News and Analysis
December 2, 2025
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Hello and welcome to the Money News Roundup Newsletter, where we are covering the setback of SACCOs in their plans to recover lost KUSCCO deposits. We also the additional SGR trains introduced for the Nairobi-Mombasa route.
A dispute over the ownership of a housing subsidiary linked to the Kenya Union of Savings and Credit Co-operatives (KUSCCO) has set back the union’s plan to recover billions of membership deposits that were lost in the Ksh13 billion scandal.
As reported by the Business Daily, KUSCCO was intending to use the housing unit to recover deposits for SACCOs that were lost in the scandal.
KUSCCO says the Kuscco Housing Co-operative Society (KHC) has operated as its subsidiary for years, with it holding a 70 percent stake. However, KUSCCO claims some directors at KHC have disputed this shareholding and attempted to assert independence, prompting intervention from the Commissioner for Co-operative Development, David Obonyo.
KUSCCO Managing Director Arnold Munene wrote to the commissioner in August, raising concerns over the conduct of KHC’s leadership, led by CEO Julius Odera.
He sought orders to halt KHC’s annual general meeting, called for investigations into its management, and requested a forensic review of its accounts, warning that loss of control could expose members’ funds.
KUSCCO argues that efforts by KHC officials to operate independently are aimed at evading accountability, as the umbrella body pushes to recover billions of shillings lost through years of financial improprieties.
The intervention follows revelations of a Ksh1.69 billion fraud linked to KHC, which formed part of a wider Ksh13.3 billion loss uncovered at KUSCCO through a forensic audit by PwC. The audit revealed irregular loan approvals, falsified records, and defaults by senior officials, with housing loans concentrated at KHC.
Read more: 16 SACCOs Managing Ksh37B Deposits at Risk After Trump Cuts on USAID - Report
The government has approved tax and duty exemptions for Gulf Energy E&P B.V. under a new addendum restructuring the production-sharing contract for Turkana’s Block T7 oil project.
As reported by Bloomberg, the revised deal removes value-added tax, railway development levy, import declaration fees and withholding taxes on petroleum-related goods, services and interest.
The developers were to pay 16% value-added tax, 5% and 5.625% withholding tax on local and imported goods and services respectively. They were to also pay a 2% railway development levy and a 2.5% import declaration fee.
The addendum also raises the cost-oil recovery ceiling to 85% from 65%, allowing Gulf Energy to recover exploration, development and production expenses faster.
Recoverable reserves are estimated at 326 million barrels, with total investment projected at Ksh789 billion (USD 6.1 billion).
The government’s minimum entitlement from contractor sales increases to 20%, while profit-oil shares rise to as high as 75% at peak production. The agreement now awaits parliamentary ratification.
Kenya Power has announced a full transition to digital-only applications for all new electricity connections, ending manual submissions at service centres and banking halls.
As reported by the Star, the shift, which takes effect this week, requires individuals and businesses to apply exclusively through the company’s online self-service portal.
The utility said the move aims to speed up processing, improve efficiency, and enhance transparency.
Kenya Power processes an average of 269,268 applications annually and expects the online system to deliver faster and more convenient services.
Managing Director and CEO Joseph Siror said the change supports the company’s digital transformation and will help curb fraud by eliminating interactions with impostors. To ease the transition, Business Development teams have been deployed nationwide to assist customers in navigating the new system.
Also Read: How to Buy Tokens Using New Kenya Power App
Kenya Railways has announced an additional Madaraka Express passenger train to cater to increased travel demand during the festive season.
As reported by Kenyans.co.ke, the extra service will operate from December 8, 2025, to January 5, 2026, between Nairobi and Mombasa.
The train will depart Nairobi at 9:40 am, stop at Voi, and arrive in Mombasa at 3:35 pm. The return service will leave Mombasa at 4:30 pm and arrive in Nairobi at 10:55 pm.
Kenya Railways said the move is aimed at easing congestion and ensuring a comfortable travel experience during the holiday rush.
As reported in the Business Daily, Credit Bank is seeking Ksh4.5 billion in fresh capital through a private placement as it races to meet new regulatory capital requirements that raise the minimum core capital for banks to Ksh3 billion by the end of this month.
The lender closed September with Ksh1.23 billion, leaving a shortfall of Ksh1.77 billion.
Ahead of a December 19 EGM, key shareholders ShoreCap III LP and Sansora Group have committed Ksh1 billion each, lifting core capital to about Ksh3.23 billion and ensuring compliance.
Shareholders will also vote on issuing up to 45 million shares at Ksh100 each and a Ksh194 million convertible note. The capital drive mirrors similar moves by other mid-sized lenders adjusting to the phased Ksh10 billion requirement by 2029.
Also Read: CBK Targets Banks Offering Expensive Loans With Daily Penalties
As reported by Techcabal, MultiChoice has warned DStv subscribers that 12 Warner Bros. Discovery channels could be removed from its bouquets from January 1, 2026, if negotiations between the two companies fail to produce a new distribution agreement by December 31, 2025.
The announcement comes as MultiChoice continues to grapple with falling subscriber numbers. The company has lost nearly 2.8 million subscribers over the past two years
The affected channels include Discovery Channel, CNN International, TLC, Discovery Family, Real Time, TNT Africa, Food Network, Investigation Discovery, Cartoon Network, Cartoonito and Travel Channel.
Uchumi Supermarkets’ shares have gained more than 600% year-to-date, making it the best-performing stock at the NSE. Currently a share goes for Ksh1.22 as compared to Ksh0.17 of last year.
As reported by the Kenyan Wallstreet, this follows its first operating profit in over a decade, posting Ksh8.8 million for the year ended June 2025, compared to a Ksh49.7 million loss last year.
The turnaround sparked a strong rally in the company’s Sales rose 88% to Ksh123 million, while gross profit increased to Ksh27.7 million, supported largely by rental income from tenants such as China Square at the Lang’ata branch.
Uchumi also made progress in settling obligations under its court-supervised restructuring plan, paying Ksh232.5 million to creditors. However, the retailer remains heavily reliant on rental income, with its core supermarket operations still significantly reduced.
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