- If the banks pass the additional 2% to consumers, the average interest rate on a bank loan will rise to 21.1% with some customers facing rates as high as 28%. This is in line with risk-based loan pricing policies adopted by top commercial banks in Kenya that have already been approved by the CBK.
- Did you know that you might be entitled to a tax refund from the Kenya Revenue Authority (KRA) if you've overpaid taxes in any of the last five financial years?
- The recently gazetted Social Health Insurance Fund (SHIF) Act 2023, does not contain enhanced covers previously enjoyed by civil servants and various government employees. At least 73 public institutions, including civil servants, that benefited from National Health Insurance Fund's (NHIF)…
- There are many saccos in Kenya. But not all Saccos are good for you. When investing, you need to find a Sacco that aligns with your financial needs and goals. Conduct thorough research on the Sacco to ensure you trust them with your savings.
- Following the loss of over 70,000 jobs over the last 12 months attributable to the Finance Act, 2023, MPs are now advocating for significant changes in the country’s tax system. Some of they recommendations include reversal of the 16% VAT on fuel, a cap on taxable personal income and mandatory…
- There are seven distinct money personality types. Your money personality determines how you make financial decisions and your relationship in money. By knowing the strengths, pitfalls and opportunities in your money personality type, you can better make decisions about your money goals.
- Earn, save, invest, borrow and spend - these are the five pillars of your personal finances. How well you build these pillars up will directly determine how well you are going to be living your multifaceted life - which could be termed as financial success. In this article, we demonstrate to you…
- Umba Microfinance Bank offers a 16% per annum interest rate on savings deposited in their fixed deposit account. This is higher than Kenya's annual inflation rate, which as of October stood at 6.92%. This rate of return is higher than the average for Sacco deposits, Money Market Funds and compares…
- December is a festive month where most people spend much more on indulgence than in other months. Also, the month, being the last month of the year is the perfect time to take stock of what you have accomplished throughout the year so that you can make informed New Year resolutions.
- Why do people join a Sacco? There are two main reasons: to borrow money when they need it and to earn interest on the money they save. Deciding when it's time to change your Sacco involves careful consideration of various factors.
- The high cost of not comparing loan options lies in the potential for paying more in interest, fees, and overall loan costs. Taking the time to thoroughly research and compare loan options ensures that you make informed decisions that align with your financial goals and circumstances.
- Maximising your savings provides peace of mind. Knowing you have a financial buffer and are on track to achieve your goals can reduce stress and anxiety during challenging economic times.
- Investing together as a couple isn't as easy and rosy as it sounds, and there will be challenges along the way. If you are beginning, consider starting the investment process slowly, perhaps with smaller ventures that allow you both to learn, adapt, and grow together.
- Our twenties are a foundation to build our future. This stage in life is marked with limitless energy, curiosity, and a profound desire to crack the matrix of life. Amid this youthful enthusiasm and the allure of endless possibilities, there lies the responsibility of establishing a strong…
- There is a big likelihood that you are reading this article from your mobile phone. Our phones have become an extension of us. We cannot do life without them. To increase our convenience, we have fitted every possible service on the phone, such that we can do most of our daily tasks on the go. A…
- Starting over may involve a period of transition that's full of uncertainties. This can cause you financial stress as you navigate the challenges of a new endeavor and come to terms with your decision to start over. During this time, practice self-care, seek support from friends and family, and…
- The loan application process can be as simple or complicated as you make it. To ensure a smooth and successful experience, do your homework before applying. Take the time to evaluate your financial needs, research your options, and understand the terms and conditions offered by different lenders.
- People decide to stay at home and take care of their kids for different reasons. It could be because childcare costs a lot and it's too expensive. Some folks just don't like the idea of sending their child to daycare. Others do the math and realize that paying for childcare is almost the same as…
- It is not strange to find that people aspire to live in better neighbourhoods, characterised by security, better amenities, and community. Because of this aspiration, one might be tempted to live in a neighbourhood whose lifestyle is beyond their means. What then are the signs that you might be…
- Life is unpredictable, and emergencies can hit when you least expect them. Whether it's a sudden health issue, unexpected car troubles, or unforeseen mishaps, having insurance provides a financial safety net. It ensures that you can tackle the unexpected without draining your hard-earned savings.
- Do you suspect you've fallen victim to an online scam? You need to act fast.First, protect your accounts by securing social media, email, mobile money, and bank accounts and changing passwords. Second, freeze your card/lock your sim card and notify your financial institution, mobile money service…
- Before you decide to borrow, ask yourself: "Is this loan for the right reasons?" Will it contribute to your long-term financial stability, or is it a quick fix that may ultimately lead to more trouble than it's worth? Finally, take time to evaluate your options, budget responsibly, and seek expert…
- Are you looking for the necessary capital to actualise that great business idea you have been brainstorming for the last while? Or is it time to level up your existing business and maybe open another branch?
- Your bank statement is more than just a record of your financial transactions; it’s a valuable tool for managing your money effectively. It can help you keep track of your income, expenses, savings, and investments. However, it can also reveal some potential problems or errors that you need to be…
- Buying a car is a big financial commitment. And if you accomplished this dream using an auto loan, chances are you made that decision fully aware that the road ahead might have a few bumps as life is unpredictable.
- Imagine this: With the right financial support, you can explore exciting opportunities such as expanding your product line, entering new markets, or launching innovative marketing campaigns. These strategic moves can breathe new life into your business and help you mitigate risks associated with…
- What is your thought process when considering saving or investing your money? Do you rapidly make the decision, or do you factor in your financial goals, risk tolerance, and overall financial well-being?
- Some people enjoy the kitchen. They are creative in the kitchen. But some people get in the kitchen when it is essential. This heightens the debate about which is better between eating out and cooking at home.
- As November dawns, Kenyans brace for a challenging month ahead, marked by a relentless surge in the cost of living, primarily driven by the escalating prices of essential food items.
- Are you ready to embark on your investment journey? Before you dive into the world of stocks, bonds, and portfolios, it's crucial to understand the language of investing.
- A post by one Maxwell Otieno on Monday, October 30, caused a storm on X (the social network formerly known as Twitter) after it shed light on little-known custom laws that less frequent travellers are familiar with.
- Are you ready to take control of your financial future, but feeling overwhelmed by all the conflicting advice out there? It's time to separate fact from fiction that might be holding you back from building wealth and embrace a more informed approach to investing.
- Have you ever felt like you've outgrown your current job? That nagging feeling that it might be time for a change? Well, you're not alone! Sometimes, life gives us signs that it's time to spread our wings and soar to new heights.
- Are you a small business owner looking to take your venture to the next level? Securing a business loan can be a game-changer, but it's essential to use those funds wisely to ensure your success. Here are seven best practices to make the most out of your business loan.
- Are you an aspiring entrepreneur with dreams of building your very own micro-business? We often celebrate the success stories of entrepreneurs and thriving businesses, but it's crucial to shed light on the challenges faced by micro businesses too.
- Life is full of choices, and some of the most important ones involve our finances. One of the significant decisions you may face is whether to take out a loan or not. Whether it's for a big purchase, educational expenses, or unexpected emergencies, a loan requires careful consideration.
- I got my first bank account when I joined the university. I opened the account to apply for a HELB (Higher Education Loans Board) loan. This was the situation for many people. Until then, I had not interacted with my own money except pocket money. Hence, you can understand the excitement and the…
- Content monetization is a clever way of making passive income by sharing passions or creativity online. Anyone who wants to eventually make content creation profitable needs to enhance their creativity to stand out, take video and photo editing lessons to produce high quality content and invest in…
- Applying for a car loan can be both an exciting and overwhelming process for those in search of the right loan, especially if you’re a first-time borrower. While the allure of a new car is undeniable, it's essential not to let that excitement overshadow the importance of thorough financial…
- Money254 constantly reviews financial products to help you find the best ones. We found and reviewed seven logbook loans approved in less than 24 hours.
- Raising kids is undoubtedly one of life's most rewarding and challenging experiences. As parents, you want the best for your children, and that includes setting them up for financial success. So, let's talk about "How to Set Up Your Kid(s) to Be Financially Successful."
- Further, the need to have a personalised investment approach was emphasised, noting that there is no universal rule that should guide how much you should save or where you should invest your savings. The important thing is to understand your goals and suit your investment options to your personal…
- The importance of an interest-earning savings account cannot be overstated. It's a powerful tool to make your money work for you, ensuring your wealth grows rather than remains stagnant.
- Joining university is an exciting journey. One that is marked by newfound freedom and endless possibilities. However, amidst the excitement of classes, friendships, and campus life, finances are a crucial aspect that often gets overlooked. Looking back five years ago there are several financial…
