News and Analysis
May 19, 2026
Hello and welcome to the Money News Roundup Newsletter, where we break down KRA’s identification of 97,000 Kenyans and businesses previously outside the tax net. We also cover the latest court ruling ordering the government to disclose the secret SGR loan and procurement agreements with China.
KRA has collected Ksh7.8 billion this year from 97,000 individuals and businesses that had never paid direct taxes before.
As reported by the Business Daily, the taxman said the growth has been driven by digitisation and improved tax monitoring systems targeting hard-to-tax sectors such as MSMEs and informal businesses.
According to KRA Commissioner for Micro and Small Taxpayers George Obell, the new taxpayers joined voluntarily within the last four months.
The government is increasingly relying on KRA to boost domestic revenue collection amid resistance to aggressive tax measures.
Proposals in the Finance Bill 2026 seek to strengthen KRA’s powers by allowing the agency to use third-party data to assess taxes and generate pre-populated returns.
KRA says it is shifting from manual tax collection to a real-time digital revenue administration model focused on expanding compliance.
The government has lost a bid to keep secret the Chinese loan agreements linked to the Ksh600 billion Standard Gauge Railway project.
As covered by the Business Daily, the Court of Appeal upheld orders requiring the Ministry of Transport, National Treasury and Attorney-General to release documents tied to the railway’s financing and operations.
The judges ruled that the State could not rely on secrecy clauses, national security or diplomatic confidentiality to withhold details of the project.
The ruling compels the government to disclose agreements signed with China Exim Bank, procurement contracts, feasibility studies and operational deals linked to the SGR.
Kenya borrowed about Ksh655 billion from China Exim Bank to finance the railway from Mombasa to Nairobi and later Naivasha, with Treasury estimates showing annual loan servicing costs of about Ksh50 billion.
The court said public interest and accountability outweighed secrecy claims.
The Law Society of Kenya (LSK) has filed a fresh petition seeking court orders to compel EPRA to disclose how it arrived at the new fuel prices announced for the May/June 2026 cycle.
As reported by Citizen Digital, in the case filed before the High Court in Nyamira, LSK wants EPRA compelled to publish a full breakdown of fuel price computations, including taxes, levies, exchange rate assumptions, margins and subsidy allocations.
LSK is also seeking urgent conservatory orders to suspend the implementation of the revised fuel prices, arguing that the increase in petrol and diesel costs was unconstitutional, opaque and economically punitive.
The lawyers also challenged the temporary waiver of sulphur standards announced by KEBS, warning that the move could expose consumers to health and environmental risks.
In the current pricing cycle, Diesel retails at Ksh232.86 per litre, while Petrol retails at Ksh214.25 per litre.
The COMESA Competition and Consumer Commission has launched an inquiry into a proposed takeover that could reshape ownership of Nation Media Group.
As reported by the Kenyan Wall Street, the regulator said it will investigate Taarifa Limited’s planned acquisition of up to 100 per cent of NPRT Holdings Africa Limited, which controls NMG.
Taarifa is a Mauritius-based company owned by Tanzanian businessman Rostam Aziz and operates in petroleum trading across the COMESA region.
The deal follows the March 2026 announcement by the Aga Khan Fund for Economic Development to sell its 54.08 per cent stake in NMG, ending a 66-year ownership relationship.
COMESA said it will assess whether the transaction could lessen competition or conflict with public interest rules. The acquisition comes as NMG faces financial pressure, having posted a Ksh308.6 million net loss in 2025, its third consecutive annual loss.
Equity Group Holdings posted a 24 per cent rise in profit after tax to Ksh19.1 billion for the quarter ended March 2026, up from Ksh15.4 billion a year earlier, driven by regional growth, loan expansion and improved efficiency.
As reported by Capital Business, regional subsidiaries remained key contributors, with Equity Bank Tanzania recording a 150 per cent jump in profit, followed by Rwanda at 36 per cent and DRC at 32 per cent.
The lender’s net loan book grew by 9 per cent, supported by retail, MSME, and public-sector lending, while customer deposits rose by 13 per cent to Ksh1.48 trillion.
The balance sheet expanded to Ksh2.04 trillion as digital transactions continued to dominate operations.
Non-performing loans declined to 10 per cent from 14 per cent, while insurance operations posted strong growth, with gross written premiums rising 30 per cent to Ksh4.5 billion.
Spearhead Africa Asset Management has listed Kenya’s first infrastructure fund on the NSE, expanding investment options in the country’s capital markets.
As reported by Capital Business, the Spearhead Africa Infrastructure Fund (SAIF) raised Ksh3.4 billion during its initial public offer, backed by investments from the UK government’s MOBILIST programme and CPF Group.
The fund will finance infrastructure debt projects across East Africa in sectors such as renewable energy, logistics, digital infrastructure and electrification.
The listing also allows pension funds and other local investors to finance infrastructure projects using Kenya shilling-denominated investments, reducing foreign exchange risks.
Sidian Bank posted a 9 per cent rise in profit after tax to Ksh607.03 million for the quarter ended March 2026, up from Ksh556.94 million a year earlier, extending its recent profit recovery.
As reported by the Kenyan Wall Street, Net interest income more than doubled to Ksh1.61 billion, supported by strong returns from government securities, while interest income rose 61.9 per cent to Ksh2.88 billion.
Total assets grew 38.1 per cent to Ksh94.08 billion, with customer deposits jumping 47.6 per cent to Ksh74.16 billion, boosted by public sector mandates including Nairobi County Government accounts.
Net loans grew modestly to Ksh29.38 billion as the bank channelled most deposits into Treasury bills and bonds.
Core capital adequacy improved to 19.6 per cent following a Ksh3 billion rights issue.
Unaitas Sacco is planning a Ksh521.56 million mixed-use development in Runda that will host its headquarters, banking hall, data centre, strip mall and restaurant.
As reported by the Business Daily, the office block will house Unaitas’ headquarters, signalling a planned relocation from Cardinal Otunga Plaza in Nairobi’s CBD, while the mall will host a branch and retail tenants.
The lender, originally founded as Muramati Sacco in 1993, has grown into Kenya’s sixth-largest sacco with assets of Ksh29.6 billion and over 458,000 members.
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