Hello, Jason here. Welcome to today’s edition of The Business Roundup where we bring you the latest international and local economic updates from the business world. This edition covers news on the start of an auction of several properties owned by members of the Kenya Union of Savings & Credit Co-operatives (KUSCCO), and the proposal by the government to install highway tolls across the country, among other topics.
This week, KUSCCO started auctioning multimillion properties of members as it grapples with the loss of funds due to alleged mismanagement.
The Union’s interim management in an advertisement on February 21 announced that it has started auctioning houses and land of members who defaulted on mortgages as it attempts to cut losses occasioned by the alleged mismanagement.
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KUSCCO listed individual clients whose property ranging from plots, unfinished buildings, apartments, and motor vehicle workshops are set for auctioning.
KUSCCO starts auction of multimillion assets
The houses are located in different parts of the country including Nairobi, Kitengela, Kiserian, Kisumu, Webuye and Machakos, among others.
Properties listed for auction in Nairobi County include a bungalow near Mountain View Road, a maisonette on Menengai Drive, an apartment in Block B No. 303 along Ngong Road, and a bungalow in Komarock Estate.
In Machakos, 0.111 acres of absolute land near Joska, 0.111 acres of absolute land near Katani Primary School, and a maisonette near Seme Dispensary are set to be auctioned.
A small bungalow and vacant plots in Kajiado County, two blocks of shops and a restaurant along the Nanyuki–Meru Road near Tulili, a 60 ft. by 100 ft. parcel of absolute land in Kiambu County, and 0.0863 hectares of absolute land in Kwale are also up for auction.
KUSCCO directed all interested purchasers to view the listed properties on prior arrangements.
Proposal to toll all highways
In other news, Energy and Transport CS Davis Chirchir announced that the Kenya National Highways Authority (KeNHA) has proposed installing highway tolls across the country.
Chirchir on February 20 said the Authority plans to hold public participation forums starting Monday, February 24.
According to KeNHA, the Road Toll Policy will be crafted after extensive public participation to ensure that the views of all stakeholders are captured and incorporated into the final policy document.
The tolling policy, which is currently under discussion, will guide the authority on the tolling model.
This model is set to determine the amount to be paid, based on the distance traveled.
The draft policy also suggests that roads that have been improved ‘relative to their previous standard’ would also be considered for tolling.
Thoroughfares of higher quality, such as those with multiple lanes and enhanced safety features, are also likely to be subject to tolling.
Roads that may not have been recently improved but offer better conditions or facilities that enhance the motorists’ experience will also attract toll charges.
In this new arrangement, there will be no alternative routes. All users will be required to pay the toll charges or face penalties.
What the draft policy states: “Roads where tolls are collected will not be required to have dedicated toll-free alternative routes.”
Earlier in August 2024, KeNHA had proposed tolling only specific major highways in Kenya, with the aim of raising maintenance funds for the tolled roads.
The roads targeted for tolling included Thika Superhighway, Southern Bypass, Nairobi-Nakuru-Mau Summit Highway, Dongo Kundu Bypass, and the Kenol-Sagana-Marua Highway.
Ziidi Shariah MMF approved
Meanwhile, the Capital Markets Authority (CMA) this week approved the registration of the Ziidi Shariah Money Market Fund (MMF).
CMA on February 20 confirmed that it has approved Gulfcap Investment Bank to register the Ziidi Shariah MMF.
The fund is a Shariah-compliant investment product designed to cater to the growing demand for Islamic finance in Kenya and will operate as a standalone fund with its distinct incorporation documents and promoter.
According to CMA, Ziidi Shariah MMF will target registered M-Pesa customers who either profess the Islamic faith or prefer to invest in Shariah-compliant financial products.
What CMA Chief Executive Officer Wyckliffe Shamiah said:
“This marks a significant milestone in the ongoing efforts to promote Islamic finance within Kenya’s capital markets. We believe Islamic finance holds immense potential which can be unlocked through creating an enabling environment for such opportunities to thrive”.
With this approval, the number of licensed firms offering Shariah-compliant unit trust funds in Kenya now stands at seven.
The approval notably comes a month after telecommunications giant Safaricom launched the Ziidi MMF.
CMA has, at the same time licensed Tradiam Investments Services Limited as a fund manager, increasing the total number of licensed fund managers in Kenya to 43.
ALSO BIG THIS WEEK
- 58-year-old British Businessman and Senior Director with data analytics company FICO Campbell Scott went missing after leaving the JW Marriot hotel in Westlands, Nairobi, on Sunday, February 16.
- Members of Parliament want the government to divulge details of the private company managing E-Citizen, two years after the state won a case on the platform’s ownership.
- The government announced that it will offer loans of up to Ksh300,000 to support youth with pre-travel costs for jobs in the United Arab Emirates (UAE).
- KETRACO inches closer to signing another deal with Africa50 for the construction of power lines months after ending its deal with Adani in 2024.
- The United States (US) Department of the Treasury imposed sanctions on Rwanda Minister of State for Regional Integration James Kabarebe, the M23 rebel militant group and the Congo River Alliance spokesperson Lawrence Kanyuka Kingston over links to violence and human rights abuses in eastern Democratic Republic of the Congo (DRC).
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CS Wahome clarified that the housing levy is not guarantee to a house.
Currency Trends
According to the latest Central Bank of Kenya (CBK) data, the Kenyan Shilling exchanged at Ksh129.5838 per US dollar on February 21, 2025.
Against other major currencies, the Shilling traded at:
- British Pound – Ksh164.0466
- Euro – Ksh136.0112
- South African Rand – 7.0621
- Japanese Yen (100 units) – Ksh86.1623
Against regional currencies, the Shilling exchanged at:
- Ugandan Shilling – Ksh28.3446
- Tanzanian Shilling – Ksh20.0179
- Rwandan Franc – Ksh10.7818
Govt Tenders, Auctions and Jobs
- The Kenya Power and Lighting Company (KPLC) announced five tenders: Proposed Electricity House – Mombasa External Painting and Associated Renovation Works, Procurement of Live Line Rubber Goods, Provision of Legal & Governance Audit Services, Procurement of Static and Digital Billboards to Drive Customer Education on its Digital Products and Fraud, and Provision of Debt Collection Services.
- Kenya Pipeline Company Limited announced the disposal of unserviceable stores and equipment, and disposal of used motor vehicles tenders.
- The New Kenya Cooperative Creameries Limited (New KCC) announced two tenders for supply and delivery of industrial chemicals, and supply & delivery of furnace oil.
- Engineers Board of Kenya announced four tenders: disposal of obsolete assets; supply and delivery of card management software; delivery of various printer toners and delivery of a duplex retransfer card printer and accessories.
Other tenders
- The Ministry of Water announced a tender on Consultancy Services for Development of Framework and Transaction Advisory for Acceleration of Irrigation Water Operators (IWOs) and Irrigation Commodity Aggregators (CAs) in Selected Irrigation Schemes.
- The Ministry of Energy and Petroleum announced two tenders: Resettlement and livelihood restoration framework; and Developing a Grievance Redress Framework.
- KeNHA advertised a tender for consultancy services for design, construction, and supervision of the proposed Kenya
Revenue Authority (KRA) Trade Facilitation Centre (TFC) Offices at Isiolo, Modogashe and Wajir. - Salaries and Renumeration Commission (SRC) has three open tenders for provision three key consultancy services.
- Kenya Biovax Institute Limited announced two tenders for provision of cleaning and fumigation services; and provision of security services.
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