BUSINESS NEWS

The Central Bank of Kenya has placed a restriction on the sale of dollars to individuals through money transfer companies. Reuters reports that recent directives have limited money remittance companies from selling sums that exceed $100,000 daily to an individual. Any amounts above this capping…

Kenyan banks are currently charging retail dollar buyers up to Sh154 per unit due to the high demand for the currency. The margin between the official exchange rate quoted by the Central Bank of Kenya for the US dollar and the rate offered by banks and money changers is also increasing. This is in…

Tuskys Supermarket is facing the risk of losing around Sh6 billion worth of assets after the High Court appointed a liquidator. Barely three months ago, the court ordered the liquidation of Tusker Mattresses Limited, the official name of the retailer, due to unpaid debts of Sh19.7 billion owed to…

The Cabinet had proposed to increase the threshold for cash transactions in Kenya to over Sh2 million, but commercial banks have rejected the idea.  Banks are concerned that this will create more opportunities for money laundering and financing terrorism. The Kenya Bankers Association has…

United States Ambassador to Kenya Meg Whitman on Monday, June 3, lauded the Finance Act 2023 during a celebration to commemorate the 247th anniversary of the United States' independence at her residence along Kyuna Road.  She noted that the Act contains numerous elements which assure potential…

 President William Ruto has struck a deal to export tea, coffee, avocado and pineapple to Israel starting June this year. This development comes after the head of state concluded a two-day official visit to Israel on Wednesday. While attending the Israel Investor Roundtable Forum in Tel Aviv,…

Ethiopia has licenced Safaricom's Mpesa to operate in the diverse and unbanked nation.  Safaricom anticipates outstretching Mpesa services in the region before 2024 in a bid to boost the service profile across the continents. The Telco's chief executive officer Peter Ndegwa during an investor…

Ethiopia has surpassed Tanzania and Uganda as the leading destination for Kenya's investment abroad, propelled by growth in the neighbouring market.  Kenya's direct investments in Ethiopia stood at Sh60.2 billion in 2021 ahead of outward direct investments of Sh51.5 billion and Sh56.3 billion…

Kenya is seeking yet another financing from the International Monetary Fund as the International lender is embarking on its mission in the country this week.  Kenya seeks to foster economic resilience and solve balance of payment issues through IMF Resilience and Sustainability Facility. IMF…

Little-known Kenyan firms providing digital services in trade facilitation, agriculture and healthcare have emerged as the fastest-growing businesses in Africa, according to a new report that ranks Nairobi as the third-largest home for the quickest-expanding companies in the continent. The…