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Business Insider
10 hours ago
- Business
- Business Insider
Businesses in Kenya hold their breath as the country plans to recall a painful memory
Businesses in Nairobi have shut down, fearing vandalism. This decision is coming in the wake of plans to commemorate the Kenyan anti-bill protest of 2024, which recorded dozens of casualties. The 25th of June marks the first day of the protest's anniversary. Businesses in Nairobi have temporarily closed due to potential vandalism during the protest anniversary. The protest commemorates the anti-bill demonstrations of June 2024, which saw widespread youth participation. These demonstrations were against the Finance Bill 2024, which proposed higher taxes on essential goods and services. Currently, young Kenyans have taken to the streets to keep alive the memory of a protest that shook the country to its core. As a result, businesses in Nairobi, the country's capital, have opted to play it safe and close for the day, fearing any potential damage. This is despite the fact that the police seemed to have increased security in the business district of the commercial hub. Tuko reports that although the protest has been presented as a peaceful demonstration and a call to stop police violence by its organizers, business owners have shown concern and opted to shut down momentarily, till things cool off. Damages to businesses in Kenya during the anti-bill protest Kenyans went to the streets in 2024 to protest a contentious finance bill, resulting in one of the country's largest youth-led rallies in recent memory. This demonstration, while well-intended, led to the destruction of some local businesses. Simon, a business owner in Nairobi, was among the hardest hit, having seen years of hard work go up in smoke. Simon operated a bookshop in the central business area, and noted that he had lost books valued at over KSh1 million. After the smoke had cleared, the Nairobi Youth Business Community revealed that losses of up to KSh 3 billion were incurred due to looting and vandalism. This report was contrary to what the president of the country, William Ruto, had issued, when he disclosed during a round table session that the protest had cost businesses up to KSh 2.4 billion in damages. Kenya's protest of 2024 In June 2024, the Kenyan government introduced the Finance Bill 2024, which, among other things, proposed higher taxes on essentials, like bread, fuel, financial services, and even internet data, to help finance public debt. Young Kenyans, especially Gen Z, quickly took to social media platforms such as TikTok, X, WhatsApp, and Instagram using hashtags like #RejectFinanceBill2024, #OccupyParliament, and #RutoMustGo to organize nationwide demonstrations. Online mobilization escalated to street demonstrations, and mid-way into June, thousands of Kenyans took to the streets to air their greviances. A couple of days after the protests began security forces opened fire, killing at least one protester, and igniting what was later dubbed the 'Seven Days of Rage' Later on thousands stormed the Parliament building in Nairobi, ransacked it, set parts on fire, and stole the ceremonial mace. Police responded with live ammunition, killing between 19 to over 60 people, and injuring hundreds more. Over 130 protestors were arrested.
Business Insider
17-06-2025
- Business
- Business Insider
Ruto initiates a new law to wipe the stain from Kenya's financial image
In response to money laundering and terrorist financial activities in Kenya, the president of the country recently signed the Anti-Money Laundering and Combating of Terrorism Financing Laws (Amendment) Bill 2025. Kenya's president signed the Anti-Money Laundering and Combating of Terrorism Financing Laws (Amendment) Bill 2025. The law aims to strengthen Kenya's financial regulatory framework and address illicit financial activities. Kenya has been under increased international scrutiny, including placement on the EU's high-risk country list. William Ruto's decision to sign the bill not only stems from the need to combat Kenya's financial crimes challenges, but also to position the country as a leader in East Africa's financial integrity and regulatory reforms. 'Kenya is keen on pursuing reforms that cement our position in the region as a leader in financial integrity and regulatory reform,' the president stated. The bill's signing reinforces this vision by sealing gaps that facilitate illicit financial flows via property transactions and the use of shell companies," he added. Since February 2024, Kenya has been on the Financial Action Task Force's grey list, officially designated as a jurisdiction 'under increased monitoring' due to strategic deficiencies in its anti-money laundering (AML) and counter-terrorist financing (CTF) framework, according to Global Financial Integrity. On June 10, 2025, the EU placed Kenya on its list of 'high‑risk third countries' for money laundering and terrorist financing due to lingering strategic deficiencies. The union added Kenya to its list alongside other African countries, including Algeria, Angola, Côte d'Ivoire, Kenya, and Namibia. Being included in the list means that these countries are now considered high-risk jurisdictions, requiring EU financial institutions to apply enhanced due diligence measures when dealing with transactions involving them. Given the contradiction between these unflattering designations and Kenya's ambition to be a leader in East Africa's financial landscape, Kenyan parliamentary members approved the anti-money laundering bill in April 2025, which amended several Acts of Parliament. The law addresses technical compliance deficiencies identified by the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG), according to Tuko.
