National Treasury CS John Mbadi addresses the media on the e-GP system rollout, at the Treasury Building in Nairobi, on August 28, 2025. [Boniface Okendo, Standard] The national government’s debt to suppliers surged 39 per cent in the past year to a record Sh524.84 billion, piling pressure on small businesses. The development also contradicts the Kenya Kwanza administration’s pledge to settle arrears that are stifling economic growth. The ballooning pending bills, detailed in a new report by the Office of the Controller of Budget, highlight a critical failure in public financial management under President William Ruto’s administration, analysts said. Follow…
Author: By Brian Ngugi
Published Date: 2025-09-03 00:00:00 Author: By Brian Ngugi Source: The Standard
Controller of Budget Margaret Nyakang’o before the National Assembly’s Committee on Public Debt & Privatization to deliberate on the Consolidated Funds Services for FY 2025/26 at Bunge Towers, Parliament, Nairobi. May 30th,2025. [Elvis Ogina, Standard] Kenya’s Controller of Budget Margaret Nyakang’o has issued a stark warning over the country’s rapidly growing public debt, which reached Sh11.73 trillion by the end of June 2025, raising concerns about fiscal sustainability and economic stability. In the latest National Government Budget Implementation Review Report for the 2024-25 financial year, Dr Nyakang’o noted that the government had significantly deviated from its own borrowing policy, with domestic borrowing outpacing external loans…
A section of a road in Nairobi closed for the construction of a drainage system. Kenya depends heavily on AfDB financing for essential infrastructure projects. [File, Standard] A confidential US Treasury report has demanded an urgent governance overhaul at the African Development Bank (AfDB). The new report reveals that 83 per cent of AfDB’s sanctioned cases involved fraud, with Kenya identified as both a top beneficiary of loans and a primary source of corruption complaints. /* Container styling */ .fade-out-overlay { position: absolute; top: -80px; left: 0; width: 100%; height: 60px; z-index: 1; background: linear-gradient(to bottom, rgba(255, 255, 255, 0),…
A section of a road in Nairobi closed for the construction of a drainage system. Kenya depends heavily on AfDB financing for essential infrastructure projects. [File, Standard] A confidential US Treasury report has demanded an urgent governance overhaul at the African Development Bank (AfDB). The new report reveals that 83 per cent of AfDB’s sanctioned cases involved fraud, with Kenya identified as both a top beneficiary of loans and a primary source of corruption complaints. Uncover the stories others won’t tell. Subscribe now for exclusive access Subscribe Today & Save! Unlock the Truth Now 》 Unlimited access to all premium…
Times Tower Building in Nairobi which hosts Kenya Revenue Offices (KRA).[Wilberforce Okwiri/Standard] The Kenya Revenue Authority (KRA) is targeting tens of thousands of digital taxi drivers in a new crackdown to plug a Sh47.3 billion revenue shortfall, a move that risks squeezing drivers’ margins in an already strained gig economy. The push, which mandates all ride-hailing drivers to issue e-TIMS-compliant invoices for every trip, represents one of the agency’s most aggressive efforts to formalise a historically hard-to-tax sector amid repeated collection failures. Unlock the Full Story — Join Thousands of Informed Kenyans Today Subscribe Today & Save! Unlock the Truth Now 》…
Zhang Zhizhong , Chargé d’Affaires at the Embassy of the People’s Republic of China to Kenya, (centre) together with some of the 52 Kenyan students set for studies in China on the fully funded scholarships by China. [Brian Ngugi, Standard] Kenya is tapping Chinese funding to educate a new cadre of public policy experts including economists, scientists and engineers, a bid to close a critical skills deficit and accelerate its transition into an industrialized, middle-income economy. The fully funded scholarship programme which has sent more than 2,000 Kenyans to elite Chinese universities since the 1980s, is now expanding under…
Times Tower Building in Nairobi which hosts Kenya Revenue Offices (KRA).[Wilberforce Okwiri/Standard] The Kenya Revenue Authority (KRA) is targeting tens of thousands of digital taxi drivers in a new crackdown to plug a Sh47.3 billion revenue shortfall, a move that risks squeezing drivers’ margins in an already strained gig economy. The push, which mandates all ride-hailing drivers to issue e-TIMS-compliant invoices for every trip, represents one of the agency’s most aggressive efforts to formalise a historically hard-to-tax sector amid repeated collection failures. Uncover the stories others won’t tell. Subscribe now for exclusive access Subscribe Today & Save! Unlock the Truth Now 》…
A PSV vehicle being fueled at a petrol station along Kenyatta Avenue in Nairobi.[Wilberforce Okwiri/Standard] Kenya’s energy regulator has proposed new rules that would force giant foreign oil and gas companies to enter partnerships with local firms and prioritise Kenyan goods and services, part of a sweeping overhaul aimed at maximising domestic benefits from the country’s nascent hydrocarbon sector. Uncover the stories others won’t tell. Subscribe now for exclusive access Subscribe Today & Save! Unlock the Truth Now 》 Unlimited access to all premium content Uninterrupted ad-free browsing experience Mobile-optimized reading experience Weekly Newsletters MPesa, Airtel Money and Cards accepted…
A PSV vehicle being fueled at a petrol station along Kenyatta Avenue in Nairobi.[Wilberforce Okwiri/Standard] Kenya’s energy regulator has proposed new rules that would force giant foreign oil and gas companies to enter partnerships with local firms and prioritise Kenyan goods and services, part of a sweeping overhaul aimed at maximizing domestic benefits from the country’s nascent hydrocarbon sector. The draft Petroleum (Local Content) Regulations, 2025, to be unveiled by the Energy and Petroleum Regulatory Authority (EPRA) on Friday, form a key part of a broader package of seven new sets of rules. The regulations are designed to govern the…
The Japan Credit Rating Agency (JCR) on Wednesday affirmed the African Export-Import Bank’s (Afreximbank) A-credit rating with a stable outlook, providing a vote of confidence for the Cairo-based lender just months after a controversial downgrade by Fitch Ratings. The rating affirmation reflects JCR’s view of the pan-African multilateral bank’s ‘strong strategic positioning’, robust risk management framework, consistent profitability, prudent liquidity policies and resilient capital base. The agency also highlighted the bank’s important role in supporting trade finance and economic development across Africa and the Caribbean. Follow The Standard channel on WhatsApp The decision stands in contrast to a June 4…
Central Bank of Kenya Governor Kamau Thugge. [Boniface Okendo, Standard] The Central Bank of Kenya (CBK) has introduced a new loan pricing system that will change how borrowers pay interest on loans in a significant move to make lending by commercial banks more transparent and responsive. The new rules take effect on September 1, 2025, for all new variable-rate loans. Existing variable-rate loans will transition to the new system by February 28, 2026. Unlock the Full Story — Join Thousands of Informed Kenyans Today Subscribe Today & Save! Unlock the Truth Now 》 Unlimited access to all premium content Uninterrupted…
Homes under construction at Oak Park Estate, Kenyatta Road, Gatundu South, by Banda Homes. [File, Standard] Hundreds of Kenyan homebuyers are staring at huge losses after real estate developer Banda Homes Ltd officially entered liquidation. This marks a dramatic collapse of a firm that once promised affordable housing but left investors with undelivered homes and lost savings in the millions of shillings. The company’s downfall was confirmed in a public notice published in the Kenya Gazette, which announced that the Official Receiver had been appointed as the liquidator following a special resolution. According to the notice, the Official Receiver was…
Serene Sarovar Premiere Hargeisa. [Courtesy/Sarovar Hotels] Sarovar Hotels, the Indian hospitality giant that operates Nairobi’s landmark Heron Hotel, has moved to deepen its regional footprint with the launch of the Serene Sarovar Premiere Hargeisa. The new property marks a major milestone as the first internationally branded five-star hotel to open in Somaliland. The launch signals a new wave of expansion for the hospitality group in Kenya and East Africa, which are increasingly attracting global investment due to their burgeoning travel and business sectors. In a statement, Ajay Bakaya, Chairman of Sarovar Hotels, emphasised the region’s importance. “East Africa represents a key growth frontier…
Gas cylinders trader in Migori Town on June 7, 2023. [File, standard] Kenya will introduce a pump price model for liquefied petroleum gas (LPG), applying the state-controlled pricing mechanism long used for kerosene, petrol and diesel to the cooking gas sector in a bid to curb rising costs and boost adoption. Unlock the Full Story — Join Thousands of Informed Kenyans Today Subscribe Today & Save! Unlock the Truth Now 》 Unlimited access to all premium content Uninterrupted ad-free browsing experience Mobile-optimized reading experience Weekly Newsletters MPesa, Airtel Money and Cards accepted Already a subscriber? Log in to pay 5 for…
Gas cylinders trader in Migori Town on June 7, 2023. [File, standard] Kenya will introduce a pump price model for liquefied petroleum gas (LPG), applying the state-controlled pricing mechanism long used for kerosene, petrol and diesel to the cooking gas sector in a bid to curb rising costs and boost adoption. Uncover the stories others won’t tell. Subscribe now for exclusive access Subscribe Today & Save! Unlock the Truth Now 》 Unlimited access to all premium content Uninterrupted ad-free browsing experience Mobile-optimized reading experience Weekly Newsletters MPesa, Airtel Money and Cards accepted Already a subscriber? Log in to pay 5 for…
CBK Governor Kamau Thugge before the National Assembly Committee on Finance and National Planning at Bunge Towers, Nairobi, on March 25, 2025. [Elvis Ogina, Standard] Major commercial banks are under scrutiny for their slow response to the Central Bank of Kenya’s (CBK’s) latest interest rate cut. The move, analysts say, highlights the longstanding trend of lenders being quick to hike but slow to lower borrowing costs. Mid-August, CBK cut its benchmark interest rate by 25 basis points to 9.50 per cent – the third reduction this year and the seventh since last year – in a bid to stimulate economic activity and boost…
CBK Governor Kamau Thugge before the National Assembly Committee on Finance and National Planning at Bunge Towers, Nairobi, on March 25, 2025. [Elvis Ogina, Standard] Major commercial banks are under scrutiny for their slow response to the Central Bank of Kenya’s (CBK’s) latest interest rate cut. The move, analysts say, highlights the longstanding trend of lenders being quick to hike but slow to lower borrowing costs. Mid-August, CBK cut its benchmark interest rate by 25 basis points to 9.50 per cent – the third reduction this year and the seventh since last year – in a bid to stimulate economic activity and boost…
President William Ruto’s cash-strapped administration has secured a vital endorsement after the global rating agency S&P upgraded Kenya’s credit rating. The surprise decision, analysts said, will provide immediate debt-cost relief but falls short of solving fundamental revenue weaknesses and high spending demands. On Friday, S&P upgraded Kenya’s long-term sovereign credit rating to ‘B’ from ‘B-’, citing “reduced near-term external liquidity risks” driven by what it sees as robust export earnings, strong diaspora remittances, and a successful Eurobond buy-back operation earlier this year. Follow The Standard channel on WhatsApp The agency maintained a stable outlook, noting expectations that solid economic growth would offset high interest costs and a slow fiscal consolidation…
Equity Bank’s regional branch in DR Congo. [File, Standard] Unlock the Full Story — Join Thousands of Informed Kenyans Today Subscribe Today & Save! Unlock the Truth Now 》 Unlimited access to all premium content Uninterrupted ad-free browsing experience Mobile-optimized reading experience Weekly Newsletters MPesa, Airtel Money and Cards accepted Already a subscriber? Log in Follow The Standard channel on WhatsApp Equity Bank’s regional branch in DR Congo. [File, Standard] Follow The Standard channel on WhatsApp Published Date: 2025-08-24 06:00:00 Author: By Brian Ngugi Source: The Standard
The Central Bank of Kenya in Nairobi. [File, Standard] The Central Bank of Kenya (CBK) will gain real-time monitoring power over customer transactions beginning August 22, following a major system upgrade. This marks a significant expansion of the regulator’s supervisory reach, strengthening its ability to surveil the entire banking sector as transactions occur. Unlock the Full Story — Join Thousands of Informed Kenyans Today Subscribe Today & Save! Unlock the Truth Now 》 Unlimited access to all premium content Uninterrupted ad-free browsing experience Mobile-optimized reading experience Weekly Newsletters MPesa, Airtel Money and Cards accepted Already a subscriber? Log in Follow…
The Central Bank of Kenya in Nairobi. [File, Standard] The Central Bank of Kenya (CBK) will gain real-time monitoring power over customer transactions beginning August 22, following a major system upgrade. This marks a significant expansion of the regulator’s supervisory reach, strengthening its ability to surveil the entire banking sector as transactions occur. Unlock the Full Story — Join Thousands of Informed Kenyans Today Subscribe Today & Save! Unlock the Truth Now 》 Unlimited access to all premium content Uninterrupted ad-free browsing experience Mobile-optimized reading experience Weekly Newsletters MPesa, Airtel Money and Cards accepted Already a subscriber? Log in Follow…
Customers shop for household goods in a supermarket. [File, Standard] Kenyan businesses are being squeezed by soaring taxes and muted consumer demand, forcing them to slash costs and automate operations to survive, a Central Bank of Kenya (CBK) survey shows. The July 2025 CBK CEOs Survey, which polled over 1,000 executives, found that the “elevated cost of doing business, reduced consumer demand, taxation and levies” were the primary domestic headwinds crushing growth prospects for the coming year. The move highlights a stark divide between the State’s pronounced national economic optimism and corporate distress. Follow The Standard channel on WhatsApp This…
Kenya Pipeline Company depot in Nairobi. [File, Standard] Parliament has ring-fenced privatisation of Kenya Pipeline Company (KPC) by imposing strict conditions to prevent a select group of wealthy investors from dominating the share sale and ensure wide access for ordinary citizens. The resolutions, passed by the National Assembly on Tuesday, represent a direct challenge to the Treasury’s urgent push to sell a stake in the profitable energy monopoly to raise an estimated Sh100 billion for the national budget. Unlock the Full Story — Join Thousands of Informed Kenyans Today Subscribe Today & Save! Unlock the Truth Now 》 Unlimited access…
A section of Narobi Expressway as captrured from Westlands on April 23, 2025. [Benard Orwongo, Standard] African heads of state will gather in Luanda from October 28-31 for a high-stakes summit aimed at closing the continent’s $100 billion annual infrastructure funding gap. The event, hosted by Angola in partnership with the African Union Development Agency (AUDA-NEPAD) and the African Union Commission (AUC) seeks urgent solutions as countries like Kenya struggle to finance stalled projects. Kenya and other African countries faces a critical shortfall in infrastructure investment. While the continent needs $130-$170 billion yearly for roads, power grids, ports, and digital networks, only…
Millions of Kenyan families face a new financial crisis as Trump Migrants’ crackdown hits vital diaspora remittances A growing financial crisis looms over millions of Kenyan households and the embattled economy, driven by a sharp, two-month drop in critical diaspora remittances. The unprecedented decline directly coincides with the escalated US immigration crackdown under President Donald Trump, sending ripples of concern through family’s dependent on overseas earnings. Follow The Standard channel on WhatsApp Data from the Central Bank of Kenya’s (CBK) latest weekly bulletin, published on Friday, reveals remittance inflows fell by over half a billion shillings (Sh542.8 million) to $410.1 million…
President William Ruto with Prime Minister Li Qiang, after a meeting at the Great Hall of the People in Beijing, China. [PCS] China has issued a strong rebuke to the US following threats by a Republican senator to review Washington’s ties with Nairobi and the major non-Nato ally (MNNA) status over its deepening economic and political ties with Beijing. Chinese ambassador to Kenya Guo Haiyan, speaking in Nairobi at an exhibition commemorating the 80th anniversary of the victory of the Chinese People’s War of Resistance Against Japanese Aggression and the World Anti-Fascist War, said in a statement that the US “cold-war…
Co-op Bank MD Gideon Muriuki. [Courtesy] Co-operative Bank of Kenya (Co-op Bank) has reported an 8.4 per cent growth in profit after tax for the first half of this year, driven by income growth. This is as the tier one lender aggressively expands its digital and physical footprints across Kenya and South Sudan. In results released yesterday, the lender stated that its net earnings increased by Sh1.1 billion to reach Sh14.1 billion for the six months, compared to Sh13 billion in the same period last year, signalling sustained growth driven by its strategic initiatives. “The strong performance by the bank…
How one player could take over Kenya’s cement market Published Date: 2025-08-14 06:00:00 Author: By Brian Ngugi Source: The Standard
KCB Group CEO Paul Russo during the release of the 2024 full year financial results, on March 12, 2025. [File, Standard] Shareholders of Kenya’s largest bank by assets, KCB Group, will smile all the way to the bank after the lender announced a record interim dividend payout fuelled by an eight per cent surge in net profit to Sh32.3 billion for the first half of 2025. The strong performance, driven by growth in earnings, has prompted the board to recommend a Sh13 billion payout, which includes a special dividend related to the sale of the National Bank of Kenya (NBK). The board…
A section of the The East African Portland Cement Company factory in Athi River. [Peterson Githaiga, Standard] Kenya’s cement manufacturing industry could be set for a huge shift after a Tanzanian tycoon made an offer to acquire a significant stake in East African Portland Cement Company Ltd (EAPCC). Edha Abdallah Munif, the owner of Amsons Group, intends to acquire the 29.2 per cent stake held by Swiss firm Holcim at Sh27.30 per share through a firm – Kalahari Cement, according to the offer advertised on August 1. Unlock the Full Story — Join Thousands of Informed Kenyans Today Subscribe Today…
Live Live Live Live Live Live Live Live Live Live Published Date: 2025-08-12 00:00:00 Author: By Brian Ngugi Source: The Standard
Credit score sheet. [Courtesy, Standard] The country is grappling with a deepening household debt crisis as a significant surge in Non-Performing Loans (NPLs) – commonly known as “bad loans” – signals widespread financial distress among ordinary families. This has forced commercial banks to ramp up aggressive recovery efforts that could leave countless households destitute. Uncover the stories others won’t tell. Subscribe now for exclusive access Subscribe Today & Save! Unlock Now Unlimited access to all premium content Uninterrupted ad-free browsing experience Mobile-optimized reading experience Weekly Newsletters MPesa, Airtel Money and Cards accepted Already a subscriber? Log in Follow The Standard…
Woman holding a mobile phone with loan application approval. [Courtesy/GettyImages] A new report offers an analytical look into the borrowing habits of Kenyans, revealing that digital credit is not just a financial tool but a catalyst for improved quality of life, business growth, and reduced financial stress, particularly among women. According to a report by global impact measurement company 60 Decibels, commissioned by digital lender Tala, a striking nine out of 10 Kenyans reported an improvement in their quality of life, and 89 per cent feel more in control of their finances after taking a digital loan. The report, based on direct…
A new report offers an analytical look into the borrowing habits of Kenyans, revealing that digital credit is not just a financial tool but a catalyst for improved quality of life, business growth, and reduced financial stress, particularly among women. According to a report by global impact measurement company 60 Decibels, commissioned by digital lender Tala, a striking nine out of 10 Kenyans reported an improvement in their quality of life, and 89 per cent feel more in control of their finances after taking a digital loan. The report, based on direct feedback from Tala customers, highlights how digital credit…
Premier Bank has launched an omnichannel digital banking platform and Kenya’s first wearable payment solution, signaling its intent to capture the nation’s mobile-first consumer market while carving out a niche as the country’s first Shari’ah-compliant digital bank. The move, in partnership with MasterCard, underscores a broader push among Kenyan lenders to enhance financial inclusion and adapt to evolving digital payment trends. The bank introduced Premier Connect, a Shari’ah-compliant digital omni-channel banking platform, and Premier Tap, a wearable payment solution. Follow The Standard channel on WhatsApp “This launch reflects our brand promise of ‘New Beginnings’, empowering customers with choice, flexibility,…
Kenya Pipeline Company depot in Nairobi, on August 21, 2024.[File, Standard] The cash-strapped National Treasury is aggressively pushing for the rapid sale of a stake in the state-owned Kenya Pipeline Company (KPC). Treasury anticipates approximately Sh100 billion in proceeds from the sale of the assets-rich energy monopoly in a bid to bolster the national budget. Unlock the Full Story — Join Thousands of Informed Kenyans Today Subscribe Today & Save! Unlock Now Unlimited access to all premium content Uninterrupted ad-free browsing experience Mobile-optimized reading experience Weekly Newsletters MPesa, Airtel Money and Cards accepted Already a subscriber? Log in Follow The…
Singapore’s Marina Bay Sands Hotel at dusk. [iStockphoto] When Rahul Ghosh, Enterprise Singapore’s Director for Africa and the Middle East, explains why his resource-scarce Southeast Asian nation is betting on Kenya, he starts with an unexpected metric – salon visits. “Kenyan women are the largest consumers of hair extensions across Africa—more than Nigerian women,” he told Financial Standard in a recent interview. “They visit salons twice as often.” Uncover the stories others won’t tell. Subscribe now for exclusive access Subscribe Today & Save! Unlock Now Unlimited access to all premium content Uninterrupted ad-free browsing experience Mobile-optimized reading experience Weekly Newsletters MPesa, Airtel Money and Cards…
AI trading. [Courtesy/ GettyImages] Artificial intelligence (AI)-driven transaction analysis can explain a striking 82.7 per cent of Kenyan commercial banks’ financial performance, a new study has found, underscoring the powerful link between advanced monitoring and bank profitability. Beyond simple detection, advanced transaction analysis, particularly with the aid of AI, is emerging as the primary bulwark against increasingly cunning financial criminals, shifting the focus from reaction to proactive prevention. Uncover the stories others won’t tell. Subscribe now for exclusive access Subscribe Today & Save! Unlock Now Unlimited access to all premium content Uninterrupted ad-free browsing experience Mobile-optimized reading experience Weekly Newsletters…
AI trading. [Courtesy/ GettyImages] Artificial intelligence (AI)-driven transaction analysis can explain a striking 82.7 per cent of Kenyan commercial banks’ financial performance, a new study has found, underscoring the powerful link between advanced monitoring and bank profitability. Beyond simple detection, advanced transaction analysis, particularly with the aid of AI, is emerging as the primary bulwark against increasingly cunning financial criminals, shifting the focus from reaction to proactive prevention. Uncover the stories others won’t tell. Subscribe now for exclusive access Subscribe Today & Save! Unlock Now Unlimited access to all premium content Uninterrupted ad-free browsing experience Mobile-optimized reading experience Weekly Newsletters…
Solar panels installed at the Tata Chemical Magadi factory. [Peterson Githaiga, Standard] India’s Tata Chemicals Ltd is preparing for a “big shutdown” at its Kenyan operations, a move the company assures will not disrupt the supply of its primary product, soda ash, despite a “slightly lower volume” from its East African unit in the first quarter of fiscal year 2026. The chemical firm confirmed that it holds “enough stocks to serve the local and international market in the second quarter” to mitigate any impact from the planned operational halt. Tata Chemicals has a long-standing presence in Kenya, where it extracts and…
Kenya Pipeline Company depot in Nairobi, on August 21, 2024. [File, Standard] William’s Ruto administration is moving ahead to privatise a stake in the lucrative Kenya Pipeline Company (KPC) in a bid to raise crucial funds as budget and development support from global institutions has taken longer than expected. Reports from Treasury say the government plans to sell at least 60 per cent of the shareholding through an initial public offering on the Nairobi Securities Exchange (NSE), which could net more than Sh80 billion going by its valuation at the time of sale. KPC had assets worth Sh120.7 billion in…
Kenya’s public debt has climbed sharply by 32.9 per cent to Sh11.51 trillion by May 2025 since President Ruto’s administration assumed office in September 2022. [File, Standard] President William Ruto’s ambitious economic model (Rutonomics) is confronting its most significant test, even as new data reviewed by the Financial Standard reveals a surging national debt burden coinciding with persistent shortfalls in government revenue. Kenya’s public debt has climbed sharply by 32.9 per cent to Sh11.51 trillion by May 2025 since President Ruto’s administration assumed office in September 2022. Unlock the Full Story — Join Thousands of Informed Kenyans Today Subscribe Today & Save!…
Rapid expansion of online trade is constrained by growing concerns around cybersecurity and consumer trust. [Courtesy] Kenya’s booming e-commerce sector faces significant headwinds from persistent cybersecurity threats and a lack of consumer trust, a new government draft policy shows. These factors deter many Kenyans from fully embracing online shopping The “Kenya National E-Commerce Policy Draft, June 2025,” reviewed by Financial Standard highlights these challenges as critical obstacles to the sector’s full potential, according to the Ministry of Investments, Trade and Industry. Follow The Standard channel on WhatsApp The document notes that despite rapid expansion in online trade, its growth is “constrained by…
National Treasury Cabinet Secretary John Mbadi says the government has already raised over Sh60 billion from the fuel levy. [File, Standard] The International Monetary Fund (IMF) has raised transparency concerns as Kenya advances plans to securitise part of its fuel levy — a Sh175 billion financing strategy drawing sharp criticism for potentially bypassing parliamentary oversight and constitutional safeguards. The National Treasury says the securitisation move will fast-track road construction and clear pending bills by converting future fuel levy revenues into tradeable securities. Unlock the Full Story — Join Thousands of Informed Kenyans Today Subscribe Today & Save! Unlock Now Unlimited…
Treasury CS John Mbadi accompanied by PS Chris Kiptoo led the Kenyan delegation in talks IMF team led by Vitor Gaspar, Director of the Fiscal Affairs Department, and Yan Liu, Director of the Legal Department, during the 2025 Spring Meetings. [Courtesy] The International Monetary Fund (IMF) has made governance reforms and anti-corruption measures a cornerstone of its future financial support to Kenya, with a draft report assessing the country’s corruption risks expected by December 2025. In a statement to The Standard, IMF Spokesperson Julie Kozack confirmed that “promoting good governance remains an essential part of the IMF’s engagement with Kenya,” signalling…
Treasury CS John Mbadi accompanied by PS Chris Kiptoo led the Kenyan delegation in talks IMF team led by Vitor Gaspar, Director of the Fiscal Affairs Department, and Yan Liu, Director of the Legal Department, during the 2025 Spring Meetings. [Courtesy] The International Monetary Fund (IMF) has made governance reforms and anti-corruption measures a cornerstone of its future financial support to Kenya, with a draft report assessing the country’s corruption risks expected by December 2025. In a statement to The Standard, IMF Spokesperson Julie Kozack confirmed that “promoting good governance remains an essential part of the IMF’s engagement with Kenya,” signalling…
African nations, including Kenya, are significantly lagging in the global renewable energy revolution despite immense potential, risking being left behind as the world transitions to clean energy, a new United Nations (UN) report warned this week. The “Seizing the Moment of Opportunity” report, seen by Weekend Business, highlights a stark contrast in adoption rates since the 2015 Paris Agreement, raising concerns as countries prepare for the upcoming Conference of the Parties (COP) climate summit in Brazil. COP is an annual meeting where global leaders and policymakers convene to assess progress on climate change and negotiate further agreements. Follow The Standard channel on…
De La Rue operates from Nairobi’s Ruaraka area.[File, Standard] For decades, British banknote printer De La Rue straddled the Kenyan financial landscape like a colossus, its presence deeply embedded in the nation’s currency. However, the unceremonious loss of its lucrative contract, following a change in government, has dealt a profound blow, sending ripples of financial pain across its global operations. Uncover the stories others won’t tell. Subscribe now for exclusive access Subscribe Today & Save! Unlock Now Unlimited access to all premium content Uninterrupted ad-free browsing experience Mobile-optimized reading experience Weekly Newsletters MPesa, Airtel Money and Cards accepted Already a…
Kenyan miraa, also known as khat, has been cleared for export to Djibouti, marking a significant new market opportunity for farmers and traders of the lucrative stimulant crop. The Agriculture and Food Authority (AFA) announced yesterday the development follows successful trade engagements between the two nations. AFA Director General Bruno Linyiru said the market access was secured after a Kenyan trade mission visited Djibouti in October last year, followed by a reciprocal visit from a Djibouti delegation in November 2024. Follow The Standard channel on WhatsApp “Djibouti has opened its market for Kenyan miraa, subject to regulatory compliance,” Dr Linyiru said in…
National Treasury Building. [File/Standard] Kenya’s medium-term fiscal consolidation, critical for any potential ratings upgrade and access to more affordable international capital, is likely to get more challenging, Moody’s Ratings has warned. The assessment by the global ratings agency issued on Wednesday signals significant headwinds for the Kenyan economy, which is slowing and battling a raft of headwinds. Kenya’s current credit rating from Moody’s is Caa1 with a positive outlook. This indicates a high risk of default, but the positive outlook suggests that Moody’s might consider upgrading the rating in the future if certain conditions improve. Follow The Standard channel on WhatsApp The…
Kenya’s fiscal stability faces fresh challenges after the Kenya Revenue Authority (KRA) fell Sh47.3 billion short of its tax collection target for the fiscal year ending June 30, 2025. The shortfall, revealed in new National Treasury documents published in the Kenya Gazette, comes despite aggressive collection efforts by the taxman and threatens to derail President William Ruto’s economic reform agenda. Official figures show the KRA collected Sh2.257 trillion in tax revenue against a revised target of Sh2.305 trillion. The Treasury initially hoped that KRA would collect Sh2.745 trillion but revised this downwards. Follow The Standard channel on WhatsApp This marks the…
President William Ruto, accompanied by his Chinese counterpart Xi Jinping inspects a guard of honor at the Great Hall of the People in Beijing, China. [PHOTO REBECCA NDUKU/PCS. 24/4/2025] The US Senate Foreign Relations Committee warns that the Trump administration’s aggressive trade policies and deep cuts to diplomatic and foreign aid programmes are eroding America’s global standing while creating openings for China to expand its influence in key partner nations like Kenya. According to a new report by Democratic members of the Foreign Relations Committee, President Donald Trump’s administration’s Uncover the stories others won’t tell. Subscribe now for exclusive access…
President William Ruto, accompanied by his Chinese counterpart Xi Jinping inspects a guard of honor at the Great Hall of the People in Beijing, China. [PHOTO REBECCA NDUKU/PCS. 24/4/2025] The US Senate Foreign Relations Committee warns that the Trump administration’s aggressive trade policies and deep cuts to diplomatic and foreign aid programmes are eroding America’s global standing while creating openings for China to expand its influence in key partner nations like Kenya. According to a new report by Democratic members of the Foreign Relations Committee, President Donald Trump’s administration’s Unlock the Full Story — Join Thousands of Informed Kenyans Today…
A house in South B. [File, Standard] Land prices in Nairobi’s fast-developing Eastleigh and South B suburbs have surged, nearing those of the central business district (CBD). The prices have surpassed Upper Hill, historically a prime commercial hub, according to the newly published BuyRentKenya Land Price Index for the second quarter of this year. Uncover the stories others won’t tell. Subscribe now for exclusive access Subscribe Today & Save! Unlock Now Unlimited access to all premium content Uninterrupted ad-free browsing experience Mobile-optimized reading experience Weekly Newsletters MPesa, Airtel Money and Cards accepted Already a subscriber? Log in Follow the The…
A house in South B. [File, Standard] Land prices in Nairobi’s fast-developing Eastleigh and South B suburbs have surged, nearing those of the central business district (CBD). The prices have surpassed Upper Hill, historically a prime commercial hub, according to the newly published BuyRentKenya Land Price Index for the second quarter of this year. Uncover the stories others won’t tell. Subscribe now for exclusive access Subscribe Today & Save! Unlock Now Unlimited access to all premium content Uninterrupted ad-free browsing experience Mobile-optimized reading experience Weekly Newsletters MPesa, Airtel Money and Cards accepted Already a subscriber? Log in Follow the The…
Kenya relies heavily on diaspora remittances for household incomes and foreign exchange stability. [Courtesy] The financial stability of Kenyan households and the broader national economy are under increasing strain following a sharp decline in crucial diaspora remittances in June 2025. This significant month-on-month drop coincides with an escalating US immigration crackdown under President Donald Trump, directly impacting the ability of many Kenyans abroad to support their families and contributing to a wider economic downturn. Data from the Central Bank of Kenya (CBK) reveals that diaspora remittances to Kenya declined by $17 million (Sh2.1 billion), or 3.86 per cent, in June. …
A file photo of Centum Chief Executive Officer Dr James Mworia. [File, Standard] Centum Investment Company Plc has maintained its dividend payout after reporting a consolidated net profit of Sh813 million for the financial year ended 31 March 2025. The Group’s total comprehensive income rose by 28 per cent to Sh3.2 billion, up from Sh2.5 billion in the prior year, reflecting continued resilience and progress in implementing the Centum 5.0 strategy. Centum is a leading investment holding company focused on identifying high-potential opportunities, scaling them through value addition, and monetising at the appropriate time to deliver shareholder returns. “We…
Workers label pairs of finished jeans inside the United Aryan textile factory at the Export Processing Zone (EPZ) in Nairobi on February 4, 2025. (Photo by SIMON MAINA / AFP) Kenya is bracing for the return of punishing US tariffs after failing to secure a trade deal during a 90-day negotiation window. This leaves exporters exposed to steep levies that threaten to upend a key trade relationship. The Trump administration’s self-imposed deadline for reaching trade agreements expires on August 1, when tariffs on Kenyan goods are set to increase to 10 per cent – a move that could reduce…
Treasury CS John Mbadi and PS Chris Kiptoo lead the Kenyan delegation in a meeting with the IMF team led by Director of the Fiscal Affairs Department Vitor Gaspar and Director of the Legal Department Yan Liu in the US. [Courtesy] Kenya’s quest for billions in crucial financing from the International Monetary Fund (IMF) now hinges on its commitment to tackle endemic corruption, as the global lender has stressed good governance as a fundamental requirement for future disbursements. This shift follows a two-week “Governance Diagnostic” mission led by Deputy Division Chief in the Fiscal Affairs Department, Rebecca A. Sparkman, which concluded…
Why IMF is demanding corruption audit on Kenya Published Date: 2025-07-04 08:20:00 Author: By Brian Ngugi Source: The Standard
Professor Omri Even-Tov, a co-author of the new Harvard-UC Berkeley study on digital lending, presents the findings to FinTech stakeholders in Nairobi. [Courtesy] Digital lending is significantly boosting financial well-being, income, and employment for borrowers in Kenya, challenging long-held assumptions about credit risk in emerging markets, according to a pivotal new study. The research, co-authored by academics from Harvard Business School, the University of California, Berkeley, the University of British Columbia, and Northwestern University, suggests a powerful role for mobile data in expanding financial access. The study, titled ‘Digital Lending and Financial Well-Being: Through the Lens of Mobile Phone Data’,…
Evans Munyori The Head of HR, Kenya and Africa at Standard Chartered during the ceremony. [Courtesy] Standard Chartered Kenya is looking to deepen its partnership with the Chartered Institute for Securities & Investment (CISI) towards capacity building and enhancing professionalism within its staff. The two organizations said this in turn will allow the tier one lender to better add value to their client base and take advantage of opportunities within wealth management and affluent banking towards boosting revenue. The bank recently held a ceremony to acknowledge staff who have completed the CISI Level 4 Wealth Management programme, a higher-level qualification…
Afreximbank President Benedict Oramah (center). His new book the “Foundations and Evolutions of Structured Trade Finance” argues that implementation of AfCFTA should boost regional commerce from its current 15-17 per cent share of Africa’s total trade. [Courtesy] Intra-African trade could double within a decade as continental free trade reforms take hold, African Export-Import Bank (Afreximbank) President Benedict Oramah projected on Thursday while launching the second edition of his trade finance book. The updated “Foundations and Evolutions of Structured Trade Finance” argues that implementation of the African Continental Free Trade Agreement (AfCFTA) should boost regional commerce from its current 15-17 per…
African leaders and finance experts have united in tribute to Professor Benedict Oramah (right) at Afreximbank’s 32nd Annual Meetings, celebrating the outgoing president’s decade-long leadership for transforming the institution into a cornerstone of Africa’s economic sovereignty. [Courtesy] African leaders and finance experts have united in tribute to Professor Benedict Oramah at Afreximbank’s 32nd Annual Meetings, celebrating the outgoing president’s decade-long leadership for transforming the institution into a cornerstone of Africa’s economic sovereignty. Oramah, who took the helm in 2015, has expanded the Cairo-based pan African trade bank beyond its original trade finance mandate into crisis response, industrialization, and infrastructure development,…
The expanded zero-tariff policy became effective in December 2024. [Courtesy] Kenya is increasingly pivoting towards Beijing, seeking to leverage China’s expanded zero-tariff trade policy to address a persistent and widening trade imbalance that has long favoured the Asian economic giant. This new trade window, touted by Beijing as a “game changer,” comes as Chinese officials actively urge Kenyan and other African producers to seize the opportunity Get Trusted News for Only Ksh99 a Week Subscribe Today & Save! Get Started Unlimited access to all premium content Uninterrupted ad-free browsing experience Mobile-optimized reading experience Weekly Newsletters Already a subscriber? Log in…
Containers at the port of Mombasa. Conflict between Iran and Israel threatens to disrupt global trade routes. [File, Standard] Kenya is bracing for significant economic repercussions as the escalating conflict between Iran and Israel threatens to disrupt global trade routes. This could unleash a fresh surge in fuel prices, a critical concern for the country heavily reliant on imports. The intensifying conflict, marked by recent Israeli strikes on Iranian military and nuclear sites and subsequent retaliatory missile attacks, has rattled international markets. Investors are particularly focused on the Strait of Hormuz, a narrow yet vital waterway controlled by Iran, through…
The expanded zero-tariff policy became effective in December 2024. [Courtesy] Kenya is increasingly pivoting towards Beijing, seeking to leverage China’s expanded zero-tariff trade policy to address a persistent and widening trade imbalance that has long favoured the Asian economic giant. This new trade window, touted by Beijing as a “game changer,” comes as Chinese officials actively urge Kenyan and other African producers to seize the opportunity Get Trusted News for Only Ksh99 a Week Subscribe Today & Save! Get Started Unlimited access to all premium content Uninterrupted ad-free browsing experience Mobile-optimized reading experience Weekly Newsletters Already a subscriber? Log in…
President William Ruto with Prime Minister Li Qiang, after a meeting at the Great Hall of the People in Beijing, China. April 23, 2025. [Courtesy, PCS] China on Wednesday hinted that Kenya’s urgent request for a key financial cooperation pact is likely to succeed, a development that would bring relief to President William Ruto’s cash-strapped government, with the fiscal year ending in ten days. Get Trusted News for Only Ksh99 a Week Subscribe Today & Save! Get Started Unlimited access to all premium content Uninterrupted ad-free browsing experience Mobile-optimized reading experience Weekly Newsletters Already a subscriber? Log in President William Ruto…
Du Xiaohui, Director-General of the Chinese Foreign Ministry’s African Affairs Department During the Press Conference in Beijing. [Brian Ngugi, Standard] China is calling on Kenyan and African farmers and producers to capitalise on the zero-tariff export opportunities created by Beijing’s expanded trade policy, which opens access to its vast consumer market of 1.4 billion people. Du Xiaohui, Director-General of the Chinese Foreign Ministry’s African Affairs Department, highlighted a concerning “apathy” among African producers in utilising this unprecedented market access. Du, speaking to reporters on Wednesday at a press conference held in Beijing, noted that China has observed a slower-than-expected uptake…
Published Date: 2025-06-19 06:00:00 Author: By Brian Ngugi Source: The Standard
Central Bank of Kenya (CBK) Pension Towers located along Harambee Avenue in Nairobi CBD on March 07, 2024. [Stafford Ondego, Standard] The banking regulator will extend the operating hours of its critical national payment system from July 1, aiming to significantly boost Kenya’s transition towards a round-the-clock digital economy. The move is set to ease transaction bottlenecks and enhance financial convenience. The Central Bank of Kenya (CBK) announced on Wednesday that the Kenya Electronic Payment and Settlement System (KEPSS), the nation’s Real Time Gross Settlement (RTGS) system, will now operate from 7am to 7pm on business days. This marks a…
IFC disburses Sh2.6b to Centum Re’s 2,000 affordable houses Published Date: 2025-06-16 18:13:10 Author: By Brian Ngugi Source: The Standard
A view pof the Mzizi housing apartments by Centum Re’s development. [Courtesy] The International Finance Corporation (IFC) has disbursed Sh2.6 billion ($20 million) to Centum Real Estate (Centum RE) to finance the construction of 1,940 affordable, energy-efficient homes in Nairobi’s Two Rivers Development, the companies announced on Monday. The loan, repayable over seven years, covers nearly 20 per cent of the total $91 million Mizizi project cost, reinforcing IFC’s confidence in Centum RE’s large-scale housing initiatives. The World Bank’s private-sector arm highlighted the project’s location in Nairobi’s Diplomatic Blue Zone as a strategic urban hub. The homes, priced between Sh1.9…
A police officer stands watch as unlicensed liquor is loaded into a lorry in Meru town. [File/Standard] Kenya’s manufacturing sector faces new pressure from proposed tax measures within the Finance Bill 2025, with alcoholic beverage producers warning that certain clauses could undermine their competitiveness and inadvertently fuel the illicit alcohol market. The State aims to increase revenue through the bill. Industry players, including the Alcoholic Beverages Association of Kenya (ABAK) and Kenya Breweries Ltd (KBL), have voiced concerns over proposed changes to excise duty on undenatured extra neutral alcohol (ENA). ENA is a primary raw material for spirits. The Bill…
The Ministerial Meeting of Coordinators on the Implementation of the Follow-up Actions of the FOCAC in Changsha, Central China’s Hunan Province on June 11, 2025. [Brian Ngugi, Standard] China has pledged to fully implement zero-tariff treatment on 100 per cent of tariff lines for 53 African countries, including Kenya. Chinese President Xi Jinping said the move provides ‘new impetus’ for shared development in a world defined by ‘changes and turbulence’. The expanded policy, which took effect last December, was announced by Chinese Foreign Affairs Minister Wang Yi on Wednesday during the Ministerial Meeting of Coordinators on the Implementation of…
CBK Governor Dr. Kamau Thugge before the National Assembly’s Committee on Finance and National Planning in regards to the implementation of Central Bank Rate (CBR) at Bunge Towers, Parliament, Nairobi. March 25th,2025 [Elvis Ogina, Standard] Kenyans are bracing for tougher economic times as the International Monetary Fund (IMF) prepares to prescribe another dose of its austerity “bitter pill” measures that previously ignited deadly youth-led protests. The new demands are expected to include deep cuts to public spending and potentially impact public jobs, exacerbating a raging unemployment crisis. Central Bank of Kenya (CBK) Governor Kamau Thugge confirmed discussions with the IMF…
President William Ruto with his Chinese counterpart Xi Jinping at the Great Hall of the People in Beijing, China. April 24, 2025. [Courtesy, PCS] Kenya is pressing its largest bilateral creditor, China, to finalise a crucial financial cooperation agreement by the end of this month, which marks the start of a new financial year. During high-level bilateral talks in the southern Chinese city of Changsha with Chinese Foreign Affairs Minister Wang Yi, Kenya’s Prime Cabinet Secretary and Foreign Affairs Musalia Mudavadi emphasised the importance of concluding negotiations on the financial cooperation agreement by the end of this month. Mr Mudavadi’s…
Kenya’s Foreign Minister Musalia Mudavadi met with Chinese Foreign Minister Wang Yi in the southern Chinese city of Changsha on June 10, 2025. [Brian Ngugi, Standard] Kenya’s Foreign Minister Musalia Mudavadi met with Chinese Foreign Minister Wang Yi in the southern Chinese city of Changsha on Tuesday, for bilateral discussions aimed at formalizing a series of significant economic and strategic agreements earlier inked in April. Mudavadi’s visit follows President William Ruto’s state visit to China in April, where he and Chinese President Xi Jinping outlined broad areas of cooperation. The current discussions being held in Changsha aim to expedite the…
President William Ruto witnesses the exchange of notes between Foreign Affairs CS Musalia Mudavadi and Asian Infrastructure Investment Bank (AIIB) Chairman Jin Liqun during a meeting where Kenya formally joined the bank as a fully paid member at the bank’s headquarters in Beijing, China. [ALUSA/PCS. 3/9/2024] Kenya is deepening its diplomatic and economic ties with China, a move seen as a strategic pivot amid increasing scrutiny and potential trade friction with the United States (US). This charm offensive is highlighted by a high-level visit by Kenya’s Prime Cabinet Secretary and Foreign Minister, Musalia Mudavadi, to Changsha, China, for a forum…
E-commerce banking. [Courtesy, Rawpixel.com] A new African payments system championed by Kenyan President William Ruto is set to unlock vast regional trade opportunities. It will ease foreign exchange (forex) woes for companies operating across the continent, a senior official at the African Export-Import Bank (Afreximbank) said. The Pan-African Payment and Settlement System (PAPSS), which aims to cut reliance on the US dollar for intra-African transactions, is gaining momentum as African nations seek to boost trade amongst themselves and build economic resilience against global shocks. For companies like Kenya Airways (KQ), the system offers a potential lifeline against persistent issues of…
Dr Gainmore Zanamwe, Director of Trade Facilitation and Investment Promotion at African Export Import Bank – Afreximbank, delivering a the keynote address at the IATF2025 Kenyan Roadshow. [File, Standard] Kenyan businesses have been urged to participate in the upcoming Intra-African Trade Fair (IATF 2025) in Algeria. While making the clarion call, African Export-Import Bank (Afreximbank) said the trade fair is a critical avenue for the Kenyan firms to unlock billions of dollars in fresh trade and investment across the continent. Dr Gainmore Zanamwe, Afreximbank’s Director of Trade Facilitation and Investment Promotion, emphasised this push during a roadshow in Nairobi, designed…
Tourists arrive at the Moi International Airport, Mombasa, after disembarking from a Tui Brussels chartered flight in 2028. [File, Standard] Europe’s largest tour operator, TUI, has suspended its planned expansion in Kenya, including the development of new hotels, after being denied a crucial charter licence. The shock move by the tour operator deals a significant blow to Kenya’s tourism sector and President William Ruto’s ambitions to create new jobs and attract more visitors. TUI, a global tourism giant that had earmarked Kenya as a focal point for its sub-Saharan Africa expansion, expressed deep regret and frustration over the Kenyan authorities’…
Naivas Supermarket warehouse along Mombasa Road. [Wilberforce Okwiri, Standard] Companies and businesses around the country are feeling the pinch, grappling with a significant slowdown in activity as rising prices hit the pockets of ordinary Kenyans, making them less willing and able to spend. This downturn, revealed in a key economic survey, deals a fresh blow to job creation, as companies struggle to sustain their workforce without robust sales. The latest Stanbic Purchasing Managers’ Index (PMI) – a crucial barometer of the health of Kenya’s private sector – dipped below the critical 50-point mark in May, signalling a contraction for the…
CBK Governor Dr. Kamau Thugge before the National Assembly’s Committee on Finance and National Planning in regards to the implementation of Central Bank Rate (CBR) at Bunge Towers, Parliament, Nairobi on March 25th, 2025. [Elvis Ogina,Standard] More than 700 digital credit providers have applied to lend money via mobile phones, the banking regulator said yesterday. This underscores the booming popularity and lucrative nature of mobile loans as Kenyans increasingly turn to them for financial survival. The Central Bank of Kenya (CBK) revealed the overwhelming interest as it announced the licensing of an additional 41 firms, bringing the total number of…
Stock Market Capital gains increasing from a Bull Market High Quality. [iStockphoto] The Capital Markets Authority (CMA) is set to crack down on errant listed firms with the new, stringent corporate governance regulations that are poised to become law. The new Capital Markets (Corporate Governance) (Market Intermediaries) Regulations, 2025, will significantly shake up the boardrooms and C-suites of Kenyan blue-chip firms, some of which have at times been on the spot for governance breaches. The new rules aim to boost market integrity and investor confidence. They are designed to curb misconduct and ensure accountability across the financial sector. The CMA last week concluded collecting views…
Dr James DING, JP, Law Officer (International Law), at the Hong Kong Department of Justice during the press conference in Hongkong on Wednesday. [Brian Ngugi, Standard] A new China-backed global mediation body set to launch this week in Hong Kong will provide a swifter and more cost-effective route to resolving international disputes, a top legal expert said, as countries seek alternatives to lengthy and expensive litigation. The International Organization for Mediation (IOMed) which will be formally established with the signing of its founding convention on Friday, aims to address growing frustrations with traditional arbitration and court proceedings, said Dr James…
President William Ruto at State House Nairobi where he assented to the Supplementary Appropriations Bill. [PCS] The World Bank has delivered a mixed economic scorecard on President William Ruto’s administration. In a new report on Kenya published Tuesday, the World Bank highlighted improvements in key macroeconomic indicators but raised concerns over persistent job scarcity for the youth and shortcomings in poverty reduction efforts. The report, Beyond the Budget: Fiscal Policy for Growth and Jobs, noted that while macroeconomic indicators have shown improvement since 2024—including declining inflation, a stabilized exchange rate, and stronger international reserves—the overall pace of economic growth has slowed dealing a blow…
Zhao Xiaofei, Leju’s head of overseas markets (blue shirt) explains how their humanoid robot works in Shenzhen, China. [Brian Ngugi, Standard] Chinese startup Leju is making bold predictions about manufacturing, suggesting that AI-powered humanoid robots could replace human factory workers within the next two years. The Shenzhen-based company, which specialises in robotics, is currently fine-tuning its research and development efforts to make this vision a reality. “We believe that within one to two years, our robots will be ready to deploy in industrial factories,” Zhao Xiaofei, Leju’s head of overseas markets, told The Standard in an interview at the…
President William Ruto and other African Heads of State and Government during the 37th ordinary session of the Assembly of the Heads of State at the AU headquarters in Addis Ababa, Ethiopia, on February 17, 2024. [File, Standard] With global protectionism surging, Kenya and other African countries are increasingly looking towards intra-continental trade as a bulwark against this tide. Get Trusted News for Only Ksh99 a Week Subscribe Today & Save! Get Started Unlimited access to all premium content Uninterrupted ad-free browsing experience Mobile-optimized reading experience Weekly Newsletters Already a subscriber? Log in President William Ruto and other African Heads of…
CS Finance John Mbadi on May 4, 2025, at Kadika primary during President William Ruto’s Migori County tour (Caleb Kingwara, standard) National Treasury Cabinet Secretary John Mbadi has turned to the public for fresh ideas for his inaugural budget, seeking input for economic policy and tax measures as the government grapples with high living costs and simmering social tensions. Mbadi, who joined the broadly reorganised government of President William Ruto following widespread protests by Gen Z youth across the country last June faces an immediate acid test for his inaugural full budget. His proposed budget for the 2025-26 financial year…
The Group Chairman, United Bank for Africa (UBA) Plc and Founder of the Tony Elumelu Foundation, Mr Tony Elumelu. [Courtesy] Kenya and other African countries are increasingly looking to intra-continental trade through the African Continental Free Trade Area (AfCFTA) as a vital bulwark against a surging tide of global protectionism. The swift implementation and deepening of the pan-African trade pact, encompassing 54 of the 55 African Union (AU) member states, is seen by many proponents as the continent’s essential path forward for economic resilience and future growth. This is being seen as a crucial panacea against escalating tariffs and disrupted…
Chinese Foreign Minister Wang Yi, is scheduled to attend the signing ceremony in Hong Kong on May 30. [Brian Ngugi, Standard] Kenya and other African nations are closely watching the imminent establishment of a new international organisation dedicated to mediating disputes, a development significantly championed by China. This new body aims to offer a flexible alternative for resolving international disagreements amid rising global tensions and challenges to traditional dispute resolution systems. The International Organisation for Mediation (IOMed), whose founding convention is set to be signed in Hong Kong on May 30, emerges at a time when existing mechanisms, such as…
NCBA Bank headquarters, Upper Hill, Nairobi. [File, Standard] Tier one lender NCBA Group has appointed international banking executive James Gossip as the new managing director of its Kenyan unit. This move will see long-serving Group CEO John Gachora shift his focus to broader group-level strategic initiatives. The appointment comes as major financial institutions across the region increasingly focus on carefully managed leadership transitions to ensure continuity and strengthen corporate governance. The appointment of Gossip to head NCBA Kenya, effective May 12, 2025, follows the receipt of all requisite regulatory approvals, said the lender’s board in a statement. “The appointment marks…
President William Ruto, accompanied by his Chinese counterpart Xi Jinping acknowledge grreetings from school children at the Great Hall of the People in Beijing, China. [PCS] China’s influential ruling Communist Party (CPC), which has led the People’s Republic of China (PRC) since its founding in 1949, is addressing significant challenges concerning youth employment and persistent systemic graft, a senior party official stated. Gong Weibin, Vice President of the Party School of the CPC Central Committee (National Academy of Governance), told The Standard at a press conference, these issues pose critical tests for the party’s continued social stability and sustained development. The CPC,…
Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank during a previous event. [File, Standard] The African Export-Import Bank (Afreximbank) is pushing for a significant boost in trade and investment between Africa and the Caribbean, with its chief highlighting the urgent need to strengthen ties in a turbulent global economic environment. The Pan-African Bank announced Thursday that the fourth AfriCaribbean Trade and Investment Forum (ACTIF2025) will take place in Grenada in July 2025, aiming to unlock billions in untapped potential. Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, emphasized the urgency,…
Paul Russo KCB Group CEO speaking during 2024 full year financial results on March 12, 2025. [Wilberforce Okwiri, Standard] Kenya’s largest lender by assets, KCB Group, posted an after-tax profit of Sh16.53 billion in the first quarter of the year ending March, riding on higher income. The lender had recorded Sh16.48 billion during a similar period last year. The 0.3 per cent rise net earnings came as KCB Group total revenues grew 2 per cent to Sh49.4 billion in the three months period. This came as the lender’s balance sheet closed the period at Sh2.03 trillion, from Sh1.99 trillion. KCB Group Chief Executive Paul Russo said quarter…
Co-operative Bank of Kenya (Co-op Bank) has reported a by 5.3 per cent growth in profit after tax for the first quarter of 2025, driven by income growth, as the tier one lender expands its footprint across Kenya and South Sudan. In results released Thursday, the bank said its net earnings reached Sh6.9 billion for the three months, compared to Sh6.6 billion in the same period last year. This came as Co-op Bank was named one of Africas fastest growing companies in 2025 by FT of London. FT said it based the ranking on the growth in key performance metrics between 2020…
Co-op Bank first quarter profit up 5.3pc to Sh6.9b amid expansion push Published Date: 2025-05-15 13:33:17 Author: By Brian Ngugi Source: The Standard
CBK Governor Dr Kamau Thugge before the National Assembly’s Committee on Finance and National Planning on March 25, 2025. [Elvis Ogina, Standard] The Central Bank of Kenya (CBK) has dismissed commercial lenders’ claims that its proposed loan pricing reforms amount to a return to “interest rate capping,” escalating a deepening rift over President William Ruto’s push for cheaper credit. Governor Kamau Thugge, in a robust response to the Kenya Bankers Association (KBA), reiterated the regulator’s commitment to a “transparent and efficient credit market,” while rejecting the banks’ concerns as unfounded. Get Trusted News for Only Ksh99 a Week Subscribe Today & Save! Get Started…