The Kenya Revenue Authority’s (KRA) Customs and Border Control (C&BC) Department exceeded its revenue target by Sh8 billion in the 2025/26 financial year after collecting Sh988.78 billion. The department had set a revenue target of Sh980.79 billion, meaning collections surpassed the goal by approximately Sh8 billion. The performance also marked a 12.4 percent increase from the Sh879.33 billion collected in the 2024/25 financial year. KRA attributed the record performance to enhanced compliance measures, higher cargo volumes, technology-driven customs processes, improved risk management and closer collaboration with stakeholders. “This historic performance demonstrates the effectiveness of our customs modernization programme and our…
Author: Vizboy
The Kenya National Chamber of Commerce and Industry (KNCCI) has welcomed a compromise between traders and the Kenya Revenue Authority (KRA) that will see the customs benchmark value for consolidated cargo rise gradually, giving importers more time to adjust. The agreement follows consultations between KRA, consolidators, clearing agents and other industry stakeholders over a customs directive prescribing benchmark customs values, commonly referred to as “minimum yield.” Under the deal, the current benchmark of Sh2.5 million will remain in force until August 20, after which a revised benchmark of Sh3.2 million will take effect from August 21. To cushion traders affected…
KCB Bank Kenya has secured Sh12.9 billion from the European Bank for Reconstruction and Development (EBRD) to expand lending to micro, small and medium enterprises (MSMEs), with a focus on women, youth-led businesses and green investments. Under the facility, 35 percent of the funding will be directed to women and youth-led enterprises, while 30 percent will finance eligible green investments. EBRD will also provide technical assistance to KCB Bank through specialised training, advisory services and technical expertise to strengthen its green lending capabilities. EBRD Sub-Saharan Africa Managing Director Dr. Heike Harmgart said the investment, the institution’s first in Kenya’s financial…
China has approved Standard Bank Group and the Industrial and Commercial Bank of China (ICBC) to operate Africa’s first Renminbi (RMB) clearing hub, a move expected to make trade and payments between China and African countries faster and cheaper. The approval by the People’s Bank of China will allow businesses to settle transactions directly in Chinese yuan instead of routing payments through the US dollar or other currencies. The hub will serve the 19 African markets where Standard Bank operates. Richard de Roos, Head of Operations for Corporate and Investment Banking at Standard Bank, said the new arrangement will improve…
Kenya is one of seven countries in the world on track to reduce new HIV infections by 90 percent by 2030, a new analysis has shown, highlighting the country’s remarkable progress in curbing new infections over the past decade. Analysis by the Joint United Nations Programme on HIV/Aids (UNAids) shows that Kenya has cut new HIV infections by at least 78 percent since 2010, one of the steepest declines recorded globally, placing it alongside Benin, Eswatini, Lesotho, Nepal, Rwanda and Zimbabwe as one of only seven countries currently on course to meet the 2030 target. Kenya’s success is attributed to…
Kenya Reinsurance Corporation (Kenya Re) has retained its international and national financial strength ratings after GCR Ratings, an affiliate of Moody’s Ratings, reaffirmed the reinsurer’s credit profile, citing a stronger capital base, stable earnings and solid liquidity. GCR affirmed Kenya Re’s international financial strength rating at B and its national scale financial strength rating at AA+(KE), maintaining a Stable Outlook, indicating expectations that the company’s financial position will remain resilient over the medium term. The ratings agency said Kenya Re’s capital position has continued to strengthen through retained earnings, with total capital rising to US$460.3 million (KSh59.49 billion). It added…
Standard Chartered Bank Kenya has paid pension claims to 522 out of 629 pensioners following settlement of a long-drawn petition by former workers by the Supreme Court last year. The settlement of 83 percent of claimants, as of the end of May 2026, from the landmark ruling in September 2025, comes amid the emergence of new pension claims by workers outside those covered by the 16-year-long lawsuit. The bank disclosed a Sh7.2 billion cost of settling the pension claim in November 2025 and is not expected to make subsequent provisions relating to payments to the 629 ex-employees. “Eighty-three percent of…
For years, employers across Kenya have relied on rolling short-term contracts to fill permanent roles while avoiding the costs and obligations that come with permanent employment. A Court of Appeal ruling now threatens that practice, holding that workers who perform continuous, long-term duties cannot be kept indefinitely on renewable contracts simply because employers choose to label them temporary. In a decision with potentially wide implications for private employers, county governments, and State corporations that rely on rolling fixed-term contracts, the three-judge bench also said prolonged insecure employment breaches the constitutional right to fair labour practices. Employees who perform permanent work…
Kenya’s foreign exchange reserves declined by an estimated Sh40.6 billion during the week ending July 23, reducing the country’s import cover from 6 months to 5.9 months, according to the latest Central Bank of Kenya (CBK) Weekly Bulletin. The reserves stood at approximately Sh1.79 trillion ($13.854 billion) as of July 23, down from about Sh1.83 trillion ($14.169 billion) recorded a week earlier, representing a weekly decline of roughly Sh40.6 billion ($315 million). Despite the decline, the reserves remain comfortably above the statutory requirement to maintain at least four months of import cover. Foreign exchange reserves are a key measure of…
The Competition Authority of Kenya (CAK) has launched investigations into suspected cartel activities in the bread, sugar and mattress manufacturing industries as it steps up efforts to curb anti-competitive practices. The investigations, disclosed in the Authority’s Annual Report and Financial Statements for the year ended June 30, 2025, relate to alleged anti-competitive conduct among players in the three sectors. The cases are still under investigation, and no findings or enforcement action have been announced. According to the report, CAK opened a screening exercise in the bread sub-sector after detecting what it described as “cartel-like behaviour” among market players. Similar investigations…
Standard Chartered Bank Kenya will remain a tenant at its current headquarters along Westlands Road after selling the property, with the lender set to lease back part of the building. The lender expects to complete the sale of the headquarters, whose value was estimated at Sh1.41 billion as of June 2025, by the end of the year. The bank’s transition from owner to tenant aligns with its strategy of scaling down its physical footprint while expanding its digital presence. The tier-one lender, which operated just 22 branches last year, down from 42 in 2016, has bucked the trend of expanding…
SBM Holdings of Mauritius has made two capital injections in the last six months in its subsidiary SBM Bank Kenya totalling Sh814 million to support business growth. The holding company injected Sh400 million in the latest investment, increasing its paid-up capital to Sh4.75 billion as at the end of June 2026, from Sh4.35 billion in March. This followed a Sh414 million injection between January and March 2026, pushing the parent firm’s total investment in the Kenyan unit to Sh814 million this year. “The capital injection during the first six months of 2026 is driven by two strategic objectives – business…
The cumulative freight volume transported along Kenya’s Mombasa-Nairobi Standard Gauge Railway (SGR), a flagship project under the Belt and Road Initiative (BRI) cooperation, has exceeded 50 million tonnes as of July 26, the operator said on Monday. Since commencing operations on May 31, 2017, the Mombasa-Nairobi SGR has maintained a safe operational record for more than 3,300 consecutive days. During this period, it has transported a total of 18.606 million passengers, while cumulative freight volume has reached 50.015 million tonnes, according to the Africa Star Railway Operation Company (Afristar), which provides operational and technical support for the Mombasa-Nairobi SGR. The…
The East African Community (EAC) Monetary Affairs Committee (MAC) has reaffirmed its commitment to introducing a single East African currency by 2031, pledging to deepen regional financial integration. According to a statement issued on Monday by the EAC headquarters in Arusha, Tanzania, the commitment was made during the committee’s 29th ordinary meeting, held on July 24 in Kampala, Uganda, which brought together central bank governors and senior officials from EAC member states. The committee said the region’s economy remains resilient despite global uncertainties, with growth projected at 5.2 percent in 2026, above the sub-Saharan African average of 4.3 percent. The…
