- It's as if our salaries are developing wings and taking flight, leaving many Kenyans wondering where it all went. The cost of fuel, electricity, and basic commodities such as cooking oil, sugar and maize flour has gone up. Even household items that we previously picked without checking the price…
- Monitoring how the savings account is growing is my new exciting thing. The account is well-suited for goal-oriented savings. In addition, my savings earn interest. Yes, at an above-inflation rate of 9% per annum - which happens to be the highest offered by a commercial bank in Kenya.The interest…
- Like Zenka, commercial banks offering digital banking have been translating the existing physical KYC process - that requires a customer to present their original ID, KRA PIN copy and a passport-size photo - into a digital option of uploading a copy of ID, PIN, and a selfie image in the place of a…
- The used car market is growing as more Kenyans seek a more affordable path to car ownership. However, the market can be challenging for the average car buyer who has little understanding of the market dynamics or a technical understanding of the state or value of a secondhand vehicle. Peach Cars is…
- Umba is a Microfinance bank licensed by the Central Bank of Kenya. Umba offers market-leading fixed deposit and standard savings accounts covered by KDIC Insurance that can be accessed instantly through their app. Download the app, open an account and start saving in minutes today.
- I looked for Facebook posts bearing the seller’s name but instead of getting the vehicle’s offer history, I came across two disclaimers showing a number of clients had been conned while trying to buy this specific car. It was a close call as I had been planning on sending the money later that day…
- One day I was catching up with news on my mobile browser and I saw that Umba, a Kenyan bank licensed by the Central Bank of Kenya, had launched a fixed deposit account that paid an interest rate of 16% per annum. This is the highest rate I have seen being paid for a fixed deposit account in Kenya.
- Amidst these trials, Kenyans have demonstrated remarkable adaptability and resourcefulness. The lessons learned in 2023 extend beyond mere survival; they delve into the benefits of financial management and long-term planning. So, what money lessons have we learnt this year that we need to carry…
- December is here. It’s the month of bonding with family and having fun together. Whether this means road trips, a quick shopping dash, or a long drive upcountry, now is the time for you to buy that family car you’ve been saving for.
- Are you planning to sell your car? If so, you might be wondering what’s the best time to sell. Timing is everything when it comes to selling your car. It can determine how quickly you sell your car and fetch a good price for it. In this blog post, we’ll discuss the best time to sell your car and…
- I wanted to buy a car to improve my productivity. I work as a real estate saleswoman and moving around to meet clients can be challenging when I have to catch matatus frequently. Sometimes I move across the outskirts of Nairobi - Ruai, Kamangu in Kikuyu, Mua in Machakos, and Kibiku on the road that…
- Absa Kenya has taken this step further by pioneering the 'Buy Now, Pay Later' (BNPL) credit card service. Imagine a scenario where you need to replace a lost phone. With any Absa credit card, you can make the purchase and convert it into a convenient instalment plan that spans up to 12 months, at…
- The last time I tried to apply for a personal check-off loan from my old bank, I was faced with a litany of requirements including an MoU with my employer - that also required all employees of the company to open a salary account with my bank before my loan could be approved. Suffice to say, that…
- This provision has since motivated me to move my emergency fund to the Absa Digital Savings Account, this is money that I keep for a rainy day such as a job loss - I never touch this money except for very dire situations. However, rather than have it dormant, I realised, I could grow it through the…
- Like every other average “tech-savvy” Nairobian, I started ‘window shopping’ online. I scrolled through Facebook car groups and other online marketplaces. One particular car- a Toyota Allion- caught my eye. It looked sleek, and more importantly, was within my budget. I chatted with the seller and…
- Umba Microfinance Bank is licensed and regulated by the Central Bank of Kenya (CBK). The bank offers different financial products from the convenience of your phone through the Umba app. Among the financial products they offer is the Umba Fixed Deposit Account which offers customers an opportunity…
- The Umba Fixed Deposit account has one of the highest returns among passive investment options in Kenya. It offers up to 16% annual interest which makes it ideal for consideration when looking for an investment option that is above Kenya’s inflation rate. It also offers liquidity on account of the…
- I researched the various options that were available for passive income and learnt about the Umba Fixed Deposit Account. Umba is a digital bank that is licensed by the Central Bank of Kenya. It attracted my attention because it had the highest interest rate among the fixed deposit options I had…
- January is an ideal month for purchasing a locally used car for several reasons, including the increased supply of locally-used cars as car owners seek to raise cash or upgrade in the new year. As the supply increases, sellers may be more willing to negotiate prices and offer favorable deals,…
- Both chamas and the Absa Digital Savings Account provide various advantages based on your savings objectives, and they can be utilised together for diversification and risk reduction. They enable you to separate and track different savings goals effectively, the choice between the two depends on…
- Kenyans on Facebook and Instagram are set to start earning from their content in the next three months Meta, the parent company, announced the rolling out of instreams ads in the country opening up income opportunities for users with from as low as 5,000 followers. In this guide, we discuss how…
- The introduction of electronic Tax Invoice Management System (eTIMS) including for traders in the informal sector changes almost every aspect of tax compliance in Kenya giving KRA real time access to business transactions for automated tax assessments and timely tax demands. Many, including doctors…
- President William Ruto on Tuesday, March 19, signed into law the Affordable Housing Act, 2024, paving the way for the resumption of the 1.5% levy deduction from both the employer and employee. This is after resistance against the levy from the public, opposition and being declared unconstitutional…
- If you've been keeping an eye on financial news, you may have heard about the changes brought about by the Finance Act of 2023. Among these changes is a new sub-section to section 17 of the VAT Act, which could affect your insurance premiums. But what does this mean for you and your coverage?
- Year in year out we hear of occurrences where hundreds of Kenyans are swindled and wind up losing their hard-earned money through pyramid schemes. Yet we wonder who these targets are. How do the perpetrators manage to infiltrate the masses so easily?
- Strengthening the KES against the US Dollar can have benefits and downsides for your finances and the broader economy. As the Shilling gains against the dollar, consider reviewing and diversifying your currency holdings to mitigate risks associated with currency fluctuations.
- Kenyans are bracing for even higher taxes as Treasury CS says that current tax regime has reached the end of the road, the Senate passed the Affordable Housing Bill which imposes a 3% monthly interest on non-remitted contributions as Remotasks exits Kenya amid the Kenya Shilling's 8-month high…
- The costs of not having insurance are numerous and far-reaching, spanning from the financial burdens of medical emergencies and income loss to the emotional toll of funeral expenses and property damage.
- Kenya has recently been added to the Financial Action Task Force (FATF) greylist. The FATF is the global watchdog for money laundering and terrorist financing. How is this going to affect you?
- The Kenyan economy is going through a hard time and Kenyans are the ones taking the hit. With the shilling losing its value, inflation rising, and prices of goods shooting, Kenyans are left with nothing in their pockets. They therefore have to find other means of covering their bills and…
- After finishing secondary education, there is usually a hiatus moment before transitioning to tertiary education. For many, the rather long break from education goes by without being utilised in a productive way. However, that break can be an opportunity for a Form 4 leaver to get into the world of…
- Court battles, suspensions, stay orders, fresh brawls with worker unions and expedited parliamentary legislation to regularise the Housing Levy, KRAs U-turn on eTIMS fore small businesses and farmers, 16% return on a new bond, revocation of 2nd gen alcoholic licenses and money news from the last…
- Peach Cars offers a marketplace for locally-used vehicles and applies a rigorous inspection process to all cars to ensure buyers have full information, get fair pricing, and avoid all the challenges car buyers traditionally face. Peach Cars also has professional and technical staff who understand…
- More than ever, the need to create diversified sources of income is more prevalent today. While there are many ways you can diversify your income, business is one of the most potent means of diversification. However, should you start a business this year?
- Choosing the right financial institution can make a huge difference when borrowing money. Often, this begins by choosing which type of institution, such as a Sacco or bank, to use. At a glance, they seem the same. After all, they're both offering loans. But they are not.
- Kakamega is the tenth largest town in Kenya, with a population of just shy of 2 million people. Established 30km north of the Equator, Kakamega is among the most fertile lands in Kenya, making it ideal for agricultural activities. This town is considered the heart of the Luhya people and has most…
- Through Jipange, you get a regular supply of your household essentials, such as groceries, milk, eggs, sugar, maize flour, rice, and others - based on your consumption pattern. You do not have to remember which item is running out - Jipange ensures these items are dropped like clockwork - once you…
- Entering the corporate realm can be an exciting and promising experience, filled with opportunities for personal growth and success. Learning and narrowing down the different types of corporate jobs available and a few key facts about these roles can help you as you prepare for your studies and the…
- Money Market Funds (MMFs) are investments where investors pool their money into a fund and invest in short-term, low-risk securities that range between one day and one year. MMFs are a great investment for small investors as well as large investors. They usually have low entry requirements, making…
- We tell you the story of Tushop, a Nairobi-based company that is using technology to help Nairobians enjoy the convenience of having their groceries and other household items delivered to their doorsteps at lower prices that they would get from a supermarket and open-air market. We’ll also…
- With Jipange, you select the household consumables you need on a regular basis, choose your preferred delivered schedule - weekly or monthly - and get them delivered to your doorstep for no extra charge. A shopping basket is being dropped at a doorstep somewhere every Friday or Saturday or every…
- The construction industry in Kenya is a huge market. The market was estimated at $17.3 billion in 2022 and is expected to grow by more than 5% between 2024 and 2027. Despite the tough economic times, the construction industry seems to be holding on well. Part of the resilience has been due to the…
- Uganda, Tanzania, and South Sudan rejected the trade deal with the EU. Rwanda had signed the agreement but did not ratify it for unclear reasons. A number of non-state actors in the EAC have asked the East African Court of Justice to bar Kenya from ratifying the EU deal as it would affect the…
- Payslip deductions for the controversial Social Health Insurance Fund (SHIF), previously scheduled for March pushed to July in surprise last minute change to the relief of employed Kenyans, but the upcoming 2024/25 budget holds even more tax changes that could affect your pocket - this ad more on…
- A dollar account, also known as a USD account, is a type of bank foreign currency account denominated in United States dollars (USD). It allows individuals and businesses to hold, transact, trade, and invest in/with US dollars.
- Without understanding how brokering happens on the streets, you might end up overpaying for the items you buy in the city. How do you avoid kugongwa on the streets of Nairobi?
- Applications for placement at Kenya’s tertiary institutions by 2023 from four candidates are ongoing. The process has been marred by system difficulties, resulting in Kenya Universities and Colleges Central Placement Service (KUCCPS) extending the application deadline twice. The current deadline…
- The Public Service Commission (PSC) on February 27, 2024 announced 789 job vacancies in various government ministries and departments with application deadline set for March 19, 2024. The basic salaries range from as high as Ksh576,120 to Ksh23,700 with house allowances as high as Ksh100,000 per…
- Money itself isn’t stressful, to be honest. Not knowing what my money is doing? Being afraid to check my bank balance? That’s where all the stress happens.
