New Rules Proposed for Kenyans Buying Houses Above Ksh1.9 Million 

Hello and welcome to the Money News Roundup Newsletter, where we are covering the latest developments for home buyers. We also cover the government’s caution to Kenyans over MMFs.

‍Kenyans Buying Homes Above Ksh1.9 Million to Reveal Their Identity in Proposed Law

The Financial Reporting Center has published new regulations that will require Kenyans purchasing homes above Ksh1.9 million from real estate agents to reveal their identity.

In the template published by the centre, purchasers will provide their full names, identity card number, current physical or residential address, occupation or employment details, and source of income.

As reported by the Business Daily, this move is expected to tighten Kenya's fight against money laundering.

"The Proceeds of Crime and Anti-Money Laundering Act (POCAMLA)  requires estate agents to identify their customers in certain situations, including when establishing a business relationship with a client and when conducting an occasional transaction.

"Additionally, when there are doubts about the veracity or adequacy of previously obtained customer identification, and where there is a suspicion of money laundering or terrorist financing and proliferation involving the client or the client's account," read part of the document.

In cases when one is acting on behalf of others, real estate agents will be required to establish the true identity of the third party and their relationship to the person or entity on whose behalf the transaction is being conducted.

"You can use the Identification of Physical Persons form found at Annex 1. You must also confirm that the individual is authorized to act on behalf of the client and obtain documentation that confirms this," the centre added.

‍Treasury Employee Ordered to Pay Back Ksh67 Million Allowance Payments 

The High Court had ordered a Treasury employee to refund Ksh67 million that she earned in irregular allowance payments.

As reported by Citizen Digital, the irregular payments were made to Faith Kiptis between January 2020 and June 2022.

In the case that was filed by the EACC, the official was receiving funds disguised as allowances for taskforce, facilitation, entertainment, and extraneous activities.

"The High Court ordered a refund of Ksh67,664,975 and forfeiture of funds from her Equity (Ksh2,443,667.92) and KCB (Ksh6,320,419.80) accounts.

"The court also ordered payment of interest on the amount until fully recovered, including payment of all legal costs," EACC stated.

Controversy Emerges After EPRA Hike of Fuel Prices

As reported in the Standard, Kiharu MP has expressed that the recent increase in fuel prices was a result of excessive taxation and the securitization of fuel levies.

According to the MP, in 2023, the government quietly imposed a Ksh7 per litre levy on fuel, even as global oil prices were falling.

This was then used as security to borrow Ksh175 billion from local banks.

“This borrowing is not reflected in official debt records, and Parliament was never consulted; this raises serious concerns about transparency, legality, and the long-term sustainability of public finances," he stated.

“If public levies can be used as collateral for debt without oversight, what stops future governments from pledging VAT, PAYE, or even NHIF contributions? This sets a dangerous precedent that threatens Kenya’s financial sovereignty,”

‍CMA Cautions Kenyans as Investments in MMFs Grow

The Capital Markets Authority (CMA) has urged Kenyans investing in the Money Market Funds (MMFs) and the stock market to exercise caution and watch out for unlicensed entities.

In a report by Kenyans.co.ke, the authority called on Kenyans to exercise due diligence and research on the companies before investing in the schemes.

More often than not, fraudsters masquerade as licensed firms with promises of higher returns to attract investors.

Therefore, before putting your money in an MMF, one should verify whether the fund has been licensed. This can be done on the CMA website.

Patricia Ithau Leaves WPP Scangroup as CEO

WPP Scangroup has announced the exit of Patricia Ithau as the Group Chief Executive Officer (CEO).

The leading marketing and communication group explained that Ithau’s contract was coming to an end, adding that she had decided to pursue other things in her life.

Unil the position is permanently filled, Ithau’s role will be taken over by Miriam Kaggwa.

“Miriam will work in close collaboration with Mr. Vikas Mehta, CEO of Ogilvy Africa, WPP Scangroup’s largest agency. Together with the broader management team, they will continue to drive the company’s growth agenda and ensure seamless operations,” read the statement in part.

More coverage on Ithau's exit is here.

HELB Admits to Crisis Risking Locking Out 400,000 Students, Seeks KRA's Help to Trace Defaulters

The Higher Education Loans Board (HELB) has admitted it lacks funds to support over 400,000 university and college students, putting their education at risk ahead of the September intake, Citizen TV reports.The board received only Ksh26B last year against a need of Ksh48B, forcing it to prioritize upkeep over tuition — and leaving many institutions struggling to stay afloat. The second semester saw no tuition disbursement at all.

To recover funds, HELB is now seeking access to personal data from the Kenya Revenue Authority (KRA) and the National Transport and Safety Authority (NTSA) to trace loan defaulters — including those living large but dodging repayment. It also wants a 3% education levy introduced to fund higher education sustainably and has proposed a voluntary parental savings scheme to ease pressure on government loans. Without urgent action, thousands may miss out on higher education this year.