News and Analysis
July 7, 2026
Welcome to the Money News Roundup. Today, we break down the Ministry of Transport's proposed regulations that could introduce new minimum fares for ride-hailing taxis. We also look at fresh details on the planned construction of Dangote's Ksh2.2 trillion oil refinery in Kenya.
The Ministry of Transport is preparing new regulations that will introduce a minimum compensation per trip for ride-hailing taxi and motorcycle drivers, a move that could significantly increase passenger fares.
As reported by the Business Daily, draft regulations indicate that transport network companies such as Uber and Bolt will be required to guarantee drivers a minimum payment per trip, excluding commissions, taxes and other deductions.
Although the government has not disclosed the proposed rates, industry sources estimate the minimum fare could rise from the current base of about Ksh220 to between Ksh400 and Ksh500.
The ministry invited the 18 licensed ride-hailing platforms to submit comments before the regulations are gazetted.
However, several firms reportedly declined to participate, arguing that the State withheld the proposed rates and that the new pricing model could reduce demand by making rides unaffordable.
The regulations also propose different minimum compensation rates based on vehicle engine capacity. Kenya currently has about 35,000 registered ride-hailing drivers completing roughly 175,000 trips daily.
Dangote Industries has picked Lamu as the site for its planned oil refinery in Kenya, with construction expected to begin this year.
As reported by Bloomberg, Aliko Dangote said Lamu was chosen for commercial and technical reasons. The company has also revealed that the project will cost about Ksh2.2 trillion (up to $17 billion) and is expected to take around five years to complete.
President William Ruto had earlier announced that billionaire Aliko Dangote would start building the refinery this year.
Once operational, the refinery will replicate Dangote's 700,000-barrel-per-day facility in Nigeria, making it one of the largest oil refineries in Africa.
The refinery was initially planned for Tanzania before Dangote shifted the investment to Kenya.
Starlink has stopped accepting new customers in Nairobi, Kiambu, Mombasa, Machakos, Murang'a, Kirinyaga and Kwale after reaching network capacity in the counties.
As reported by Techweez, prospective users are now redirected to a waitlist and required to pay a deposit without a confirmed activation date.
The satellite internet provider has grown rapidly since launching in Kenya in 2023, helped by lower hardware prices and affordable data plans.
However, unlike fibre providers, Starlink's capacity depends on satellites, limiting the number of users it can serve in a specific area before additional capacity is added.
The Capital Markets Authority (CMA) is seeking to acquire an advanced blockchain analytics platform to strengthen oversight of Kenya's cryptocurrency market under the Virtual Assets Service Providers Act, 2025.
As reported by Capital Business, the system will enable the regulator to monitor transactions across Bitcoin, Ethereum and at least 20 other blockchain networks in real time and retrospectively.
It will generate alerts for suspicious transactions, high-risk wallets, sanctioned entities and potential money laundering or terrorism financing activities.
The platform will also help investigators trace fund movements, link wallet addresses to cryptocurrency exchanges and other platforms, assign risk scores, and identify unlicensed offshore virtual asset service providers targeting Kenyan users.
Safaricom Ethiopia will lead the rollout of Ethiopia's national digital identity registration across seven regions under a partnership with the National ID Program and Africom Technologies.
As reported by the Kenyan Wall Street, the project covers Afar, Amhara, Tigray, Sidama, South West Ethiopia, Central Ethiopia and South Ethiopia, supporting the government's nationwide Fayda digital ID programme.
Safaricom said the initiative will accelerate digital inclusion by expanding access to government and financial services while creating temporary jobs. The deal also strengthens the telco's position in Ethiopia as it seeks new revenue streams beyond mobile connectivity and traditional telecommunications services.
Safaricom has advised Fuliza users seeking a higher borrowing limit to request a limit refresh through the USSD menu.
Customers can dial *334#, select 00, then choose "Refresh My Limit" to request a review of their Fuliza limit.
The telco also reminded users that paying their Fuliza balance on time and using the service regularly can increase their chances of qualifying for a higher limit over time
.png){kind=small}
Join 1.5M Kenyans using Money254 to find better loans, savings accounts, and money tips today.
Money 254 is a new platform focused on helping you make more out of the money you have. We've created a simple, fast and secure way to find and compare financial products that best match your needs. All of the information shown is from products available at established financial institutions that our team of experts has tirelessly collected.
.png)
