Author: NLM Correspondent

The Chinese Yuan is experiencing a surge in popularity among commercial lenders as traders prefer the yuan to the dollar, which continues to experience shortages.  According to Habil Olaka, the Chief Executive Officer of the Kenya Bankers Association, who spoke with Chinese publication Xinhua, flourishing Sino-Kenya trade relations have spurred trade between the two countries. Kenyan traders prefer the readily available yuan for trade settlements between Kenya and China. As a result of the currency’s growing popularity, most commercial banks in Kenya now offer yuan trading facilities to facilitate businesses engaging in cross-border transactions. This shift towards the yuan has…

Cabinet Secretary Kithure Kindiki has announced the immediate suspension of all World Coin activities in the country. In a statement shared on Wednesday, August 2, the Ministry of Interior termed the registration activity carried out by World Coin as a ‘controversial registration of citizens through the collection of eyeball/iris data’, raising significant privacy and security concerns. The suspension comes as relevant security, financial services, and data protection agencies launch inquiries and investigations to determine the authenticity and legality of World Coin’s activities. Additionally, the government will move to secure citizen data collected and verify how the organisation intends to utilise…

Head of State demands written explanation for late-show officers as DP issues ultimatum. Interior Cabinet Secretary Kindiki Kithure and his Trade counterpart Moses Kuria were locked out of the performance contract signing event after being locked out of State House for turning up late. President Ruto asked members of the Executive who arrived late at the Cabinet Appraisal meeting to submit written explanations, and they should not indicate traffic matters as an excuse for their lateness. “I will be expecting a written explanation detailing why you came late, and don’t include traffic unless you are not serious with your work…

The Azimio coalition has officially unveiled the names of its five negotiators for dialogue between the opposition and the Kenya Kwanza coalition. The Azimio side will be led by Wiper Party Leader Kalonzo Musyoka and include DAP-Kenya leader Eugene Wamalwa, Minority Whip Opiyo Wandayi, Malindi MP Amina Mnyazi and Nyamira Senator Okong’o O’Mogeni. Kenya Kwanza is expected to announce its team later today. The Azimio team was agreed upon during a meeting at Azimio leader Raila Odinga’s Karen residence on Sunday, which Azimio chairman Uhuru Kenyatta also attended. Azimio has a five-point agenda includes the high cost of living, audit…

By Morris Maina Financial inclusion is a crucial pillar for economic growth and poverty alleviation. But despite considerable progress in areas like mobile payments and banking, a substantial portion of the population, particularly in rural areas, remains financially underserved and out of the financial system mainstream. Make no mistake, we have made significant strides in the past 15 years. In 2006, only around 57% of Kenyans had access to financial services, of which 32% was reported to be informal. Today, around 85% of men and 81% of women have access to formal financial services. But if we want to unlock our full…

The Court of Appeal has lifted orders barring the implementation of the Finance Act 2023 pending the hearing and determination of the appeal. In a ruling delivered on Friday, July 28, 2023, Justices Mohamed Warsame, Kathurima M’Inoti and Hellen Omondi unanimously agree that the High Court erred by freezing the implementation of the new law. The Court also directed the applicants to file the appeals within the next 14 days. In the ruling, the judges considered the complexities of the act, which contains numerous revenue collection measures and had been temporarily halted by conservatory orders issued by the High Court.…

The Office of the Data Protection Commissioner (ODPC) has called for heightened vigilance from the public as it enters discussions with WorldCoin, a cutting-edge company involved in processing iris data using an Orb. In the statement released on Friday, July 28, the ODPC said that the primary objective of these engagements is to ensure full compliance with the provisions of the Data Protection Act, 2019. Following the recent launch of WorldCoin, concerns have arisen regarding the handling of sensitive personal data. In response, the ODPC has initiated actions to protect data privacy and security by verifying that WorldCoin is adhering…

The service is seeking to express hope to the victims of police brutality and expressing their hopes for the quick recovery of those injured during the protests. Former President Uhuru Kenyatta attended the memorial service organized by the Azimio coalition to honor the victims who lost their lives during the recent opposition protest advocating for government action on the high cost of living. The retired president received a warm welcome from the attendees, signaling unity within the coalition. The memorial was held at the SKM command centre in Karen, where Azimio leader Raila Odinga, Wiper Leader Kalonzo Musyoka, Martha Karua,…

Members of Parliament say new ‘electronic internet and digital’ tax regulations will expand the government revenue base, and avail more resources which can be redeployed in strategic expansion of the country’s digital space BY SILAS APOLLO The National Assembly has approved the Value Added Tax (Electronic Internet and Digital Market Supply Regulations) 2023, effectively amending the current Value Added Tax (VAT) regulations initially published in 2020. The regulations published by the National Treasury in March 2023, will guide on taxations relating to electronic, internet and digital marketplace supplies including downloadable digital content such as mobile applications, e-books and films. Other…

The court has issued a warrant of arrest for Nakuru Senator Tabitha Karanja, CEO of Keroche Breweries Limited after she failed to appear for the hearing of a Sh14 billion tax evasion case. The prosecution sought to amend the charge sheet in the ongoing case, leading to heated debates in the courtroom, with Keroche’s legal team ending up expressing their desire to resolve the matter outside court. A KRA officer, Irene Muthee, clarified to the court that no agreement had been made in reference to an out-of-court settlement, citing requirements under the Tax Procedure Act. However, the court gave the…