Money Launderers & Tax Evaders Beware.

🥷🏼Banks begin spying on money launderers & tax evaders

Banks and fintechs in Kenya are now subject to the international Common Reporting Standards (CRS) - this means that financial institutions will be exchanging account information across jurisdictions to fight tax evasion and money laundering. If you are doing illegal stuff in your bank account, one day the government (or even INTERPOL) may come knocking. This move adds additional financial oversight within Kenya and is an important step in getting the Republic moved off of the Financial Action Task Force’s (FATF’s) grey-list. What information is being tracked? 

🌐Safaricom ramps up speed to meet growing demand

Today - Kenya’s top telco - announced that it is increasing internet speeds for home and business packages (in addition to introducing a 1,000mbps package). This announcement comes amidst an evolving internet landscape in Kenya with intensifying competition coming from both local and international (Starlink) players. In an age when online gaming, content creation, streaming, virtual reality, and others are requiring better internet speed, the move is strategic for the telco which has recently been under fire for… well, a lot. What new speeds should you expect? 

🥳US Fed rate cut already being felt in the economy

We told you that the Fed’s rate cut would help the Kenyan economy and we were right - the economic data is already proving it! Last week, the shilling closed at 129.18 as the US Dollar weakens further. Beyond just that, the NSE All Share Index (NASI) edged up further by 0.4%, bringing year to date gain to 15.7%. Kenya’s usable forex reserves increased last week by 1.6% to a total of $7.9B USD. While it is likely that the rate cut will take some time (or even further cuts) to be felt by the entire populace, this is a welcome sign of greener pastures to come. What else is happening? 

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