Economy
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How Agri-Tech is Revolutionizing Bio-Agriculture in Kenya
In today’s modern world, technology seems to be taking the spotlight, making it appear as though we are drifting away from our agricultural roots. However, with the growing challenges facing the agricultural sector, Agri-Tech is becoming increasingly necessary to address these issues. Agriculture remains the lifeblood of many in Kenya and is a key pillar…
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MTN Uganda Unveils Plans To Restructure Mobile Money Operations
MTN Uganda Limited has announced plans to restructure its mobile money business through the separation and reorganization of its wholly owned subsidiary, MTN Mobile Money Uganda Limited (MTN MoMo), as part of its ongoing fintech strategy. In a cautionary statement issued to shareholders and the public in compliance with Uganda Securities Exchange (USE) Listing Rules…
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CBK Lowers CBR Citing Currency Stability, Slowed Economic Growth
The Central Bank of Kenya (CBK) has lowered the Central Bank Rate (CBR) by 0.25 percentage points to 9.75 percent, citing sustained decline in inflation, a stable exchange rate, and a slowdown in economic growth both globally and locally. In a statement released following its Monetary Policy Committee (MPC) meeting held today, the CBK said…
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CBK Licenses 41 More Digital Lenders, Raising Total to 126
The Central Bank of Kenya (CBK) has announced the licensing of 41 additional Digital Credit Providers (DCPs), pushing the total number of licensed firms to 126. This latest round follows the licensing of 27 DCPs in October 2024, and forms part of the regulator’s ongoing efforts to streamline and supervise Kenya’s digital lending sector. The…
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Treasury To Overhaul Housing Levy Over Concerns
NAIROBI, Kenya, June 5 -Treasury Cabinet Secretary John Mbadi has indicated that the government may review the Affordable Housing Levy amid growing dissatisfaction from Kenya’s salaried employees. READ Jubilee Insurance Uncovers Sh400 Million Fraud Using AI Appearing before senators on Wednesday, Mbadi acknowledged the levy’s original intent to address the country’s housing crisis but admitted…
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UAE And Kenya Strengthen Financial Ties with New Agreements
The Central Bank of the United Arab Emirates (CBUAE) and the Central Bank of Kenya (CBK) have signed two Memoranda of Understanding (MoUs) aimed at strengthening the use of local currencies in cross-border trade and enhancing the interlinking of payment and messaging systems. READ Mbadi set to present the budget statement for the upcoming fiscal…
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Kenya Launches Bold Strategy to Anchor Economic Growth on Start-Up Innovation
NAIROBI, Kenya, June 6 – Kenya is stepping up its innovation game with a renewed push to solidify the country’s start-up environment as a key pillar of future economic growth. At the heart of this shift is a strategic drive to empower entrepreneurs, streamline access to resources, and position innovation as a national economic driver.…
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Moniepoint Inc. to Acquire 78 Pc stake in Sumac Microfinance Bank
Moniepoint Inc. Lagos-based private limited liability company is set to acquire a 78 percent shareholding in Sumac Micro-finance bank Limited. The acquisition has received unconditional approval from the Competition Authority of Kenya (CAK), which concluded the deal is unlikely to harm market competition or public interest within the country’s microfinance banking sector. READ: ARC Ride…
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Access Bank Finalizes NBK Takeover, Eyes Regional Growth
Access Bank Plc has completed its acquisition of National Bank of Kenya (NBK) from KCB Group Plc.The agreement, announced in March 2024, closed on May 30, 2025,following approvals from the Competition Authority of Kenya (CAK), and Central Bank of Kenya (CBK). “This follows the receipt of all regulatory approvals customary for a transaction of this…
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Chinese Company To Invest Sh13 billion in Kenya’s Tea Industry
A Chinese company is set to inject Sh13 billion into boosting Kenya’s orthodox tea exports. Zhang Chaobin, Chairperson of Benny Tea met with President William Ruto in Nairobi where the two agreed on thee investment. The initiative aims to strengthenn the presence of Kenyan tea in the Asian market. The company will focus on modernizing…
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World Bank Urges Gov’t to Shield Poor from SHIF, Housing Tax
The World Bank now urges the government to exempt workers earning less than Sh32,333 from paying housing tax and Social Health Insurance Fund (SHIF) to boost disposable income for low income earners. The Bretton Woods institution said that the deductions for SHIF and housing tax are unpopular. The levies have significantly cut the workers net…
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World Bank Casts Doubt on Kenya’s Austerity Measures
The World Bank has raised alarms over Kenya’s escalating debt levels, classifying the nation as being at a high risk of default. In its latest Kenya Economic Update, the Bank cautions that current austerity measures may not suffice to avert a fiscal crisis, urging the government to implement structural and governance reforms to stabilize the…
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World Bank Urges the Taxman to Squeeze More From the Rich
A push by the World Bank could see Kenya’s highest earners pay more in taxes as part of sweeping fiscal recommendations to ease inequality and boost public revenue. In its latest Public Finance Review, the World Bank calls on the Kenyan government to adjust its personal income tax (PIT) policy by introducing a new top…
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Why the World Bank Questions Kenya’s Tax Policy Effectiveness
Kenya’s recent push to raise revenue through higher taxes may fall short, the World Bank has warned in its latest Public Finance Review. The report highlights systemic flaws in the country’s tax regime, citing inefficiencies, a narrow tax base, and widespread evasion and avoidance as major hurdles to increasing revenue collection. Kenya’s tax productivity, defined…
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Kenya’s Economic Uncertainty: What Govt Must Do Now
Kenya’s public debt remains at high risk of distress, with interest payments absorbing about a third of tax revenue. Reforms to strengthen fiscal sustainability in an equitable way while promoting inclusive growth and jobs are critical to revive a slowing economy and a weak labor market. According to the latest World Bank Kenya Economic Update,…
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Kenya’s Economic Growth Slows to 4.7% in 2024 – KNBS Report
Kenya’s economy grew by 4.7 percent in 2024, marking a slowdown from the revised 5.7 percent growth recorded in 2023, according to the latest report by the Kenya National Bureau of Statistics (KNBS). The deceleration occurred despite solid performances in key sectors, underscoring the impact of broader economic challenges. The KNBS attributed the slowdown to…
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