Financial Reporting Centre Stories

More SACCOs register with FRC to fight money laundering, terrorism financing
Mary Wambui  |  Oct 03, 2025

The FRC tracks suspicious financial activities through reports filed by banks, mobile money providers, forex bureaus, and SACCOs. SASRA supervises SAC...

CBK to roll out compensation rules for e-money and digital wallet fraud
Lucy Mumbi  |  Sep 29, 2025

The initiative seeks to address gaps in recourse mechanisms for digital wallets and improve safeguards for users of digital financial services (DFSs).

Witnesses detail financial fraud, exploitation in Sh356 million theft case against company director
Carolyne Kubwa  |  Sep 25, 2025

Employees described systematic financial manipulation and workplace exploitation.

No new levies in 2026 budget as Treasury focuses on improving revenue efficiency
Maureen Kinyanjui  |  Sep 25, 2025

Revenue for the coming financial year is projected at Sh3.58 trillion, while planned expenditure is Sh4.64 trillion, leaving a Sh1 trillion budget gap...

Kenya loses over Sh250 billion annually to illicit trade and counterfeits - report
Maureen Kinyanjui  |  Sep 19, 2025

The study points to businesses increasingly being involved in these illegal activities, while corruption, fake goods, and trade misinvoicing remain th...

Kenya losing over Sh79 billion annually to undervalued imports, says NTA
Alfred Onyango  |  Sep 18, 2025

Kenya was grey-listed by the Financial Action Task Force (FATF) in February 2024 for inadequacies in its money laundering/countering financing of terr...

US, Somalia step up cooperation against financial crimes and terrorist financing
Abdirahman Khalif  |  Sep 16, 2025

The discussions, held in Mogadishu, focused on practical steps to secure Somalia’s financial system and to disrupt the flow of funds that sustain arme...

MPs demand answers as Moi Teaching Hospital sinks into Sh1.8 billion salary debt, diversity row
Lucy Mumbi  |  Sep 09, 2025

During a session with the National Assembly’s Committee on Implementation in Eldoret on Tuesday, MTRH Chief Executive Officer Phillip Kirwa said the f...

Illegal financial flows drain African economies: How tax havens fuel corruption
DW News  |  Sep 04, 2025

The African Union has warned the continent loses billions in illicit financial flows each year. Analysts say stopping tax evasion and corruption is ju...

Henry Tanui appointed new CEO of Hustler Fund
Lucy Mumbi  |  Sep 03, 2025

The Board said Tanui brings over 24 years of experience in financial services, with expertise spanning Risk Management, MSME Lending, Business Lending...

Section of MPs warn e-procurement rollout may deepen corruption instead of curbing it
Lucy Mumbi  |  Sep 02, 2025

Despite the opposition, President William Ruto and the Treasury have maintained a firm stance, insisting the platform is a critical reform to enhance...

Somalia’s Auditor-General accuses top courts of blocking $1 million financial audit
Abdirahman Khalif  |  Aug 27, 2025

Speaking at a press conference in Mogadishu on Tuesday, Issa revealed that the Supreme Court, the Benadir Regional Court, and the Benadir Regional App...

CBK begins real-time monitoring of customer financial transactions
Mary Wambui  |  Aug 23, 2025

Through the system, CBK will strengthen its ability to surveil the entire banking sector as transactions occur, covering RTGS, PesaLink, and mobile mo...

Kenya tightens terrorism cases with mandatory terror-financing investigations
Mary Wambui  |  Aug 20, 2025

Kenya was specifically asked to step up investigations and prosecutions of money laundering and terror-financing cases, ensure that financial intellig...

Treasury CS John Mbadi faults parastatals for prioritising profits over public service
Maureen Kinyanjui  |  Jul 18, 2025

CS John Mbadi said several agencies are treating government funds as a source of returns, a move he described as a misuse of public resources.

Kenyan insurers must disclose major cybersecurity breaches within 24 hours, regulator says
Lucy Mumbi  |  Jul 14, 2025

The directive forms part of broader efforts to enhance accountability and oversight across the industry as more insurers adopt technology-driven opera...

Parliament's delay in enforcing audit reports threatens public funds, Auditor-General Gathungu warns
Lucy Mumbi  |  Jul 13, 2025

Gathungu is advocating for amendments to the Public Finance Management (PFM) Act to introduce penalties, arguing that such measures would promote fisc...

Kenya's real estate boom under scrutiny amid rising money laundering, terror financing cases
Mary Wambui  |  Jul 11, 2025

The Financial Reporting Centre is tasked with identifying proceeds of crime and fighting money laundering under the Proceeds of Crime and Money Launde...

Kenya flags Sh7 trillion in suspicious transactions amid alarming rise in money laundering, terror financing
Alfred Onyango  |  Jul 09, 2025

Data from the state-owned intelligence unit, Financial Reporting Centre, shows that the number of suspicious transactions reports (STRs) exceeded 11,0...

Kenya seals Sh258 billion de-risking deal, healthcare, infrastructure MoUs at UK investment forum
Alfred Onyango  |  Jul 02, 2025

Nairobi International Financial Centre Authority (NIFCA), operating under the National Treasury and led by CEO Daniel Mainda, spearheaded the signing...

Nairobi hits record Sh13.7 billion revenue in 2024/25, surpassing last year by Sh1 billion
Lucy Mumbi  |  Jul 01, 2025

The county credits the record-breaking performance to enhanced collection efforts, the adoption of digital systems, and stricter enforcement targeting...

Controller of Budget hit by Sh70 million slash despite calls for increased funding
Lucy Mumbi  |  Jun 22, 2025

The National Treasury has now revised the allocation down to Sh632.3 million from Sh702.3 million, just days before the end of the financial year.

IRA flags money laundering risks in life insurance, launches sector review after FATF grey listing
Lucy Mumbi  |  Jun 16, 2025

The regulator says the structure of life insurance policies, commonly known as long-term business, makes them vulnerable to criminal abuse, highlighti...

Kenya cuts environment budget to Sh103.8 billion despite climate change pressures
Bashir Mbuthia  |  Jun 12, 2025

One of the most notable cuts is in funding for expanding access to clean and adequate water for both domestic and agricultural use, which has dropped...

Education gets Sh702.7bn in 2025/26 budget amid capitation woes, free learning concerns
Lucy Mumbi  |  Jun 12, 2025

TSC will receive the lion’s share of Sh387.2 billion, including Sh7.2 billion earmarked for the recruitment of intern teachers and Sh980 million for c...

Kenya’s forex reserves hit historic $10.59 billion, buoyed by remittances and strong shilling
XINHUA  |  Jun 07, 2025

The reserves have been on an upward trend since March, when they surpassed the 10-billion-US-dollar mark.

EAC borrows Sh85.3 million internally amid deepening financial crisis
Bashir Mbuthia  |  Jun 02, 2025

Reports by The Citizen indicate that only Kenya, Tanzania, and Uganda have contributed their required $7 million (Sh903.8 million) share towards the E...

IOM encourages Eastleigh community to embrace digital finance for smarter money management
Abdirahman Khalif  |  May 26, 2025

Many residents in Eastleigh receive financial support from relatives abroad, and the event aimed to offer them practical information on safer and more...

Building Kenya’s financial future: Wealth through smart saving and spending
Margaret Wanjiru  |  May 26, 2025

According to Thakar, the antidote to lifestyle creep is developing a disciplined financial mindset focused on delayed gratification and prioritising l...

10 million Hustler Fund borrowers missing as MPs slam push for more taxpayer funding
Lucy Mumbi  |  May 21, 2025

The chairperson of the National Assembly’s Committee on Trade, Industry and Cooperatives Bernard Shinali demanded a proper explanation from the PS, qu...

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