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.

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

Kenya State bursts recurrent budget forecast by Sh81.7bn President William Ruto’s administration projects expenditure for the day-to-day running of the government is Sh81.7 billion more than what the previous regime budgeted, pointing to piling spending pressures, including salaries and wages. The Treasury has forecast recurrent

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

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

The effects of climate change have caught up with us, and they pose significant risks to different sectors. The agricultural sector is the worst hit due to changes in weather patterns and extended drought periods. The financial sector has also been greatly affected because climate

Shortly after midnight last Sunday, the Central Bank of Kenya sent out a press release.It was to correct the assertion by Deputy President Rigathi Gachagua had made a fewhours before, in an interview with Citizen TV, relating to the availability of foreignexchange.While the Deputy President

Kenya has been a home for many digital lending apps, which are popular for their unsecured and instant loans disbursed through mobile phones. Unlike banks and Saccos where one is required to have a guarantor, these digital credit providers (DCPs) do not make it a

During President Ruto’s inauguration speech on Tuesday, September 13, 2022, he noted that his campaign team had received complaints from traders about the onerous burden involved in cash transactions exceeding KSh 1 million. He further asserted that many of them have reverted to storing money

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

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

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

Digital lenders have up to September 2022 to comply with regulatory requirements, including licensing by the Central Bank of Kenya (CBK). The Central Bank of Kenya (Digital Credit Providers) Regulations, 2021 (“Draft Regulations”), which are expected to be published before the end of March 2022,

The 2022/23 Annual National Shadow Budget by IPFK™ for Kenya is the second edition, and it is one of its kind in the country.  The production of the Shadow Budget was supported by the integrated marketing firm Oxygéne Marketing and Communication Limited with the aim

In this second part of our series on the Central Bank of Kenya National Payments Strategy for 2022 – 2025 (NPS Strategy), we examine CBK’s strategic initiatives under the principle of security. A core focus of the strategic initiatives under security is ensuring adequate protection

The Central Bank of Kenya (CBK) unveiled its National Payments Strategy for 2022 – 2025 (NPS Strategy) this week. The NPS Strategy is anchored on the vision of a secure, fast, efficient and collaborative payments system that supports financial inclusion and innovations that benefit Kenyans.

Central Bank Digital Currency discussion: The pros, cons and reading between the lines The Central Bank of Kenya (CBK) recently released a discussion paper on a Central Bank Digital Currency (CBDC) intending to tease out a conversation around the possible introduction of a digital currency

This week, the Central Bank of Kenya released the results of the first-ever Diaspora Remittances Survey (the “Survey”). The Survey was conducted between March and May 2021 by the Central Bank of Kenya in collaboration with the Kenya National Bureau of Statistics and the Ministry

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