Kenya’s relationship with the International Monetary Fund (IMF) has recently come under scrutiny as the country seeks to address its economic challenges and secure external financial support through the Resilience and Sustainability Fund. While partnering with the IMF offers opportunities for economic stabilisation and growth,
Central Bank Digital Currencies (CBDCs) have become a hot topic in global finance. These digital currencies issued and regulated by central banks are sparking intense discussions and research. CBDCs have the potential to revolutionize monetary systems, reshape transactions, and improve financial inclusion, security, and efficiency
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.
Wilkister Simiyu Ms. Wilkister Simiyu is the Company Secretary and Head of Legal Services at the Kenya Seed Company. She has over 10 years’ work experience both as a practicing advocate and an in- house counsel having worked with Kitiwa &
The Hustler Fund (also known as the Financial Inclusion Fund) was launched this week. This is a flagship project of the Kenya Kwanza government established to disburse low interest rate credit to ‘hustlers’ through digital means. The term ‘hustlers’ refers to those in the informal
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
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
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
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
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
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
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
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.
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
President Uhuru Nominates Nancy Janet Kabui Gathungu for position of auditor General. Her name has been forwarded to Parliament for vetting.
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.
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.