- If owning a car is part of your resolutions for 2024, but you are budget-conscious, one popular option for buying used cars in Kenya is purchasing one through auctions. Car auctions provide a unique and budget-friendly avenue for individuals determined to realize their dreams of owning a vehicle…
- So you’re in a happy, healthy relationship and starting to become a huge part of each other’s lives. Things are getting serious; maybe you have even moved in together and are now thinking of merging your finances. But there’s a problem. You and your partner aren’t married yet and have a dilemma:…
- Last year, the financial landscape underwent significant transformations following the implementation of the Finance Act 2023. While some changes took effect immediately, with rollouts beginning in July and September 2023, others are poised to make their impact felt from January 2024 and beyond.
- "The Government will introduce a withholding tax on agricultural produce which will be a final tax at a rate not more than 5 per cent of the value of the produce delivered to the cooperatives or other organised groups," the National Treasury stated in its medium-term revenue strategy, further…
- The Kenya Shilling is depreciating at an even faster rate in 2024, Kenya's "visa-free" status is causing confusion for travellers, returns on government securities cross 18% as private sector activity improves on softening inflation plus a worrying start at the NSE and more on the first money…
- The FERFA charge more than doubled, from Ksh3.17 in December 2023 to a record high of Ksh6.46. EPRA cited the continued weakening of the Kenyan shilling against the dollar for the increased cost. One consumer who spoke to Money254.co.ke noted that she had noticed fewer tokens for the same Ksh500…
- You may have been wondering while some people are so good at increasing their wealth while others struggle to make do. The answer might be as simple as two contrasting mindsets; scarcity versus abundance.
- On Monday, the government introduced an application portal to facilitate the process of obtaining loans and scholarships under the New Universities and Colleges Funding Mode.
- From the shocking list of counties that did not spend even a single shilling on development, to the ripple effects of the increase in the Central Bank base lending rate, good news for farmers, a proposal to change Kenya's budgeting system and holiday travel woes, news from the last 7 days that…
- The country is set to forgo over Ksh5 billion in revenue on the shift to a Visa-free regime - a first in the world. Meanwhile, Hustler Fund interest rate increased to 12.5%, more on the depreciating shilling expectations of lower fuel prices, loan defaults to hit 17%, good news for sugar farmers…
- From revelations that the government is facing liquidity challenges serious enough to affect the payment of salaries, to attempts by MPs to undo some tax changes introduced by the Finance Act, 2023, a jump in the CBK benchmark lending rate and declining profits in the banking industry, all the…
- It is that time of the week again when we take a comprehensive 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.
- Employed Kenyans are bracing for yet another deduction on their payslips following the commencement of the implementation of the SHIF Act, the last ever KCPE results were released, World Bank will be loaning Kenya Ksh1.8 trillion, milk and pyrethrum farmers are rejoicing, Kenya Power could raise…
- From the government U-turn on the gazette notice increasing service fees, to a deep-dive into the investment types that are emerging as winners with the free fall of the Kenyan Shilling, to developments in the Coffee industry, fuel price stabilisation, Fuliza and an Equity-owned Fuliza competitor,…
- From the tenfold rise in fees to access basic government services such as ID card registration and passports, to the proposed rise in land fees by up to 100 times, to the revelation of a liquidity challenge by Treasury CS and highlights from President Ruto's State of the Nation address, plus…
- From the outrage sparked by a KRA response to claims of harassment of travellers at JKIA and the clarifications that were to follow, to protests by bankers against the Finance Act 2023, a dramatic reduction in the Hustler Fund budget amid biting defaults and reports showing Kenyans are cautiously…
- From the petition field challenging the implementation of the Social Health Insurance Act, to Safaricom finally fully purchasing M-Pesa, to a record drop in the sale of vehicles in Kenya, KRA missing the revenue targets, skyrocketing bank interest rates and a new Ksh50 billion bond and more - money…
- From revelations of the government's affordable housing programme's house sizes, prices and payment plans, to details on the success of KRA's efforts to enforce tax revenue compliance, to revelations of a triple increase in imported power plus the associated cost implication to the consumer and a…
- Some of the key factors identified as the drivers of the loss in value for the Kenyan currency include reduced foreign exchange inflows and the US Fed's tightening monetary policy. The shilling has already depreciated by over 22% in the last 12 months, pushing up the prices of imported goods such…
- Welcome to this week's Money Weekly roundup, where we are going to delve into the latest developments impacting various aspects of the financial landscape. In today’s edition, we'll explore why Kenyans are rushing to keep their money in dollar accounts, the effect of inflation and taxation on new…
- From the historic introduction of standing orders on M-PESA to MPs rejecting a bill seeking to cap civil servants acting allowances, a worrying report on the growth of loan defaults among MSEs and the skyrocketing cost of new cars in Kenya after the imposition of a 35% import tax, welcome to Money…
- Even as fuel prices cross the Ksh200 mark, the Treasury is proposing new tax measures that among other things will lead to the removal of the Ksh2,400 personal tax relief, increase VAT to 18%, make taxable some education services, farm inputs as well as a welath tax for all car owners. More in the…
- Welcome to this week's edition of the Money Weekly Roundup, where we bring you the latest developments that affect your pocket from the world of money. In this week's headlines, Kenya has topped global Worldcoin registrations with a record 350,000 entries, the cabinet has granted the green light to…
- Life often throws unexpected financial challenges at everyone. When this happens, the need for quick financial assistance becomes unavoidable, and you might resort to borrowing. If you are a car owner, a logbook loan can come in handy, offering a lifeline when your cash flow is tight or emergencies…
- In the vast world of lending, making the right decision can be a game-changer for your financial well-being. Are you curious about logbook loans and how they compare against alternative borrowing methods? This article is for you!
- Are you an aspiring entrepreneur, looking for ways to infuse some much-needed capital into your business? You might have come across the idea of a logbook loan. But is it the right choice for you?
- One of the outstanding features of the Izwe Logbook Loan is that you are able to use your car as collateral to support a close family member who requires a loan but does not possess a logbook. For instance, your parent, spouse, daughter, or son. They can also use their logbooks to help you access a…
- To qualify for the Platinum Credit Logbook Loan, borrowers need to own a vehicle that is not older than 2000. All vehicle makes are accepted and you are required to have the logbook registered in your name. The amount you can borrow is determined based on the forced sale value of your car, the…
- While taking a logbook loan might be an easy way to access quick money during an emergency, you must factor in the risk. The biggest one is that you could lose your car. If you think you risk defaulting after taking a loan, you should alert the lender immediately. You can negotiate, refinance your…
- Taking a logbook loan can lead to financial problems if you don’t approach it well. To avoid these potential troubles, you should educate yourself about this product, understand its terms and conditions, and compare offers from different lenders before deciding.
- Logbook loans can be a viable option for people who need quick cash but may not qualify for a traditional bank loan or other forms of financing due to one reason or another. However, you must approach it clearheaded to reduce the chance of defaulting and losing your car. Look out red flags…
- Logbook loans are easily accessible, and they can seem suitable for every little financial hiccup you face. But they are not. When applying for any type of loan, you need to have a solid plan for spending the money and how to repay it. While logbook loans can help you during emergencies, they can…
- A logbook loan is a type of secured loan where your motor vehicle serves as collateral. With this type of loan, you can borrow a specified amount from the lender based on the value of your vehicle. The financier's chosen appraiser determines the value of the vehicle. Once your loan has been…
- Financial emergencies are part and parcel of life. While there are many ways to address them, they can be complicated when you don't have a rainy day fund or quickly run out of it. When this happens, your other options usually involve liquidating your assets or taking out an emergency loan.
- A logbook loan can come in handy in situations when you need a substantial amount of cash within a short period of time. However, this convenient medium that helps you when you are in need also needs paying off.
- No one is immune to emergencies - that is why it is crucial to have an emergency fund. But the honest truth is, an emergency hits when you least expect it. So even with the highest level of preparation, an emergency can potentially knock you off your pedestal either way.
- Most people like surprises. But no one likes a surprise bill or expense when they don't have enough money to cover it. The good news is, if you’re facing an unwanted ‘surprise’ and aren’t sure how you can pay for it, a logbook loan can save the day! You only need to be eligible and have a car to…
- Few Kenyans have the cash they need at hand to pay for big-ticket expenses upfront. As such, it is not unusual to see people looking for loan options, in order to be able to pay for these costly expenses over time. A logbook loan is one such option.
- Since March, Money254 has been making it easy for consumers and business owners to directly apply for financial products through our new Easy Apply process. To celebrate, Money254 is pleased to announce the launch of a Ksh2,000 reward offer for all successful logbook loan applicants who apply via…
- For many borrowers, the thinking behind loan charges can be a mystery. Why are interest rates different for different lenders? Who sets these rates? Why are some charges different for different borrowers? How does a lender decide what to charge for a specific type of loan?
- From failing to conduct sufficient research, not comparing available options to borrowing more than you need and failing to understand the terms and conditions of repayment, logbook loan mistakes can be very costly. This article equips you with the knowledge you need to keep the costs low when…
- Given the increasing cost of living, financial commitments might be hard to meet at one point in your financial journey. And sometimes, you might need a quick solution to help you meet an urgent monetary need like a medical emergency, a quick investment need, etc.
- Logbook loans can be a huge boost to your financial needs especially when you need a large amount urgently and have a regular income to make the repayments. With the risk of losing your vehicle being real, you want to make sure you have all the facts before signing up for a logbook loan.
- If you have been cash-strapped and in urgent need of a loan, you might have thought of putting your car on the line to get a loan. Logbook loans have risen in popularity over the years in Kenya with multiple lenders including banks and microfinance institutions offering this secured loan option.
- It is a fully digital account that can be opened in less than 10 minutes without having to visit a branch. It also allows customers to set up standing orders online and get free e-statements. There are no limitations on the initial deposit or subsequent top-ups. The interest accrues on a daily…
- Expanding its scope beyond the commercial realm, KRA has set its sights on landlords. On November 11th, the taxman carried out a sensitisation exercise in Nyayo estate in Nairobi to create awareness about rental income tax to landlords, and the KRA assistants undertook a data collection exercise on…
- The beginning of the year is the time for great optimism as you set goals you want to achieve. However, what happens when you have debt that you have carried from the holiday period?
- The government through the Kenya Copyright Board (KECOBO) and the Communications Authority of Kenya (CA) have partnered to launch a crackdown targeting Kenyans sharing copyrighted content through social media platforms such as Facebook, X, WhatsApp and Telegram.
- The pressure to succeed young can be overwhelming whether it’s achieving the best in exams or your career. Being young can sometimes feel like an impossibly hard position to be in, this ‘race of life’ can feel harsh and inescapable.
