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Depositors to Earn Reduced Interests from Kenyan Banks after Scrapping of Deposit Floor
Business

Depositors to Earn Reduced Interests from Kenyan Banks after Scrapping of Deposit Floor

Depositors will soon begin feeling the pinch following the scrapping of deposit floor by Finance Act 2018. Following the enactment of the law, banks have started slashing interest earned on deposits. The act removed t…

Oct 17, 2018
Safaricom Announces Increased Charges on Voice Calls, SMS, Data
Business

Safaricom Announces Increased Charges on Voice Calls, SMS, Data

Safaricom has announced it will from midnight, Wednesday increase the prices of voice calls, SMS and internet bundles in line with the Finance Act 2018. In the revised tariffs, Safaricom CEO Bob Collymore says charges…

Oct 17, 2018
'Embarassed' President Kenyatta Refuses to Read Written Speech at an Event in Nairobi
Business

'Embarassed' President Kenyatta Refuses to Read Written Speech at an Event in Nairobi

President Kenyatta was on Tuesday forced to discard a written speech he had prepared to read during an event with small scale traders in Nairobi. During a Small and Medium Enterprises Roundtable meeting at Strathmore…

Oct 17, 2018
Nakumatt Shuts Down Nairobi's Mega Branch after 27 Years of Operation
Business

Nakumatt Shuts Down Nairobi's Mega Branch after 27 Years of Operation

Cash-strapped former Kenyan giant retail chain Nakumatt has announced the closure of one of its most popular outlets in Nairobi. In a notice, the Supermarket said Nairobi's Nakumatt Mega branch will cease to be operat…

Oct 16, 2018
New Buses for Nairobi's BRT System Unveiled
Business

New Buses for Nairobi's BRT System Unveiled

Planned Nairobi's Bus Rapid Transit (BRT) system has received a major boost after Isuzu East Africa unveiled two types of high-capacity buses for the project. The automobile company said each of the two buses will hav…

Oct 16, 2018
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Kenyans Transact Sh1.5 Trillion in 90 Days through Mpesa
Business

Kenyans Transact Sh1.5 Trillion in 90 Days through Mpesa

Kenyans transacted a staggering Sh1.9 billion through mobile money platforms within a period of three months, the Communication Authority of Kenya (CA) has announced. In a new report, the Communication Authority revea…

Oct 15, 2018
President Kenyatta to Launch Kenya Airways' Maiden Nonstop Flight to the US Next Week
Business

President Kenyatta to Launch Kenya Airways' Maiden Nonstop Flight to the US Next Week

President Kenyatta is next week expected to preside over the launch of Kenya Airways' inaugural direct flight to the United States. Speaking to the media at State Lodge, Kakamega on Sunday, State House Spokesperson Ka…

Oct 14, 2018
Forbes Ranks Safaricom as Africa's Best Employer, 67th Globally
Business

Forbes Ranks Safaricom as Africa's Best Employer, 67th Globally

Kenya's giant telecommunications firm Safaricom has been ranked the 67th best employer in the world, and position one in Africa. This was revealed in the newly released Forbes’ Global 2000 list of the World’s Best Emp…

Oct 13, 2018
Safaricom Announces Lucrative Cash Prizes for Ethical Hackers
Business

Safaricom Announces Lucrative Cash Prizes for Ethical Hackers

Safaricom has announced cash prizes for ethical hackers who responsibly unearth bugs or vulnerabilities in the Safaricom system. Safaricom says the ethical hackers will pocket between Sh25,000 ($250) and Sh200,000 ($2…

Oct 11, 2018
Kenyan Banks, Saccos Receive Nod to Blacklist Guarantors for Defaulted Loans
Business

Kenyan Banks, Saccos Receive Nod to Blacklist Guarantors for Defaulted Loans

The High Court has given a nod to banks, Saccos and other lenders to blacklist guarantors with Credit Reference Bureaus (CRB) in case of defaulted loans. The court has allowed financial institutions to blacklist guara…

Oct 11, 2018
Kenya Ranked Africa's 5th Richest Country
Business

Kenya Ranked Africa's 5th Richest Country

A newly released report on wealth has ranked Kenya the fifth wealthiest country in Africa. The AfrAsia Bank Wealth Report 2018 shows that the country's assets including cash, property, equities and business interests…

Oct 10, 2018
Corrupt Kenyans Stash $49 Billion in Foreign Accounts
Business

Corrupt Kenyans Stash $49 Billion in Foreign Accounts

Kenya has been ranked second globally in the amount of cash stashed in tax havens relative to the Gross Domestic Product (GDP). A study carried out by United States' National Bureau of Economic Research shows that the…

Oct 9, 2018
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US Tax Consultancy Company Andersen Officially Enters Kenyan Market
Business

US Tax Consultancy Company Andersen Officially Enters Kenyan Market

Renowned United States tax consultancy firm Andersen Global has officially entered Kenyan market following the opening of its offices in Nairobi. The move by the American tax advisory company was informed by the incre…

Oct 3, 2018
Kenya to Acquire Sh25 Billion Military Choppers from the US amid Calls for Austerity
Business

Kenya to Acquire Sh25 Billion Military Choppers from the US amid Calls for Austerity

Kenya is set to purchase 12 new military helicopters from the United States in a move that will cost taxpayers billions of shillings. This comes at a time when the country is grappling with hard economic times as a re…

Oct 3, 2018
Amazon to Raise Minimum Wage for US Workers to $15 an Hour
Business

Amazon to Raise Minimum Wage for US Workers to $15 an Hour

Amazon has announced it will increase the minimum wage for its United States employees to $15 an hour. In a statement on Tuesday, the giant electronic commerce company said the new changes will take effect on November…

Oct 2, 2018
Kenyans to Send Cash Across Networks as Safaricom, Airtel and Telkom Link Mobile Money Platforms
Business

Kenyans to Send Cash Across Networks as Safaricom, Airtel and Telkom Link Mobile Money Platforms

The three leading telecommunications companies in Kenya - Safaricom, Airtel and Telkom - have announced a new deal that allows customers to easily transact cash through mobile money platforms across networks. In an ad…

Oct 2, 2018
US Global Hotel Chain Hyatt to Launch Two Facilities in Nairobi
Business

US Global Hotel Chain Hyatt to Launch Two Facilities in Nairobi

US hotel chain Hyatt has announced it will be opening its first branded hotels in Nairobi after entering into a partnership agreement with Kanha limited.  The American multinational hospitality company will launch Hya…

Sep 27, 2018
Kenyan Banks Begin Implementing 20 Percent Increase on Transaction Fees
Business

Kenyan Banks Begin Implementing 20 Percent Increase on Transaction Fees

Kenyan banks have began implementing the increased taxes imposed on cash transactions through the Finance Act 2018. Some lenders have informed their customers that the changes took effect on Tuesday, days after Presid…

Sep 27, 2018
Kenya's Public Debt to Stand at Sh7 Trillion at the End of President Kenyatta's Term
Business

Kenya's Public Debt to Stand at Sh7 Trillion at the End of President Kenyatta's Term

Kenya's public debt will hit Sh7 trillion by the time President Kenyatta leaves office in 2022, National Treasury projections indicate. As of June 2018, the country's public debt stood at Sh5.04 trillion and the Natio…

Sep 26, 2018
Six Kenyans to Receive Millions of Shillings from Facebook
Business

Six Kenyans to Receive Millions of Shillings from Facebook

Six Kenyans are among individuals from across the world who are set to receive millions of shillings from US social networking company Facebook. Recently, the California- headquartered tech giant announced over 100 gr…

Sep 25, 2018
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