Sectors Touched

TOURISM AND HOSPITALITY

The direct and indirect contribution of the Tourism and hospitality sector to the Kenya economy remains vital. The combination of direct employment, indirect employment, foreign exchange earnings, and direct investments into the sector is substantial.

Management and directors continue to navigate through changing risks including political instability, environmental risks, security, changing global travel patterns, and fraud risks. Our Team of experts have hands-on experience in tax advisory, audit and assurance, outsourced payroll services, internal audit, and management information support.

NOT FOR PROFIT SECTOR

The Not for Profit Sector continues to contribute to diverse areas including climate, food security, water and sanitation, human rights, gender equality, and conservation. The sector comprises organizations ranging from small CBOs to large international NGOs.

Non-profit organizations face funding risks, governance risks, compliance risk, and financial risks including fraud. With global changes in legislation on money laundering and security, funding organisations demand accountability and traceability.

REAL ESTATE & CONSTRUCTION SECTOR

The real estate and construction sector contributed 15% of Kenya's GDP in 2023 (construction 6.6%, real estate 8.4%). Both domestic and foreign investors have made real estate investments in retail, commercial, and hotel sectors.

Challenges include improper capital mix, cost of capital, regulatory compliance, foreign exchange changes, and oversupply in office space. Application of financial reporting standards and tax laws remains a challenge for many organizations.

FINANCIAL ACTIVITIES SECTOR

The financial activities sector in East Africa has experienced significant growth driven by technology adoption. In Kenya, the sector contributed 5.7% of GDP in 2023, up from 5.4% in 2022.

The sector requires robust risk management including cybersecurity, technology obsolescence, fraud risks, and regulatory compliance. There is a growing need for constant monitoring and review of processes to remain agile to environmental and market changes.

TECHNOLOGY AND FINTECH SECTOR

Technology and Fintech sectors continue to be key drivers of commercial and economic development in Kenya and East Africa. Kenya's Fintech sector has made financial services far more accessible to the majority of the population.

Significant risks include:

• Technology obsolescence
• Cyber security
• Changing customer preferences
• Regulatory compliance
• Financial reporting compliance and valuation of tech assets
• Governance (especially where tech founder lacks business management skills)
• Obsolete tax legislations
• Stiff competition

We support the Technology and Fintech sector through risk-based internal and external audits, governance audits, compliance reviews, outsourced accounting solutions, payroll support, advisory services, due diligence, tax advisory, tax health check, and transfer pricing services.