Business News

Virtual Pay plans to collaborate with all sector players in the market including banks, nonbank financial institutions, major card schemes, etc., to scale their operations in the country.

Of interest to KRA will be cross-border financial arrangements between Kakuzi and other companies under the Camellia Plc Group.

The Mastercard Cashless program is powered by the company's global network, which connects over 90 million merchants globally.

Kacha vision for the mobile money market is driven by the Digital Ethiopia 2025 and the National Digital Payment Strategy which is expected to bridge the existing gaps in digital services provision.

Safaricom Plc on Monday unveiled a new brand campaign dubbed “Tuinuane” that is aimed at encouraging Kenyans to uplift one another

Despite the delay of the projects by the Islamic State attacks, Nedbank has its eye on this market opportunity. For Nedbank, Mozambique liquefied natural gas is a market opportunity.

As a result of the VAT reduction, a 13kg cylinder was retailing at an average of Kes 3,100.67 in July compared to Kes 3,218.22 in June this year and Kes 2,394.18 in...

CBK MPC committee expects domestic inflationary pressures in the near term to ease on account of cooling international commodity prices, mainly oil, wheat, and edible oils.

The property fund ILAM Fahari is planning to sell part of its assets to improve returns from its real estate portfolio.

After global electricity demand grew by a strong six percent in 2021, propelled by rapid economic recovery as Covid-19 lockdowns eased, the IEA expect growth to slow to 2.4 percent in 2022...

During the forum held in Nairobi, it emerged that the production cost has doubled as farmers now spend about Kes 80 to Kes 100 to produce a kilogram of the clean cup...

The IMF loan will be used for budget support, bringing Kenya’s total disbursements for budget support so far to about US$1,208.2 million.

Kenya's debt ceiling could soon hit Kes 10 trillion. This is after the Senate gave the country's treasury the green light to borrow more funds by raising the debt ceiling to Kes....

The launch of Safaricom's M-Pesa Visa virtual card opens global shopping for Kenyan consumers, allowing secure cashless payments at merchant locations in over 200 countries through Visa’s global network.

In a sudden turn of events, SWVL is pausing all their daily and city-to-city rides in Nairobi.

Family Bank has acquired a KES 1.5 billion loan portfolio guarantee facility from the African Guarantee Fund.

Kenya has secured Kshs. 85.5 billion from the World Bank in what the lender says will help support the country’s post-pandemic economic transformation. The low-cost Development Policy Operation will fund fiscal and...

ETFs use the old saying, “don’t put all your eggs in one basket.” Having a mix of investment types and sources allows investors to diversify their portfolio and, therefore, mitigate risk and...

The CBK on Thursday published a Discussion Paper on Central Bank Digital Currency inviting public input on modalities of possible introduction of a digital Kenyan shilling.

Kenya’s annual inflation rate has dropped to 5.39% in the month of January on account of lower prices of electricity, the statistics bureau has said.

Data from the Central Bank of Kenya (CBK) shows top CEOs in Kenya are optimistic about business growth this year

Kenya will spend Kes. 1.36 trillion equivalent to 63% of projected revenue in the current fiscal year to service the current public debt which stands at Kes. 8 trillion.

Analysis indicates that despite shifting borrowing from short-term debt instruments to medium and long-term instruments, Kenya's domestic debt stock has a much lower Average Term to Maturity of 6.9 years compared to...

Mumias Sugar Company receiver-manager Ponangipalli Rao announced Wednesday that Uganda's Serrai Group had emerged as the winner of the bidding process that has lasted over 4 months.

IMF Deputy Managing Director and Acting Chairperson of the Executive Board, Antoinette Sayeh, said Kenya had shown remarkable resilience to the COVID shock in 2020 and is staging an economic recovery.

The shilling has declined to a new all-time low of 112.5 against the dollar as importers increase demand for the greenback with the economy recovering from the impact of the pandemic. Reuters...

Kenyan inflation slowed for the second consecutive month in November, reaching a six-month low as food price growth decelerated. Kenya’s annual inflation rate rose to 5.8% in November, compared to 6.45% recorded...

The demand for electricity in Kenya hit a new record this week rising to a peak of 2,036MW, the highest ever recorded in history, marking a significant resurgence in demand since the...

Kenya’s debt service costs, which are expected to surge by 22% this fiscal year, are set to rise even further as the Kenya Shilling sank to all-time lows of Kes 112.100 against...

Nearly 20 Kenya-based companies have been blacklisted by the World Bank and the African Development Bank (AfDB), in less than two years, over fraud and quality concerns in projects funded by the...

Fuel prices will remain the same in this month’s EPRA review even with rising crude oil costs, subsidized by the Petroleum Development Levy. The State is set to pay marketers billions of...

The Kenya Shilling has been on a losing streak against the U.S Dollar in what analysts and forex traders attribute to strong dollar demand especially from oil importers and weak inflows. Figures...

KRA had a surplus of Kes.5.9 billion in revenue from Domestic Taxes where Kes. 96.6 billion was collected against a target of Kes. 90.7 billion.

Kenya has received a Kes 16.67 billion ($150 million) loan from World Bank to support local communities hard hit by climate change and drought, leading to loss of livelihoods. The World Bank...

President Uhuru Kenyatta has urged the country’s National Treasury and other stakeholders to immediately revise upwards the cash transactions threshold for Kes 1.0 Million applicable to both withdrawals and deposits by Bank...

KEPSA and the Corporate Council on Africa (CCA) have signed the Kenya- U.S trade deal that will enable Kenyan Small and Medium-Sized Enterprises(SMEs) to take full advantage of the African Growth and...

The Energy and Petroleum Regulatory Authority (EPRA) cut fuel prices by Kes 5 per litre, bringing down the cost of super petrol and diesel toKes 129.72 and Kes 110.60 respectively in the...

Kenya has been assigned a “B+” rating from Agusto & Co. Limited, a Pan-African Credit Rating Agency and a leading provider of industry research and knowledge in Nigeria & Sub-Saharan Africa. The...

Recently, Kenya Power withdrew an application to increase bills by up to a fifth, shifting its focus to lowering costs, curbing electricity theft and recovery of unpaid bills amounting to over Kes...

Kenya's Inflation stood at 6.57% in August as the Central Bank of Kenya warned of risks arising from both domestic and international markets.

All Kenyans will be compelled to be members of the National Health Insurance Fund (NHIF) and to make a contribution to Kes. 500 monthly in new reforms as the government rolls out...

The Central Depository and Settlement Corporation (CDSC) has finalized the integration of the CDS SWIFT messaging functionality, thus enhancing the processing of financial information between the CSD and capital markets participants in...

The high court has declared minimum tax provisions unconstitutional and its tax guidelines void. In its judgement, the High Court has issued an order restraining the Kenya Revenue Authority(KRA) from implementing, further...

China has been named the leading bilateral lender to Kenya by the Central Bank of Kenya (CBK) accounting for 67% of its external debt followed by Japan(14%), France(7%) with other countries accounting...

The Energy and Petroleum Regulatory Authority (EPRA) has raised the prices of super petrol by Kes.7.58 per litre to past Kes.130 per litre, an all-time high cost for the commodity in its...

Forex exchange reserves dipped by over Kes. 11.3 billion after the Central Bank of Kenya (CBK) released more dollars into the market to cushion the Kenyan shilling. The banking regulator has however...

A report by the Kenya Bankers Association (KBA) showed that commercial banks contributed 27 % of all corporate taxes paid in Kenya in 2020 despite the adverse effects of the COVID-19 pandemic,...

The Kenya Revenue Authority (KRA) has seen its rebound in tax revenue collections continue into the new financial year booking tax revenues of Kes.121.8 billion at the end of July,  a 28.9...

The Energy and Petroleum regulator(EPRA) has held fuel prices constant in its latest review, the second time in a row since its last price increase set in July 2021. The prices are...

Safaricom and the Nairobi Securities Exchange (NSE) have today announced a partnership that is set to enable Kenyans to invest in the stocks market using their accrued Bonga points. The service which...

The Capital Markets Authority (CMA) has directed Cytonn Asset Managers Limited, a licensed fund manager, to stop signing new clients immediately. This is until it changes the names of its business and...

Relief for Kenyans after the government retained fuel prices at the same levels as last month in the July review. In new retail prices announced today, the Energy and Petroleum Regulatory Authority...

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The European Union is set to engage Kenya directly in signing the Economic Partnership Agreement (EPA) following failure by other East African Community members to endorse the deal. Valdis Dombrovskis the union...

Data published on the Kenyan Gazzette shows Income Tax in Kenya for the first 11 months of the fiscal year 2020/2021 fell by 1.3% to Kes 1.313 trillion compared to Kes 1.329...

The National Assembly Finance and National Planning Committee have rejected the imposition of tax on bread and the variation of excise duty on imported motorcycles. This comes as a relief to most...

KRA is here as the taxman, is mandated to assess, collect and account for all tax returns underwritten laws and specified by provisions of the written laws.

The National Treasury has successfully raised $1 billion by issuing a 12-year Eurobond in the international financial markets in a 3 day virtual Eurobond Roadshow. This is the first new Eurobond issue...

Kenya has appointed Citi and JP Morgan as joint book-runners for a dollar-denominated sovereign bond issue, and I&M Bank and NCBA Group as co-managers. Meetings with investors have already started over the...

The maximum pump prices for a litre of Super Petrol has increased by Kes 0.77 per litre while that of a litre of Diesel and Kerosene remains unchanged. According to the latest...

Kenya has received a $750 million loan from the World Bank to support its budget and help the East African economy recover from the effects of the COVID-19 pandemic. The World Bank...

The Kenyan economy is expected to rebound to 6.6 percent in 2021 reinforced by the prevailing stable macroeconomic environment and the ongoing implementation of the strategic priorities of the Government under the “Big...

The National Treasury Cabinet Secretary Ukur Yatani while presenting FY2021/2022 budget before Parliament acknowledged prevailing revenue collection challenges owing to the effects of COVID-19. In the coming financial year which begins on...

Kenya's Budget and Appropriations Committee of the National Assembly is proposing an upward review of the debt ceiling to enable implementation of this year’s budget. Committee Chair Kanini Kega says by end...

The cost of living increased slightly in May to highs seen in March on account of the increase in fuel costs which consecutively increased food and transport cost The overall rate of...

Kenya expects to receive a loan of $750 million from the World Bank in the next two weeks to support its budget, the country's central bank governor Patrick Njoroge said on Thursday....

CBK’s foreign currency reserves remain adequate to provide 4.55 months of import cover and cushion the economy against short-term shocks in the foreign exchange market.

Cognizant of the continued evolution of the COVID-19 pandemic and its resultants effects on the economy, the IMF has trimmed the Kenya's projected GDP growth to 6.3 per cent.

The CBK placed Chaterhouse bank limited under statutory management after it violated sections of the Banking Act relating to lending

KRA recorded improved collection in all revenue streams where Customs & Border Control net the taxman Kes. 54 billion against a target of Kes. 48.2 billion representing a performance rate of 112.1%.

Digital mobile lenders will have six months to be licensed by the Central Bank of Kenya (CBK) if Parliament adopts a proposed law to see the regulator control their products, management, and...

The Kenya National Highway Authority (KeNHA) and China Communications Construction Company Monday signed a Kes 17.9 billion  (about 166 million U.S. dollars) deal to construct a 453-km road that is part of...

The Minimum Tax which is calculated at the rate of 1% of gross turnover was introduced by the National Treasury through the Finance Act which was assented to by the President on...

The Energy and Petroleum Regulatory Authority(EPRA) has retained Diesel, Petrol and Kerosene’s price between 15th April and May 14th, 2021. This is despite an increase in the landing cost of crude oil...

However, a closer look at fuel cost tabulation indicates that taxes make up over 50 per cent of Kenya's retail fuel prices.

The suspension will allow for development of an Inter-County Physical and Land Use Development Plan to provide guidelines and standards for regulation of land use practices and general development within the Konza...

Business activity in Kenya shrank sharply in March as the hike in fuel prices and COVID-19 restrictions hit key sectors of the economy, such as the hospitality and entertainment industry. The Stanbic...

The IMF has advised the Kenyan Treasury to impose a 16 per cent VAT on fuels from the current 8 per cent when crude oil prices fall. The IMF’s push for the...

The latest data from the Kenya Revenue Authority (KRA)  has shown that revenue collection increased to Kes 144.6 Billion for the month or March, a Kes.6.6 billion from a collection of Kes127.7...

The Executive Board of the International Monetary Fund (IMF) approved 38-month arrangements under the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF) for Kenya in an amount equivalent to SDR...

Kenya has sought the Debt Service Suspension Initiative (DSSI) extension to June 2022, a one-year extension from the earlier granted June 30, 2021, debt service suspension secured in January. Besides the relief under...

The Central Bank of Kenya (CBK) on Tuesday announced the extension of the loan repayment measures put in place for bank customers whose loans were performing before 2nd March 2020, which had...

Kenyan households are set for tough times as electricity bills are expected to rise in the March 2021 review. Electricity consumers are expected to pay kes 1.20 more per unit or an...

Super Petrol prices rose by Kes 7.63 to retail at Kes 122.81 per litre following the latest Energy and Petroleum Regulatory Authority (EPRA) review. The hike in pump prices also affected Diesel...

Standard and Poor’s (S&P)  has downgraded Kenya’s sovereign rating to ‘B’ from ‘B+’ despite a deal with the International Monetary Fund and backed by World Bank support. “Our ratings on Kenya are...

Kenya’s Public Debt Stock is forecasted to reach Kes 7.8 trillion at the end of the 2020/21 fiscal year and will account for approximately 69% of Gross Domestic Product(GDP) and 87% of...

The International Monetary Fund has raised Kenya’s 2021 economic growth forecast from 4.7% to 7.6% after reaching a financing agreement with Kenyan authorities. On February 16, 2021, the IMF revealed that it...

Kenya is expected to raise its debt ceiling of kes 9 trillion to accommodate growing expenditure needs amid underperforming tax collections. The National Treasury said the discussion was in the background as...

Kenya's treasury aims to raise Kes 123.8 billion from sovereign bonds sold to foreigners in the next four months and an additional Kes 124.3 billion during the fiscal year starting in July...

The International Monetary Fund (IMF) on Monday said it will soon disburse Kes 262.69 billion (USD 2.4 billion) to the Government of Kenya after it's staff virtual visit and the Kenya treasury...

The prices for Super Petrol, Diesel, and Kerosene have increased by Kes 8.19 per litre, Kes 5.51 per litre, and Kes 5.32 per litre, respectively. This means that between 15th February and...

Kenya’s real estate market is projected to record positive growth this year with younger millennials and Gen-Z expected to play a key role in growing uptake of affordable housing units. Mizizi Africa...

The Central Bank of Kenya (CBK) Monetary Policy Committee (MPC) on Wednesday kept the benchmark rate unchanged at 7% in its sixth consecutive sitting amid concerns of slight rise in the cost...

Kenya’s economy is projected to recover and grow by 6.4% in 2021. In a draft of the 2021 budget policy Statement by the treasury, they noted that the economy had been adversely affected by...

Entrepreneurs have been advised to take advantage of the government’s move to automate most of its services and come up with appropriate innovations.

Kenya's total debt jumped to 65.6% of gross domestic product in June 2020 from 62.4% a year earlier, the World Bank said in November.

Kenya has  recorded a 10.7 % rise in remittances from US$2,796 million in 2019 to a record high of US$3,094 million in 2020.

Overall, the global economy is expected to expand 4% in 2021, assuming an initial COVID-19 vaccine rollout becomes widespread throughout the year.