Published on 29/11/2024
Capital Markets Authority (CMA) has granted new licenses to various financial firms to expand their services.
Safaricom has received a license to set up the Ziidi Money Market Fund – in collaboration with three fund managers – Sanlam, Standard Investment Bank, and ALA Capital. Ziidi will be accessible through M-Pesa. According to a report by Capital Business, AKN Investments Limited upgraded to an Authorised Securities Dealer license, enabling it to cater to institutional investors.
Moran Capital Management Limited received an Investment Adviser license, focusing on areas like private equity and unit trusts. Other firms like CPF Financial Services, Future Construkt, and Givva Wealthtech were also licensed for roles in real estate investment, equity trading, and financial inclusion.
Octagon Pension Services launched the Octagon Unit Trust Scheme, and Store Poa Enterprise Limited secured a Money Manager license to offer online trading solutions. The approvals aim to diversify investment options in Kenya’s capital markets.
The government has officially raised the fees for several services, including birth and death certificates. Registration fees for the two certificates have increased from Ksh50 to Ksh200, with late registrations now costing Ksh500, up from Ksh150.
If you lose a birth certificate, replacing it will cost Ksh1,000, a more than ten-fold increase from Ksh90. Additionally, correcting errors on these documents will now cost Ksh1,000, instead of the previous Ksh130. Kenyans living abroad will face even higher fees, with document amendments priced at Ksh19,000.
The changes also include a new Ksh500 fee for authenticating the principal registrar’s seal, as well as higher costs for passports and visas. For example, a 66-page passport now costs Ksh12,000, up from Ksh7,500, while replacing a lost passport will cost Ksh20,000. Visa fees have also seen increases, with single-entry visas now priced at Ksh15,145 (previously Ksh7,572) and multiple-entry visas rising to Ksh75,725 from Ksh15,145. These hikes are part of efforts to raise revenue through civil registration and immigration services.
Members of Parliament (MPs) have lost a two-year battle to block a Ksh1 billion tax on car grants they received after taking office in 2022. The grants, which total Ksh7 million per MP, were previously treated as non-taxable benefits but will now be taxed as part of their income. This move follows the Kenya Revenue Authority’s (KRA) push to enforce tax compliance across all income categories, including benefits for public officers.
While MPs had argued that the grants were part of their allowances and should not be taxed, the Treasury and KRA stood firm on the need to treat them as taxable income attracting a rate of 30%. This means each MP will now be required to pay KRA about Ksh2.1 million for the car grant.
Google’s tools and services contributed Ksh116.3 billion to Kenya’s economy in 2023, according to a report by Capital Business. The report highlights gain from Google platforms like Search, YouTube, Cloud, and Ads, which helped businesses, nonprofits, and creators improve productivity.
Notably, tools like Workspace saved Kenyan workers 5.5 million hours, adding Ksh12.6 billion to productivity. Over 300,000 youth gained employability skills via Google Search, while AI is expected to add Ksh287 billion to Kenya’s economy by 2030.
Google Kenya Director Agnes Gathaiya praised the progress, with recommendations focusing on AI education, STEM investment, and enhanced digital infrastructure.
