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Kenya’s financial landscape is once again under scrutiny as taxpayers are set to pay over KSh 1.7 billion in penalties after the country defaulted on its Standard Gauge Railway (SGR) loan repayment to China’s Exim Bank during the financial year 2023/2024. The SGR project, initially lauded as a transformational infrastructure investment, has increasingly become a […]

Kenya’s Private Sector Alliance (KEPSA), in collaboration with the Sharjah Chamber of Commerce and Industry, launched the UAE–Kenya Trade and Investment Forum today, marking a significant moment in fostering bilateral trade and investment between Kenya and the United Arab Emirates (UAE). The two-day event, taking place in Nairobi, aims to bring Kenyan industry leaders and […]

After a six-year pause, TUI Fly, a Dutch charter airline associated with the German TUI Group—one of the largest tour operators globally—has resumed its weekly flights to Kenya. This resumption of flights to Mombasa’s Moi International Airport is seen as a promising step toward reviving Kenya’s coastal tourism sector, which has faced challenges from the […]

M-Kopa, a leading African fintech platform, recently announced a major milestone in its mission to drive digital connectivity across Africa. Since the launch of its Nairobi-based smartphone assembly facility, East Africa Device Assembly Kenya (EADAK), M-Kopa has successfully assembled over 1.5 million smartphones. This achievement, just over a year since the plant opened in January […]

Kenyan fintech startup Chumz, which provides users with an innovative mobile platform for goal-based saving and investment, is poised for regional expansion as it prepares to launch in Rwanda. This move comes after reaching a significant milestone in its home market, with over 200,000 registered users utilizing the app to set and achieve financial goals […]

In a decisive move to bolster Africa’s fintech ecosystem, Visa has announced investments in four fintech startups as part of its Visa Africa Fintech Accelerator program. This initiative aligns with Visa’s strategic commitment to advancing digital innovation, financial inclusion, and economic growth across the continent. The selected companies include Ghana’s Oze, Kenya’s Workpay, Nigeria’s OkHi, […]

In a remarkable turnaround, the Nairobi Securities Exchange (NSE) has seen an impressive surge in investor wealth, with capitalization gains reaching KSh 419.5 billion by the end of October 2024. This increase reflects a growing market confidence bolstered largely by domestic investors and positive economic indicators. The bullish trend has translated into an exceptional 29.2% […]

Kenya’s previously tax-free infrastructure bonds, hailed for their role in financing critical development projects, are set to lose their tax-exempt status following plans by the National Treasury to reintroduce withholding tax on gains from these bonds. This move, part of broader fiscal reforms outlined in the reintroduced Finance Bill 2024, signals a significant policy shift […]

The Central Bank of Kenya (CBK) has reported that UBA Kenya breached capital requirements, failing to meet the 8% minimum core capital-to-deposit ratio due to ongoing losses. In a report highlighting regulatory breaches among Kenyan banks, the CBK noted that UBA Kenya’s core capital-to-deposit ratio dropped significantly from 29.46% in 2022 to 7.92% in 2023, […]

Nairobi Gate Industrial Park, a leading logistics and warehousing hub located along Nairobi’s Eastern Bypass, has committed Sh903 million (around $7 million) to expand its industrial capacity. This new phase of development adds 130,000 square feet of modular warehouse units designed to support Kenya’s growing light manufacturing sector, including agro-processing and textiles. The industrial park, […]