News and Analysis
March 26, 2026
Hello and welcome to the Money News Roundup Newsletter, where we cover plans to allow those who save for affordable houses to withdraw their savings if they opt out of Boma Yangu. We also cover the appointment of a new Sidian Bank CEO.
Housing PS Charles Hinga has announced that Kenyans saving for affordable housing under the Boma Yangu programme will be allowed to withdraw their contributions if they opt out.
Hinga said the funds belong to contributors and will be accessible once a withdrawal system, currently being developed in partnership with Safaricom, is in place.
At present, Kenyans enrolled in the programme are unable to withdraw the money they have been saving towards home ownership, raising concerns among contributors.
Under the Boma Yangu platform, individuals can save from as little as Ksh200 towards a housing deposit for a unit of their choice.
The PS also acknowledged that there were delays in the issuance of sectional title deeds for buyers.
He noted that the delays were occasioned by the long process of transferring the mother titles to the Affordable Housing Board for the Board to issue the deeds to house owners.
“The law is binding us, and we now have a path. We already have a legal opinion from the Office of the Attorney General on the transfer of mother titles. The head of Public Service is holding meetings to confirm when titles are being transferred,” the PS said.
India and Belgium have emerged as alternative fuel sources for Kenya as Gulf oil suppliers adapt to disruptions caused by the US-Israel war with Iran.
Under a government-to-government (G-2-G) deal signed in March 2023, Kenya imports petroleum products from Saudi Aramco, Abu Dhabi National Oil Company (Adnoc), and Emirates National Oil Company (ENOC).
Fuel shipments are now coming from Antwerp-Bruges in Belgium, Sikka in India, and Jizan on the Red Sea to avoid the Strait of Hormuz, a critical maritime chokepoint threatened by regional conflict.
As reported by the Business Daily, traditionally, fuel was loaded from Arabian Gulf ports.
Documents show 239.1 million litres of petrol from Belgium and 156.75 million litres of diesel and dual-purpose kerosene from India are expected in Mombasa in April 2026.
Energy CS Opiyo Wandayi reassured the public that supplies are adequate, with a combined 330 million litres of petrol set for delivery in April.
Kenya currently holds enough stocks to cover 16 days of diesel, 14 days of petrol, and 47 days of dual-purpose kerosene.
In the country, already, major filling stations have begun experiencing shortages owing to high demand from motorists. Meanwhile, dealers are pushing for pump prices to be increased owing to increased costs of importation. The dealers threatened to cut supplies to fuel stations.
Airlines have begun to increase ticket prices from April 1, 2026, citing rising aviation fuel costs driven by global supply disruptions.
One of the airlines that operates in Nairobi, Mombasa and Eldoret routes said it will introduce a fuel surcharge across all tickets to manage higher operating expenses.
The surge in fuel prices has been linked to tensions involving Iran, Israel and the United States, which have disrupted key shipping routes, including the Strait of Hormuz.
The airlines have noted that they will continue monitoring the situation and may review fares if conditions stabilise. Read more
Sidian Bank has appointed John Okulo as its new Managing Director and CEO, effective 1 May 2026, pending regulatory approval.
As reported by the Kenyan Wall Street, Okulo is currently KCB Bank Kenya’s Director of Corporate Banking.
He succeeds Chege Thumbi, who will retire on June 30, 2026, after nine years, leaving the bank with record results: profits surged sixfold to Ksh1.73 billion, total assets topped Ksh90 billion, and Tier 2 reclassification was achieved.
Okulo brings 28 years of experience across Standard Chartered, Stanbic Uganda, NCBA, and KCB, having scaled NC Bank Uganda from greenfield to full operations and overseeing one of East Africa’s largest corporate banking portfolios at KCB.
The leadership transition follows a full governance reset, including Centum’s exit, new independent directors, and board chair James Macharia’s appointment.
The Communications Authority of Kenya has clarified that it has not banned the use of existing phones that do not have Type C chargers.
On March 24, 2026, CA issued a notice introducing new technical requirements for mobile devices seeking type approval for sale, import, assembly, or use in Kenya.
The rules require all importers and dealers to use USB Type-C charging interfaces with detachable cables, aligning with global standards.
As reported by Citizen Digital, CA clarified that devices already approved or in circulation remain legal, including those in shipment.
The Authority stressed that the notice does not target any income group and does not require the disposal of existing devices.
The Bomas International Convention Complex (BICC) is set to cost the government Ksh42 billion.
As reported by Citizen Digital, MPs have questioned why the 11,000-seater facility is more expensive than similar regional centres.
Construction, which began in March last year, is only 35% complete, prompting fears it may miss the May 11 deadline for the France-Africa Summit.
Fafi MP Yusuf Salah and Committee Chair Kareke Mbiuki demanded clarity on the cost and timeline, while Defence PS Patrick Mariru assured members that work is ongoing 24 hours a day to meet the deadline.
Concerns also emerged over the use of the Nairobi National Park parking and the relocation of the animal orphanage, potentially affecting wildlife habitats.
National Treasury CS John Mbadi has said the government will not introduce new taxes, maintaining that current rates will remain unchanged.
Appearing before the National Assembly’s Budget and Appropriations Committee, he noted that the economic situation has not shifted enough to justify higher taxes.
Instead, the Treasury will focus on expanding the tax base by reforming the Kenya Revenue Authority to improve compliance and efficiency.
As reported by Capital Business, Mbadi said changes at KRA will align revenue collection with the growing digital economy.
His remarks follow public resistance to higher taxes under the current administration. Already, KRA is proposing to make VAT registration mandatory for all businesses, including kiosks and vibandas, by removing the current Ksh5 million annual turnover threshold.
Second-hand car importers in Kenya say rising costs, policy uncertainty, and weak demand are affecting the sector.
The Car Importers Association of Kenya has raised concerns over frequent tax and regulatory changes, including a proposed revision of the Current Retail Selling Price schedule by the KRA.
The changes could push import duty to 35% and increase excise taxes.
As reported by the Star, dealers also cited a weaker shilling, higher import duties and costly compliance rules as key pressures, with vehicle prices becoming unaffordable for many buyers.
Importers warn that unpredictable costs are forcing buyers into losses, with some vehicles abandoned at the port. Slower sales, high interest rates and tighter credit access have also reduced demand, leaving dealers with unsold stock and strained cash flow.
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