Money Weekly: Ruto’s New Health Plan Challenged

Plus new car sales plunge to lowest since Covid-19, KRA misses revenue targets, as banks struggle to recover loans

Author

Eric Ndubi
October 27, 2023

Welcome to our 10th Money Weekly Roundup of 2023. This week, a petition was filed challenging the implementation of President William Ruto’s ambitious Universal Health Coverage (UHC) plan.

Barely a week since its enactment, the Social Health Insurance Act is already facing headwinds in the form of a High Court petition by Dominic Oreo - a human rights defender - challenging its implementation on grounds of excessive taxation and potential discrimination.

Elsewhere; Safaricom has completed the full acquisition of M-Pesa Holding Company Limited from Vodacom, the average interest charged on bank loans continues to rise, new motor vehicle sales in Kenya dropped to the lowest since Covid-19, Kenya starts local production of phones and toothpaste; KRA misses first quarter revenue targets and if you are thinking of investing, there is a new Ksh50 billion government bond.

In this weekly money roundup, we dive into a petition seeking to slam the brakes on the implementation of the Social Health Insurance Act, a look into rising bank loan interest rates, the acquisition of M-Pesa holdings by Safaricom PLC, changes in Airtel Money tariffs and more money news that could affect your pocket.

This week’s top finance tips

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

While loans can speed up the process of acquiring something and make solving urgent needs possible, the benefits must always outweigh the costs. Read more

If you do not recognise the signs of stagnation, you are not only denying yourself a chance at a higher income but also delaying financial freedom. Read more

It’s called using “other people’s money” to build wealth. Those who succeed in using business loans to build wealth, adhere to these 7 best practices. Read more

When 2023 started, had you told me I would have no savings in June, I would have laughed you off. This exactly happened. And trust me, I am not reckless. 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.

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