Author: Antony Mutunga

Tax revenue collection took a concerning dip in February as a result of slower economic activity, reduced consumer spending, or inefficiencies in tax collection processes. The drop is particularly significant when compared to previous years, where tax revenue trends have shown a mix of growth and occasional declines. According to data from the Central Bank of Kenya, tax collections reduced by 3.67% year-on-year to Sh151.8 billion as compared to Sh157.6 billion in February 2024. With tax revenue as the lifeblood of government operations, funding critical areas such as infrastructure development, public services, and social programs, a drop in collections could…

The National Bank of Kenya (NBK), a subsidiary of KCB Group PLC, has announced a significant turnaround in its financial performance for the FY2024, posting a profit after tax of Sh1.06 billion. This marks a remarkable recovery from an after-tax loss of Sh3.3 billion recorded in the previous year, driven by improved efficiency and strategic initiatives. The bank’s revenue growth was fuelled by balance sheet optimization and a strong focus on digital transformation, which has become a key pillar in its strategy. The implementation of a new core banking system and enhancements to its digital payments platform have significantly improved…

KCB Group has announced a remarkable performance for the fiscal year 2024, with its net profit increasing from Sh36.18 billion to reach Sh60.09 billion. This impressive growth was primarily driven by a robust increase in net interest income, highlighting the bank’s strong financial health and effective management strategies. The group’s total operating income for last year rose by 24% to Sh204.87 billion from Sh165.24 billion in 2023, driven by higher interest income and a strong non-funded income, particularly from foreign exchange trading. Despite an increase in total operating expenses to Sh122.89 billion, driven by rising staff costs, technology investments, and…

It was only recently that the Kenya Union of Savings and Credit Cooperatives (KUSCCO) saga was uncovered that saw savings and credit cooperative organizations (SACCOs) lose billions as a result of mismanagement, fraud, and regulatory loopholes. While it remains fresh in the minds of Kenyans, the cabinet has approved amendments to the Sacco Societies Act, 2008 in a bid to win back the eroded public trust in the sector and safeguard the interests of millions of Kenyans who rely on the financial institutions. The proposed reforms, encapsulated in the Sacco Societies (Amendment) Bill, 2023, aim to modernize the financial and…

Kaspersky’s Threat Research and AI Technology Research recently uncovered a highly sophisticated cyber deception campaign that exploited the growing popularity of DeepSeek AI, a generative AI chatbot, to distribute malware through fraudulent websites. Through advanced tactics such as geofencing, compromised business accounts, and coordinated bot networks, cybercriminals targeted millions of users. Hackers managed to create fake replicas of the official DeepSeek website, using domain names that mimicked the legitimate platform. These malicious sites employed geofencing technology to dynamically alter content based on the visitor’s geographic location, allowing the attackers to tailor their approach and evade detection. With millions of users…

Business confidence was at one of its lowest points on record in February 2025, as only a mere 5% of the surveyed firms expect to record growth in 2025, according to the Stanbic Bank Kenya Purchasing Managers’ Index (PMI). This gloomy outlook is fueled by persistent worries about increased competition and lingering economic uncertainty. This cautious sentiment persists even though the Kenyan economy managed to scrape together a fifth consecutive month of marginal growth as the Stanbic PMI increased from 50.5 in January to 50.6 in February. Only a slight improvement, growth remains fragile, as it continues to fall short…

KCB Group in Kenya and Bank of Kigali in Rwanda have become the first banks in their respective countries to integrate the Pan-African Payment and Settlement System (PAPSS) into their operations, following their launch events, held in Kigali on 26th February and Nairobi on 27th February. The move to integrate PAPSS, an initiative launched by the African Export-Import Bank (Afreximbank) in collaboration with the African Union Commission (AUC) and the African Continental Free Trade Area (AfCFTA) Secretariat, marks a pivotal moment in Africa’s journey towards financial integration and economic prosperity. With PAPSS now fully operational, customers of KCB and Bank…

It has been nearly two years since the tax amnesty programme was introduced, and not only was it extended until June 2025 earlier this year, but it has also managed to benefit around 2 million taxpayers and collect billions in tax revenue. According to the Kenya Revenue Authority (KRA), since the relaunch of the tax amnesty programme, the authority has collected Sh4 billion in principal tax payments. Under the programme, KRA has also waived Sh140 billion in penalties, interest, and fines. The tax amnesty programme is designed to provide a fresh start for taxpayers by waiving penalties and interest on…

The African Export-Import Bank (Afreximbank), Africa’s leading trade development bank, has made a major move to bolster Kenya’s industrialization and export-led growth agenda. During a signing ceremony held in Mombasa, Kenya, Afreximbank formalized a series of initiatives aimed at financing the development and operationalization of industrial parks (IPs) and special economic zones (SEZs) across the country. The agreements were signed by Mrs. Oluranti Doherty, Managing Director of Export Development at Afreximbank, and Captain William K. Ruto, Managing Director of the Kenya Ports Authority, for the Dongo Kundu Special Economic Zone. Dr. Kenneth Chelule, Chief Executive Officer of the Special Economic…

Marriott International has announced an exciting expansion of its luxury safari portfolio in Kenya with the signing of two new tented safari camps: The Ritz-Carlton, Masai Mara Safari Camp and the JW Marriott Mount Kenya Rhino Reserve Safari Camp. These projects, developed in partnership with the Lazizi Group of Companies, highlight Marriott’s commitment to delivering unique, high-end travel experiences while setting new standards for luxury hospitality in Africa’s most iconic safari destinations. According to Shivan Patel, Director of Lazizi Group of Companies, these projects are set to redefine Kenya’s luxury safari segment while promoting conservation and community development. “Our continued…