA’s initiative is worthy to be applauded. It is hoped that it will ignite more collaboration among all the regulators of financial services.

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People’s Assembly vs DOJ

On the 7th of December the office of the Attorney General (AG) addressed the issue of the public discussions and debates on the people’s assemblies.

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