Main Stories

Britain, Kenya to sign financial pact

By Metro Reporter
Britain and Kenya are in the process of finalising a Memorandum of Understanding (MOU) on cooperation in the financial services sector, capital markets regulator said on Tuesday.

Capital Markets Authority (CMA) Acting Chief Executive Officer Paul Muthaura told a media briefing in Nairobi that the agreement with CityUK will help boost the Nairobi Securities Exchange.
TheCityUK represents the UK-based financial and related professional services industry.
"The Lord Mayor of London is expected to visit Kenya in about two weeks as part of plans to support Kenya's journey to build a competitive financial services sector," Muthaura said in Nairobi.
"We want to expand Kenya's access to international financial markets," he said. Kenya is also in the process of operationalising the Nairobi International Finance Center (NIFC).
"We want to be the provider of financial services to all the underserved markets in east and central Africa," he said.
The CEO noted that in order for Kenya to emerge as an international financial center, it needs to combat money laundering.
"This will help upgrade the country's poor rating according to the Financial Action Task Force," he said. The CMA has also concluded a scoping report on implementation of Islamic capital markets products and services.
CMA urged Kenya to adopt standards set out in the Organization for Economic Cooperation and Development's Treaty Relief and Compliance Enhancement for cross border tax relief.
"This will increase inward foreign investments as tax reclaims will made easier," he said.
CMA Acting Director Regulatory Policy and Strategy Luke Ombara said that Kenya needs to put in place double taxation agreements with all countries that are significant potential investors.
"We have put in place a committee to identify priority list of countries," he said.


Latest Headline

Smart phones disrupt flash disk market in Kenya

By Correspondent
At a computer shop in Kenya's capital Nairobi, a young woman picks small gadgets from a box one by one and wipes off dust.


A ride on Nairobi's "mobile disco"

By Xihnua
The lights inside the 36-seater minibus in Nairobi flickered as passengers heading home from work streamed in one by one.


Pupils' hopes of using laptops fade

By Metro Reporter and Xihnua
 As he started Class One last year, the name laptop could not leave the lips of little Fred Amuche, a pupil in Nairobi, Kenya.


Uhuru to visit Kenyans in Boston

By Metro Corespondent
Kenya’s President Uhuru Kenyatta will visit the Kenyan Diaspora community in Boston this Friday September 26th in a move expected to generate tons of excitement among nationals in the region.


Elderly keep cybercafes alive in Kenya

By Metro Reporter and Xihnua

The forecast that cybercafes in Kenya will die soon has become music to businessman Kevin Mutua.


Kenya oil deposits to hit 1 bln barrels

By Metro Reporter
    Kenya's recoverable oil reserves in the country's tertiary rift basin is likely to exceed one billion barrels, the ministry of energy and petroleum said on Friday.