Kenya’s ranking in the World Bank’s Ease of Doing Business (EODB) index has improved to position 56 globally with a score of 73.
According to the report, released on Thursday by the World Bank, Kenya pursued reforms thus boosting the ease of doing business.
Furthermore, the modification such as expanding the scope of movable assets that can be used as collateral and cancellation of security interests facilitated firms’ access to credit. In addition, the country introduced online features to the existing registries and public online searches for its collateral registry.
Moreover, the launch of credit bureaus in Kenya has helped reduce interest rates, collateral, and default of loans at commercial banks. These steps are geared towards strengthening access to credit.
The report further highlights improved transparency in dealing with construction permit through online systems and reduced fees.
The inauguration of a new substation in Nairobi coupled with modernization of existing infrastructure improved Kenya’s electricity reliability.
Furthermore, Kenya made paying taxes easier by implementing a new platform incorporating social security contribution and online filing.
However, the report noted that Kenya had made property registration more difficult. For instance, there was an additional payment for slip generation and increased title search fees. Nonetheless, property registration was made faster by making payment verification online.