- From the revelation that Kenya is now spending more than half of its revenue on debt servicing, to the imminent fate of stalled government projects, compensation foe El Nino victims, CBKs dollar purchases and Kenyans spending less on highly taxed items, top money news from the last seven days on…
- Turning 30 marks the commencement of your prime financial years, a phase where your decisions can profoundly impact your long-term economic well-being. As you navigate this phase, stay committed to making choices that align with your financial objectives and contribute to your overall well-being.
- They say money can’t buy happiness but talking about it especially when you are about to get hitched can go a long way. Before saying your ‘I dos’, there are a few money-related decisions you will have to make.
- Directline, which provides insurance coverage for 77% of the Public Service Vehicles (PSVs) plying Kenyan roads, indicated that all matatus had to use a digital fare management system from 1st of February 2024 - as a requirement for their claims to be paid. The digital manifest will help in the…
- Contractors in Kenya operate under a distinct tax regime compared to formally employed individuals on the PAYE (Pay As You Earn) system. As independent entities, contractors are responsible for managing their income tax obligations. As such, navigating the intricacies of tax laws and regulations is…
- Convenience pay is a term that could refer to the extra costs associated with the convenience of certain services or products. It often highlights the trade-off between time-saving or ease of use and the financial impact on an individual's budget.
- Life happens. However, you can make it happen or let it happen to you. If you let it happen to you, you will be battered left, right, and center. However, if you take charge and make it happen, you can steer it in your desired direction.
- If you’re considering taking out a loan, you may have noticed lenders offer loans with different borrowing periods. Some will let you borrow and repay a loan over shorter periods, or “terms,” while others will allow you to spread the borrowing out over several years. Your loan term will affect how…
- Deciding who you will marry is one of life's most important decisions. You are choosing someone who you will have a family with, someone you promise to love for the rest of your life. Life doesn't have a manual and there is no set time for when you will meet the love of your life. Some people meet…
- Another year, another opportunity to make a better life. Part of making a better life is investing. This year presents another opportunity to invest and improve the quality of your life. However, where should you invest this year? What industries and businesses are likely to have good returns in…
- From the push to monitor transactions of small businesses by KRA for tax purposes after exemption from eTIMS, to the dawn of a new government banking system that consolidates all the government's cash resources to Eurobond woes, the falling shilling and 2024 unemployment projections, a money weekly…
- While vehicle ownership can make you a candidate for a logbook loan, the most eligible person is the one who has done their homework. Taking any type of loan demands foresight and understanding of the borrowing process.
- One of my New Year's resolutions is to make more money. I know it is a resolution you can relate to. However, how do you make more money? One of the answers to that question is through side hustles. Side hustles allow you to make more money and achieve your resolutions.
- Many people think they are too smart to be conned but fraudsters are working overtime and are constantly improving and developing new and clever ways to defraud people, so you should always stay vigilant.
- Whether you are a fan or not, X (formerly Twitter) has earned its nickname as the public square of the internet for a reason. The social media network is a great place to follow the real-time thoughts of some of the greatest minds not only in Kenya but in the world. If you are looking to follow…
- Stress isn’t a friend to most. It impacts your mental and physical health and general well-being, but did you know stress can also impact your finances? Our ability to make informed and rational financial decisions is impacted by stress.
- Money is a basic need, everyone needs it to survive but if you are not making enough of it, it can cause major stress. What do you believe has been the most influential factor or hindrance in your own money-making journey?
- At the beginning of every new year, you aspire to make more money. In our current age, there are many ways of diversifying your income streams. However, if you want to build extra income, you must be ready to do something extra.
- Congratulations on completing your secondary education and getting to this next level. You may not have gotten the coveted grades to get you into a degree course in your dream university but that's not the end of the road at all for you. There are numerous competitive courses you can still pursue…
- 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:…
- For many college students, money often gets tight, and the financial aid from guardians and HELB may not be enough. If you have reached this juncture, it's time to consider how to generate extra income. This article will discuss ten ways college students in Kenya can make extra cash in 2024.
- 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…
- Pay yourself first, save for a rainy day, build an emergency fund, save to invest, etc. the idea of saving money as a means to building financial security is not alien to anyone. The practice of saving consistently and putting the money in the right place can help one avoid predatory debt and…
- 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?
- If you're struggling with mounting debt due to high interest rates or reduced income, you might be looking for a way to regain control of your finances. One path you can take to reduce the cost of the loan or monthly repayments is to change lenders through loan buyoffs.
- 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…
