President William Ruto’s affordable housing initiative faced a hurdle today as the Court of Appeal declined the government’s request to continue collecting the housing levy. The panel of judges cited public interest in awaiting the resolution of legal issues before extending the levy. Undeterred by the setback, President Ruto reaffirmed his commitment to the housing […]

Kenya’s banking sector faces a significant challenge as loan defaults soar to a record high of Sh634 billion, marking a 26% increase over the past year, according to data from the Central Bank of Kenya. This surge in non-performing loans, amounting to an additional Sh129.8 billion within just one year, reflects the strain on the […]

In a noteworthy development, Kenya’s exports to Uganda have exceeded Sh100 billion, marking a significant milestone attributed to the weakened state of the Kenyan shilling against its Ugandan counterpart. Official data for November 2023 reveals that Kenya exported goods valued at Sh105 billion to Uganda during that month alone. The Kenyan shilling experienced a considerable […]

Against the backdrop of persistent forex scarcity, businesses and individuals with dollar-denominated loans are grappling with a mounting crisis. Unable to access US dollars, borrowers in sectors such as real estate, transport, communication, and construction are resorting to repaying their debts in local currency, a move that is technically defaulting and contributing to the surge […]

In a significant policy shift, Kenya has formally announced its withdrawal from the Government to Government (G2G) oil deal with Saudi Arabia, citing concerns over its impact on the forex market and an inability to mitigate the fluctuating shilling-dollar exchange rate. Launched with much anticipation in April 2023 by President William Ruto, the G2G deal […]

Kenya is proactively tackling its financial challenges, with a specific focus on venturing into international bond markets. The impending maturation of a $2 billion Eurobond in June has intensified global interest, fueled by concerns over dwindling hard currency reserves, a significant currency depreciation, and revenue limitations. While the International Monetary Fund (IMF) raises red flags […]

In a significant move to bolster Kenya’s economic landscape, the Cabinet, under President William Ruto’s leadership, has greenlit several crucial financial reforms. In addition to these key reforms, the Cabinet also approved the Recognition of Prior Learning Policy, Establishment of the African Legal Support Facility, and the Memorandum to Join the Asian Infrastructure Investment Bank. […]

In a significant economic development, the Kenyan shilling experienced a historic low on Monday, breaching the Sh160.23 mark against the US dollar. This decline, part of a sustained weakening trend, has raised concerns across financial sectors. Last month, the Central Bank of Kenya (CBK) responded to the ongoing depreciation by unexpectedly raising interest rates by […]

Equity Bank Kenya has entered the financial landscape with a strategic launch – ‘Boostika.’ This unsecured overdraft facility is poised to directly challenge Safaricom’s Fuliza, offering customers the ability to overdraw their accounts up to Sh100,000 for seamless transactions, particularly in shopping scenarios. Boostika, boasting an effective cost of credit at 8.5%, is designed to […]

In a significant relief for the agricultural and small business sectors, the Kenya Revenue Authority (KRA) has implemented targeted exemptions from the electronic tax invoice management system (eTims). With immediate effect, businesses with an annual turnover below Sh5 million are now spared from the electronic invoicing requirement, a move set to alleviate compliance pressures on […]