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Co-operative named best Kenyan bank at 2019 EMEA Finance Awards in London ▷ Kenya News

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– The EMEA Finance Awards recognise banks for sound leadership

– The banks’s head of investor relations James Kaburu said its business model helps them deliver market-leading solutions to its customers

– In Kenya, the lender was recently been named overall winner of the Kenya Bankers Association 2019 sustainable finance catalyst award

The Co-operative Bank has been named the best bank in Kenya at the 2019 Europe, Middle East and Africa (EMEA) finance awards.

The award gala was held on Thursday, December 5, at the Law Society, London, with the lender represented by head of investor relations and strategy James Kaburu and bank economist Anthony Muli.

READ ALSO: Ex-Kiambu governor William Kabogo ordered to pay KSh 100M for land grabbing

Co-operative named best Kenyan bank at 2019 EMEA Finance Awards in London

From left: Christopher Moore, publisher and CEO EMEA Finance, Anthony Muli, economist Co-op Bank and James Kaburu, head finance and strategy Co-op Bank. Photo: Co-operative Bank.
Source: UGC

READ ALSO: Ex-Senator Johnson Muthama now believes William Ruto best suited to be next president

The EMEA Finance Awards recognise financial institutions which, through their client focus and sound leadership, continue to increase profitability, deliver affordable credit to the retail and wholesale markets, and support local and transnational corporations do business.

Speaking at the ceremony, Kaburu noted the bank’s business model helps them deliver market-leading solutions to its customers.

Co-operative named best Kenyan bank at 2019 EMEA Finance Awards in London

A file photo of a Co-ooperative Bank agent. Photo: Co-op Bank Kenya.
Source: Facebook

READ ALSO: Maisha yangu yamo hatarini, mbunge Osoro asema

“We are delighted to have been recognised with the prestigious EMEA Finance – African Banking Awards 2019, which vindicates our business model that uniquely combines world-class expertise and capabilities with deep-rooted local experience, enabling us to deliver market-leading solutions to our customers in Kenya, he said.

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Co-op Bank has lately been on a winning streak, having recently been named the overall winner of the Kenya Bankers Association (KBA) 2019 sustainable finance catalyst award.

The awards were created to recognize institutions that practice sustainable finance which has a direct positive impact on the financial sector, the economy, the environment and the society at large.

Co-operative named best Kenyan bank at 2019 EMEA Finance Awards in London

Co-operative Bank CEO Gideon Muriuki (center) at a past event. Photo: Co-op Bank Kenya.
Source: Facebook

This year has especially been notable with the lender winning accolades for strong credentials in green finance and sustainability practices.

It was named as best bank in sustainable finance in Kenya at the 2019 energy management awards hosted by the Kenya Association of Manufacturers in April, and in mid-November emerged overall winner in environmental sustainability report at the 2019 East African financial reporting (FiRe) awards held in Nairobi.

“As a bank that is predominantly-owned by the 15 million-member co-operative movement, we are inclusive by design, which has not only enabled us to deliver shared prosperity today, but also helped us build an awareness and prudence to avoid making decisions that may put future generations in jeopardy,” the bank’s group managing director Gideon Muriuki said.

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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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