- The launch marks a major step towards improving the ease of doing business in the country, addressing the need for efficient and streamlined services that facilitate business establishment and growth.KBSC will also enable businesses to access loans through the provision of information and…
- With a population of over 40 million people and a steadily growing middle class, Uganda offers a sizable consumer market hungry for goods and services. Kenyan businesses can tap into this market to sell their expertise and products.
- At the beginning of the year, Equity Bank launched its overdraft facility, Boostika. Boostika is similar to Fuliza, an M-Pesa overdraft facility that, in August last year, reported that Kenyans were borrowing Ksh2 billion daily. Although these two are the most popular overdraft facilities in the…
- It is that time of the week again when we look at the news headlines over the last seven days and dissect those that can affect your money. Welcome to yet another edition of Money Weekly.
- More and more people are owning cars in Kenya. The booming car market has unfortunately also attracted fraudsters. As a car owner or an aspiring car buyer, you must be aware of the scams that these fraudsters employ to defraud you of your car or money.
- If you want to grow your savings and make your money work for you, simply stashing away cash won't cut it. You need to find instruments that promise higher returns than your traditional savings account. Fortunately, there are many saving and investing options that offer high returns to choose from.
- The price of tea at the Mombasa Auction has hit a record high price of Ksh443 ($3.41) per kilo. At Ksh443 per kilo, the current retail price is the highest ever recorded over the past 30 years, only coming close to the prices recorded in July 2015 when the commodity recorded a record high of $3.39…
- “We are out to share experiences including seconding of expertise to boost the manufacture of quality fabrics that meet Agoa markets in order to increase profitability and create employment opportunities. There is high demand for textile products in the American market and Rivatex has modern…
- Being the lastborn of three children and raised by a widowed mother, she outdid herself. None of my siblings lacked despite the fact that after our father’s demise, we were all disinherited. All I remember was the month of confusion, tears and agony and moving out from our big maisonette to a two-…
- In August 2023, after the cost of petrol crossed the Ksh200 mark, the Energy Petroleum Regulatory Authority (EPRA) announced that it would be subsidising the landing cost of fuel through funds drawn from the Petroleum Development Fund. At the time, a Cabinet Secretary predicted that a litre of…
- The deadline for all business in Kenya, including those in the informal sector to onboard on the electronic tax invoice management system (eTIMS) lapsed on Sunday, March 31. This means that expenses not supported by an eTIMS invoice are no longer tax deductible, but there are also fines for non-…
- “Payment of contributions and access to health services under the Act and these regulations will commence on July 1, 2024.Upon the coming into force of these regulations, every person resident in Kenya shall apply to the Authority for registration as a member of the Social Health Insurance Fund…
- The National Transport and Safety Authority (NTSA) and the National Police Service (NPS) has commenced a crackdown on vehicles with unauthorised modifications, particularly involving the use of strobe lights.
- Banks release their financial reports for the year ending December 2023 with a majority reporting a growth in profits, President William Ruto orders parastatals to surrender 80% of profits to Treasury as loss-making ones put on notice, KRA set to miss revenue targets, NSE sets record performance…
- As the electric mobility revolution sweeps across Africa, the motorcycle industry in Kenya stands poised to lead this transition since it is the most represented in the transport sector. We are now at the point where if you've been contemplating purchasing or upgrading your two-wheeler for personal…
- Mombasa is a major economic and cultural city in Kenya, the second biggest after the capital Nairobi. With a population shy of 1.5 million people, Mombasa has endless opportunities for an entrepreneur willing to exploit them.
- I have always been fond of children. Primarily because they are a clean slate for this thing called life. In them, I see a sea of possibilities and dreams that can be forged—a future! More often than not, whenever I come across a kid, one of the questions I ask them after their name, of course, and…
- “Civil servants living in government houses pay an average of Ksh2,200. This includes those who pay lows of Ksh1,000 in areas such as Mbotela and those who pay as high as Ksh30,000 for 3-bedroom units in the upmarket areas. There is a need to increase rent. I have written to the Treasury to allow…
- It is that time of the year when Saccos are announcing their dividends and their members reaping from their savings. Here are some of the Saccos with the highest dividends in Kenya so far.
- Saving your money is important. But as much as you are saving, you cannot just let your money be saved without at least earning an interest. Discussed are the savings accounts where your savings can earn you at least 10%. This will protect your money against inflation.
- The President noted that the directive was part of his strategy to revamp the economy, by maximizing revenues and taming losses that have historically been associated with government-owned enterprises. He further directed the parastatal heads to cut their recurrent expenditure budgets by 30% as a…
- Kenya ranks as the 29th most unhappiest nation in the world, a drop for the first time in 5 years - how does it compare with neighbours Uganda and Tanzania? KRA is set to miss its revenue target by over Ksh300 million, Nigeria & South Africa outdo Kenya in venture capital investment as the…
- Are you the kind of person that has always been drawn to science? Do you have the desire to pursue science after high school but need help figuring out where to start? With a million and one courses out here, one might need help figuring out where to start or how to narrow down the list.
- Understanding the frequency of interest accrual and compounding is crucial when choosing a savings account. Daily accrual and frequent compounding, such as quarterly, monthly, or even daily compounding, can result in higher total interest earned and faster savings growth. Therefore, when opening…
- The Umba's Fixed Deposit Account offers an attractive annual interest rate of up to 16% for savings locked in for at least a year. In contrast, Saccos typically pay different rates, ranging from 12% to 15% per annum, depending on the specific Sacco.Umba's fixed deposit has the advantage of no…
- If you are full-time employed and want to improve your financial security, getting a second income stream is a no-brainer. But it can tricky when a side hustle starts taking from your monthly paycheque to support transactions. That is why you need to have access to an affordable credit facility…
- It is now possible to run a full side hustle without having to be physically present. It is also quite possible to run some side hustles without leaving your desk or affecting concentration at your main job. All you need is a smartphone and if you do not have one, there is an easy way to acquire…
- If you occasionally require a quick cash injection between paychecks, a fairly substantial amount to fulfil orders for your small business quickly, or wondering where you can get some money for emergencies, LendPlus is a digital loan app you may want to consider from the many options available…
- One standout feature of the LendPlus digital loan app is the ability to extend your repayment several times by up to the number of days your loan was due. No other digital lender so far reviewed by Money254 seems to offer this useful option of extending one’s repayment period
- Have you ever thought of how significant the one million number is? Well, if you had one million shillings in one-shilling coins, it would take you eleven and a half days of continuous counting. And that is at a rate of counting one-shilling coin per second non-stop. How can you save such an amount…
- A digital savings account is a type of savings account that can be opened, managed and operated from anywhere at any time using mobile devices such as phones and digital devices such as the computer. It has all the features of a traditional savings account and on top of it saves one time, money and…
- Every day of 2022, over 400 digital loans were approved and disbursed to Kenyans across the country via the LendPlus Digital Loan App - a digital loan app that is barely two years old in the Kenyan market. That is just about one loan being approved every 3.5 minutes.
- For many traditional loan types, “late fees”, are a nightmare that borrowers have to contend with and endure, unfortunately, if one is facing some financial difficulties during the loan tenure and can’t extricate themselves in time before payment is due.
- Late last year Zenka forgave Ksh166m of penalty fees. We sat down to ask them all about it. With digital lenders over the last few years having racked up a bad rap with accusations of lacking customer-centric policies, Zenka’s latest gesture brings into focus the efforts by players in the digital…
- We are living in rather hard economic times. The cost of living is going up, employment is a challenge after the Covid shockwaves, and most businesses are also struggling to make ends meet. Referral programmes can be a life-saver especially because they provide the opportunity to earn a decent…
- As the CBK assumes an oversight and supervisory role over the operations of digital lenders in Kenya, we take a look at the seven major regulatory changes including in the pricing of loans, borrower rights and for the first time strict rules for loan recovery. All from the perspective of a digital…
- It’s mid-February, Valentine’s Day deals are over, you probably did a little spending on your loved one(s), payday is still far away but you are in fairly urgent need of some cash to last you till then. Should you take a digital loan? If so, how does a LendPlus Digital App loan stack up?
- Unlike other compilations you might find on the internet, we have taken time to list only referral programmes that actually accept Kenyan participants and have products you can actually refer to Kenyan friends, family or followers. Many are also paying directly to your mobile money wallet.
- When it comes to loans, the biggest factor to consider before borrowing is your ability to repay. The ability to extend your loan repayment period has several advantage especially since sometimes things may not always go as planned. We detail the onl digital loan apps so far that allow repayment…
- Timiza is a mobile banking solution launched by Absa Bank Kenya in 2018 (then Barclays Bank Kenya). It is an all-in-one app that not only serves as a mobile loan app, but also enables users to save money and earn interest, pay utilities and buy insurance.
- Housing happens to be one of the biggest decisions everybody will have to make in their lifetime. And it is not an easy one. As you get older and your family grows, it becomes inevitable that you will have to make the choice. So, should you continue renting, or should you buy or build that dream…
- My regular shopping needs have also transformed. Before the card, I would always feel remorseful when I saw a great sale for something I needed, say a TV I had been saving for. The discounted option always appeared when I was broke. But not anymore! I can always borrow the "free" money and refund…
- Earning an extra income has numerous advantages in making your life easier. It is even more advantageous if you are making this money passively - that is with minimal time commitment. This article will explain to you in detail the Zenka Referral Programme that enables you to make money by sharing a…
- The Absa Digital Savings Account is one of the pioneer digital savings accounts available in Kenya. This unique accounts gives you a bonus for staying on track with your savings and the best part, you never ever have to visit a branch to transact. Should you open one? This article breaks down the 7…
- Is that digital loan app you are downloading legit? The relief of getting a loan within minutes should not blind you from the potential helplessness of extortion for months by copycat apps. In this article we take you through the warning signs you are downloading a copycat digital loan app and how…
- When you are in urgent need of cash and traditional lending options are either unavailable at the moment or you already are servicing debt with your banking partner, considering a digital loan to sort out the problem at hand can be considered a prudent financial decision. But there are mistakes…
- Owning a house is a significant life milestone for most people, but the high costs can make it seem like an unattainable goal. And given the current increase in rent rates - a fourfold rise in the last 10 years, according to data by realtor HassConsult - it might even be harder to save consistently…
- Today, where can you get an unsecured loan of up to Ksh10 million for your business? In this article, we take a deep dive into Avenews, a new agribusiness financing option that is providing loans of up to Ksh10 million. Is this unique loan what your agribusiness needs?
- To many, owning a home is the ultimate embodiment of financial security; your family has a place to call home, not just a house, you no longer have to deal with landlords and importantly, you get to build wealth over time by leveraging your home equity. But buying a home is expensive. Mortgages may…
- "In January 2022, I was promoted after a two-year wait (Covid-related) and my gross salary was bumped to Ksh80,000. It translated to a take home income of Ksh61,000 with some loose change. Coming from a take-home of a few hundred shy of Ksh45,000, this salary bump was a big deal for me. And I did…
