BUSINESS NEWS

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 reveals that Safaricom's Mpesa had the highest number of transactions from April to…

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 Kanze Dena said the President will officially launch KQ's maiden nonstop flight to…

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 Employers. The ranking shows that Safaricom had a total of 5,434 employees as of June…

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 ($2,000) if they are able to disclose bugs in any of its products and services. The…

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 guarantors if principal borrowers fail to repay in a case where a Kenyan, Obadiah…

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 are estimated at Sh10.4 trillion. South Africa is the continent's richest nation…

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 amount of wealth hidden in offshore accounts by Kenyans is close to 70 percent of…

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 increasing number of multinationals with local subsidiaries and direct investment in…

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 result of huge budget deficit and increasing public debt. A global defense magazine…

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 1st and will benefit over 350,000 workers holding full-time, part-time, temporary…