NAIROBI, Kenya July 12 – Founded two months after the corona virus outbreak in Kenya, Drinkup, an alcohol delivery firm has aligned itself to online delivery of alcohol in order to reduce unnecessary movements which is key in minimizing the risk of corona virus infections in the country.
The firm, which was founded in February but launched its operations in May is solely focused on alcoholic products ranging from wines, spirits, beer amongst others.
With a fixed Sh 100 delivery fee, Kenyans across Nairobi and its environs can order their favorite drinks through the multi vendor platform, a phone call or an SMS for a delivery within 30 minutes.
Speaking to Capital Business, Drinkup Director Charles Wagura noted that the launch of firm was inspired by the need to create convenience for Kenyans in the wake of the pandemic which has necessitated the need to avoid physical contact and unnecessary movements.
“The main inspiration behind the formation of this firm is the convenience brought by online delivery and our clients do not have to go the shop, they can either call, send a text or order the drink from our online platform,” he said.
The experience in the market so far, Wagura said, “has been immense” , with more people ordering through the application with variety of drink choices for the clients and convenient drivers who can deliver quickly.
“The industry is receptive to the business, most people prefer online deliveries, this is why you see most business are turning to e-commerce,” he said.
While the business has accrued profits since May, he said the profits from the business are currently being re-invested in the company to increase its growth.
In the near future, the firm is planning to expand its services to Nakuru and Mombasa and also include the supply of drinking water to its clients.
Like any other e-commerce platform, Drinkup has experienced its fair of challenges, key among them is delayed deliveries, insufficient drivers and payment mode with many clients still preferring cash mode of payment which poses risk on transfer of the virus
“We are still learning, we are working to bring more drivers on board to increase the speed of delivery time,” he added.
Being a multi-vendor platform which hosts various shops, Wagura pointed out that the firm conducts thorough background checks on the liquor shops to ensure they have valid liquor license, are compliant with law and abide by other necessary requirements to own such such a shop.
As part of his proposals, he urged the Government to further ease the ease of doing business especially on taxation noting that the planned imposition of taxes on e-commerce will push away many Small and Micro Enterprises (SMEs).
“When the ease of conducting business for online business is sabotaged, the ripple effect will be felt by those in the lower cadre in the chain including riders who rely on online deliveriEs to reap their benefits,” he concluded.
World Bank pushes G-20 to extend debt relief to 2021
World Bank Group President David Malpass has urged the Group of 20 rich countries to extend the time frame of the Debt Service Suspension Initiative(DSSI) through the end of 2021, calling it one of the key factors in strengthening global recovery.
“I urge you to extend the time frame of the DSSI through the end of 2021 and commit to giving the initiative as broad a scope as possible,” said Malpass.
He made these remarks at last week’s virtual G20 Finance Ministers and Central Bank Governors Meeting.
The World Bank Chief said the COVID-19 pandemic has triggered the deepest global recession in decades and what may turn out to be one of the most unequal in terms of impact.
People in developing countries are particularly hard hit by capital outflows, declines in remittances, the collapse of informal labor markets, and social safety nets that are much less robust than in the advanced economies.
For the poorest countries, poverty is rising rapidly, median incomes are falling and growth is deeply negative.
Debt burdens, already unsustainable for many countries, are rising to crisis levels.
“The situation in developing countries is increasingly desperate. Time is short. We need to take action quickly on debt suspension, debt reduction, debt resolution mechanisms and debt transparency,” said Malpass.
Kenya’s Central Bank Drafts New Laws to Regulate Non-Bank Digital Loans
The Central Bank of Kenya (CBK) will regulate interest rates charged on mobile loans by digital lending platforms if amendments on the Central bank of Kenya Act pass to law. The amendments will require digital lenders to seek approval from CBK before launching new products or changing interest rates on loans among other charges, just like commercial banks.
“The principal objective of this bill is to amend the Central bank of Kenya Act to regulate the conduct of providers of digital financial products and services,” reads a notice on the bill. “CBK will have an obligation of ensuring that there is fair and non-discriminatory marketplace access to credit.”
According to Business Daily, the legislation will also enable the Central Bank to monitor non-performing loans, capping the limit at not twice the amount of the defaulted loan while protecting consumers from predatory lending by digital loan platforms.
Tighter Reins on Platforms for Mobile Loans
The legislation will boost efforts to protect customers, building upon a previous gazette notice that blocked lenders from blacklisting non-performing loans below Ksh 1000. The CBK also withdrew submissions of unregulated mobile loan platforms into Credit Reference Bureau. The withdrawal came after complaints of misuse over data in the Credit Information Sharing (CIS) System available for lenders.
Last year, Kenya had over 49 platforms providing mobile loans, taking advantage of regulation gaps to charge obscene rates as high as 150% a year. While most platforms allow borrowers to prepay within a month, creditors still pay the full amount plus interest.
Amendments in the CBK Act will help shield consumers from high-interest rates as well as offer transparency on terms of digital loans.
Scope Markets Kenya customers to have instant access to global financial markets
NAIROBI, Kenya, Jul 20 – Clients trading through the Scope Markets Kenya trading platform will get instant access to global financial markets and wider investment options.
This follows the launch of a new Scope Markets app, available on both the Google PlayStore and IOS Apple Store.
The Scope Markets app offers clients over 500 investment opportunities across global financial markets.
The Scope Markets app has a brand new user interface that is very user friendly, following feedback from customers.
The application offers real-time quotes; newsfeeds; research facilities, and a chat feature which enables a customer to make direct contact with the Customer Service Team during trading days (Monday to Friday).
The platform also offers an enhanced client interface including catering for those who trade at night.
The client will get instant access to several asset classes in the global financial markets including; Single Stocks CFDs (US, UK, EU) such as Facebook, Amazon, Apple, Netflix and Google, BP, Carrefour; Indices (Nasdaq, FTSE UK), Metals (Gold, Silver); Currencies (60+ Pairs), Commodities (Oil, Natural Gas).
The launch is part of Scope Markets Kenya strategy of enriching the customer experience while offering clients access to global trading opportunities.
Scope Markets Kenya CEO, Kevin Ng’ang’a observed, “the Sope Markets app is very easy to use especially when executing trades. Customers are at the heart of everything we do. We designed the Scope Markets app with the customer experience in mind as we seek to respond to feedback from our customers.”
He added that enhancing the client experience builds upon the robust trading platform, Meta Trader 5, unveiled in 2019, enabling Scope Markets Kenya to broaden the asset classes available on the trading platform.