Govt Appoints Lebanese Firm to Supervise Chinese Contractor in JKIA Expansion

Welcome to the Money News Roundup. In today's edition, we cover the government's appointment of a Lebanon-based firm to supervise the Ksh155 billion JKIA expansion project. We also look at proposed new rules that could see the salaries of public officers frozen if they fail to declare their wealth. 

Govt Appoints Lebanese Firm to Supervise Chinese Contractor in JKIA Expansion

The government has appointed Dar Al-Handasah Consultants to oversee the design review, project management, contract administration, and construction supervision of JKIA's modernisation project, marking the start of a key implementation phase.

In a statement by Transport CS Davis Chirchir, under the contract, Dar Al-Handasah Consultants will be responsible for reviewing the project's designs and supervising construction to ensure the redevelopment meets international standards. The cost of the supervision fee is yet to be known

The consultant appointment follows the government's award of the Ksh155 billion JKIA expansion contract to China Road and Bridge Corporation (CRBC) in June.

CRBC is expected to construct the new terminal building and upgrade the existing airport infrastructure.

Govt to Freeze Salaries for Civil Servants Who Fail to Declare Wealth in New Rules

Public officers who fail to declare their wealth could have their salaries withheld under proposed regulations by the EACC aimed at enforcing Kenya's Conflict of Interest Act. 

As reported by the Business Daily, the proposals require State and public officers to file wealth declarations every two years, with non-compliance attracting salary stoppages, compliance notices, warnings, disciplinary action, and possible prosecution. 

Those convicted could face up to one year in jail, a Ksh1 million fine, or both.

The law, which took effect in August 2025, requires officers to declare their income, assets, and liabilities, including those of their spouses and dependent children, as well as assets held abroad and jointly owned property.

The EACC says the declarations help detect unexplained wealth and conflicts of interest.  

Govt to Use KDF Housing Allowances to Repay Ksh3 Billion Sukuk Investors

The government will use housing allowances from KDF officers occupying newly built military houses to repay investors who bought the Ksh3 billion Sukuk bond that financed the project.

As reported by the Business Daily, according to GCR Ratings, the allowances will be ringfenced and deducted directly from officers' salaries for the next 13 years, with repayments to investors beginning in August after a two-year moratorium. 

The Sukuk, issued in 2024 by Liaison Group, financed the construction of 3,069 housing units in Roysambu, Laikipia, Kilifi, and Nakuru counties. 

The project, now 95% complete, also received Ksh346.7 million from contractor China Railway No. 10 Engineering Group and annual government funding of Ksh500 million.

Complaints Against Digital Lenders Jump Fivefold Despite Tougher CBK Rules

Complaints against digital lenders rose more than fivefold to 355 in the year to June 2025 from 67 a year earlier, according to the Competition Authority of Kenya (CAK). 

As reported by the Business Daily, the watchdog said borrowers mainly complained about hidden charges, misleading information, unilateral changes to loan terms, and unfair repossession of assets. 

The financial services sector accounted for 564 of the 915 consumer complaints received, with digital lenders recording the highest share. 

The surge comes despite the CBK tightening oversight since 2022. Earlier this week, CBK licensed 25 more digital lenders, bringing the total to 252.

Kenya's Exports to Iran Drop by 40.7 Over Middle East Conflict

Kenya's exports to Iran fell by 40.7% in the first quarter of 2026, dropping to Ksh544 million from Ksh917.6 million a year earlier, according to KNBS. 

As reported by Nation, the decline has been linked to the Middle East conflict, which disrupted shipping through the Strait of Hormuz and increased freight and insurance costs. 

Iran is a key market for Kenyan tea, the country's main export to the nation. The East Africa Tea Trade Association said shipping disruptions have left millions of kilograms of tea stranded at the Port of Mombasa, hurting exporters and delaying payments.

Stablecoin Payments Startup Timon Expands Into Kenya

Stablecoin-powered travel payments startup Timon is expanding in Kenya after surpassing 100,000 users across Africa, citing growing demand for cheaper cross-border payments and access to foreign currency. 

As reported by the Kenyan Wall Street, the fintech,  founded in 2024, offers digital wallets, virtual and physical payment cards, international money transfers, and local payment services. 

Kenya is now one of its four priority markets alongside Nigeria, Ghana, and South Africa. The expansion follows fresh funding from crypto accelerator Alliance, which will support product development and growth. 

Former Branch Kenya Boss Rose Muturi Appointed Moniepoint CEO

Former Branch Kenya CEO Rose Muturi has been appointed CEO of Moniepoint Kenya, marking a key step in the Nigerian fintech's expansion into the local market. 

As reported by the Condia, Muturi brings experience from Standard Chartered Bank, Tala, and Branch, and also founded the Digital Financial Services Association of Kenya (DFSAK). 

Her appointment follows Moniepoint's acquisition of Sumac Microfinance Bank, giving the company a foothold in Kenya after years of attempting to enter the market. 

Moniepoint plans to integrate Sumac into its operations while developing financial products tailored to Kenyan customers as it expands across East Africa.