Money Weekly: Govt Companies to Be Sold Without Parliamentary Approval

Top Money News From Across Kenya

Author

Eric Ndubi
October 13, 2023

Welcome to our 8th Money Weekly Roundup of 2023. This week a new law was passed that allows the National Treasury to put up for sale through IPOs state-owned companies such as the Kenya Ports Authority (KPA) and sugar millers without Parliamentary approval; revenues from e-Citizen crossed the Ksh2 billion mark following the consolidation of government paybill numbers into one, as Kenya seeks a new loan to pay off the Eurobond that is maturing in about eight months. Plus, what’s your biggest fear today? A new report shows loss of income through layoffs is the fastest rising fear among Kenyans.

Amid the rising cost of living, the need to build passive income streams is becoming much more urgent as one way of creating a safety net for oneself against the prevailing uncertainties. Last Thursday, KCB Group hosted a Twitter (X) Space that explored how Money Market Funds, Treasury Bills and Bonds can be utilised for passive income purposes.

The Head of Wealth Management at KCB Investment Bank, Timothy Macharia, also shared insights at length on how to choose the right investment types for where you are in your financial journey. Here is a quick summary of the main takeaways from the session. Missed the space and want to listen to the recording? Click here.

Round-Up: Sale of State Corporations to Happen Without MPs’ Approval

In this weekly money round-up: government gets free hand to sell state agencies without seeking Parliamentary approval, there’s hope for cheaper cooking gas, accountants are proposing maximum tax bands on personal incomes as a way to prevent over taxation, M-Shwari savings fall by nearly half, as President Ruto’s consolidation of Govt paybills seems to be paying off. In banking, manufacturing is presenting a headache to lenders as defaults soar by 48%, microfinance banks struggle to attract borrowers and there’s a new Kenyan entrant on the list of top 30 biggest lenders in Africa. More in detail here.

This week’s top finance tips

A selection of our editorial team’s favorite tips and articles, selected just for you.

While saving is great and commendable, saving without a goal in mind may not be as effective or motivating. Read more

With no end in sight to the cost of living crisis, having a passive income stream can provide much-needed stability. Read more

“College life was supposed to prepare me for the ‘real world’. And while I have learned from my mistakes, I would have benefited from money lessons early.” Read more

You probably will not achieve much if you are constantly worried. How about a plan that accounts for uncertainties? Read more

That’s a wrap for this week’s Money Weekly! Don’t forget to download the Money254 App on the Google Play Store and remember that we can help you compare over 300 loans, savings accounts, current accounts, and more if you’re thinking about your next product.

Sincerely,

Eric and the Money254 editorial team.