Are you worried about receiving international cash remittances during the Coronavirus global pandemic?

We spoke to Sharon Kinyanjui, Head of East and Central Africa at WorldRemit, who answered the most common questions. Ms. Kinyanjui spoke to us about how the London-headquartered online money transfer company is supporting its customers and explained the options available to both senders and receivers. READ MORE...

The Kenya National Bureau of Statistics (KNBS) quarterly jobs report shows that 708,902 of 869,338 persons above the age of 60 were in active employment in December, representing 81.5 percent of the senior citizens in the country.

Many of those working were doing so to meet basic needs. Another 40,296 persons above the age 50 were actively looking for jobs.

• The UN's trade and development agency says the slowdown in the global economy caused by the coronavirus outbreak is likely to cost at least $1 trillion.
•  UNCTAD says the fall in oil prices has been a contributing factor to the "growing sense of unease and panic Read more

The cost of basic goods like detergents, cooking oil, electricity, airtime and services like pay TV subscriptions have dropped marginally after the Treasury’s measure to reduce the Value-Added Tax rate from 16 to 14 percent kicked in Wednesday.

The reduction in VAT is part of the raft of measures announced by President Uhuru Kenyatta last month to ease pain on households facing lower incomes arising from the slowdown in the economy caused by the Coronavirus pandemic.

Income tax, value-added tax and sales levy cuts announced by President Uhuru Kenyatta last week are long-term, Treasury Secretary Ukur Yatani revealed Monday.

The tax incentives are not tied to the end of the coronavirus pandemic, meaning that Kenyan workers and companies will continue enjoying them even after the spread of the virus has been contained

Source : Business Daily

Small and medium sized enterprises (SMEs) with outstanding loans at Stanbic Bank Kenya

have been offered a three-month repayment break to cushion them against the economic disruptions caused by the coronavirus pandemic.

The offer is effective April 1, meaning that the SMEs will be required to resume repayments in July, offering reprieve to small entities at a time sales have dwindled.

Stanbic has also instructed large corporate customers to contact it for assessment and restructuring of their loans based on their respective industry circumstances.

The government’s efforts to curb spread of the deadly Covid-19 pandemic has received a major boost after Eldoret-based Rivatex East Africa Limited embarked on mass production of face masks.

The masks are expected to be supplied to the National Government for use in the battle against coronavirus.

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Co-operative Societies especially those that operate Deposit-Taking business, are changing the business models and encouraging members to use available online and mobile platforms... READ MORE

Income tax, value-added tax and sales levy cuts announced by President Uhuru Kenyatta last week are long-term, Treasury Secretary Ukur Yatani revealed Monday.

The tax incentives are not tied to the end of the coronavirus pandemic, meaning that Kenyan workers and companies will continue enjoying them even after the spread of the virus has been contained.

Mr Yatani told the Business Daily that the tax cuts, which he was to present to Parliament Monday, are meant to jump-start growth.

President Kenyatta and his deputy will take an 80% pay cut, while their ministers and their assistants will take pay cuts ranging from 20% to 30%.

The President also announced a raft of measures to save jobs and by extension the country’s economy.

These include: