Author: Korir Issa

The Supreme Court of Kenya has issued a stay order, temporarily halting the Court of Appeal’s decision that declared the Finance Act 2023 unconstitutional. This move allows the government to continue implementing the Act while the legal proceedings progress. The Court of Appeal’s previous ruling, issued in July, had deemed the Finance Act 2023 “fundamentally flawed and therefore void ab initio,” leading to widespread uncertainty among employers and taxpayers. The Supreme Court’s stay order specifically targets Order No. 6 from the Court of Appeal, which had temporarily halted the implementation of the Finance Act 2023. “We find that public interest…

Over 400 entrepreneurs and business leaders across Africa converged in Naivasha on August 16th for the BNI Convention. Hosted by BNI Kenya, the event cultivated strong networking, knowledge sharing, and business growth strategies. As the world’s largest business networking organization, BNI fosters a supportive environment for professional growth through word-of-mouth marketing. Elizaphan Muraguri, BNI National Director for Kenya, emphasized the event’s role in unlocking business potential, driving innovation, and building resilient enterprises. Annastacia Kimtai, MD of KCB Kenya, highlighted the convention’s importance for African entrepreneurs and the bank’s commitment to supporting business growth through financial solutions. She emphasized the synergy…

Safaricom has updated its reverse call service terms, imposing a fee on customers who make more than two reverse calls per day. Previously, the service was offered free of charge. To deter excessive use, Safaricom will now charge a fee of Sh0.5 per request for any reverse calls made after the first two within a single day. This change aims to curb unnecessary usage. The reverse call service remains free for the first two requests within a day. However, the fee will apply to subsequent reverse calls on the same day. The service is exclusive to calls within the Safaricom…

Kenya Reinsurance Corporation Limited (Kenya Re ) has bounced back to profitability, recording a Sh600 million profit in the first half of 2024. This is a significant turnaround from the Sh200 million loss reported in the same period last year. The improved performance was driven by a 20% increase in insurance revenue and better results from operations in Cote d’Ivoire and Uganda. However, Kenya Re ‘s profit after tax declined by 10% due to lower investment income and increased operating expenses. Despite the challenges, Kenya Re’s asset base remains strong, and the company has secured a listing on the MSCI…

Co-op Bank Kenya reported a robust financial performance for the first half of 2024, with net profit climbing 7% to Ksh13 billion compared to the same period last year. This growth was driven by a 10.7% increase in net interest income to Ksh23.9 billion and an 11.2% rise in non-interest income to Ksh15.4 billion. Despite an 11% increase in operating expenses to Ksh21.3 billion, primarily due to higher provisions for loan losses and increased staff costs, the bank managed to deliver a strong performance, achieving a Return on Equity of 22.1%. “The strong performance by the Bank is in line…

The WRC Safari Rally Kenya has been added to the 2025 FIA World Rally Championship calendar. The event will take place in March, alongside other new rallies in Spain, Paraguay, and Saudi Arabia. The WRC Safari Rally Kenya has been included in the 2025 FIA World Rally Championship (WRC) calendar. The event will take place from March 20-23, avoiding the Easter holidays. The 2025 WRC calendar features several new rallies, including Spain, Paraguay, and Saudi Arabia, marking the largest calendar since 2008. FIA President Mohammed Ben Sulayem expressed excitement about the diverse and challenging events included in the calendar. “It…