Rules IMF Wants Govt to Impose for Cryptocurrency 

Hello and welcome to the Money News Roundup. Today, we cover new crypto rules proposed by the IMF for Kenya and CRBC’s latest Ksh1.2 billion contract in Nairobi.

IMF Wants Kenya to Force Crypto Firms to Share Customer Data With Govt

The International Monetary Fund (IMF) wants Kenya to compel cryptocurrency firms to share customers’ identification details with the government to curb money laundering and terrorism financing.

As reported by the Business Daily, the proposal seeks to introduce the international Travel Rule, requiring crypto platforms to collect, verify and transmit transaction details, including users’ names, physical addresses, national ID numbers and wallet addresses.

The information would be shared between cryptocurrency exchanges and the Financial Reporting Centre (FRC) to help identify suspicious transactions.

The IMF wants the requirements incorporated into Kenya’s Virtual Asset Service Providers regulations, noting that the country has gaps in implementing international anti-money laundering standards.

According to Chainalysis, Kenyans transferred a record Ksh740 billion worth of cryptocurrencies in the year to June 2026, making Kenya Africa’s third-largest crypto market after South Africa and Nigeria.

Stablecoins account for most local crypto transactions, particularly cross-border payments and remittances.

CRBC Wins Ksh1.2 Billion Nairobi Street Lighting Contract

China Road and Bridge Corporation (CRBC) has secured a Ksh1.2 billion contract to install 10,000 streetlights across 11 informal settlements in Nairobi.

As reported by the Business Daily, the 30-month contract, awarded by the Kenya Urban Roads Authority (KURA), will cover 408.44 kilometres of roads, with works expected to have commenced on October 13, 2026.

Mukuru will receive the largest allocation of 1,800 streetlights along 70 kilometres, followed by Githurai with 1,450 lights covering 57.48 kilometres.

Other beneficiary areas include Dandora, Kangemi, Kawangware, Dagoretti, Kibera, Korogocho, Mathare, Roysambu and Kasarani.

The project adds to CRBC's portfolio in Kenya, including the Rironi- Mau Summit Road and a separate Ksh3.22 billion deal to upgrade Old Mombasa Road.

Safaricom Faces Lawsuit Over Fuliza Fees Disclosure

Safaricom is facing a potential class-action lawsuit involving up to 9.1 million current and former Fuliza users over the disclosure of interest and borrowing fees.

As reported by the Kenyan Wall Street, the High Court granted Paul Gakungu Mihango permission to sue on behalf of subscribers, following claims that the telco fails to provide a comprehensive breakdown of Fuliza charges in customer statements.

The case centres on clause 17.7 of Fuliza's terms, which requires detailed disclosure of interest and fees through full and mini statements.

Safaricom maintains that SMS notifications and M-PESA statements fulfil its obligations. The court has not determined whether the company breached its contractual obligations.

Eligible users will have 30 days after publication of a court-approved notice to join the suit.

According to the latest data by Safaricom, Kenyans used an average of Ksh6.3 billion daily through Fuliza between April and September 2026, with total disbursements reaching Ksh1.16 trillion. 

Absa Group Exits Insurance Business as First Assurance Completes Acquisition

First Assurance Investments Limited has completed the acquisition of Absa Group’s entire 100% stake in First Assurance Holdings Limited, ending the lender’s ownership of the insurance business.

As reported by Capital Business, the transaction transfers ownership of First Assurance Company Limited and Absa Life Assurance Kenya Limited, which will operate under new names.

Absa Life Assurance Kenya will rebrand as First Assurance Life, while First Assurance Company Limited will become First Assurance General.

The companies will retain existing insurance products and services, while distribution agreements with Absa Bank Kenya will remain unchanged, allowing customers to continue accessing insurance products through the lender.

Court Gives Pioneer International Schools Until December to Vacate Del Monte Land

The Court of Appeal has upheld Del Monte Kenya Limited’s bid to repossess land occupied by Pioneer International Schools, ordering the institution to vacate by December 31, 2026.

As reported by Capital Business, in a November 6 judgment, three judges dismissed the school's appeal, ruling that it had no legally enforceable tenancy agreement with Del Monte.

The court, however, granted Pioneer a transitional period to complete the academic year and relocate students, staff and examination candidates.

The dispute began after Goshen Gardens Limited, which leased the land from Del Monte at an initial monthly rent of Ksh550,000 in 2013, fell into arrears. Pioneer later took over the school operations without Del Monte's consent.

Also in the News

• Safaricom shareholders could receive higher dividends for the financial year ending March 2027 after the telecoms operator recorded a 35.9% increase in half-year net profit to Ksh58.1 billion. The company’s dividend policy allocates 80% of consolidated net profit after tax, adjusted for minority interests, to shareholders. Safaricom previously paid Ksh2 per share, amounting to Ksh80.13 billion, for the year ended March 2026. Read more
• Naivas Supermarket’s net profit for the year ended June 2026 increased by 41.7% to Ksh3.37 billion, up from Ksh2.38 billion recorded in the previous financial year. The retailer’s revenue also grew by 11% to Ksh123.66 billion, compared to Ksh111.34 billion previously, according to disclosures by Mauritian conglomerate IBL Group, which owns an indirect 37.33% stake in the supermarket. Read more