As the clock ticks closer to September 1, the business landscape braces for the impact of the second round of taxes introduced through the much-debated Finance Act 2023. The ripple effects of these new measures are set to reverberate across various sectors, including cement, steel, paper, digital and creative industries, and entertainment. Digital Assets Tax […]

In a significant move aimed at reshaping Kenya’s energy landscape, Members of Parliament (MPs) are pushing forward with a proposal to dismantle the monopoly held by Kenya Power. The plan, gaining momentum, seeks to introduce Independent Power Producers (IPPs) into the market, allowing them to directly sell tokens to consumers. The primary goals are to […]

Kenya’s energy sector faces a pivotal juncture as the government deliberates on the fate of its government-to-government (G-to-G) fuel import deal with Gulf nations. This Wednesday, a decision is expected to be unveiled that could reshape the country’s approach to energy procurement. Initiated earlier this year, the deal aimed to mitigate dollar pressure and provide […]

President William Ruto addressed a gathering during an interdenominational service in Bungoma County, pledging his administration’s commitment to resolving the long-standing challenges facing the sugar industry in the Western region. “We are dedicated to addressing the persistent issues affecting the sugar sector in this region. I assure you that we will work towards a comprehensive […]

In the first half of 2023, a remarkable shift has been observed in the borrowing habits of Kenyan individuals, with the Fuliza digital lending platform taking the lead. A daily average of more than Sh2.2 billion is being borrowed through Fuliza, underlining the increasing reliance on modern digital financial solutions. This trend is reflected in […]

In a bid to stabilize the Kenyan shilling against external pressures, the government has outlined an ambitious goal: to elevate the country’s foreign exchange reserves to a level equivalent to 6.1 months of import cover. This strategic move is a cornerstone of the Medium-Term Plan 4, a pivotal phase in the realization of Vision 2030. […]

Kenyans abroad have shattered expectations by sending an unprecedented Sh54.6 billion ($378.1 million) back home in July 2023, marking a remarkable surge in remittances amidst global economic uncertainties. In a surprising turn of events, the Central Bank of Kenya (CBK) has reported that remittances from Kenyans living abroad have reached an all-time high, defying inflation […]

A substantial uproar has arisen within Kenya’s banking sector as commercial banks voice their strong opposition to a government proposal aimed at raising the threshold for reporting significant cash transactions. The plan, which seeks to elevate the reporting threshold by 50 percent to $15,000 (Sh2.1 million), has ignited concerns among financial institutions regarding potential implications […]

In a striking development, Kenya finds itself grappling with an unprecedented surge in its national debt, a trend that defies President William Ruto’s assurances to curb the nation’s borrowing appetite. Recent treasury figures unveiled on Tuesday underscored a staggering increase of 1.56 trillion shillings ($10.8 billion) during the financial year ending June 30. This ascent […]

Safaricom, a pioneering force in Kenya’s telecommunications and financial sectors, has received a green light from the Central Bank of Kenya to usher in a new era of M-PESA capabilities. Starting August 15, 2023, M-PESA users can revel in expanded account and daily transaction limits of KSh. 500,000. This strategic move is projected to energize […]