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Kenya tea exports hit by Iran conflict as stocks pile up
Kenya's tea exports are facing significant disruptions due to the conflict in the Middle East, with approximately 8 million kilograms of tea currently held up in Mombasa warehouses. This situation is leading to substantial weekly financial losses. Separately, Tanzania's energy regulator EWURA announced new, higher cap prices for petroleum products effective April 1, citing escalating global supply disruptions from Middle East geopolitical tensions. Meanwhile, Standard Chartered Bank has relaunched its China-Kenya trade corridor solution aimed at empowering local small and medium-sized enterprises engaged in Sino-Africa trade.
KRA targets 22m new taxpayers with WhatsApp chatbot
The Kenya Revenue Authority launched a WhatsApp chatbot named 'Shuru' to onboard an estimated 22.6 million potential new taxpayers and simplify tax filing processes. This follows a separate KRA initiative introducing a new WhatsApp service aimed at simplifying tax filing and improving compliance for taxpayers across Kenya. Meanwhile, Kenyan bankers are advocating for a reduction in Pay As You Earn taxes as a strategic move to stimulate consumer spending capacity.
SASRA orders Saccos to tighten cybersecurity over holidays
The Sacco Societies Regulatory Authority has mandated that all regulated saccos enhance their cybersecurity measures and implement mandatory data backups ahead of upcoming public holidays. Separately, struggling pension scheme Telposta Pension Scheme is planning a significant KSh 10 billion asset sell-off to address its financial difficulties. Additionally, the Kenyan Shilling reached a significant milestone, averaging an exchange rate of 130 against the US Dollar.
