News and Analysis
September 23, 2026
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Hello and welcome to the Money News Roundup Newsletter. In today's edition, we break down the fining of 33 banks for failing to lower loan interest rates. We also cover fresh proposals to reintroduce the motor vehicle tax under a new wealth-based framework.
CBK fined 33 commercial banks in 2025 for failing to reduce lending rates in line with cuts to the Central Bank Rate (CBR), following inspections across all 38 lenders.
As reported by the Business Daily, two additional banks faced administrative action, while only three were fully compliant with the risk-based credit pricing model (RBCPM).
Between August 2024 and August 2025, CBK lowered the benchmark rate by 3.5 percentage points to 9.5%, but most banks did not pass on the benefits to borrowers.
“CBK conducted target inspections in 2025 on implementation of the Risk-Based Credit Pricing Models (RBCPM) rolled out in 2019 by all commercial banks. Following the inspections, penalties were levied on 33 banks, and administrative actions were taken on 2 banks,” read the report in part.
Only three banks were found compliant with the new RBCPM.
However, the regulator did not name the specific banks that were fined, how much they were fined, or which banks were compliant.
CBK had warned banks of penalties of up to Ksh20 million or three times the gains from overcharging customers, alongside additional daily fines.
Oxfam Kenya and the Institute of Public Finance (IPF) have proposed the reintroduction of a motor vehicle tax as part of a broader wealth taxation framework.
As reported in the Star, unlike the proposal in the 2024 Finance Bill, the groups want differentiated rates based on a vehicle's value, meaning owners of high-end vehicles would pay more than those with lower-value cars.
The organisations argue that any new levy should clearly define taxable wealth, who is liable, how the tax is calculated and how it will be collected. They also want policymakers to review whether insurance companies should remain the collection point.
The groups say a wealth-based vehicle tax could help broaden Kenya’s tax base while reducing reliance on income and consumption taxes.
The person behind the controversial QVSE investment scheme is recruiting Kenyan investors into a new platform called Apollo, promising access to funds frozen in QVSE accounts.
As reported by the Business Daily, Carl Grindan, popularly known as “Prof Carl”, has asked investors to deposit Ksh51,800 ($400) by September 25, claiming the payment will unlock balances estimated at nearly Ksh1 billion.
The development comes as two alleged QVSE agents were charged in Nairobi with fraudulently inducing investments and operating an unlicensed investment scheme. Regulators have already listed QVSE and its parent firm, Global Investment Group (GIG), among entities operating illegally in Kenya.
QVSE attracted thousands of investors with promises of high returns from copy trading US stocks. Grindan previously froze accounts and requested additional deposits before launching Apollo as a replacement platform.
Nairobi Governor Johnson Sakaja has waived application and approval requirements for minor building repairs to help residents prepare for the anticipated El Niño rains.
As reported by the Citizen Digital, the temporary measure allows homeowners to install gutters and undertake small repairs without county approvals. The county is also intensifying drainage clearance, desilting and flood mitigation works across Nairobi.
Sakaja warned against illegal dumping, saying waste such as plastics, mattresses and blankets continues to block waterways and increase flooding risks.
The Central Bank of Kenya (CBK) has approved the transfer of all assets and liabilities of Access Bank Kenya to National Bank of Kenya (NBK), paving the way for Access Bank Plc’s consolidation of its Kenyan operations.
As reported by the Kenyan Wall Street, the approval follows Access Bank’s 2025 acquisition of NBK from KCB Group. As of June 2026, NBK held Ksh157 billion in assets, compared to Access Bank Kenya’s Ksh14 billion.
Combined assets will exceed Ksh170 billion before adjustments. NBK posted a Ksh1.72 billion half-year profit, while Access Bank Kenya remained loss-making. The transaction awaits completion of the transfer agreement.
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