Institutional Forex & CFDs provider AM Broker is looking for new local representatives and affiliates to “to lead and operate our planned retail expansion in Kenya” according to a press release.
AM Broker allows people to buy and sell shares, indices, commodities, currency pairs, and cryptocurrencies through its trading apps for desktop, web, and mobile. It bypasses large investment requirements, traditional commission and trading fees that institutional brokers charge by using technology and affiliates to cut operating costs to the bare minimum.
They also provide an advanced copy trading system that brings investors and traders together, allowing investors to earn on the Forex market without trading on their own and managers to receive additional income through efficiently managing investor funds.
On top of it, with their ultimate Expert Advisor Generator & Strategy Builder used by institutional traders, you can build your own automated strategy in a couple of clicks, without writing codes.
It makes its money from the interest it gets on uninvested client deposits it holds and spreads. It is planning to “democratize forex trading in Kenya by giving access to multi-assets and institutional grade liquidity in one single trading account from any device and operating system”, according to Amira, Public Relationship Manager for Africa and the Middle East.
Is one of the hottest fintech — financial technology — in Africa that continued to impress with the quality of their product and the pace of growth. The brokerage already became a Forex IB Start-Up Hub after just a few months since their retail expansion.
They’ve not just made trading simpler, safer and smarter, but by their revenue stream, they’ve opened up multilevel partnership programs to a generation of Kenyan Millennials who can operate their own business with ZERO start-up costs.
The partnership program listing on AM Broker’s website says the company is recruiting introducing brokers and local representatives, who would operate online or through their own office. Franchising is also possible. The listing makes clear that whoever takes the affiliate role would effectively earn up to 50 per cent Revenue Share (credited after each trade is completed) and up to $2.000 per introduced client (monthly payment), the largest revenues in the online trading and investing business.
Their complete solution frees up the time, cost and technical expertise required to build and operate a successful business in Kenya: dedicated sub-domain, landing page generator, banner rotation system, easy to use tracking, transparent management, customized promotions, and a personal account manager.
AM Broker announced plans to expand to Africa but it does not appear to have launched all over yet. The company is still advertising for introducing brokers and local representatives to lead its Vietnamese operations.
A spokesperson for AM Broker told standardmedia.co.ke: “We’re actively building affiliate teams in Vietnam to spearhead our retail expansion. We do not have a launch timeframe for each country to share right now.”
Kenya to import mitumba after coronavirus pandemic
Kenya is set to lift the ban on imports of second-hand clothes once the Covid-19 pandemic is over, the Industry, Trade and Co-operatives Cabinet Secretary Betty Maina has said.
The Cabinet Secretary last Wednesday announced an immediate temporary suspension of the importation of second-hand clothes as a measure to stop importing the SARs-Cov-2 virus that causes Covid-19 disease.
Ms Maina said the action taken is in line with the conditions as set out by the Kenya Bureau of Standards (Kebs).
“The government has suspended importation of second-hand clothes with immediate effect to safeguard the health of Kenyans and promote local textiles in the wake of coronavirus,” said Ms Maina.
“Most of the Mitumba imports come from China and Pakistan, countries which are the epicentre of the coronavirus pandemic. The decision is intended to safeguard Kenyans against the spreading of the coronavirus and is therefore a health issue,” she said.
In an interview with the The EastAfrican, Ms Maina said the Kebs will enforce the suspension as we wait for the situation to improve.
“It is a requirement by the Kebs to take such an action in times of an epidemic like the Covid-19,” she said.
A recent study by the US Centres for Disease Control and Prevention shows that the virus can stay longer on different surfaces, including clothes.
Ms Maina, however, said the temporary ban will not in any way affect the policy on Mitumba imports from the US.
Under the African Growth and Opportunity Act, Kenya sold about Ksh40 billion ($400m) worth of textiles and clothing to the US.
“This does not in any way affect our policy on our imports from the US. The decision is strictly an urgent measure to curb the spread of the coronavirus,” added Ms Maina.
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.