Business & Economy
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Authorities Take Action Against Vandalism, Fraud, and Tax Evasion
A court in Ndhiwa has sentenced two men to 10 years in jail or a Sh5 million fine each for vandalizing electricity equipment, part of intensified efforts to curb attacks on power infrastructure. In a separate action against fraud, Taiwan announced a one-year ban on the Chinese social media app RedNote after over 1,700 scam cases were detected, resulting in losses exceeding NT$247 million. Additionally, a High Court decision in Kenya bolstered the fight against tax evasion by upholding a significant portion of a Sh773 million tax assessment against a construction company. The company was found to be involved in a "missing trader" scheme.
Digital Platforms Launched and Acquired for Agriculture, Engineering, and Insurance Sectors
Microsoft and the African Development Bank launched a Pan-African financing facility to digitize agricultural SMEs, which will blend investment capital with digital and AI tools. In the construction sector, the Engineers Board of Kenya (EBK) launched an online portal for registering engineering projects to enhance oversight and professionalism. This move aims to address concerns about unapproved constructions. Separately, the global insurtech organization Bolttech has acquired Nairobi-based digital insurance platform mTek. This acquisition marks a significant consolidation in East Africa's insurtech market and sets the stage for regional expansion.
Kenyan Firms Announce Retail Expansion, Payment Awards, and Profit Growth
KenGen, Kenya's primary power producer, significantly increased its dividend payout to KSh 0.90 per share following a 54 percent surge in profit after tax to KSh 10.48 billion. In the retail sector, China Village expanded its presence by launching its second hypermarket at Juja City Mall, targeting the country's growing middle class. In the financial technology space, Pesalink has launched its first-ever awards to recognize top-performing Kenyan banks in instant payments. The rankings are based on ten months of verified data from its Instant Payments Dashboard.
