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Business

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
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
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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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More Than 7,000 Travelers Book Kenya Airways' Nonstop Flights to the US Ahead of October 28th Debut
Business

More Than 7,000 Travelers Book Kenya Airways' Nonstop Flights to the US Ahead of October 28th Debut

Kenya Airways (KQ) has announced that more than 7,000 passengers have booked the airline's nonstop flights to the United States ahead of the launch scheduled for October 28th. The airline disclosed the news during a d…

Sep 25, 2018
Gov't Defends Sh900 Million Per Kilometer Nairobi-Mombasa Superhighway to be Built by US Company
Business

Gov't Defends Sh900 Million Per Kilometer Nairobi-Mombasa Superhighway to be Built by US Company

Transport and Infrastructure Cabinet Secretary James Macharia has defended the cost of the 466-kilometre Nairobi-Mombasa Expressway to be constructed by Bechtel, a US-based engineering company. The mega infrastructure…

Sep 23, 2018
Uber Launches Tuk Tuk Rides in Mombasa
Business

Uber Launches Tuk Tuk Rides in Mombasa

Taxi hailing app Uber has unveiled uberPOA, a new feature that provides Tuk Tuk rides for customers in the coastal city of Mombasa. Speaking during the launch, Uber East Africa General Manager Loic Amado said the new…

Sep 21, 2018
Kenyan Shilling to Remain Firm against the US Dollar, Supported by Diaspora Inflows after IMF Fallout
Business

Kenyan Shilling to Remain Firm against the US Dollar, Supported by Diaspora Inflows after IMF Fallout

The Kenyan shilling is expected to remain firm against the United States dollar amidst country's fallout with the International Monetary Fund (IMF). Experts say the shilling will mainly be supported by increased remit…

Sep 20, 2018
Equity Bank Names Former Nairobi Deputy Governor Polycarp Igathe Managing Director
Business

Equity Bank Names Former Nairobi Deputy Governor Polycarp Igathe Managing Director

Equity Bank has named former Nairobi Deputy Governor Polycarp Igathe as its new Managing Director. Igathe has been appointed to the top position barely five months after joining the financial institution as its Chief…

Sep 20, 2018
President Uhuru Proposes 60 Percent Increase in Tax Imposed on M-Pesa Cash Transactions
Business

President Uhuru Proposes 60 Percent Increase in Tax Imposed on M-Pesa Cash Transactions

President Uhuru Kenyatta has proposed increased taxes on mobile cash transactions in his memorandum on the Finance Bill, 2018 sent to the National Assembly last week. If Members of Parliament approve his proposals, th…

Sep 19, 2018
Kenya Ranked Africa's Fifth Richest Country with a Total Wealth of Sh10 Trillion
Business

Kenya Ranked Africa's Fifth Richest Country with a Total Wealth of Sh10 Trillion

A newly released report has ranked Kenya as the fifth richest country in Africa. The Africa 2018 Wealth Report lists Kenya’s total privately held wealth at Sh10.49 trillion, with a high percentage of it being held by…

Sep 18, 2018
President Kenyatta's Sister Kristina Pratt Sues Businessman for Defaulting on Sh5 Million Loan
Business

President Kenyatta's Sister Kristina Pratt Sues Businessman for Defaulting on Sh5 Million Loan

Kristina Pratt, the elder sister to President Uhuru Kenyatta has sued Richard Thande, the former captain of Karen Country Club, for defaulting on a Sh5 million loan. In a suit filed at Milimani Commercial Courts in Na…

Sep 17, 2018
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