Money254

  • - How do you decide if someone deserves a taste of your money or not? As you grow older and make more money, more people will start depending on your success. Your family, friends, and community members will call you whenever they want financial help. When should you respond?
  • - Two unrelated events happened on Mashujaa Day, 2021. One of them invoked an almost-audible sigh of relief across the nation. The end of a long, crippling Covid-19 curfew that had started in March 2020. The other event?
  • - 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…
  • - Are you financially ready for the holidays? The festive season can be less festive if you don't have enough savings to spend. You can easily find yourself making avoidable mistakes with so much going on.
  • - In this week's edition of Money Weekly, we look at what has been going on in the banking and finance sector and how it will affect your pocket, with CBK's bank rate hike causing jitters, Kenyans' borrowing spree continuing unabated, and other key money news from the past seven days.
  • - If you have lived in Nairobi for more than three months, you probably have been robbed or know someone who has fallen victim to the city’s marauding gangs. ‍The situation has particularly become dire over the past month - attributed to the growing high cost of living and the challenges with the…
  • - Whether you’re thinking about investing or planning for a big purchase, making financial decisions in your 20s and 30s might feel like walking a tightrope. You might find it challenging to create a budget, cope with debt, or take on any other money management task.
  • - Are you thinking of joining a Sacco? Saccos are one of the most popular financial institutions, and they've been around for over a century. The first one was formed by European settlers back in 1908. Their objectives have remained the same since then: to pull members' resources together and invest…
  • - A car is arguably the second-biggest expenditure after housing but before basics like food, education, and saving for retirement.‍ This means that it's crucial to know and understand if this is the right time to make the purchase or not.
  • - The national government has issued several guidelines before the launch of the Hustlers’ Fund - formally known as the Financial Inclusion Fund. The Ksh50 billion fund, set to become the biggest affirmative action fund in Kenya, will be launched on December 1. 
  • - Most financial institutions that offer credit to members typically have one thing in common. And that is, they charge borrowers interest. When you take a loan, you agree with the lender that you will also pay interest in addition to the principal (the amount you borrowed). 
  • - My first teachers were my parents. Those early teachings heavily influence my adulthood. Important stuff, like basic etiquette and other social skills to complex issues like money management, and business skills. I'm struggling in the latter, due to a shaky foundation. 
  • - In this week’s edition of money weekly, we take a look at what has been happening in the hustler’s arena, with the hustler fund taking lead, Kenyans’ borrowing spree, the banking sector, as well as other significant money news from the past seven days.
  • - President William Ruto has promised to start the Ksh50 billion annual hustler fund on December 1, 2022. The funds will be made available to individuals, groups and small enterprises at a one-digit interest rate of 8% per annum.
  • - Following the raised benchmark for interest rates by the Central Bank of Kenya (CBK), on September 29, 2022, various commercial banks in Kenya have increased their lending rates by up to 1.1 percentage points which will be effective from the end of November 2022. 
  • - The year is finally ending, and you feel like you deserve a break. Whether 2022 has been a great or not-so-great one, the best way to unwind and recharge before the new year starts is to take a vacation. But is taking a holiday during the peak season, i.e., December, a good move, or should you…
  • - The National Treasury has published draft regulations that have shed new light on the administration and distribution of the Ksh50 billion annual Hustlers' Fund. ‍This week, Treasury Cabinet Secretary Njuguna Ndung’u published the Public Finance Management (Financial Inclusion Fund) Regulations…
  • - If you have defaulted on a loan with a maximum tenure of 30 days and already are listed in the CRB, you have reason to take a sigh of relief, especially if this has affected your ability to qualify for traditional loans that command higher amounts. The directive by the Central Bank of Kenya (CBK)…
  • - For years, the term “broker” often has a negative connotation in Kenyan society. Whether in business, politics, or farming - brokers are often blamed for all problems - real and imagined. 
  • - At what point in your life do you think it’s appropriate to start seeking out financial advice? For some, it may be when they start their first job and begin to receive a regular paycheck. 
  • - Have you ever passed near a retail shop or visited an eCommerce site and seen a poster offering you the chance to buy products and pay in installments? The posters will often read, "Lipa pole pole," "Lipa baadaye," "Lipa mdogo mdogo," or "Buy now, pay later." These offers can be enticing, tempting…
  • - Many Kenyans yearn for that extra coin to supplement their regular paycheck. But how can you make more money if your job or business takes up so much of your time? The most talked about component of personal finance right now is passive income and how it can turn around fortunes. 
  • - Some get their biggest money lessons from failed businesses, others from thought-provoking books penned by renowned authors such as Paulo Coelho. However, I got mine from a romantic relationship that ended in 'premium tears'.
  • - This has been a tough year for many people and even tougher on parents because of the challenging economy. With your kids depending on you and many financial obligations to attend to, your budget might be restricted. You might be forced to limit how you spend money, especially over the holidays. 
  • - Several money-related topics have made headlines over the last week. From South Africa offering Kenyan passport holders three months of visa-free entrance to APA discontinuing comprehensive insurance for some car models, and the state seeking professional jobs for Kenyans in Saudi, there have been…
  • - Habits expert and Atomic Habits author James Clear says “every choice has a price, but when we are motivated, it is easier to bear the inconvenience of action than the pain of remaining the same.” 
  • - Are you stressed about the holiday season and wondering how you will survive it? You are definitely not alone. Most people will feel the pinch. Thanks to the high inflation witnessed this year and the weakening of the Kenyan Shillings against the dollar, prices of goods and services are off the…
  • - KRA is inviting applications from fresh Bachelor's Degree and Diploma graduates for its January to December 2023 Internship Programme, in support of the Government's Youth Initiative to establish a pool of young talent for the Kenyan labour market.
  • - Digital Lender Zenka Finance has made a number of updates to its products in recent months, including a new promotion offering new users interest free loans up to Ksh5,000 for up to 61 days. 
  • - For years, commission-based jobs were the preserve of the sales and marketing department. However, more employers have embraced the idea of pay based on agreed deliverables. For instance, you could be hired as a chef and receive pay as a share of the number of meals you prepare and sell. Some…
  • - It is that time of the year you have been waiting for. The holidays are around the corner, and retailers nationwide are offering massive discounts to everyone eager to shop—both online and offline. Whether you are looking to upgrade your home appliances or electronics, change your wardrobe or buy…
  • - As consumer loans become more accessible, more Kenyans have been using them to get out of emergencies and financial fixes. The most common consumer debt incurred is digital loans through mobile money services and smartphone applications. Research published by Global System for Mobile Communications…
  • - Medical situations, delayed paychecks, and unforeseen needs might all cause you to take out short-term loans. Is getting into debt, however, the best option? Even though short-term loans can help you get out of financial difficulty, they can have a detrimental impact on your overall finances, so…
  • - The high cost of living has become a global crisis and has nearly affected every aspect of our lives. Different people have had to come up with ingenious ways to survive by cutting down expenses and increasing their savings to cater to the increasingly uncertain future. 
  • - Comprehensive insurance is a mandatory requirement for one to qualify for motor vehicle purchase financing as well as logbook loans in Kenya. One of the biggest reasons that people take out auto financing is to start or support income-generating efforts and smaller engine cars. 
  • - The National Youth Service (NYS) has launched a nationwide push to recruit eligible Kenyans into its 2022 cohort. In an advertisement in local publications on Tuesday, August 16, the service says it is looking for both male and female volunteers to join the NYS program.
  • - It’s a new month! Are you looking for a government job, either to change careers, get new experience, or earn a better pay? Are you looking for some foundational work experience, too? Well, this article provides a roundup of open employment opportunities in government institutions you can apply for…
  • - The Public Service Commission (PSC) has announced job openings for Principal Secretaries (PS) positions following the election of a new government after the August 9 poll. A principal secretary is in charge of the administration of a state department within a Ministry such as Interior, Planning,…
  • - The Independent Electoral and Boundaries Commission (IEBC) on Friday, April 22, announced over 400,000 temporary positions ahead of the August 9, 2022 election. Kenyans are invited to apply, with the application deadline set for Thursday, May 5, 2022.
  • - No one will want to do a job that doesn’t pay well. But sometimes, people may be blinded by traditional expectations and fail to see income-earning opportunities in jobs considered lowly. Taking a long wait to secure a white-collar job can hurt your financial goals and growth.
  • - The Kazi Mtaani Programme is a project that aims to safeguard the most vulnerable young people in informal settlements from the COVID-19 pandemic's effects. The purpose of the initiative is to provide some form of social protection for workers whose chances of finding regular or casual work have…
  • - Is it baffling to you how thousands of Nairobi hawkers are so skilled at what they do? You can encounter an ordinary hawker who lives a simple lifestyle or another who drives the latest automobile model and dresses in the most elegant attire and ask aloud, "how do they make money?"
  • - Just imagine that you are in your house watching TV or enjoying some family time then your phone begins to buzz with transaction messages from your bank or M-pesa yet you are not the one making those transactions. It's a dreadful scenario to be in and you could just be a victim of a SIM swap fraud.
  • - The rate of inflation hit a record high of 9.2% in September making an already bad situation worse as more and more Kenyans struggle to afford basic necessities. But how are comparable countries fairing? A GeoPoll survey of 9 countries including Kenya unearths useful coping strategies that could…
  • - Everyone experiences financial emergencies or situations that require a quick cash injection - money that they don’t have - from time to time. This occurs whether it's to cover a sudden medical bill, household bills, travel costs, take advantage of a business deal, or fulfill an urgent order.
  • - Every day, a large number of people in need of money regularly ask, "Where can I get a loan in Kenya without security?" If you need money to start a small business, manage your cash flow, or finance your next stage of growth, this article on unsecured loans is for you.
  • - Being negatively listed on a credit reference bureau can be upsetting for most people. Most Kenyans, particularly the young, have expressed concern at even the slightest mention of CRB.
  • - When it comes to car mechanics in Kenya, to say their reputation precedes them would be a major understatement. It would not be fair to dish out a blanket condemnation, however, an objective look into some of the stereotypes attached to this particular group of professionals shows that there is…
  • - The Higher Education Loans Board (HELB) has opened the application portal for first-year loan applications for the academic year 2022-2023. ‍Applications are now being accepted from students placed by the Kenya Universities and Colleges Central Placement Service (KUCCPS), as well as those enrolled…
  • - The Higher Education Loans Board's mission is to provide financial support to Kenyan students attending local and international higher education institutions. The organisation offers loans, bursaries, and scholarships for studying at authorised public and private universities and colleges in Kenya…