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Africa Sitting on $165 Billion in Untapped Capital ‘Idling’ in Pension Funds, Experts Say. - Envestreet Financial
Africa is sitting on a hidden reservoir of domestic capital worth over $165 billion that could drive its development but much of it remains “idling” in low‑yield pension funds, officials at the African Development Bank (AfDB) have warned. Speaking at the Bank’s 2025 Annual Meetings in Abidjan, a high-level panel dissected ways to unlock this capital […]
Used Car Imports to Cost More as Kenya Revises Vehicle Tax Valuation System. - Envestreet Financial
The Kenya Revenue Authority (KRA) has implemented a revised valuation list for used motor vehicles, known as the Current Retail Selling Price (CRSP), marking the first update since 2019. The overhaul, which comes after legal and economic hurdles stalled previous attempts, introduces significant changes in how import duties and excise taxes on vehicles are calculated. […]
CDSC Digitizes 16 Billion Safaricom Shares in Landmark Shift from Physical to Electronic Format. - Envestreet Financial
The Central Depository and Settlement Corporation (CDSC) has successfully completed the immobilization of 16 billion Safaricom PLC shares, a development heralded as a transformative leap for Kenya’s capital markets and financial infrastructure. The move shifts Safaricom’s shares from physical certificates into electronic format, held securely within the Central Depository System (CDS), enhancing transparency, efficiency, and […]
Rwanda Withdraws from ECCAS, Citing Violation of Rights and DRC Bias. - Envestreet Financial
Rwanda has formally announced its withdrawal from the Economic Community of Central African States (ECCAS), accusing the regional bloc of being manipulated by the Democratic Republic of Congo (DRC) and failing to uphold its own founding principles. In a strongly worded statement released by the Ministry of Foreign Affairs and International Cooperation, Rwanda expressed deep […]
ICICI Bank Manager Embezzles ₹4.6 Crore (approx. $550,000) from 110 Accounts, Loses It All in Stock Market. - Envestreet Financial
An ICICI Bank relationship manager based in Kota, Rajasthan India, has been arrested after allegedly siphoning off ₹4.58 crore (approx. $550,000) from more than 110 customer accounts over a period of three years. The fraud unfolded between 2020 and 2023 and ultimately ended in financial ruin when the stolen funds were lost in stock market investments. […]
Kenya’s Collective Investment Schemes Hit Kshs. 496 Billion in Q1 2025 as Money Market Funds Dominate. - Envestreet Financial
Kenya’s capital markets are experiencing a remarkable boom, with collective investment schemes (CIS) reaching a record high of Kshs. 496.2 billion in assets under management (AUM) by the end of March 2025, according to the latest report from the Capital Markets Authority (CMA). This marks a 28% increase from the Kshs. 389.2 billion reported in […]
The Bank of Ghana Mandates Banks to Reveal Willful Defaulters in Audited Financial Statements. - Envestreet Financial
The Bank of Ghana (BoG) has unveiled a series of regulatory reforms targeting key areas within the banking sector. Announced during a post-Monetary Policy Committee meeting with Managing Directors and CEOs of commercial banks, these measures aim to address rising non-performing loans (NPLs), enhance transparency, and regulate digital lending practices. Central to the BoG’s reforms […]
Kenya Moves Toward Cryptocurrency Regulation as Banks Ready to Offer Crypto Deals. - Envestreet Financial
Kenya is poised to become a leader in cryptocurrency regulation in Africa, as the government drafts legislation to oversee digital assets, and a significant portion of banks express readiness to engage in crypto-related activities. The findings signal a shifting view of banks about virtual assets on the back of increased use across sectors such as […]
Willstone Homes Denies Allegations of Housing Scam, Defends Off-Plan Model. - Envestreet Financial
Kenyan property developer Willstone Homes has issued a strong rebuttal to claims published by the Daily Nation alleging the company was involved in home-buying scams. The article, titled Unmasked: Faces in Home Buying Scams, published on 4th June 2025, purported to expose fraudulent practices within the real estate sector, naming Willstone Homes among those implicated. […]
Central Bank of the UAE & Kenya have signed MoUs to promote the use of local currencies in cross-border transactions. - Envestreet Financial
The central banks of the United Arab Emirates and Kenya have signed two landmark agreements aimed at enhancing financial cooperation through the use of domestic currencies for trade and the integration of their payment and messaging systems. The Memoranda of Understanding (MoUs), signed in Abu Dhabi on Tuesday, mark a major step towards reducing reliance […]
Moniepoint Acquires Majority Stake in Sumac Microfinance Bank with CAK Approval. - Envestreet Financial
The Competition Authority of Kenya (CAK) has approved the acquisition of a 78% shareholding in Sumac Microfinance Bank by Moniepoint Inc., a US-based financial technology firm, in a move expected to reshape Kenya’s dynamic microfinance landscape. The approval follows a detailed assessment which concluded that the transaction would not negatively affect competition or employment within […]
KRA to Launch Nationwide Tax Exemption Vetting for Persons with Disabilities. - Envestreet Financial
The Kenya Revenue Authority (KRA), in partnership with the National Council for Persons with Disabilities (NCPWD) and the Ministry of Health (MoH), is set to commence a nationwide tax exemption vetting exercise for persons with disabilities (PWDs) on June 9, 2025. The initiative aims to identify and grant eligible PWDs relief from income tax obligations, […]
Blackrock, The World’s Largest Asset Manager, to Acquire 10% Stake in Circle’s $624M IPO. - Envestreet Financial
In a landmark development for the cryptocurrency sector, BlackRock, the world’s largest asset manager, is set to acquire approximately 10% of Circle Internet Financial’s upcoming $624 million initial public offering (IPO). This move underscores a significant shift in traditional finance’s engagement with digital assets, particularly stablecoins like USDC. Circle Internet Group, the company behind the […]
Lofty Corban Launches Global Investment Fund as Assets Exceed KSh 4 Billion. - Envestreet Financial
Lofty – Corban Investments Limited (L-CIL), a leading Kenyan investment management firm specializing in managing Collective Investment Schemes and Pension Funds, has announced the launch of a specialized global fund aimed at providing Kenyan investors with diversified international investment opportunities. The announcement was made during the company’s inaugural Annual General Meeting (AGM) held on May […]
Dubai Land Department launches the first tokenized Real Estate project through the ‘Prypco Mint’ platform. - Envestreet Financial
Dubai Land Department (DLD) has launched the Middle East and North Africa (MENA) region’s first licensed tokenized real estate investment platform, Prypco Mint (mint.prypco.com). This initiative allows investors to acquire fractional ownership in Dubai properties, starting from as little as AED 2,000 ($545), marking a significant shift in property investment accessibility. The launch aligns with […]
The Board of the African Development Bank to elect a new President to succeed Akinwumi Adesina. - Envestreet Financial
The African Development Bank (AfDB) is set to elect its ninth president today during its Annual Meetings in Abidjan. The AfDB, established in 1964, comprises 81 member countries, including 54 African nations. With a capital base that has expanded from $93 billion in 2015 to $318 billion in 2025, the bank plays a crucial role […]
Access Bank Completes Acquisition of National Bank of Kenya from KCB Group. - Envestreet Financial
Access Bank Plc has officially concluded the acquisition of the National Bank of Kenya (NBK) from KCB Group Plc, marking a significant milestone in its strategic expansion into East Africa. The transaction, which began in March 2024 and recently received all required regulatory approvals, is expected to reshape the banking landscape in the region. This […]
Kenya Deposit Insurance Corporation Begins 4th Dividend Payout to Defunct Bank Creditors. - Envestreet Financial
The Kenya Deposit Insurance Corporation (KDIC) has announced the commencement of the fourth round of dividend payments to depositors and creditors of Pan African Bank Limited (In Liquidation) and Euro Bank Limited (In Liquidation), both of which were placed under liquidation after failing to meet regulatory requirements. Thousands of depositors and creditors affected by the […]
Criminals stole over £1billion through fraudulent methods in 2024, Says UK Finance. - Envestreet Financial
In 2024, the UK faced a significant financial threat as fraudsters stole £1.17 billion through various fraudulent activities, according to UK Finance’s Annual Fraud Report. There were 3.13 million confirmed cases of unauthorised fraud reported in 2024 (up 14 per cent compared to 2023) and losses totalled £722 million in 2024 (up two per cent). […]
Nairobi Securities Exchange Reviews Key Indices to Reflect Market Performance. - Envestreet Financial
The Nairobi Securities Exchange (NSE) has announced sweeping changes to its benchmark indices; the NSE 10, NSE 20, and NSE 25 Share Indices in a move aimed at ensuring they remain an accurate reflection of Kenya’s evolving capital markets. The adjustments, made following a comprehensive annual review, will see the inclusion of several new constituents […]
CMA Licenses Three New Corporate Trustees to Strengthen Kenya’s Collective Investment Market. - Envestreet Financial
The Capital Markets Authority (CMA) has granted licenses to three new corporate trustees MTC Trust & Corporate Services Limited, Standard Chartered Bank Kenya, and NCBA Group Plc to support the burgeoning collective investment schemes (CIS) sector in Kenya. This strategic move aims to enhance investor protection and promote the growth of professionally managed investment vehicles […]
Standard Group Receives Regulatory Green Light for KES 1.5 Billion Rights Issue. - Envestreet Financial
The Standard Group PLC has received approval from Kenya’s Capital Markets Authority (CMA) to proceed with a KES 1.5 billion rights issue, aimed at strengthening its financial position and accelerating digital transformation across its operations. Under the approved structure, the media conglomerate will issue a total of 283,661,120 new shares at a price of KES […]
Nigeria’s Digital Payments Hit Record High in 2024 Driven by Fintech and Regulatory Push. - Envestreet Financial
Nigeria’s digital payments industry is witnessing an unprecedented surge, with e-payment transactions reaching NGN1.56 quadrillion in the first half of 2024 representing over 70% of the total volume recorded in 2023. This explosive growth, detailed in the newly released Nigeria Payment Report 2025 by Zone and TechCabal Insights, highlighting the country’s leading role in Africa’s […]