- Before a car is imported, it must go through a thorough inspection process. This inspection determines whether the car will be exported. If declared okay for export, it is given a grade, which is indicated on the auction papers. The grade is given according to how well-kept the car is or how…
- Members of the National Assembly are urging the new Salaries and Remuneration Commission (SRC) to implement pay rises that were halted in June 2024 following youth-led protests. The protests led to the freezing of salary increments for state officers, including MPs, and the rejection of the Finance…
- A new land rates law in Kenya has sparked confusion over its application to freehold and leasehold properties. Under the law, property owners with leasehold titles will continue paying land rates, while those with freehold properties may be exempt, depending on specific land use and location…
- The Money254 team has conceptualised a fun, simple, and rewarding challenge to help our readers become better savers. This challenge is designed to help you grow your saving habits. Join the Money254 Savings Challenge today, join our whatsapp community, and watch your financial discipline and…
- Trade and Investments CS Nominee Lee Kinyanjui has vowed to put an end to exportation of scrap metal as part of his industrialisation agenda for Kenya. Kinyanjui revealed that he has accumulated wealth valued at Ksh471 million, mostly in real estate and shares in family businesses. He previously…
- The Kenyan government terminated a deal with a consortium of French contractors for the Ksh150 billion Nairobi-Nakuru-Mau Summit Toll Road project, and it has now been revealed that it was due to affordability and fiscal concerns.
- William Kabogo, 63, has been nominated to serve as the Cabinet Secretary for ICT. During his vetrting, the former Governor was put to ask over past allegations linking to the narcotics trade, as well as an instance where he was linked to the death of a University of Nairobi student Mercy Keino.
- In Kenya, a small health emergency often ends with fundraising efforts. But even after the immediate hospital bill is cleared, other expenses like drugs, transport, and special diets continue to pile up. With a product like the M-KOPA X20, you’re not only investing in a reliable smartphone but also…
- Ministry of Agriculture and Livestock Cabinet Secretary nominee Mutahi Kagwe announced his net worth before the National Assembly’s Committee on Appointments. The former Health CS is set to succeed Andrew Karanja, whose tenure at the helm of the country’s food security lasted 4 months following his…
- Life insurance is a contract between an insurer and the policyholder, where the insurance company commits to paying a certain amount of money in case of an eventuality. The main goal of life insurance is to offer your loved ones the financial protection they need in case of an untimely death or…
- The offices of President William Ruto and Deputy President Kithure Kindiki are requesting Ksh1.6 billion for refurbishments, including upgrades to State Houses, lodges, and official residences. This follows the reinstatement of non-essential expenditures in the wake of the collapsed Finance Bill…
- Treasury bill (T-bill) interest rates dropped in the latest auction despite strong investor demand, as the Central Bank of Kenya (CBK) rejected costly bids. Investors offered Ksh33.14 billion against a target of Ksh24 billion, but CBK accepted only Ksh24.44 billion.
- Kenyans face a fresh economic burden as new taxes under the Finance Act, 2024, take effect. The Act increases excise duties on essential goods such as sugar, which now attracts Ksh7.50 per kilo, up from Ksh5.
- A few days after I was laid off, I contacted my insurance provider to initiate my claim. The process was surprisingly smooth, especially considering the anxiety I was feeling. Within a few weeks, I started receiving 75% of my salary, about Ksh. 60,000 a month, just as my policy had promised.
- Household insurance is an insurance policy that offers financial protection for your house and its contents against unexpected life events. The policy covers your building, including rental property, household contents, and domestic servants in accordance with the Work Injury Benefits Act (WIBA).
- Insurance policyholders in Kenya withdrew Ksh13 billion in 2023, a 2.5x increase from Ksh5.15 billion in 2022, according to the Insurance Regulatory Authority (IRA). The withdrawals, driven by economic hardships, marked the highest cash-out in two years.
- Kenya's economy expanded by 4% in Q3 2024, slowing from 6% in the same period in 2023, according to KNBS. The decline was driven by contractions in key sectors, including construction (-2.0%) and mining (-11.1%), amid reduced cement consumption and a 13.6% drop in credit to construction enterprises.
- As at the end of 2024, unclaimed M-Pesa deposits had risen to Ksh3.2 billion. When a loved one passes away, their M-Pesa account and balances — often a vital part of their financial life—becomes an important matter to address. The question many are left asking is: what happens to their M-Pesa…
- "The year has been nothing short of a roller coaster for me and this regards all aspects of my life. I have made bold decisions, some in the heated spur of the moment and some after careful calculations and the results are all a balance of good bad, regrets and lessons learnt. To be a man and to be…
- Something interesting happened to me almost exactly two years ago today. The recent Madaraka Day celebrations took me back to a point in my life when I lost everything. The pandemic was now serious enough for the government to call for curfews, closures and all. This inevitably led to job losses,…
- After my first semester at Kenyatta University, reality hit hard. Living solo in a Ksh7,000 bedsitter in Kahawa Wendani wasn’t very sustainable. The only logical solution? A roommate. I had always heard that sharing a space, even with your sibling, was a near-impossible feat.
- Whenever we’re winding down for the festivities, kina Martoe will always ask, “Sasa unashuka ocha lini?” throwing in the occasional “utuletee miraa” just because I hail from Meru.Well, life hasn’t always been like this. Both in my single life and as a newlywed, I was the kind who went all out for…
- Would taking out a personal loan with a lower interest rate or securing a different type of financing have been a better option? Diversify savings into SACCOs, endowments,government bonds, and retirement schemes while revisiting loan terms to ease financial strain.
- Money Market Funds (MMFs) have proven to be a reliable choice for Kenyans, offering stability and liquidity. November's MMFs performance highlights notable trends, showcasing funds that continue to outperform peers despite the tough economic environment.
- When it comes to choosing a smartphone, it’s essential to consider not just the device itself but the overall value it brings to your life. The M-KOPA X2 offers a comprehensive package that includes financial security, device protection, and opportunities for business growth—all for just Ksh72…
- The use of debit and credit cards for payments in Kenya has dropped to a six-year low, signaling a shift in consumer preferences toward mobile money platforms and digital wallets.
- The Kenya Revenue Authority (KRA) has notified employers and members of the public of its plan to enforce the Tax Laws (Amendment) Act, 2024 from December 27, 2024, which will see Kenyans take home more money in terms of salaries ahead of the New Year.
- The loans, offering single-digit interest rates and a 10-year repayment plan, target rural and underserved areas. With Ksh150 billion allocated for housing projects, the government plans to build modest homes to improve living conditions for low-income families.
- Workers aiming to build homes in rural areas can now access affordable mortgages under a Ksh10 billion loan programme funded by the Housing Levy. Single-family applicants can borrow up to Ksh5 million, while multiple-family dwellings are eligible for up to Ksh10 million.
- Having your account frozen can be frustrating and confusing for anyone, especially business entities that rely on bank accounts for daily transactions. But what exactly is a frozen bank account? In simple terms, a frozen bank account means you’re locked out of making any outgoing transactions. You…
- Through a partnership with Lua, an advanced AI solutions provider, Money254 has launched the Money254 Agent, which is trained to answer questions on money matters based on a database of over 2,000 articles on a full range of personal finance topics, designed with the Kenyan audience in mind.
- The Kenyan government plans to spend Ksh500 billion collected through the housing levy over the next 10 years to build 363,860 affordable homes, alongside infrastructure such as schools, hospitals, and access roads to attract further investments.
- Unclaimed financial assets in Kenya continue to grow, with Ksh3.8 billion in cash, 407 million shares, and over Ksh3 billion in mobile money deposits surrendered to the Unclaimed Financial Assets Authority (UFAA) in the financial year ending June 2024. Only 6% of these assets have been reunited…
- Understanding your financial goals and the various options available for saving and investing is important for achieving financial security and peace of mind. However,everyone’s financial situation is unique,and what works for one person may not necessarily work for another. Focus on reducing…
- The festive season is now over and with it several lessons learned from the year that was. If we have apprehended these lessons, then it means setting better goals for 2025.
- Investors in Treasury bills and bonds are facing steep losses as returns on government securities plunge, driven by successive cuts to the Central Bank of Kenya's (CBK) benchmark rate since August.
- The new law effectively means all microfinance institutions will now be regulated by the CBK. Previously, only deposit-taking microfinance banks have been regulated while those in the lending sector have largely been regulated. The lending microfinance have come under criticism on claims of…
- Twelve Kenyan banks must raise a combined Ksh11.85 billion by December 2025 to meet the new minimum core capital requirement of Ksh3 billion, following a recently passed law. The banks include Consolidated Bank ,Access Bank , HFC ,and Habib Bank AG Zurich.
- The IMF has distanced itself from public backlash over Kenya’s Finance Bill 2024, emphasizing that revenue measures are the government’s sole decision. IMF clarified that the fund provides advisory support to help Kenya achieve fiscal consolidation and macroeconomic stability, but specific policy…
- New years is the best time to set goals for yourself. It is when you plan to replace your bad habits with good ones. Some people resolve to eat healthily and get fit; others plan to travel more, while others plan to be family oriented. All those are great plans, but do you have financial…
- New Year Resolutions if planned and defined well can turn around one's life positively, and especially financial resolutions. But you cannot be jumping on the bandwagon of the ideas of others and neither can you sit and wait for things to just happen. We have some ideas for you to consider.
- There's no better way to the the year that to conduct a financial health check on yourself. What you will need is a checklist that gives you a 360-degree view of personal finance. This article explores a 10-step checklist to help you wrap up your year and rev up for 2025 with confidence.
- The Insurance Regulatory Authority (IRA) has revealed that 23 insurance companies in Kenya ended the 2023 financial year with insufficient capital, raising concerns over their ability to meet obligations, including paying claims. These 23 insurers had a combined capital shortfall of Ksh32.2 billion.
- Public servants, including MPs, may soon enjoy tax-free reimbursements for work expenses if President William Ruto signs the Tax (Laws) Amendment Bill. This change could exempt reimbursements for official expenses, including asset purchases.
- Kenyans may face higher electricity bills if a new Street Lighting Infrastructural Support Levy (SLISL) is introduced as proposed by the National Assembly Committee on Energy. The levy, to be included in monthly electricity bills, aims to fund street lighting projects, boosting security and…
- The Finance and Planning Committee has passed an amendment that will spare small businesses from mandatory eTIMs invoices. At the moment, businesses are required to generate electronic invoices for all transactions, but starting January 2025, small businesses may instead need only to maintain a…
- I swiped right and boom! It was a match. As the independent girl I am, I jumped at the chance to pay the bill. He insisted otherwise, but I was determined to prove that not all girls were out to “eat” men's money. There’s a feeling that comes with taking care of the check, a sense of empowerment.
- A new KNBS report has revealed a sharp increase in female employees joining the league of Kenyans who earn over Ksh100,000 per month, despite men remaining more in the overall number. The report indicates that 15,252 Kenyans joined the club of top earners in 2023. Out of this, 14,268 (92%) are…
- If you're struggling with mounting debt due to high interest rates or reduced income, you might be looking for a way to regain control of your finances. One path you can take to reduce the cost of the loan or monthly repayments is to change lenders through loan buyoffs.
- Kenyan banks have slashed loans to households and businesses by Ksh122.1 billion in the first nine months of 2024, marking the steepest decline in decades. This reduction, attributed to costly credit and high-interest rates, has triggered a cash crunch, rising defaults, and slowed economic activity.
