News and Analysis
August 5, 2026
Welcome to the Money News Roundup. In today's edition, we look at how Kenyans lost Ksh491.6 million to SIM swap fraud as cybercriminals stepped up attacks on mobile money users. We also cover the latest HassConsult report showing land prices declined in seven Nairobi satellite towns, even as demand continued to push prices higher in key growth areas.
Kenyans lost Ksh491.6 million to SIM swap fraud in 2025 as cybercriminals increasingly targeted mobile money users, according to Interpol.
As reported by the Business Daily, the agency said more than 123,000 fraudulent SIM cards were issued last year, marking a 327% surge in such attacks.
SIM swap fraud occurs when criminals trick telecom operators into transferring a victim's phone number to a SIM card they control, allowing them to intercept one-time passwords and access mobile wallets and bank accounts.
Interpol attributed the rise to weak and inconsistent know-your-customer (KYC) procedures and poor real-time identity verification by some telecom firms.
The agency urged governments, telecom operators and financial institutions to adopt biometric verification and real-time fraud alerts.
Safaricom said mobile banking fraud rose 87%, driven partly by SIM swap schemes, but noted that its Single View SIM swap platform has helped reduce fraudulent SIM replacements by 65% through automated identity and risk checks.
Nigeria's Dangote Petroleum Refinery is preparing Africa's biggest-ever stock market listing, targeting about Ksh646 billion ($5 billion) through an IPO expected to conclude in October.
Reuters reported that Kenyan investors could account for up to Ksh65 billion ($500 million) of the fundraising, with pension funds among those expressing strong interest. NSE is expected to be part of the IPO.
The 650,000-barrel-per-day refinery, majority-owned by Africa's richest man Aliko Dangote, plans to use the proceeds to expand capacity and support plans for a similar refinery in Kenya.
The IPO application has already been submitted to Nigeria's Securities and Exchange Commission, with a prospectus expected in September pending approval.
The refinery, valued at roughly Ksh5.17 trillion (about $40 billion) following a recent private placement, reached full operating capacity earlier this year and aims to boost production to 1.4 million barrels per day.
Land prices declined in seven Nairobi satellite towns during the second quarter of 2026, according to the latest HassConsult Land Price Index.
As reported by Money254.co.ke, Ngong recorded the steepest drop, with prices falling 2.5% to Ksh34.8 million per acre, followed by Limuru (-0.8%, Ksh27.2 million), Kiambu (-0.6%, Ksh48.6 million), Syokimau (-0.3%, Ksh39.4 million), Tigoni (-0.3%, Ksh34.8 million), Athi River (-0.2%, Ksh20.7 million) and Kitengela (-0.1%, Ksh18.8 million).
HassConsult attributed the slowdown to investors shifting towards areas with stronger infrastructure and economic activity.
Ruiru led price growth, rising 4.1% to Ksh42.2 million per acre, followed by Thika (3.8%, Ksh32.4 million) and Ruaka (2.8%, Ksh115.7 million) as demand strengthened in key growth corridors.
Kenya Railways has applied for a national courier licence, paving the way for it to expand parcel delivery services across the country.
As reported by the Business Daily, the State-owned firm plans to build on its same-day Nairobi-Mombasa SGR parcel service by transporting consignments on other rail routes.
Managing Director Philip Mainga said KRC will use railway stations as collection and pickup points, while partnering with courier firms for last-mile deliveries instead of building its own delivery fleet.
The move comes as Kenya's courier market shifts from traditional letter mail to parcel logistics, driven by the growth of e-commerce. However, details of charges for the services have not been released yet.
Health CS Aden Duale has dismissed claims that service fees charged on payments processed through SHA’s digital health system are being paid to a private company illegally.
His response follows a High Court petition challenging the alleged payment of Ksh1.2 billion to Finsprint Limited from hospital claims.
As reported by the Star, Duale said the fee is paid to the Digital Health Agency, a state corporation established under the Digital Health Act, 2023, and not to a private company.
He maintained that SHA remains the only institution legally mandated to review, process and pay claims to contracted healthcare providers under the Social Health Insurance Act, 2023.
He added that the digital health system was procured in line with the Public Procurement and Asset Disposal Act and that any subcontractors engaged by the contractor do not receive or control payments meant for hospitals.
Stephen Murithi of Capital DT Sacco Society Ltd has been charged with allegedly misappropriating Ksh39 million belonging to the Meru-based cooperative.
According to Capital Business, the CEO was arraigned before a Meru court after being arrested by the Sacco Societies Regulatory Authority (SASRA) Fraud Investigation Unit. Court documents allege that the money was stolen between February 23 and April 25, 2026, while he served as the Sacco's CEO.
Murithi faces three counts related to the alleged theft of funds that prosecutors say came into his possession through his employment. He denied the charges and was released on a Ksh1 million bond. The case will be mentioned on August 19, with the hearing set for October 15, 2026.
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