A Wealth Tax on the high income earners and the Uber-rich in Kenya could potentially earn the East African nation as much as 125 Billion Kenyan Shillings in additional revenue. This is according to Oxfam International which is a charity organization. The charity organization in a fresh report on inequality made it known that a wealth tax of at least two (2) percent on everyone with a net worth of 5 million dollars (which is around 585 million Kenyan Shillings), a three (3) percent wealth tax on everyone with a net worth of 50 million dollars (which is around 5.85…
Author: Tobey
The Communications Authority of Kenya (CA) has now slashed the rate charged by mobile phone operators to each other for interconnecting customers by 87.7 percent or 0.87 Kenyan Shillings, an indicator of lesser call tariffs. The Communications Authority of Kenya (CA) which is the telecommunications regulator in Kenya slashed the charges which are more commonly known as Mobile Termination Rates (MTRs) from 0.99 Kenyan Shillings to 0.12 Kenyan Shillings. The reduction is aimed at accurately reflecting the changes in technology that have resulted in mobile telephoning becoming much more efficient. It however remains unclear whether or not telecommunications giants like…
According to reports the losses of telecommunications company; Airtel Kenya, doubled in 2020 to 5.9 Billion Kenyan Shillings at a time when auditors expressed fears about the overall financial situation at the company after its total losses reached 77.41 Billion Kenyan Shillings. The net liability position for Airtel Kenya hit 43.7 Billion Kenyan Shillings in the year which ended in December 2020. This is significantly higher than the net liability position of 37.78 Billion Kenyan Shillings that was the case in the year which ended in December 2019 further pointing towards a position that is insolvent. In the financial year…
According to Reports telecommunications company; Telkom Kenya is targeting regulatory directives via the Kenyan Parliament that will lead to Safaricom reducing the charges it placed on money transfers from its mobile money service; M-Pesa, to other mobile money platforms. Safaricom which is currently Kenya’s biggest telecommunications company has more affordable transaction rates for money transfers for M-Pesa to M-Pesa transactions than the rates it charges for transfers from its mobile money service to other mobile money services. The decision by Safaricom has been viewed by rival operators, as uncompetitive behavior. The recent proposal by Telkom Kenya will now join the…
Telecommunications giant; Safaricom, has once again had to defend itself against accusations that it has abused its market dominance and severely affected the competition in the telecommunications industry. The accusations were made by fellow telecommunications company; Airtel Networks Kenya. Safaricom made it known to the Senate Standing Committee on Information and Technology that on the contrary, the competition is healthy and any player can build its market share via innovation and more investments. The submission by Safaricom was made not long after Airtel informed the Senate Standing Committee on Information and Technology that the regulators in Kenya have been reluctant…
On Thursday the 28th of October 2021 popular American multinational technology conglomerate; Facebook changed its name to Meta Platforms, Inc. and will do business as Meta. The move by Facebook is been seen as the company’s attempt to actively separate itself from being viewed solely as a social media establishment and firmly present itself as the future focused creator of a new digital world known as the Metaverse. Meta’s Chief Executive Officer (CEO); Mark Zuckerberg via a 1 hour 15 minute online presentation urged all users to modify their perceptions about the company. He stated that Meta formerly known as…
Mobile Digital Lenders in Kenya, will now be required to reveal the total charges. Said total charges will include rollover fees, interest rates and late payment fees for the loans they apply for before said loans are disbursed to customers. The Competition Authority of Kenya (CAK) made it known that it would also be applying the same strategy which has been implemented on mobile money transfer operators in Kenya where the costs incurred, are displayed before money is sent so as to increase transparency in the digital sector. The Director-General of the Competition Authority of Kenya (CAK); Kariuki Wang’ombe revealed…
Equity Group Holdings Limited, formerly Equity Bank Group has reportedly set aside a total of 500 Billion for the financing of Kenyan and South African companies that are looking to either invest or trade in Africa. The move is been seen by observers as Equity Group’s strategy for the expansion of its business operations beyond the seven (7) countries where it is currently present. Equity Group Holdings Limited will be offering said funds to companies that will be looking to create construction, investment, manufacturing and investment establishments. It will in addition, facilitate the adding of value via the processing, packaging,…
According to recent reports, private universities in the East African nation of Kenya have increased their tuition fees across board after the Kenyan government reduced allocation for students sponsored by the government by more than 43,000 Kenyan Shillings over the past four years. Data from the Universities Fund (UF) which is the agency in charge of allocating the funds in question, revealed that the capitation per student reduced to 40,366 Kenyan Shillings in the year which ended in June of 2021. This signifies a 52 percent drop from the 84,217 Kenyan Shillings that was allocated in 2018. The reduction in…
The High Court in Kenya has prevented the management of University of Nairobi (UoN) from executing their new fees for doctors looking to get Masters degrees, until all stakeholders involved have been consulted. While Justice Anthony Mrima disagreed with the claim by the Kenya Medical Practitioners, Pharmacists and Dentists’ Union (KMPUD) that said fees were “astronomical and beyond the reach of many Kenyans”, he did agree with the Kenya Medical Practitioners, Pharmacists and Dentists’ Union (KMPUD) that there was no participation from the public before the University of Nairobi (UoN) announced the new fees. Read Also: Kenyatta University In 1.3…
In the 17 months leading to March 2021 Savings And Credit Co-operative Societies (SACCOS), lost a total of 106 million Kenyan Shillings to cyber theft. This is according to reports. The occurrence is being tied to the increase in mobile banking brought on by the still ongoing Coronavirus pandemic. It also provides an indication to the fact that there is now a corresponding need for insurance covers and more fortified systems so as to effectively protect the billions of Kenyan Shillings in their care. A recent report on the financial sector’s stability, revealed that the losses incurred are indeed in…
The Kenyan government has reportedly borrowed 6.4 Billion Kenyan Shillings from the Korean government. The money borrowed, will be channeled towards the financing of the Bus Rapid Transport (BRT). According to reports, the Kenyan government approached the Korean Export and Import Bank (which is also commonly known as the Korea Eximbank (KEXIM)), in pursuit of a long term loan that taxpayers will pay back, until the 29th of January 2061. The 6.365 Billion Kenyan Shillings loan was signed by the Kenyan Treasury at an exchange rate of 107.85 Kenyan Shillings. Although said loan was signed on the 29th of January…
The East African nation of Kenya has reportedly defaulted on the repayment of the 19.6 Billion Kenyan Shilling loan received for the Arror Dam and Kimwarer Dam after being unable to make the first installment payments to Italian Bank; Intesa San Paolo in May of 2021. The Treasury documents which were brought before the Kenyan Parliament revealed that Kenya was to pay the first installment of the 11 billion Kenyan Shilling loan received for the Arror Dam by the 18th of May 2021. For the 8.63 Billion Kenyan Shilling loan received for the Kimwarer Dam, its initial repayment was to…
African based fintech company; Flutterwave has entered into a partnership with Airtel Money. The partnership is aimed at improving the transaction options and payment options that are available for businesses running operations in Eastern Africa. Read Also: Airtel Mobile Commerce BV, Airtel’s Mobile Money Business Gets 100 Million United States Dollars Investment From MasterCard The partnership between both entities, will make it possible for businesses that make use of Flutterwave in Kenya, Tanzania, Malawi, Rwanda, Zambia, and Uganda, to now receive payments from users of Airtel Money. The businesses, will also be able to carry out bulk or large payments…
