News and Analysis
April 3, 2026
Hello and welcome to the Money News Roundup newsletter, where we cover the latest developments in the fuel importation scandal, which has seen three senior government officials arrested. We also report on new entry fees for museums.
The energy bosses arrested over the controversial Ksh4.8 billion fuel import are now pointing to the National Security Council Committee, chaired by the President’s Chief of Staff, as the basis for their actions.
As reported by Eastleigh Voice, lawyers representing former Petroleum PS Mohamed Liban, ex-Kenya Pipeline Company MD Joe Sang, and former EPRA DG Daniel Kiptoo argue that the emergency fuel procurement followed recommendations from the National Security Council Committee to source alternative supplies amid fears of disruption linked to Middle East tensions.
They were arrested over the Easter period as detectives from the DCI probe the emergency procurement deal involving allegedly substandard fuel imported outside the Government-to-Government framework.
They have since resigned from their positions, with EPRA announcing Joseph Aketch as the Acting Director General.
Authorities say the import deal may have led to a price difference of about Ksh43.4 per litre, potentially costing the country billions.
Meanwhile, as reported by the Business Insider, the government has blocked a second fuel shipment at Mombasa as investigations into a controversial government oil import continue.
The National Museums of Kenya has announced new entry fees for museums and heritage sites, effective May 7, 2026.
Kenyans visiting the Nairobi National Museum or Snake Park will now pay Ksh350 for adults and Ksh200 for children, with a combined ticket at Ksh600. Previously, the charges were Ksh 300 for adults and Ksh150 for children.
As reported by Kenyans.co.ke, other Africans will pay up to Ksh1170, while non-Africans will pay Ksh2,341 for adults.
Popular sites like Karen Blixen Museum and Fort Jesus will charge Ksh550 for adults, up from Ksh200.
Fees at coastal and regional sites have also been standardised, ranging between Ksh100 and Ksh200. The changes aim to improve infrastructure and visitor experience, with operating hours remaining 8:30am to 5:30pm daily.
Trident Insurance Company, Kuscco Mutual Assurance, and Corporate Insurance Company owed over Ksh3.43 billion in unpaid claims to 20,852 customers as of December 2025, the Insurance Regulatory Authority of Kenya (IRA) reports.
As reported by Business Daily, the firms were placed under statutory management on March 11 due to weak capital positions and failure to settle claims within the required 90 days.
The Policyholders Compensation Fund (PCF) will now oversee payouts of up to Ksh500,000 per claimant, doubling the previous maximum of Ksh250,000.
PCF plans to start receiving claims within two weeks, with compensation following a 90-day processing period.
The fund’s asset base stood at Ksh26.8 billion as of June 2025, and it has previously managed statutory oversight for other insurers, including Invesco Assurance and Blue Shield Insurance.
The National Assembly has approved Ksh1 billion for the National Treasury to acquire Jubilee Insurance House, a multi-storey office block on Wabera Street, Nairobi CBD.
The building, vacated by Jubilee Holdings last year after moving to Upper Hill, is part of a Ksh2.5 billion acquisition plan. The Budget and Appropriations Committee blocked Ksh400 million for refurbishment until purchase negotiations conclude, citing risk to public funds if negotiations fail.
As reported by the Business Daily, Jubilee Holdings aims to sell the property for around Ksh2 billion. Jubilee Insurance House sits on 3.24 acres, with four office wings, a customer service centre, and an auditorium for 400 people.
MPs have approved Ksh25 billion from the Affordable Housing Board’s Treasury Bill investments to prevent over 1,700 affordable houses from stalling.
As reported by Nation, the Budget and Appropriations Committee, chaired by Samuel Atandi, reallocated the funds under the State Department for Housing in Supplementary Estimates I of 2025/26.
Housing PS Charles Hinga had warned that the Treasury’s failure to factor the money into the budget would leave contractors unpaid and halt projects, despite the Housing Levy generating Ksh6 billion monthly.
The funds, currently in 90-day Treasury Bills, are due to mature soon, and the ministry has requested their release. Hinga stressed the department is not seeking new money, only approval to spend its own invested funds.
Failure to release the Ksh25 billion, plus an additional Ksh2 billion for titling, would disrupt housing projects, affect thousands of workers, and slow progress in one of Kenya kwanza’s flagship initiatives.
Kenya’s top-listed banks recorded Ksh50 billion in paper gains from government bond holdings in 2025, following Ksh58.6 billion in valuation gains in 2024 as bond prices rose in the secondary market amid falling interest rates.
As reported by Business Daily, Equity Group led with an unrealised gain of Ksh19.9 billion, up from Ksh15.76 billion in 2024, holding Ksh299 billion in bonds.
DTB posted Ksh11.08 billion in gains, up from Ksh5.2 billion, while KCB Group recorded Ksh6.32 billion, down from Ksh8.87 billion.
Other banks contributed to the remaining Ksh12.7 billion in combined gains.
Falling Treasury bill and bond rates from 17–18.5 percent in 2024 to 7.4 –13 percent in 2025 pushed up secondary market prices, boosting banks’ fair value gains. These unrealised gains do not affect net profits unless the securities are sold.
32% of Kenyan adults are now borrowing through mobile money platforms, highlighting a growing shift away from traditional lenders.
As reported by Citizen Digital, in Sub-Saharan Africa, mobile loans accounted for 60% of all formal borrowing in 2024, with 25% of Kenyans relying exclusively on mobile lenders.
According to GSMA, Africa continues to drive global mobile money growth, with 2.3 billion accounts recorded in 2025. Kenya, Tanzania, and Uganda lead in adoption, with 20% of adults using mobile money as their only financial account.
Despite the growth, fraud remains a major concern, with global losses estimated at Ksh64.5 trillion ($500 billion).
Government-backed initiatives like the Hustler Fund have expanded access, though defaults have hit Ksh12 billion, prompting stricter recovery efforts.
.png){kind=small}
Join 1.5M Kenyans using Money254 to find better loans, savings accounts, and money tips today.
Money 254 is a new platform focused on helping you make more out of the money you have. We've created a simple, fast and secure way to find and compare financial products that best match your needs. All of the information shown is from products available at established financial institutions that our team of experts has tirelessly collected.
.jpg)
