News and Analysis
October 28, 2026
Hello and welcome to the Money News Roundup. Today, we cover KRA’s plan to use M-Pesa records to detect undeclared income among small traders and how Ndindi Nyoro’s Olympia Capital stake gained over Ksh50 million in a day.
KRA plans to use M-Pesa Till Numbers and Pochi la Biashara transactions to identify undeclared income, with a focus on VAT compliance among small businesses.
The Business Daily reported that the taxman told Parliament that it will use financial data to identify discrepancies between declared sales, electronic invoices and tax returns.
It is prioritising cases with Ksh56.1 billion in potential VAT, alongside non-filers and taxpayers with high credit balances.
The authority also plans to use its Electronic Rental Income Tax System (eRITS) to identify non-compliant landlords, having identified one million property owners for targeted checks on rental income.
For individual taxes, KRA intends to use financial data, eTIMS, withholding tax and customs records to identify undeclared income and mismatches between declarations and payments.
The measures form part of efforts to improve tax compliance and address revenue shortfalls. Traders should maintain accurate records distinguishing business sales from transfers and other non-taxable transactions.
Meanwhile as reported by the Business Daily, KRA is in talks with Safaricom to enable M-Pesa to generate electronic tax invoices on behalf of small businesses, easing compliance with tax regulations.
The proposed arrangement would allow Safaricom to transmit invoices through the eTIMS for traders receiving payments through M-Pesa tills and paybills.
A KRA official told Parliament that discussions were at an early stage, with the system expected to improve transaction visibility and curb tax evasion.
The initiative targets small traders struggling to issue electronic invoices required by larger companies seeking to claim business expenses.
Safaricom had 3.1 million M-Pesa merchants as of March 2026, comprising 2.1 million Pochi la Biashara users and one million Lipa na M-Pesa merchants.
University lecturers have reached a Ksh20 billion pay deal with the government under the 2025–2029 CBA, potentially ending the prolonged strike that disrupted learning in public universities.
As reported by Nation, Universities Academic Staff Union (UASU) Secretary-General Constantine Wasonga announced the breakthrough following negotiations involving Education Cabinet Secretary Julius Ogamba.
The agreement covers basic salaries and allowances, with technical teams expected to document the deal formally.
The latest offer represents an increase of Ksh8.04 billion from the Ksh11.96 billion proposal presented by the government on October 26, 2026.
However, the package remains below the unions’ Ksh98 billion demand. The parties are expected to finalise the agreement before confirming the strike’s end.
The government plans to launch construction of the proposed Thika-Nairobi Expressway within the next two months, with President William Ruto expected to preside over the groundbreaking.
As reported by People Daily, Deputy President Kithure Kindiki announced the plans on October 28, 2026, saying the elevated highway will connect Thika town to Museum Hill in Nairobi.
The project aims to provide motorists with an alternative route and ease congestion along the busy Thika Superhighway.
However, the government has not announced the project’s cost, financing model, contractor or construction timeline.
Kiharu MP Ndindi Nyoro’s stake in Olympia Capital gained Ksh57 million in value after the company’s share price surged on Wednesday, closing at Ksh21.55 per share.
Nyoro holds 3,982,253 shares, representing a 9.76% stake, through his company, Limpopo Capital Limited.
The investment’s value rose to approximately Ksh85.8 million from Ksh28.8 million, translating to an estimated capital gain of Ksh57 million in a single day. During trading, Olympia Capital’s share price briefly hit Ksh150 per share. (At this point of trading, his shares were worth Ksh597 million)
Olympia Capital invests in businesses manufacturing and selling construction products, including floor tiles, adhesives, uPVC windows and door frames, cleaning chemicals, fire prevention equipment and water pumps.
The gains reflect changes in market value and do not represent realised profits unless the shares are sold.
Also Read: Olympia: Little-Known Company That Has Made Ndindi Ksh27 Million in 2 Hours
KUSCCO, which is under liquidation, will auction 42 properties across Kenya in November to recover funds and settle outstanding claims.
Capital Business reports that Watts Auctions will conduct the sales on November 11, 20 and 27, covering Nairobi, Central Kenya, the Coast, Western Kenya, Nyanza and other regions.
The portfolio includes vacant plots in Kitengela and Joska, residential apartments, bungalows, rental buildings, a motor vehicle workshop and commercial developments.
The auction follows KUSCCO’s liquidation after a forensic audit found liabilities of approximately Ksh17 billion against assets worth Ksh5.4 billion.
The sales form part of efforts to dispose of the institution’s remaining assets and resolve its financial obligations.
Britam Holdings has appointed former Ernst & Young (EY) Kenya Country Managing Partner Celestine Munda as Board Chairperson, effective October 27, 2026, subject to regulatory approvals.
As reported by the Kenyan Wall Street, Munda has served as interim chair since March 30, 2026, following the death of her predecessor, Kuria Muchiru, on March 19.
She joined Britam’s board in September 2022 and previously chaired its Audit, Risk and Compliance Committee.
Munda has also held leadership roles at EY and PricewaterhouseCoopers (PwC). Her appointment comes as Britam implements its ASCEND 2026–2030 strategy across its seven African markets.
Nearly 2,000 current and former Technical University of Kenya (TUK) employees risk losing most of their retirement savings after the university’s pension scheme was placed under liquidation.
As reported by the Star, a Senate investigation revealed Ksh6.825 billion in unpaid contributions, interest and penalties, against available assets of just Ksh907.1 million, leaving the scheme funded at approximately 13%.
The shortfall affects 1,850 members, including 1,299 serving employees and 551 deferred pensioners.
The Senate committee attributed the collapse to years of unremitted salary deductions and employer contributions, alongside governance failures. It recommended investigations by the DCI and EACC into former university officials and scheme trustees.
ALP Industrial REIT, Kenya’s first US dollar-denominated listed real estate investment trust, has approved its first distribution of Ksh120.92 million (USD930,434), payable on November 27, 2026.
As reported by the Kenyan Wall Street, unitholders will receive Ksh2.69 (USD0.0207) per unit, with eligibility determined by the register as of November 18.
The payout follows the REIT’s March 2026 listing on the NSE, which raised Ksh3.84 billion (USD29.55 million).
ALP plans to transition to quarterly distributions as its industrial property portfolio expands, although it has not announced a start date for the schedule.
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