News and Analysis
March 12, 2026
Hello and welcome to the Money News Roundup Newsletter, where we cover KRA's AI tool that will catch tax cheats on social media. We also cover how 18 SACCOs face losses after the government puts KUSCCO Mutual under statutory management.
KRA is in the process of deploying a new Artificial Intelligence (AI) system to analyse large volumes of information from multiple sources, including social media platforms and company records, as it intensifies efforts to curb tax evasion.
The taxman is procuring an Intelligence Analysis Tool (IAT), a software designed to collect, store and analyse vast datasets to detect patterns, relationships and trends linked to tax fraud.
As reported by the Business Daily, the system will serve as a centralised intelligence repository for the agency’s Investigations and Enforcement Department.
KRA said the platform will feature advanced visualisation tools such as social network analysis, geospatial mapping, timeline charts and automated dashboards to help investigators interpret complex datasets and flag suspicious activity.
The IAT will also support data mining, text mining and automated link analysis to uncover hidden connections between entities.
The platform forms part of KRA’s broader data-driven tax administration strategy, which involves building a data analytics centre to harness information from government agencies and private firms.
According to KRA Commissioner-General Humphrey Wattanga, the digital transformation strategy will adhere to strict data governance and privacy standards.
The placement of Kuscco Mutual Assurance under statutory management has complicated its sale, affecting 18 saccos that had converted Ksh660 million in claims into shares.
The Insurance Regulatory Authority (IRA) moved Kuscco Mutual, a subsidiary of KUSCCO, into statutory management on Monday, halting new business and focusing on safeguarding existing policyholders.
KUSCCO was negotiating to sell its 60% stake for at least Ksh1.6 billion to settle part of Ksh13.3 billion owed to saccos after a massive heist. The insurer had failed to meet minimum capital adequacy, maintain cleared top management, and hold Ksh5 million or five per cent of assets at the Central Bank of Kenya.
As reported by the Business Daily, without fresh capital, liquidation could leave shareholders and policyholders with losses.
The government may spend Ksh300 million to recover unpaid loans from the Hustler Fund, with Ksh12.5 billion still defaulted, the State Department for MSMEs says.
Of the Ksh83 billion disbursed, only Ksh71 billion has been repaid.
As reported by Citizen Digital, the department seeks Parliament’s approval for the Ksh300 million, saying most of it will fund awareness and sensitisation campaigns to encourage repayment, with no legal action planned against defaulters, confirmed CEO Henry Tanui.
In the supplementary budget, the department also requests Ksh27 million for technical staff recruitment, Ksh156 million for Constituency Uwezo Fund Committees, Ksh100 million for office equipment, and Ksh100 million to finalise key policies, according to PS SMEs Susan Mangeni.
EABL has appointed Justin Mollel, a career executive at Diageo, as its next Group Chief Financial Officer ahead of the brewer’s expected takeover by Asahi Group Holdings.
Mollel, currently Finance Director at Diageo Ireland, will become Group CFO Designate on May 1, 2026, and assume full duties on July 1.
As reported by the Kenyan Wall Street, he will succeed Risper Ohaga, the first African woman to hold the role, who is set to join APA Apollo Group as Group CEO, replacing Ashok Shah.
Mollel, a Tanzanian national, previously served as Finance Director at Guinness Ghana and Serengeti Breweries. In December 2025, Diageo agreed to sell its 65% stake in EABL to Asahi for Ksh297 billion ($2.3 billion), valuing the brewer at Ksh620 billion ($4.8 billion).
Centum Investment Company has completed the sale of its remaining interest in Sidian Bank, ending a 22-year investment that began with a small stake in the lender when it operated as K-Rep Bank.
The NSE-listed firm said on March 12, 2026, it sold its 50% stake in Bakki Holdco Limited, the vehicle through which it held 13.6% of Sidian.
In May 2024, Centum had already sold half of Bakki to William Byaruhanga’s Kenbe Investments for Ksh1.032 billion.
As reported by the Kenyan Wall Street, the exit follows a failed 2022 deal to sell Sidian to Access Bank for Ksh4.3 billion.
Centum’s total recoveries from the divestiture are estimated at about Ksh5.2 billion against an initial investment of roughly Ksh4.7 billion.
SBM Bank Kenya posted a Ksh444.22 million net profit for the year ended December 31, 2025, reversing a Ksh1.21 billion loss in 2024 as lower funding costs boosted earnings.
Interest expenses fell by 19.6% to Ksh6.86 billion from Ksh8.53 billion after the lender reduced costly interbank borrowing.
Customer deposits rose by 20.1% to Ksh82.41 billion, cutting interest paid to banks to Ksh1.89 billion from Ksh3.37 billion.
Net interest income jumped to Ksh3.88 billion while total operating income rose by 55.4% to Ksh5.99 billion. Non-interest income grew to Ksh2.11 billion.
Gross non-performing loans fell by 34.1% to Ksh11.29 billion, lowering the NPL ratio to 22.5%. Total assets grew to Ksh105.72 billion. Read more
Mohamed Abdul M’maka has been appointed Commissioner for the Investigations and Enforcement Department at the KRA, effective March 11.
The KRA Board approved the appointment following a competitive recruitment process aimed at strengthening the fight against financial crimes, tax evasion, and illegal trade.
M’maka brings more than 21 years of experience in intelligence, security, and investigations. He previously served as KRA’s Chief Manager for Intelligence Collection since August 2025 and also held roles as Chief Manager for Intelligence Coordination and Operations and Intelligence Exchange.
As reported by Capital Business, before joining KRA, he worked as a Senior Intelligence Officer at the Ethics and Anti-Corruption Commission and held security roles at Kenya Power and Kenya Airways. He also served in the Kenya Defence Forces.
The Ministry of Transport plans to introduce a national pricing model for both conventional and ride-hail taxis, including Uber and Bolt, aiming to end price undercutting and low driver earnings.
The policy will review cost structures to determine minimum fares, base fares, distance and time rates, and surcharges.
Kenya has around 35,000 ride-hailing drivers completing about 175,000 trips daily.
As reported by the Business Daily, conflicts have arisen between conventional taxis, ride-hailing drivers, vehicle owners, and passengers. The Ministry, via NTSA, capped TNC commissions at 18%, but disputes persist.
The new national taxi policy seeks a harmonised framework, benchmarking global standards from South Africa, the EU, UK, and Singapore, to ensure fair returns for drivers, affordability for passengers, and sustainable industry growth.
KeNHA has issued alternative routes for commuters amid ongoing technical investigations and stabilisation work.
As reported by Eastleigh Voice, traffic from Thika to Nairobi CBD will be redirected via the Globe Overpass, while vehicles from University Way will use Prof Wangari Maathai Road.
Motorists from Thika to Kirinyaga Road and OTC should take Ring Road, and those from Kipande Road to the CBD are advised to use Limuru Road (Fig Tree) before joining Prof Wangari Maathai Road.
Drivers from University Way or the CBD intending to U-turn at Globe Roundabout will be redirected to the Guru Nanak U-turn.
KeNHA warned that temporary traffic control, lane management, and additional diversions may be introduced, urging motorists to exercise caution and cooperate with police and marshals.
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