Kenyans Have Lost Ksh1.9 Billion Through Bank Fraud- CBK

Hello and welcome to the Money News Roundup. Today, we cover how fraudsters stole a record Ksh1.9 billion from Kenyan banks and a court ruling ordering TSC to compensate teachers who served in acting positions without corresponding pay.

Kenyans Lose Ksh1.9 Billion in Banks to Fraudsters - CBK  

Fraudsters stole a record Ksh1.9 billion from Kenyan banks in 2025, a 19.4% increase from Ksh1.59 billion lost in 2024, according to the Central Bank of Kenya (CBK).

As reported by the Business Daily, the regulator reported that fraud cases rose to 385 from 353, while the amount exposed to fraud increased to Ksh2.03 billion. Banks recovered only Ksh127.43 million, representing 6.25% of the exposed amount.

Card fraud recorded the highest losses, more than doubling to Ksh645.2 million from Ksh263.3 million. Mobile banking fraud accounted for Ksh634.3 million, while online banking fraud losses rose to Ksh157.5 million.

Internet scams recorded a sharp increase, with losses surging to Ksh86.5 million from Ksh6.1 million in 2024.

The CBK attributed the growing threat to sophisticated cyberattacks, phishing, SIM swaps, identity theft and the rapid expansion of digital payments.

The regulator warned that artificial intelligence and social engineering were creating additional cybersecurity risks for financial institutions.

Meanwhile, rising fraud has increased the cost of cyber insurance, with premiums for large banks averaging Ksh80 million annually, according to Britam General.

Court Orders TSC to Pay Teachers Acting Allowances

The Employment and Labour Relations Court has ordered the TSC to compensate teachers who have served as acting headteachers and deputy headteachers without corresponding pay.

As reported by Nation, Justice Jemimah Keli ruled that the practice amounts to unequal pay for equal work and directed TSC to pay acting allowances from the dates teachers assumed higher responsibilities.

The court also recognised teachers in Arid and Semi-Arid Lands (ASAL) and hard-to-staff areas as a marginalised group entitled to affirmative action, directing TSC to budget for their allowances.

The ruling follows a petition by 22 teachers, some of whom had served in acting positions for over 10 years.

The decision comes as TSC faces a Ksh2.2 billion shortfall in funding for acting allowances in the 2026/27 financial year.

Dangote Denies Receiving Govt Funding for Ksh2.2 Trillion Lamu Refinery

Dangote Refinery has told a tribunal that it has not received any equity contribution or public funding from the Kenyan government, maintaining that the planned Ksh2.2 trillion Lamu project is privately owned and financed.

As reported by the Business Daily, Treasury CS John Mbadi added that discussions on possible government participation were ongoing, adding that no final investment decision had been made.

Kenya has been linked to a proposed 10% stake in the refinery, estimated at Ksh64.9 billion (US$500 million).

The Public Private Partnership Petition Committee has since dismissed a petition by the Consumers Federation of Kenya (Cofek), ruling that it failed to prove the refinery was a PPP project and that the committee lacked jurisdiction to compel disclosure of the requested documents.

Land Prices in 5 Nairobi Satellite Towns Drop in Q3 2026

Land prices declined in five Nairobi satellite towns in the third quarter of 2026, with Mlolongo recording the steepest drop, according to the latest HassConsult Land Price Index.

As covered by Money254.co.ke, Mlolongo prices fell 2.2% to Ksh46.6 million per acre, followed by Kiserian, which declined 2% to Ksh13.3 million. Kiambu dropped 1% to Ksh48.1 million, while Ongata Rongai and Tigoni declined 0.9% and 0.1%, respectively.

Across 14 satellite towns, average land prices grew by 0.65%, down from 1.4% in the previous quarter.

Ngong led growth with a 2.2% increase, followed by Thika at 2%. Ruaka remained the most expensive at Ksh117.9 million per acre.

Govt to Establish Industrialisation Fund Offering Loans to Manufacturers

President William Ruto has announced plans to establish an Industrialisation Fund that will provide manufacturers with loans at single-digit interest rates to boost local production.

As reported by Capital Business, the fund will initially offer financing of between Ksh5 million and Ksh20 million, with lending limits expected to rise to Ksh100 million and Ksh200 million.

Speaking at the Kenya Industrialisation Summit in Nairobi, Ruto said the initiative was in its final stages.

He also announced plans for a Green Investment Fund targeting Ksh25.99 billion (USD200 million) in capital to support investments in the sector.

Equity Group Invests Ksh99.5 Billion in Social and Environmental Projects

Equity Group invested a record Ksh99.5 billion in social and environmental initiatives in 2025, targeting small businesses, agriculture and climate action across its regional operations.

As reported by Citizen Digital, the bank, in its 2025 Sustainability Report, noted that it had disbursed Ksh404 billion to MSMEs, trained over 962,000 entrepreneurs and supported more than 622,000 farmers.

The Group also deployed Ksh26 billion in sustainable financing, distributed nearly 76,000 clean-energy products and planted 9.1 million trees.

By 2030, Equity targets small businesses to account for 65% of its Kenyan loan book, agriculture 30% and manufacturing 15%.

Carbacid Profit Rises 12.2% to Ksh1.13 Billion on Investment Gains

NSE-listed Carbacid Investments Plc recorded a 12.2% increase in net profit to Ksh1.13 billion for the financial year ended July 2026, supported by investment gains.

As reported by the Kenyan Wall Street, investment earnings rose 45.8% to Ksh543.61 million, offsetting a 6.1% decline in profits from carbon dioxide trading.

Group revenue grew marginally by 0.6% to Ksh2.11 billion, while domestic sales increased 16.6% to Ksh715.43 million.

The company proposed a final dividend of Ksh2 per share, translating to Ksh509.7 million, subject to shareholder approval. This marks its seventh consecutive year of profit growth.

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