Who is Who: Meet Raimond Molenje, the new Acting CEO of Kenya Bankers Association

Mr Molenje joined the Kenya Bankers Association in 2018 and has 19 years of experience in legal and regulatory practice, human capital, and policy advocacy, having held senior management roles in leading business member organisations. Until his appointment, Raimond served as the Director of Legal,

Kenya joins the Egmont Group: Implications on businesses and the war against money laundering and terrorism financing

Kenya has recently been under increased spotlight, particularly on the money laundering and terrorism financing (ML/TF) front. The Financial Action Task Force (FATF) recently put Kenya on the heightened watch list, often referred to as the “grey list,” citing deficiencies in its anti-money laundering and

Kenyan banking sector balances strong profits with sovereign exposure challenges

Fitch Ratings recently conducted a peer review, where they assessed the creditworthiness of three bank holding companies – KCB Group PLC, NCBA Group PLC, and I&M Group Plc – along with their Kenyan banking subsidiaries and Stanbic Bank Kenya Limited. The rating given to these

Re-thinking the FATF Approach: Assessing the Effectiveness of the Listing Model as Kenya navigates the “Grey List”

  Background Kenya is, once again, on the international financial market radar, not for Eurobond reasons but this time round for money laundering and terrorism financing (ML/FT). The Financial Action Task Force (FATF) placed Kenya on the ‘grey list’ – putting the country under increased monitoring

Trade and Financial Services Round-Up.

KENYA World Bank, IMF charging Kenya 14.5pc interest — CoB Controller of Budget Margaret Nyakang’o has flagged the cost of concessional loans taken up by the government over the years from lenders such as the International Monetary Fund (IMF) and the World Bank, saying they

ESG Integration: A game-changer in investment strategies for resilient, sustainable returns

In recent years, Environmental, Social, and Governance (ESG) considerations have emerged as critical factors reshaping the investment landscape. Investors are increasingly recognising that sustainable business practices, ethical conduct, and responsible governance are not only beneficial for society and the environment but also essential for long-term

2024 Medium-Term Debt Management Strategy analysis

The Medium-Term Debt Management Strategy (MTDS) is an annual policy document written by the National Treasury to guide government borrowing and debt management. The 2024 document prepared in January 2024 has figures up to June 2023, while the Second Quarterly Economic and Budget Review (QEBR)

Navigating the complexities of encryption: Striking the balance between privacy and security in the digital age

In an increasingly digital world, the protection of privacy and the maintenance of security have become paramount concerns. The passage of the UK Online Safety Act highlights the ongoing struggle to strike a balance between combating illegal online activities and safeguarding individual freedoms. The UK

The making of a national budget: Kenya’s budget cycle timeline

Kenya’s financial cycle relies on the budget process, which begins with the budget-making process. The budget process is guided by the budget calendar issued by the National Treasury and Economic Planning ministry, which stipulates timelines for several key activities to be undertaken to finalise the

Kenya’s fiscal landscape: A Review of the 2024 Budget Policy Statement and its implications on businesses

Background The Budget Policy Statement (BPS) is a government policy document that sets out the broad strategic priorities and policy goals to guide the National Government and County Governments in preparing their budgets for the subsequent financial year and over the medium term. This is

Insights from the National Assembly report on the Affordable Housing Bill, 2023.

The Parliamentary Budget Office (PBO) in January 2024 published a financial and economic analysis of the Affordable Housing Bill, 2023 (the Bill). The PBO in its analysis raised several issues and concerns on the potential implementation of the Bill in the event it was assented

CBK surveys point to optimism despite inflationary pressures: MPC raises interest rates.

The Central Bank of Kenya (CBK) conducts a Market Perceptions Survey before each Monetary Policy Committee (MPC) meeting to gather insights from banks and non-bank private sector firms regarding various economic indicators such as inflation, economic growth, credit demand, and exchange rates. The survey aims

Kenya’s Eurobond return exceeds expectations, eases debt repayment concerns.

On February 7, the Kenyan government made an offer to partially repurchase its existing Eurobond, which is maturing on June 24, 2024, at par, including payment of accrued interest. Additionally, the government announced its intention to issue a new bond in the market.    The

Kenya’s economic struggles: The IMF-backed reforms, fuel subsidy controversy and the road ahead

At present, Kenya is grappling with multiple challenges compounded by global conditions impacting economic activities and leading to tightened financial conditions.  The Kenyan economy is facing multiple challenges as it tries to recover from a prolonged drought and El Nino effects. These challenges include volatility

Achievement Stocktaking: Kenya Kwanza Government Performance and Delivery Roadshow

The Kenya Kwanza Government, on 9th January 2024, launched a week-long Government Performance and Delivery Roadshow, spearheaded by Public Service, Performance, and Delivery Management Cabinet Secretary Moses Kuria. This initiative aims to assess the government’s accomplishments in the year since it assumed office. The roadshow

 IMF-GoK negotiations: Review unveils progress and challenges from tax measures to state-owned enterprises

During the IMF-Treasury discussions, a review highlighted several met structural benchmarks, with the exception of the qualitative performance criteria for tax collection. However, the deviation observed was smaller than initially anticipated at the time of the reviews. In the wake of December, authorities submitted to

President Ruto and UAE spearhead new African clean energy initiative at COP28

President William Ruto and the United Arab Emirates (UAE) have joined forces to convene African Heads of State and other prominent personalities to accelerate Africa’s green industrialisation.   Speaking during the launch of the ‘Africa Green Industrialization Initiative’ at the COP28, President Ruto said the initiative

Trade and Financial Services Round-Up

Kenya  IMF rescues Kenya from $2bn Eurobond scare The International Monetary Fund (IMF) has moved to rescue Kenya from plunging into a financial crisis after the global lender confirmed that it was mobilising funds to help the country repay its $2 billion Eurobond maturing in

Kenya Weekly Market Wrap

  “In contrast to the previous week, all the benchmark indices closed in the green. The NSE 20 led the winning charge, notching 1.0% higher w/w on the price gain of most large caps as the NASI and NSE 25 regained 0.8%w/w and 0.7%w/w respectively.”

Matatu fare control: An analysis and feasibility of the proposed legislation

Kimilili MP Didmus Barasa has introduced the National Transport and Safety Authority (Amendment) Bill, 2023 that seeks to amend the NTSA Act, 2012. If passed,  the Transport Cabinet Secretary will have powers to put caps on bus fares for public service vehicles (PSVs) in proposed

KENYA WEEKLY MARKET WRAP

EQUITY MARKET COMMENTARY • The benchmark indices sustained their downward trajectory, with the NASI, NSE 20 and NSE 25 declining 4.8%w/w, 2.2%w/w and 4.4%w/w respectively on the price drop of most large caps. • Market activity surged five-fold to USD 30.4m – highest in four

Decoding Kenya’s debt dilemma: A comprehensive primer on the nation’s financial landscape

In order to understand Kenya’s debt, it is important to know who Kenya is borrowing from. The source of a country’s debt can be external or internal. Internal debt is usually from the central bank, commercial banks or non financial institutions. This debt is usually

Trade and Financial Services Round-Up

KENYA Economists cut Kenya’s growth outlook Global economists have marginally downgraded Kenya’s growth outlook for 2023, citing below-average rainfall, and a weakening shilling amid lingering threats of return of anti-government protests. The panellists polled from 14 world-leading banks, consultancies and think tanks projected expansion in

TRADE AND FINANCIAL SERVICES ROUND-UP

Kenya Railway levy cuts save taxpayers Sh3.6 billion Taxpayers will save about Sh3.6 billion every year following the proposal to reduce Railway Development levies contained in the new Finance Bill. The Treasury projects that collections from the Railway Development Levy (RDL), which is the kitty

Unveiling CBK governor nominee Kamau Thugge: Insights into his Background, Fiscal Policies, and Implications for Kenya

As Central Bank of Kenya governor Patrick Njoroge’s term comes to an end next month, the process to find his replacement has begun. On Monday, 15th May 2023, President William Ruto announced that he would nominate Dr. Kamau Thugge as his replacement. His Background Dr.

Analyzing the Pros and Cons of Exchange Rate Fluctuation

In a recent visit to Kenya, IMF managing director Kristalina Georgieva held discussions with President Ruto and members of the Cabinet on possible policy recommendations concerning Kenya’s recovery from the exogenous economic shocks the country is experiencing. In a bid to address economic growth and

Financing higher education: Why the new funding model might be the answer to solving financial crises in public universities

The demand for higher education in Kenya has increased despite inadequate funding from various stakeholders. This has led to the cost-sharing policy where the government and parents or stakeholders/donors (households) share the costs of higher education. The Higher Education Loans Board (HELB) provides students with

TRADE & FINANCIAL SERVICES ROUND UP

Kenya The burden of beauty: Wigs, false beards and eyebrows hit with 5pc tax Millions of consumers of beauty products such as wigs and false beards and eyebrows in the country could pay more for the items if the proposal to introduce a five percent

Highlights of the Finance Bill 2023: Tax changes and proposals by Kenya Kwanza government

The Finance Bill 2023 is the first fiscal legislative proposal under the Kenya Kwanza administration, aimed at implementing the Bottom Up Transformation Agenda. The Kenyan economy is expected to maintain a 6.1% growth rate over the medium term, with leading indicators showing strong performance in

Debt-ridden Kenyan economy and the role of the Treasury and Economic Advisory Council

The state of Kenya’s economy is currently the subject of huge debate and focus, with the country facing a debt crisis.  In March, salaries of civil servants were delayed as the government prioritised paying off maturing debt. The two men in the eye of the

Expected changes in the fiscal policy to attract investment in Kenya

The current administration is committed to bringing legislative amendments to the fiscal policy through the Finance Bill, 2023, and the Budget Policy Statement. President William Ruto noted that the changes in the fiscal policy would introduce the National Tax Policy within the next three months

A Primer: The Kenya Foreign Exchange Code

Over time, the country’s financial landscape has witnessed tremendous growth and transformation. Amidst the laudable growth and transformation, numerous risks and weaknesses have been exposed. As a result, the Central Bank of Kenya (CBK) which holds a regulatory and supervisory role over the country’s foreign

Internet of Things in Kenya: Using GSM to provide business solutions

Telcos in Kenya have adopted Internet of Things (IoT) technology through a variety of projects. Airtel has launched the ‘Always On’ solution to allow devices anywhere to stay connected after launching their eSIM, which has proven particularly useful in the transport sector for tracking cars. 

HR laud new NSSF rates for bid to entrench saving culture among Kenyans

While Kenyans decried the implementation of the new National Social Security Fund (NSSF) rates, Ms. Audrey Kagwiria, a Human Resource Officer, has lauded the move saying it is the best move as it will encourage Kenyans to cultivate the saving culture which many lack. In

Dollar shortage, consequences and how Kenya can cut impact of the currency in future

Kenya has been facing a dollar shortage since March last year. This is an acute foreign exchange crunch, with the US dollar reserves dropping to their lowest in eight years. The Kenyan currency keeps plummeting against major global currencies and according to the Central Bank

Reawakening the circular economy discourse will edge Kenya toward sustainability

According to the World Bank (2021), Kenya is one of sub-Saharan Africa’s fastest developing economies. The Kenyan economy’s success has been bolstered by a stable macroeconomic environment, high investor confidence, and a resilient services sector. Furthermore, the country is proud of its market-based economy and

Courts and legal sanctions on corporate environmentalism and greenwashing: Why corporates need to be alert!

Background  The corporate advertising spectrum is awash with words such as “eco-friendly”, “natural”, “sustainable,” “net zero,” and “reusable” either on their products, services or other external communication mediums. These buzzwords have increasingly been used and applied by companies as they make attempts at prioritizing environmental,

Only time can tell whether gov’t efforts to tame biting cost of living and inflation will bear fruits

The cost of living in Kenya has escalated in the past few years due to a combination of factors such as the Covid-19 pandemic, changing weather patterns, drought and increase in the price of fertiliser and other agricultural inputs. Annual inflation in Kenya went above

President Ruto clips CS Mutua wings in foreign policy shift

Kenya President Ruto clips CS Mutua wings in foreign policy shift President William Ruto’s government has announced a major shift in the country’s foreign policy by allowing other countries and their missions in Kenya to engage directly with ministries and state agencies, without going through

President Ruto clips CS Mutua wings in foreign policy shift

Kenya President Ruto clips CS Mutua wings in foreign policy shift President William Ruto’s government has announced a major shift in the country’s foreign policy by allowing other countries and their missions in Kenya to engage directly with ministries and state agencies, without going through

Supplementary Estimates for FY 2022/2023: An overview

The Select Committee on Budget and Appropriations submitted the report on the Supplementary Estimates for FY 2022/2023. In the supplementary budget, requests for reallocations and additional allocations as well as expenses covered under Article 223 of the Constitution are submitted for approval by the Parliament.

Dynamics of the booming ‘mitumba’ industry and possible lessons for corporates

Second-hand clothes or  ‘mitumba’ as they are popularly known in Kenya, are disposed of clothes previously worn in developed countries and imported to countries such as Kenya and other countries in Africa where they look fashionable and appealing, hence ‘trashion’. Many are familiar with the

An overview of the 2022 Tax Expenditure Report

The 2022 Tax Expenditure Report was released by the National Treasury with the goal of promoting data accessibility and transparency while providing information for tracking and analysing tax expenditures. Tax expenditures are utilised to accomplish particular policy goals by enacting targeted preferential tax measures that

Inside Kenya’s Public Debt Dynamics and the Medium Term Debt Management Strategy (MTDS), 2023

  The “Why” of Debt Pre-cursorily, debt is indeed a double-edged sword. Wise and moderate use of the same, history has shown, results in improved welfare. Improper, imprudent and over-indulgence in debt, may end up being calamitous. On one hand, for households, individuals and private

An overview of the Tax Procedures Act (No. 29 Of 2015) (Common Reporting Standards) Regulations, 2023

The Tax Procedures (Common Reporting Standards) Regulations, 2023 took effect on January 1, 2023. The Regulations are significant steps towards the global movement to increase tax transparency due to the increase in cross-border transactions that at times may lead to tax evasion and tax planning.

Supplementary Budget 2022/2023: An Analysis

Recently, the National Assembly called for memoranda on the Supplementary budget 2022/2023 tabled before the House for approval. This budget was much awaited as President Ruto has promised to cut down government expenditure by KShs. 300 billion and work towards fiscal consolidation. Ideally, supplementary budgets

10th February 2023 Trade and Financial Services Round Up

Kenya KRA set to tax hedging profits under new rules Kenyans engaging in transactions with foreigners to cushion them from volatility in financial markets will now be required to account for any profit realised by non-resident parties and remit tax on the same to the

Sensible or an overkill: Where do the NSSF increments fall?

When the fourth president of Kenya, Uhuru Kenyatta, assented to the National Social Security Fund (NSSF) Act, 2013 early on in his first term, he may never have envisioned the controversy that was ahead. A decade later, the NSSF Act 2013 is yet to be

3rd February Trade and Financial Services Round Up

Kenya EPRA reveals second plan to increase cost of power The Water Resources and Management Authority (WARMA) is the latest State entity to seek a bigger pie of the electricity bills in what looks set to further increase the cost of power. WARMA has applied

Hustler Fund: The question of defaulters amidst plans to roll out second phase

The Hustler Fund, which was launched late last year and has been in operation for over two months now, has so far disbursed Kshs. 15.9 billion in loans with about half of that money (Kshs. 7.7 billion) being repaid. 18.4 million Kenyans are subscribed to

27th January 2023 Trade and Financial Services Round Up

Kenya Banks’ Sh224bn record profits signal bonus, dividends boom Banks’ pre-tax profits for 11 months to November last year hit a record Sh223.7 billion on increased lending, setting the stage for a dividend windfall for owners when full-year results are announced in March. Central Bank

New appointment at Safaricom board

Mr. Adil Khawaja (MBS) has been appointed the Chairman of the Board of Safaricom PLC, having been appointed director at the same entity earlier. Mr. Khawaja currently serves as the Managing Partner at Dentons Hamilton Harrison & Mathews, and is a leading name in the

Michael Kamau Kamiru is a new board member at KRA

Mr Kamiru is currently the Head of Governance, Risk and Compliance, at Jubilee Allianz General Insurance Limited. He is a Finance Management and Risk Management professional with over 27 years of demonstrated leadership and management experience in the Kenyan insurance industry. Mr Kamiru also has

20th January 2023 Trade and Financial Services Round Up

  Kenya   Users allowed to sue Safaricom over clients’ bank details access  The High Court has allowed millions of Safaricom subscribers to join a class action suit against the telecoms operator over a clause in the SIM card registration rules that allows the firm

Economy 2023: How Kenya is preparing for global economic shocks

In the last few years, the global economy has been trying to cope with multiple shocks and economic uncertainties. This has been elicited by the Covid-19 pandemic, political instability, climate change induced shocks and international conflicts. These effects may not end soon and have provided

New leadership team at Kenya Revenue Authority KRA Board of Directors

The government has, in recent days, spared no effort or platform to confirm its commitment to economic transformation as outlined in the Kenya Kwanza Manifesto. Tax compliance is one of the critical planks featuring prominently in the economic transformation agenda. President William Ruto hardly misses

Cytonn’s dilemma in the face of liquidation order

A high court ruling in Kenya this week has ordered the liquidation of two funds owned by Cytonn Real Estate – Cytonn High Yields Solution (CHYS) and the Cytonn Real Estate Project Notes (CPN) – to recover Kshs 14 billion owed to 4,000 investors. Some

Broadening the tax base: A look at Financial Derivatives Regulations 2022

In the financial year 2022/23, Kenya government revenues are projected to increase to Ksh 2.4 trillion (17% of GDP), an increase from the Ksh 2.06 trillion (16.3 percent of GDP) collected in the year ended June 2022. This is slightly above the developing country’s average

18th November 2022 County Round Up

Meru The Governor of Meru County appoints the following to be members of the County Executive Committee: Kisii The Governor of Kisii County has appointed the following to be members of the Kisii County Executive Committee: Migori A gazette notice has been given on the

18th November 2022 Finger on the Pulse

Significant Political events of the week On Monday 14th November, Nairobi Governor Johnson Sakaja questioned the county’s legal pending bills worth Sh21 billion. Prime Cabinet Secretary Musalia Mudavadi defended the performance of Kenya Kwanza administration assuring Kenyans that things would take shape with time. Reports

18th November 2022: Trade and Financial Services Round Up

Kenya Counties with the worst loan defaulters exposed Drought-hit Marsabit, Garissa, Samburu and Isiolo counties have the highest proportion of borrowers defaulting on credit, including dues owed to shopkeepers and shylocks. The rates of default in the four counties ranged between 47 per cent and

Banks to use Treasury bonds as loan collateral

As part of measures aimed at increasing industry liquidity and relieving the Central Bank of Kenya (CBK) from frequently having to bail out cash-strapped institutions, banks will soon be able to borrow from one another using government debt securities as collateral. The CBK implemented this

Surveillance measures be used to prevent muggings in the Kenya

Taming crime in Kenya: Heightening surveillance way to go in curbing insecurity  In the past few weeks, there has been an increase in crime in Kenya. Videos have surfaced showing civilians being robbed at gunpoint, purses and phones being snatched from pedestrians and drivers among

e-governance: Paving the way to digital transformation

There are unique opportunities to use ICT for economic growth, productivity increase, and better service delivery.  According to the International Cooperation Development 2019 report on Guidelines and Roadmap for full deployment of e-governance systems in Africa, there are two critical elements of e-governance: digital elements

Kenya Kwanza’s big opportunity and risk with Hustler Fund

The Kenya Kwanza administration is now set to roll out its first big pledge bylaunching the Hustler Fund. The launch event is set to happen on November 30, withPresident William Ruto presiding. In an administration that faced difficult issues from the first day – drought,

11th November 2022 County Round Up

UASIN GISHU The Governor has gazetted the names of  members of the Uasin Gishu County Executive Committee responsible for the matters respectively specified in the schedule. KITUI The Governor has established a committee to be known as the Kitui County Human Resource Audit and Rationalization

11th November 2022 Trade and Financial Services Round Up

TRADE AND FINANCIAL SERVICES ROUND UP Kenya Kenya eyes 100pc shift to clean energy by 2028 Kenya will fully transition to green energy by 2028, President William Ruto has said. Speaking to CNN, he said continued reliance on fossil fuels was no longer tenable. “I

President Ruto bags a host of trade and energy deals

As Kenya spearheads efforts for the continent to join the African Continental Free Trade Area (AfCTFA), President William Ruto’s government has established the tone for economic diplomacy on the regional and continental fronts. In addition to four other agreements that would address non-tariff barriers like

KRA walks a tightrope after government proposes a raft of measures to increase revenue

In the financial year ended June 2022, the Kenya Revenue Authority (KRA) recorded a historic high of KSh2.031 trillion against a revenue target of KSh1.882 trillion, representing a 21.7 per cent growth and the highest ever in its history. Despite this tremendous performance, the government

Ban on HSBC commercials raises awareness on greenwashing in UK banking industry

A recent judgment by a UK regulator casts doubt on the banking industry’s capacity to say it is taking climate change seriously and points to more scrutiny of what some claim is the greenwashing of financial institutions’ role in global warming in the future. UK’s

14th October 2022 Trade and Financial Services Round Up

KENYA Treasury disowns official papers on Sh1.3bn China fine for SGR loans The Treasury Thursday disowned an official statement indicating that Chinese lenders penalised Kenya Sh1.312 billion for delayed payments of loans provided to build the standard gauge railway (SGR). Treasury Secretary Ukur Yatani maintained

30th September 2022 Trade and Financial Services Round Up

Kenya CBK raises key lending rate to 8.25pc to curb runaway inflation The Central Bank Monetary Policy Committee has raised the base lending rate from to 7.5 per cent to 8.25 per cent, citing elevated pressure from inflation. The modest increase by 75 basis points

16th September 2022 Kenya Gazette

JUDICIARY The Chief Justice has gazetted the list of 123 election petitions challenging the positions of Governor, Senator, Woman Representative, MP and MCA across multiple counties. FINANCE SECTOR The Cabinet Secretary for the National Treasury and Planning, Ukur Yatani, has gazetted the Statement of Actual

Fintech in Africa (Part 1): African tech boom is more than a buzz; future is bright

The financial industry has benefited greatly from the buzz surrounding the African tech boom, with reports of African fintech businesses raising money becoming commonplace in tech media. It accurately reflects how much venture capitalists and investors have attracted financing to the fintech sector.  Fintech has

2nd September 2022 Trade & Financial Services Round Up

KENYA How budget chief plans to kill false unpaid bills The Controller of Budget (CoB) will not accept fresh payment requests from counties and entities of the national government for the year ended June, in the latest move to curb a surge in fake claims

Top banks’ performance in Kenya Banking Sentiment Index, 2022, and areas to improve

Deloitte delivered the Kenya Banking Sentiment Index report indicating that M-Pesa had more positive appreciation  from clients than conventional banks as confirmed in the Net Sentiment Index. It partnered with DataEQ to monitor over 330,000 Twitter posts that mentioned Co-operative Bank, Equity Bank, Absa, Stanbic,

26th August 2022 Trade & Financial Services Round Up

KENYA NHIF drops bid to have top earners pay more monthly The National Hospital Insurance Fund (NHIF) has dropped its bid to have workers earning more than Sh100,000 pay more in monthly contributions, easing the financial strain on top earners and their employers. The State-backed

19th August 2022 Trade & Financial Services Round Up

KENYA New President inherits half a trillion shillings of unpaid bills Kenya’s new President will inherit more than Sh500 billion owed to suppliers and contractors by ministries and State agencies in bills that have exposed many small and medium-sized businesses to closures and auctions. Latest

19th August 2022 Kenya Gazette Review

PUBLIC SECTOR Appointments President of the Republic of Kenya, Uhuru Kenyatta has appointed: Levi Franklin Mghalu to be the Chairperson of the Board of Directors of the Kenya National Shipping Line, for a period of three (3) years, with effect from 5th August, 2022. JUDICIARY

Unpacking Kenya AfCFTA National Implementation Strategy 2022-2027

Recently, Kenya was selected among several countries that would initiate trading under the African Continental Free Trade Agreement (AfCFTA). The pilot phase is meant to test environmental, legal and trade policy basis for intra-African trade.Trading under the AfCFTA provides great opportunities such as a combined

Highlights of the 2022 Kenya Financial Sector Stability Report

The Central Bank of Kenya (CBK) recently released the 2021 Financial Stability Report which discusses developments and risks in Kenya’s economy and financial sector in the post-Covid–19 pandemic recovery phase, and details how the financial sector has remained resilient.  The report outlines some of the

12th August 2022 Trade & Financial Services Round Up

KENYA EABL’s Kisumu and Nairobi biomass plants almost ready East African Breweries Plc (EABL) is set to complete the setting up of its biomass-fired energy plants as it accelerates its shift to renewable energy. Diageo Plc, a majority shareholder of EABL, says the Kenya biomass

5th August 2022 Trade & Financial Service Round Up

KENYA Deloitte fined for Sh2.1bn hidden hole in Chase Bank The capital markets regulator on Wednesday fined Deloitte after the audit firm failed to detect a non-existent Sh2.1 billion Chase Bank account at the Central Bank that enticed bond investors to offer the collapsed lender

Money laundering and terrorism financing: Kenya at medium risk as CBK publishes inaugural report

On Wednesday, July 27, 2022, the Central Bank of Kenya launched the Money Laundering and Terrorism Financing National Risk Assessment Report (NRA). The report identifies and assesses Kenya’s Money Laundering (ML) and Terrorism Financing (TF) risks at a national and sectoral level. The overall ML

29th July 2022 Trade & Financial Services Round Up

KENYA Kenya inks cheap power deal with Ethiopia Kenya on Tuesday officially signed a Power Purchase contract with Ethiopia for the purchase of cheap hydroelectric power even as Nairobi nears completing the transmission line to evacuate power from its northern neighbour. Kenya is expected to

Kenya needs a green taxonomy to enhance environmental sustainability

A green taxonomy is an official classification or catalogue that defines a minimum set of assets, projects and sectors that are eligible to be defined as “green” or environmentally friendly. Green taxonomy supports emerging national policy and voluntary private sector initiatives by augmenting sustainable finance

22nd July 2022 Trade & Financial Services Round Up

KENYA Kenya disowns port deal promises made to Dubai Kenya has disowned promises of a July tender made to Dubai Port (DP) World that would have allowed the UAE-based firm to offer a bid for development, operation and management of the country’s four ports. DP

15th July 2022 Trade & Financial Services Round Up

KENYA Biden dumps Uhuru’s trade deal with Trump The Biden administration on Thursday launched a fresh strategic trade and investment partnership with Kenya, replacing an agreement ex-President Donald Trump’s government had inked with Nairobi. The US and Kenyan governments will start work within three months

8th July 2022 Trade & Financial Services Round Up

KENYA Safaricom Ethiopia to start operations next month The Safaricom-led consortium aims to start operations in Ethiopia next month but will stagger the rollout of the telecommunication services across various Ethiopian cities until next year. The Safaricom consortium, which also includes British development finance agency

8th July 2022 Kenya Gazette Review

ACTS, 2022 The County Allocation of Revenue Act, 2022 The Supplementary Appropriation (No. 2) Act, 2022. The Appropriation Act, 2022 The Finance Act, 2022 The Traffic (Amendment) Act, 2022 PUBLIC SECTOR Appointments President Uhuru Kenyatta has appointed Joanne Yelbert to be the Chairperson of the

Efforts to relieve consumers start, but bigger issues remain

A combination of decisions this week have provided some relief and could reduce the political pressure on the administration as it sees out its last days in office. Via the Finance Act, the Treasury reduced the tax on cooking gas, giving consumers relief in the

Nairobi International Financial Centre and Kenya’s Critical Development Path

The set-up of the Nairobi International Financial Centre is a major milestone in Kenya’s ongoing efforts to become an Upper Middle-Income Country (UMIC). While its significance will largely become clear with time, the set-up of International Financial Centres (IFCs) generally, often are precursors for market

1st July 2022 Trade & Financial Services Round Up

KENYA Treasury shuns law set to control goods prices The Treasury will not invoke the law that allows the government to control the prices of essential goods in reaction to the surge in inflation. Treasury Principal Secretary Julius Muia on Wednesday said the State will

24th June 2022 Trade & Financial Services Round Up

KENYA Hoteliers, traders jostle for piece of KSh6bn rally windfall Palatial homeowners with spacious grounds in Naivasha are hurriedly setting up tents to cash in on the windfall from the World Rally Championship. With lodging spaces having been problematic during last year’s event, ingenuity is

17th June 2022 Trade & Financial Services Round Up

KENYA Grain stuck at Tanzania border due to new import requirement Tanzania has imposed a new requirement on grain traders to get an export permit before shipping maize into the country, in a policy shift that has locked already bought stocks of grain by Kenyan

10th June 2022 Trade & Financial Services Round Up

KENYA Kenya FDI declines Kshs 31.5 billion amid rebound in the EAC Kenya’s foreign direct investment (FDI) inflows went against a regional recovery trend in 2021 after falling by $269 million (Kshs 31.47 billion), a United Nations survey showed on Thursday. The UN Conference on

3rd June 2022 Trade & Financial Services Round Up

KENYA New alcohol, SIM card taxes rock Parliament A Member of Parliament affiliated to Deputy President William Ruto’s Kenya Kwanza coalition on Thursday evening proposed higher taxation on beer and a new duty on imported SIM cards in changes to the Finance Bill 2022 that

27th May 2022 Trade & Financial Services Round Up

KENYA KCB first quarter profit jumps to Sh9.9 billion KCB Group net earnings grew by more than half in the first quarter ended March, helped by higher interest and non-interest income and lower loan loss provisions. The lender’s net profit in the period stood at

Here is what Digital Credit Providers need to know as licensing deadline approaches

The Central Bank of Kenya on Tuesday, May 17, 2022, issued a press release in relation to licensing of Digital Credit Providers (DCPs). The deadline for licensing of DCPs is September 17, 2022.  The announcement by CBK serves to remind DCPs that are yet to

20th May 2022 Trade & Financial Services Round Up

KENYA Kenya’s debt repayments to China shoot to Sh73.5 billion Kenya’s debt repayments towards China-funded infrastructure projects have more than doubled to a record Sh73.48 billion this financial year on the back of increased clearance of principal sums after the grace period lapsed. Expenditure data