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- Money Weekly: Ruto’s Affordable Housing Prices & Payment Plan
Money Weekly: Ruto’s Affordable Housing Prices & Payment Plan
Plus catchphrase trademarking enters Kenya, October Treasury Bond flops, tax cheats ditch mobile money for cash to beat KRA and more.
Eric Ndubi
October 20, 2023
Welcome to our 9th Money Weekly Roundup of 2023. This week, President William Ruto’s administration unveiled the structure of the Affordable Housing Programme (AHP) that details the three tiers of housing units to be constructed, the prices and payment plans. In the revised categorisation, workers earning above Ksh150,000 monthly will now also be eligible to purchase houses under this State-funded programme - albeit at higher rates.
The deployment of paramilitary-trained Revenue Collection Assistants (RCAs) by the Kenya Revenue Authority (KRA) seems to be bearing fruit as the taxman has started issuing letters of tax demand to businesses found to be non-compliant. In response, KRA says it has noted that some businesses have been ditching mobile money payments for cash transactions to avoid a paper trail.
The RCAs are tasked with monitoring and investigating tax compliance, especially in the informal sector as the authority races to meet the Ksh2.57 Trillion revenue target for the 2023/24 financial year. This is as it was revealed that tax collection for the first quarter of the 2023/24 fiscal year increased slowest in the last five years - excluding the pandemic year - despite the tax measures introduced under the Finance Bill 2023.
Elsewhere, with dwindling output from hydropower dams, Kenya Power has tripled imported power passing over the cost to consumers; the October Treasury Bond issue flopped over an interest rate standoff between investors and the CBK; the catchphrase trademarking trend enters Kenya; the Shilling continues to free-fall and you will have to wait a little longer to see Naivas - that recently opened it’s 100th store - listed on the NSE.
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 standoff with CBK over interest rates offered on Treasury Bonds and more on a record revenue growth slowdown - this is a roundup of money news from the last seven days on #MoneyWeekly, by Money254.
Here’s what happened in the news this week:
Ruto’s Low-Cost Houses: Prices & Payment Plans - Money254 Weekly Money Round-up
Safaricom Acquires Full Ownership of M-Pesa - Citizen Digital
KRA to Freeze Accounts of Taxpayers Who Abuse Tax Amnesty - Business Daily
CBK Predicts Banks Could Lose Ksh208.7B in Bond Pricing – The Standard
World Bank Urges Kenya to Alter Law on Servers Abroad - Nation Africa
This week’s top finance tips
A selection of our editorial team’s favorite tips and articles, selected just for you.
 | While the early stages of your career may be exciting, if you neglect saving, you will be playing catch-up pretty soon. Read more |
 | If you invest wisely today, you are making a significant step towards financial freedom. Saying goodbye to financial uncertainty will take more than just intentions. Read more |
 | Tough times can create the impression of permanent distress. But often, if handled well, they are a learning phase that can pave way for longer-term stability. Read more |
 | Owning a car is gradually becoming a basic need for most professionals and households. And while car loans are a quick path to owning one, it pays to first conduct an audit of your financial preparedness. 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.