Good morning,
Investing in the Nairobi Stock Market has never been made easier. Safaricom announced its partnership with Nairobi Securities Exchange (NSE) to enable Kenyans invest in stocks using their accrued Bonga points!
(I hope you did not redeem all your Bonga points for airtime 😂😂😂)
Details of the announcement
You can now redeem your Bonga points at the rate of Ksh 1 for every 5 points.
You can redeem your bonga points to invest in the NSE by using MySafaricom App or via USSD *126#
There has never been more value for Bonga Points. Soon, “send M-pesa” will be replaced by “Send Bonga points”.
BANKING
WhatsApp Banking sounds way cooler
Last week, Absa Bank announced the launch of a solution that allows its customers to access bank accounts and transact via WhatsApp. The Banking experience will now be simplified from complex transactions to a simple conversation through the Chatbot feature on WhatsApp.
if you are an ABSA customer, you can now have access to a 24 hr Personal Banker named “Abby”.
Wondering about security and safety of the feature? well, ABSA managing director assured us that:
“All traffic between the phone, WhatsApp and the back end is fully encrypted.”
CAPITAL MARKETS
The parliamentary committee approved a Bill giving the Central Bank power to regulate digital lenders
This means that if the bill is passed, The Central Bank of Kenya will have power to regulate digital lenders by controlling interest rates for mobile Loans and setting their costs of credit.
The Capital Markets Authority has cautioned investors and the public against engaging in any investment with Fxbitinvest firm.
Fxbitinvest is an online bitcoin trading company that promises massive returns to users by “auto-trading” Bitcoin for them.
Safaricom’s Share price hit new record on Thursday
Safaricom’s share price hit Ksh 43, earning its investors Ksh 78 billion in one week! 😱😱. Safaricom’s valuation is now at Ksh 1.7 trillion. The rise in value is attributed to its Ethiopian expansion.
Don’t Import your car just yet ..
Were you planning to import a car (used)? I would advise that you hold off plans for a little while. Last week, The National Transport and Safety Authority announced that there is a shortage of number plates. (The car number plates are manufactured at Kamiti Maximum Prison)
I would think that the shortage is as a result of Kenyans purchasing too many cars. However, the shortage of Number plates results from the lack of raw materials for its production.
Currently,
More than 7000 imported second hand cars have not been cleared at the port because of this. Their owners are still charged daily storage fees.
TAX
Excise duty of 31 items set to rise in October
A Legal notice published by the Kenya Revenue Authority stated that the excise duty on certain goods will increase by 4.97% , in line with Kenya’s annual inflation, as from 1st October 2021.
details of some of the goods affected.
Products affected include beer, fuel, fruit juice and bottled water.
A litre of Premium gasoline-rises to Ksh 23.04 from Ksh 21.95.
Excise On motorcycles rises to Ksh12, 185 from Ksh 11,608.
Cost of delays : The Lake Turkana Wind power will cost taxpayers sh 18billion
This wind power project was completed in 27 January 2017 but the government tasked to build an evacuation line, completed it late, 2 years late in September 2019.
This was a 381 day delay in the completion of the 428km high voltage power line from Marsabit to Suswa. As per the contract, Kenya will pay private investors Ksh 18 billion for the delay in connecting the Lake Turkana Wind Power (LTWP) to the national grid.
(Kenya has already paid Ksh 10.3 billion.)
Must Know ConversationStarters
Do you have tax penalties? - KRA currently has a tax amnesty program which has netted Ksh 1 billion from the programme. The programme was Introduced through the Finance Act 2020, and it provides tax defaulters an amnesty— waiver of interest and penalties— on the outstanding tax liabilities.
Trouble for mall owners - The state of the economy has reduced occupancy in malls around the country. Mall owners are now offering tenants’ discounts of up to 50 percent on rent to prevent them from vacating malls.
Isiolo airport - Isiolo International Airport will resume operations in January 2022. It has now been upgraded to world standards to allow for the operation of local and international carriers. Isiolo, Meru and Laikipia farmers are set to benefit most from cargo shades at the Isiolo International Airport.
Covid 19 UPDATES -
- The US has issued a travel advisory against Kenya over COVID-19 surge.
- The government of Kenya has ordered all civil servants to be vaccinated in two weeks or risk disciplinary action.
- Kenya's oxygen production firm Hewatele is doubling production this year to keep up with surging demand from hospitals that are treating critically ill Covid-19 patients.
Environment - The Intergovernmental Panel on Climate Change (IPCC), released a 3,949-page report that named current climate change trends a “code red” for humanity.