Sick SIC part II: Regulator caught flatfooted in Sh2bn mess
SIC reportedly 'forgot' to inform the regulator about the Sh2bn hole in its books...
✨ Key Highlights
Kenya's Department of Co-operative Development is facing criticism for its apparent lack of oversight in the significant financial troubles plaguing SIC Investment Co-operative, despite having a representative on its board.
- Potential loss of approximately Sh2 billion in members' money due to alleged fraudulent activities.
- Key organizations include SIC Investment Co-operative and the Department of Co-operative Development, led by Commissioner David Obonyo.
- The regulator claims ignorance of the issues, only aware of a board and CEO change, while members are unable to access their funds, and projects like the Miran Housing Project are delayed.
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CBK licenses 32 digital lenders, total rises to 227 - April 2026
The Central Bank of Kenya (CBK) licensed an additional 32 Digital Credit Providers (DCPs), bringing the total number of approved lenders to 227 as it increases oversight of the sector. The Kenyan government has officially endorsed TouristTap, a new digital payment platform aimed at modernizing the tourism sector and improving revenue collection. Kenya's Department of Co-operative Development is facing criticism for its apparent lack of oversight in the significant financial troubles plaguing SIC Investment Co-operative, despite having a representative on its board.
