A car dealer is regretting his failure to ensure transfer of ownership of a car in which five men were killed by police last week in Juja, Kiambu County.
Mr Allen Kambuni, a marketing executive of a local company says he sold the Volkswagen Touareg to Amos Ngugi in July 2018.
Ngugi was one of the five suspects shot dead by police on Tuesday 12th March 2019 in Juja. Others included lawyer Jeremiah Kinyua Meeme and land dealer Collins Ojuok.
Ngugi was lawyer Meeme’s client as he had an ongoing criminal case in Embu. He had also been linked to the killing of a Catholic priest in Kinoo area in 2018.
Kambuni said even after paying for the car, Ngugi fussy-footed on the transfer. He did not know why. “But whenever I tried to transfer ownership to him he declined to acknowledge. His acknowledgement is key to ensure transfer as per NTSA rules,” said Kambuni.
He said Ngugi paid him Sh1.4 million for the car. He has all the documents to show the process.
According to Kambuni, police summoned him in January for questioning regarding the car. “I told them I had sold it (car) to Ngugi and showed them the transfer documents. They told me to ensure the transfer was complete because data at the National Transport and Safety Authority (NTSA) showed it still belonged to me,” he said.
Kambuni advises anyone buying and selling cars to ensure the transfer process is complete. “That car can be involved in crime or accident and if records show it is still yours when you have sold it you will be in trouble,” he added.
He said police are yet to call him since the shooting happened. He was only getting calls and messages from friends and relatives who still think the car is his.
The five men were killed as they drove on the highway after a brief chase. Police seemed to have been trailing them.
The Independent Policing Oversight Authority (IPOA) has launched investigations into the circumstances under which the men were killed.
The Law Society of Kenya (LSK) has written to Deputy Inspector General of Police Edward Mbugua and Director of Public Prosecutions Noordin Haji, asking for investigations, arrests and prosecution.
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.