War on Remittances...

The Trump administration is not very fond of immigrants and believes that somehow the rest of the world is shortchanging Americans. The latest attempt by the Republicans to ‘balance out things’ is the imposition of a 5% tax on remittances. We unpack the implication…

This and more stories in today's edition of our daily newsletter… I am Brian from The Kenyan Wall Street.

WAR ON REMITTANCES: Trump Admin imposes 5% Tax on Immigrant Cash transfers…

President Trump’s latest “big, beautiful bill” includes a 5% tax on remittances, and it could hit Kenya right in the forex reserves. With Kenyans in the U.S. sending home over $220 million in March alone, this move threatens to shrink our largest source of foreign currency.

The levy spares U.S. citizens but captures everyone else — from green card holders to H-1B visa workers. Critics call it double taxation and fintechs dependent on these globalized transactions call it a disaster. The World Bank has regarded such taxation as regressive. If passed, expect higher costs, more underground transfers, and a lot more economic turbulence. Here is the full article »»»»»

Today's Poll 

Markets

FINANCIAL RESULTS : Co-op Bank Q1

🟢 Co-operative Bank of Kenya has reported a KSh 6.93 billion net profit for Q1 2025, marking a 5.3% year-on-year increase. Strong growth in interest income and deposits helped drive the performance, despite rising non-performing loans. The bank’s CEO Dr. Gideon Muriuki noted this growth during their 14th virtual AGM, underscoring a resilient first quarter for the group. Here is the full article >>>>>

Key Financial Highlights:

️♦️Net interest income jumped 21.7% to KSh 14.24 billion.

♦️Non-interest income dipped 1.9% to KSh 6.94 billion.

♦️ Customer deposits rose 9.0% to KSh 525.2 billion.

♦️ Total assets expanded 8.3% to KSh 774.1 billion.

♦️ Gross NPLs increased 11.4% to KSh 74.1 billion, prompting a 32.7% rise in loan loss provisions to KSh 2.11 billion.

BONDS : Kenya Secures US$1.5B Eurobond as Citi, Standard Bank Lead Successful Buyback

Citi and Standard Bank successfully arranged Kenya’s $1.5 billion Eurobond, issued on March 5, 2025, at a 9.95% yield and 9.50% coupon, maturing in 2036. The proceeds funded a US$579 million buyback of the 2027 notes, which settled on March 10. The offer attracted 64% investor participation, reducing the outstanding 2027 bonds to $321 million and reinforcing Kenya’s debt sustainability strategy.

NSE Gainers And Losers

UNBOWED : Naivas Supermarket Dismisses Nairobi County Orders…

Naivas, the largest retail store in Kenya, is firing back at Nairobi County, calling recent “expired goods” claims pure fiction and “extortionary tactics.” Despite orders to shut down, the retail giant insists all its stores are open and squeaky clean. According to the Nairobi County Executive, the retailer failed food handler tests. But Naivas has claimed that this is just a ploy by unscrupulous individuals to get bribes — which they have said they won't give. Here is the story »»»»»

INVESTING LIKE AN EXECUTIVE: An Interview with Del Monte MD

In this Episode, Andrew Barden, CEO of The Kenyan Wall Street, sits down with Wayne Cook, Managing Director of Del Monte to discuss matters Agribusiness, Exports and Growth growth secrets. Watch the episode here 👇🏽

Briefs

On your watchlist

Yesterday's Poll Results 

Should the U.S renew the AGOA deal?

🟩🟩🟩🟩🟩🟩 Yes (82%)

🟨⬜️⬜️⬜️⬜️⬜️ No (18%)

Keep up with what’s happening on our X and LinkedIn pages. Stay updated with the latest financial news on our website The Kenyan Wall Street.