Kenya is the strongest economy in East Africa and is generally seen as a
good example in terms of development. Kenyans are known for their
ambition and creativity - thereby keeping their economy vibrant. While
the country suffers from typical problems, like poor infrastructure and
institutional corruption, it enjoys an abundance of natural resources
and a key geo-positioning as the gatekeeper for East African trade
MYC4's expansion to Kenya followed its expansion to Uganda in late 2007.
The two countries' similarities in regulatory framework and MYC4's
existing network, were the motivating factors for the expansion. By
April 2008, Kenya had the most MYC4 providers from any single country,
driven by the entrepreneurial spirit of its citizens.
The Kenyan Shilling (KSH) has, historically, been relatively stable
against the Euro with low seasonal fluctuations. Recently, however, the
Shilling has taken part in the general East African trend of
depreciation and depreciated strongly against the Euro. Kenya applies a
15% withholding tax on interests earned, which is applied to investor
and MYC4 earnings.