Business News

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.

The Global Forum Secretariat provided technical assistance in 2020 to 59 developing country members, including training to thousands of officials, as part of efforts to strengthen tax collection capacity worldwide.

The facility will also have a Liquefied Petroleum Gas (LPG) line which is anticipated to stabilize the nation’s supply of gas.

Octagon Afya Plus also provides members with an avenue to invest and save or transfer up to 10% of their retirement benefits into the post-retirement medical scheme. The investment earns an annual investment...

Beginning  1st  January 2021, the Corporate Tax rate will revert to 30% from the current 25%, same as Individual Income tax which will also shoot to 30% from 25%.

During the 10 month period, Uganda was the leading source market with 60,399 arrivals, USA 53,444, Tanzania 43,649, the UK 42,341, and India 25,251.

The transport index decreased by 0.15%, as the government relaxed travel and curfew restrictions which saw transport activities improve in the sector.

The service will allow customers to send money to bank accounts and mobile wallets in 15 countries, including neighboring Uganda, the United Kingdom, India, China and Germany.

Manufacturing sector recorded a 7.8% growth in loan uptake, transport and communications at 21.1%, real estate 7.6%, and consumer durables at 15.7%.

Under the Inuka SME Program, over 4,000 MSMEs have interacted with the training. The partnership will provide a hybrid targeted approach to advance the green finance agenda in Kenya.

The government is doing a financial evaluation of as many as nine state companies, including Kenya Airways Plc, Kenya Power and Kenya Electricity Generating Co.

Kenyans abroad sent home a record Kes. 28.4 billion ($263.1 million) in October this year, a 17.3% increase compared to the same period last year when inflows for the month stood at...

The lobby group also proposes that millers and marketing agents shall be appointed by members of a coffee factory during an annual general meeting held before the start of the coffee crop...

Budget deficit in the three months that ended in September grew to Kes. 131.7 billion compared to Kes. 123.5 billion during the same period in 2019, a 6.7% year-on-year increase.

The drop in fuel costs is expected to ease rising consumer costs which surged last month owing largely to previous fuel cost increases.

KTDA-managed factories continue to work on improving operational efficiencies to reduce production costs through a number of initiatives.

It reported a Sh8.56 billion half-year loss for the period ended June 30,2019, double the Sh4.03 billion posted in a similar period previous year.

The current provisional trade data up to August 2020 shows Kenya’s exports were valued at 34.9 billion shillings while imports are valued at kes 18.9 billion with a trade balance of kes...

During the AGM shareholder approved a final dividend payout of Kes 0.25 for every ordinary share of Kes 2.50 translating to Kes 1.65 billion.

KNBS through a statement said that Obudho has vast experience in conducting population and housing censuses including the first ever Kenyan digital census that was conducted in 2019.

However, the reductions were not big enough to offset price increases of other sampled items.

The firm is also scheduled to meet Electronics suppliers, Clothing, labour union representatives and labour outsourcing firms the following week.

The project bond is intended to give a flexible funding option to projects that are already under construction and at various stages of completion.

The Bank was recognized amongst 14 African banks in the list that consisted of banks from 112 countries globally. KCB was the only Kenyan Bank on the roll.

Despite the growth in contributions, it is important to note that  the retirement benefits industry has fallen short in providing enough benefits and sustaining their members especially for companies holding segregated funds.

Tea exports fell by 14,000 tons in the first eight months of this year due to a drop in demand from traditional markets. Data from the Tea Directorate shows export volumes for...

The tea industry has been thrown into confusion due to a series push and pull between the ministry of agriculture and the tea agency over plans to streamline the industry by reforming...

CBK collaborated with commercial banks through the Kenya Bankers Association to establish the currency center.

The mapping has similarly helped the government keep inventory of all schools, hospitals, public utilities and infrastructure.

Ordinary revenues are now projected to decline by Kes 28 billion to Kes 1.60 trillion in the current financial year.

For instance during the year ended 30th June 2019, KenGen received kes 391 million refund after claiming Railway Development Levy (RDL) on equipment imported and used to build the 280-megawatt Olkaria geothermal...

KenGen has been focusing on the production of green energy and 86 percent of the energy produced by the company is from clean sources namely wind, hydro and geothermal.

The partnership will see Britam and Carepay explore new mobile channels for Britam’s fast-growing microinsurance portfolio and the future management of retail and SME health insurance clients. 

The fourth edition of Absa Africa Financial Markets Index 2020 show Kenya has dropped four places. The  index that  measures the capacity of countries to attract both  local and foreign investments, shows...

This is however good news to households especially during this hard economic times when many people lost their jobs as a result of the world-wide pandemic COVID-19.

According to this agreement, KCB will mobilize commercial financing into the SME and climate finance sector in Kenya and also impart knowledge, drive innovation, and build capacity. On other hand, IFC will...

Kakuzi which  supplies avocados to several UK supermarkets, including Sainsbury's and Tesco will face major losses as the supply accounts for almost 40% of the avocados exported by the frim.

“The direct flights will be an integral part of boosting the economy and tourism sector in our county,” said Dorothy Nyong’o, First Lady, Kisumu County.

New orders grew for the third month running, helped by a further increase in foreign orders, particularly from Europe and the Middle East.

According to EPRA, consumers in Nairobi will now pay a maximum of Kes 106.55 for a litre of super petrol, Kes 95.09 for a litre of diesel and 83.73 for a litre...

However, according to CBK, the amount of loans acquired during this period has  increased steadily  with banks having restructured loans worth kes 1.12 trillion which is 38 % of the total banking...

The value of transaction has been tipped to rise on account of COVID-19 pandemic.

“NPL increases were noted in the real estate, personal, transport and communication sectors due to subdued business environment,” Dr. Njoroge said.

The National Treasury has also been directed to expedite the roll-out of the credit guarantee scheme for MSMEs in partnership with participating banks and development partners.

Mr Muthomi adds the effort earned Kenya avocados the highest foreign exchange for the period ever and has opened new markets and demand even in countries where Kenya doesn’t have phytosanitary protocols.

The revenue increased to  to Kes 79 billion from Kes 69 billion in the same period last year.

This improved performance is expected to impact the entire value chain positively, with renewed economic activities