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Tempus fugit!!! Time does fly indeed.

For it is unbelievable that 10 years have passed since we published the inaugural edition of Top 40 Under 40 Women. This was one year following the March 2007 launch of Business Daily as Kenya’s premier daily business paper.

Over these 10 odd years, we have seen the real workings of an inspiring initiative. We have indeed seen the magic that shining the light on young and progressive women— in whatever segment of the economy —can do.

From those who had shown the promise of excellence in the field of corporate leadership, professional service to enterprise, sports, and the arts, the Top 40 Under 40 Women roll of honour has proven recognising and making effort and excellence visible is a great tool for inspiration.

Hundreds of the women who made it to this roll of honour in the earlier years have gone ahead to deliver the real mantra of the Top 40 Under 40 recognition —that they were indeed THE WOMEN TO WATCH!!!

This year as in the past, the Top 40 Under 40 Women awards received hundreds of nominations from which the judges had to pick the 40. The competition was no less intense than the years before.

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And if there is one thing that the entries demonstrated, it was that the difficult political and economic terrain that has characterised the country in the past couple of years has not prevented brilliant and ambitious women out there from showing what they are made of.

In other words there has been excellence and mobility despite these difficulties. After all, isn’t fire the best way to test gold?!!!

As in the past, this year’s TOP 40 finalists were picked on the basis of well-known parameters we have only come to sharpen and perfect over the years. So in this list are entrepreneurs, corporate high-fliers, law, finance and medical professionals, academics and researchers, techies, sportswomen, and philanthropists.

In picking this year’s TOP 40 women, the Business Daily has stayed with the goal of making it more than a list of the best known, most prominent or most influential women in Kenya. We have instead underpinned our choices on the candidates’ ingenuity, freshness, performance and durability in their fields of excellence.

We have then ascertained each candidate’s age, and interrogated as far as possible, data on the size of the enterprises they have founded, companies they work for (turnover or number of employees), the scope and complexity of what they do and the competitive landscape in each segment of the economy.

Women running or occupying senior positions in companies with a multi-national reach still scored higher marks than those in charge of national/local agencies.

The Top 40 Under 40 list has also awarded high marks to women who have excelled in professions that have been and remain male dominated such as software engineering, actuarial science, aviation and engineering. This is because we believe there should be no gender-based glass ceiling on any dreams.

Ochieng’ Rapuro, Editor

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World Bank pushes G-20 to extend debt relief to 2021

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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.

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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.

ALSO READ:Global Economy Plunges into Worst Recession – World Bank

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Kenya’s Central Bank Drafts New Laws to Regulate Non-Bank Digital Loans

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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.

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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.

SEE ALSO: Central Bank Unveils Measures to Tame Unregulated Digital Lenders

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Scope Markets Kenya customers to have instant access to global financial markets

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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.

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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.

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