Welcome to today’s newsletter, where we break down the key stories shaping Kenya’s financial and business landscape. This edition reviews top stories from Kenya’s credit rating, to how hackers infiltrated the Kenya Revenue Authority (KRA) system, and new opportunities at BasiGo, among others.
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KRA System Hack
Treasury CS John Mbadi revealed that hackers breached KRA’s system in November 2024. He said the tax agency failed to meet its revenue target that month after the system remained down for six consecutive days.
“In November, KRA systems failed for six days, preventing tax collection and causing us to miss our target,” Mbadi said.
He suggested the breach could have been an inside job but clarified that he was unsure since investigations are ongoing.
“They are still investigating, and there’s speculation about an insider job. I don’t have the details yet, but we faced significant stress due to the system failure,” he added.
Kenya’s Credit Rating
Elsewhere, Fitch Ratings affirmed Kenya’s long-term foreign-currency Issuer Default Rating (IDR) at ‘B-’ with a stable outlook.
The agency said Kenya’s rating reflects strong medium-term growth prospects, a diversified economy, and an improved monetary policy framework.
This followed Moody’s Ratings revision of Kenya’s credit outlook from negative to positive. However, the African Peer Review Mechanism (APRM), an African Union (AU) agency, disputed Moody’s assessment.
BasiGo Business Opportunities
BasiGo announced new opportunities for property owners in Nairobi to host Electric Vehicle (EV) charging stations.
The mobility and technology company said the initiative allows businesses to convert their properties into revenue-generating EV charging hubs while positioning themselves at the center of Kenya’s electric mobility transformation.
“We are seeking expressions of interest from commercial property and business owners in Nairobi who are interested in hosting a charging station at their premises,” the statement read.
KPLC Shareholders Receive Dividends
And utility company, the Kenya Power and Lighting Company (KPLC), proposed an interim dividend of Ksh0.20 per share after reporting a Ksh14 billion pre-tax profit for the financial year ending December 31, 2024.
KPLC stated that it would withhold tax on the payments where applicable. The company said dividend disbursement would be made before April 11, 2025, to shareholders registered by February 28, 2025.
Earlier, KPLC had proposed a Ksh0.70 per share dividend for shareholders listed in the register as of December 2, 2024. The dividend is Kenya Power’s first time in nine years.
Kenya’s power distributor saw a 3025.4% surge in net profit to Ksh 9.97 billion to herald a new era of the company that had been plagued by debts and losses.
In Numbers
ALSO BIG THIS WEEK
- Kenya Development Corporation (KDC) launched the Drive Fund, a new financing initiative for pastoral communities.
- Business Registration Service (BRS) confirmed reports of a potential data breach affecting the company registry.
- USAID employees could face unpaid leave or layoffs following President Donald Trump’s order to freeze aid for 90 days.
- Kenya Airways and Air India announced a new codeshare partnership to enhance travel between India and Africa.
- Inflation Report: Kenya’s overall inflation stood at 3.3% in January 2025.
- Global Oil Prices dropped to USD 78.54 (Ksh10,163.04) per barrel from USD 81.03 (Ksh10,485.25) per barrel due to weak demand.
- EPRA plans to raise handling and storage fees for imported aviation fuel (Jet A-1) from Ksh518.83 to Ksh563.92 in July, potentially increasing airfares.
- KPLC will repay its $300 million (Ksh38.7 billion) on-lent loan from the World Bank in Kenyan shillings.
Currency Trends
The Kenya shilling remained stable against major currencies on February 5, exchanging at 129.2063 per US dollar and 161.1009 per British pound, according to the Central Bank of Kenya (CBK).
Government Tenders
- Kenya Rural Roads Authority (KURRA) invited bids for the Arid and Semi-Arid Lands (ASAL) Rural Roads Project.
- Ministry of Energy and Petroleum sought tenders for catering services.
- Kenya Pipeline Company (KPC) posted six tenders—four open, one reserved for women, and one framework-based.
- KenGen announced 13 tenders, some exclusive to citizen contractors.
- KNEC advertised seven tenders, five open and two under Access to Government Procurement Opportunities (AGPO).
Job Opportunities
- National Museums of Kenya: Director of Administration, Chief Internal Auditor.
- Salaries and Remuneration Commission (SRC): Chairperson & Member of Audit and Risk Committee.
- IPOA: Seven vacancies, including Senior Assistant Director Legal Services, Assistant Director Investigations, Internal Audit, Records Management, Supply Chain, and Planning Officer roles.
- Rural Electrification and Renewable Energy Corporation (REREC): General Manager ICT, six managerial positions, and Senior Engineer roles.
- Bomet University College: Associate Professors, Chief Internal Auditor, Deputy Registrar, Legal Officer, Chief Security Officer, and Quantity Surveyor.
- National Council for Population and Development: Director of Policy & Programs, Director of Corporate Services, ICT Officer, Driver, and Customer Care Assistant.
- Nairobi International Financial Centre: Corporation Secretary & Director Legal Services, Director Corporate Services, Deputy Director Capital Markets, Marketing & Communication, HR, Internal Auditor, Senior Accountant, and Analyst roles.
- Meru University: Chief Internal Auditor, HR Officer.
- Veterinary Medicine Directorate: Inspector, Legal Officer, Driver, Accounts Assistant, Office Assistant, ICT Officer, Planning Officer, Records Management Officer, HR Management Officer, and Senior Internal Auditor.
Thank you and be sure to catch the next edition
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