Kenya – Economy News & Updates

  • Safaricom considers lowering M-Shwari, Fuliza charges amid pressure for the State to curb unregulated digital mobile lenders who charge exorbitant monthly interest rates. The telecoms operator reckons it wants to lower the costs of accessing the borrowing products as part of a larger plan that will see more features added on the M-Pesa platform including insurance and wealth management.
  • Seven brands of peanut butter have been suspended in Kenya over fears that they contain a high level of a toxin called aflatoxin, which is produced by certain fungi in crops.
  • Kenyan coffee continued an upward trend last week, edging up seven percent helped by quality beans and stable prices at the New York Coffee Exchange. The Nairobi Coffee Exchange says that the quality coffee at the auction in the past three weeks raised demand impacting positively on the price.
  • President Uhuru Kenyatta has asked the Kenya Revenue Authority to engage with tax evaders, especially those who have not evaded knowingly and are not involved in criminal conduct.
  • A Nairobi court has stopped the Kenya Revenue Authority (KRA) from blocking Sh4.5 billion allocated for Nairobi County in a row over tax evasion. Mr Miller, on behalf of the county, told the court that KRA enforced illegal notices dated September 10, 2019, by recovering Sh2 billion from the county’s Revenue Fund Account without its knowledge and consent, leaving it with no funds to pay salaries and run other county functions.