Kenya is set to legalise virtual assets (cryptocurrencies) with the introduction of a new regulatory framework. The move, announced by Treasury Cabinet Secretary John Mbadi, aims to harness the potential of digital assets while mitigating associated risks. Balancing Innovation and Oversight The draft National Policy on Virtual Assets (VAs) and Virtual Asset Service Providers (VASPs) seeks to establish a “fair, competitive, and stable market” for cryptocurrencies. “This policy guides the establishment of a sound legal and regulatory framework providing the fundamental foundation of a fair, competitive, and stable market for VAs and VASPs with the aim of fostering innovation, enhancing…
Author: David Indeje
David Indeje
David Indeje serves as the community engagement editor at Khusoko, a digital platform covering East African business news. He manages editorial content, engages audiences, and amplifies diverse voices while consulting on digital strategy for brands in agriculture, governance, technology, and health. Indeje explores AI’s impact on journalism and works as a communications officer at KICTANet.
Meta CEO Mark Zuckerberg announced a major shift in the company’s content moderation policies on Tuesday, prioritizing free speech and de-emphasizing fact-checking. Key Changes End of Fact-Checking: Meta will eliminate its partnership with third-party fact-checkers and replace it with a community-driven system similar to X’s (formerly Twitter) Community Notes. Reduced Political Content Restrictions: The company will relax restrictions on political content, reversing previous policies that limited the spread of such content in user feeds. Focus on High-Severity Violations: Meta will prioritize the removal of content related to drugs, terrorism, and child exploitation while relying more heavily on user reporting for…
Kenya’s manufacturing sector experienced a slight slowdown in the third quarter of 2024, recording real GDP growth of 2.3 per cent, down from 2.8 per cent in the same period of 2023. While the sector continued to expand, key challenges emerged, impacting overall performance. The food subsector remained a significant driver of growth, with sugar production surging significantly. Output rose from 77,686 metric tonnes in Q3 2023 to 231,052.6 metric tonnes in the review period, a substantial increase. This robust performance in sugar production provided a crucial boost to the overall manufacturing sector. Furthermore, the production of soft drinks experienced a…
The Kenyan Treasury experienced robust demand for its securities in FY2024. Treasury bills, particularly the short-term 91-day bills, were highly sought after by investors, reflecting a preference for minimizing interest rate risk. This strong appetite resulted in significant oversubscription rates across all maturities. T-Bill Market During the year, T-bill auctions remained highly oversubscribed in FY2024, with an overall subscription rate of 153.3%, exceeding the previous year’s 120.0%. The 91-day T-bill witnessed the strongest investor demand (399.7% oversubscription) as investors sought to minimize duration risk. This was slightly lower than the preceding year’s 529.1%. The 364-day and 182-day T-bills also saw…
Kenya’s annual inflation rate increased marginally to 3.0% in December 2024, from 2.8% in November, remaining within the Central Bank of Kenya’s target range of 2.5% to 7.5%. This slight uptick was primarily driven by rising food and transport costs, despite the Kenyan shilling’s strong performance this year. According to the Kenya National Bureau of Statistics (KNBS), the Food and Non-Alcoholic Beverages index increased by 0.7% between November and December. Notably, prices of maize flour (sifted, fortified, and loose) rose significantly, while some fruit and vegetable prices declined. The transport index also contributed to the overall inflation increase, rising by…
Ethiopian lawmakers have passed legislation allowing foreign banks to operate within the country, a crucial step in the government’s efforts to attract foreign investment. Ethiopia, home to over 120 million people and boasting one of sub-Saharan Africa’s largest economies, has gradually opened its tightly controlled economy since Prime Minister Abiy Ahmed assumed power in 2018. The new law, enacted by Parliament on Tuesday, grants foreign lenders the authority to: Establish subsidiaries Open branches or representative offices Acquire shares in domestic banks. However, the law imposes a 40% cap on foreign strategic investors’ ownership in any local bank. The state-owned Commercial…