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News and Analysis
May 12, 2026
Hello and welcome to the Money News Roundup Newsletter, where we break down the standoff between the National Treasury and MPs over the proposed mitumba tax in the Finance Bill 2026. We also look at the latest surge in land prices across Kenya’s Coast and what is driving demand in key towns.
The National Treasury is seeking the reinstatement of a proposed five per cent tax on mitumba imports after the National Assembly Finance Committee removed the provision from the Finance Bill 2026 despite support from the Treasury and State House.
As reported by the Business Daily, Treasury CS John Mbadi said the proposal originated from mitumba traders who wanted a simplified tax system allowing them to make a one-off payment at the port of entry instead of paying multiple duties and levies.
Currently, traders pay a 35 per cent import duty, 16 per cent VAT, Railway Development Levy (RDL) and Import Declaration Fee (IDF). Some traders have also raised concerns over paying certain taxes in US dollars.
Mbadi argued that the proposal would simplify compliance and reduce disputes with the Kenya Revenue Authority (KRA).
The Mitumba Consortium Association of Kenya estimates the sector supports over two million jobs and contributes about Ksh16 billion annually in taxes.
KNBS data shows mitumba imports rose from 230,535 tonnes in 2024 to 250,527 tonnes in 2025, while the value increased from Ksh27.8 billion to Ksh30.2 billion.
The Energy and Petroleum Regulatory Authority (EPRA) has published new regulations allowing Independent Power Producers (IPPs) to sell electricity directly to large-scale consumers, ending Kenya Power’s long-standing monopoly in power distribution.
The Energy (Electricity Market, Bulk Supply and Transmission) Regulations, 2024, create a framework for a competitive electricity market where commercial and industrial consumers can buy power directly from producers.
As reported by the Business Daily, the new rules also introduce a wheeling framework, allowing private firms to pay to use transmission infrastructure owned by the Kenya Electricity Transmission Company (KETRACO).
The government says the reforms will improve efficiency, reduce losses in electricity distribution and lower power costs for manufacturers and industrial consumers.
Kenya Power has historically operated as the sole off-taker of electricity under take-or-pay agreements that required it to pay for generated power even during periods of low demand.
EPRA will oversee licensing and monitor the market to protect the financial stability of the national grid.
The Financial Times has ranked 17 Kenyan firms among the fastest-growing companies in Africa.
Kenya had the second highest number of companies after South Africa, which had 51 companies. Kenya was followed by Nigeria (16), Mauritius (12), and Tunisia (6).
General Printers 2021 Ltd and Turaco were the top performers, ranking at positions 13 and 29, respectively.
Other notable companies were M-KOPA, Naivas Limited, Kenya Airways, Quickmart Kenya Official and KCB Bank Group.
To qualify for the list of Africa’s fastest-growing companies, firms were required to generate at least Ksh12 million (USD 100,000) in revenue in 2021 and a minimum of Ksh193 million (USD 1.5 million) in 2024.
Read the full list as covered by Money254.co.ke here
President William Ruto has announced that Kenya will use Ksh38.7 billion of the Ksh103 billion raised from the sale of the government’s stake in Kenya Pipeline Company (KPC) to finance the expansion of JKIA.
As reported by Business Daily, the Head of State said the funds will be channelled through the National Infrastructure Fund and will cover 20 per cent of the estimated Ksh193.7 billion required for the airport upgrade project.
The government plans to use the funds to modernise and expand JKIA’s terminal facilities, improve runway infrastructure, and digitise passenger processing systems.
The State is also exploring additional financing through a long-term bond backed by the air passenger service levy charged on local and international flight tickets.
The expansion plans come less than two years after Kenya cancelled the controversial Adani Group deal.
Bolt has increased fares in Kenya by 6% following recent fuel price increases and growing pressure from drivers over operating costs.
As reported by TechCabal, the company said the fare adjustment was necessary to help drivers cope with higher fuel expenses while maintaining reliable services for riders.
The move comes after EPRA's latest fuel price review, which pushed petrol prices in Nairobi to Ksh197.60 per litre and diesel to Ksh196.63 per litre.
Ride-hailing drivers recently staged protests and threatened strikes, arguing that current fares no longer reflect the actual cost of operating vehicles amid rising fuel, maintenance and financing costs.
The Government has removed two directors from the Kenya Pipeline Company (KPC) board following the completion of the firm’s privatisation in March 2026.
As reported by Capital Business, Sharon Irungu-Asiyo and Mohamed Birik Mohamed ceased serving as directors after the State revoked KPC’s classification as a National Government entity, allowing new shareholders to appoint replacement board members.
According to KPC, the Privatisation Authority confirmed the completion of the privatisation process through Gazette Notice No. 5804 issued under the Privatisation Act, 2025.
Treasury CS John Mbadi later revoked KPC’s State corporation status through Legal Notice No. 72 dated April 22, 2026.
KPC completed its privatisation through an IPO that sold 65 per cent of shares to the public at Ksh9 per share, raising Ksh106 billion, while the Government retained a 35 per cent stake.
Land prices across Kenya’s coast continued rising at the end of 2025, driven by demand from tourists, retirees, diaspora buyers and remote workers seeking lifestyle destinations.
According to the Hass Coastal Land Price Index, Diani recorded the highest growth since 2020, with land prices rising by 79 per cent over five years. Watamu followed at 70 per cent, while Lamu and Bamburi posted gains of 60 per cent and 56 per cent respectively.
Hass Consult said demand is increasingly shifting from traditional economic activity to lifestyle migration, holiday homes and retirement living.
As reported by Citizen Digital, the report noted that limited beachfront land has intensified competition for prime coastal property, especially in areas with strong tourism appeal and scenic value.
Bamburi currently averages Ksh57.9 million per acre, while beachfront land averages Ksh97.4 million. In Mtwapa, land averages Ksh37.9 million per acre and beachfront property averages Ksh44.4 million.
In Mombasa City, covering areas such as English Point, Nyali and Shanzu, land prices in the city average Ksh91.3 million per acre, while beachfront land averages Ksh120.3 million.
Meanwhile, in Diani, land averages Ksh36 million per acre and some estates reach Ksh65 million per acre.
Apollo Agriculture has raised Ksh276 million through a structured finance transaction that converts thousands of smallholder farm loans into securities sold to institutional investors.
As reported by Kenyan Wall Street, the deal marks Kenya’s first private-sector local currency securitisation in the smallholder agriculture sector.
The transaction is backed by loans issued to 23,839 smallholder farmers, most of them women, with the average loan size standing at Ksh17,942.
Apollo Agriculture said the structure allows it to recover capital immediately from existing loans, enabling the company to issue more loans without increasing debt on its balance sheet.
The transaction forms the first tranche of a wider programme targeting Ksh2.37 billion in total issuance and expected to support more than 130,000 farmers over time.
Funding for the transaction was led by the IDH Farmfit Fund alongside other investors.
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