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East Africa Oil and Gas summit returns to Kenya

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Petroleum and Mining Cabinet Secretary John Munyes address participants during the opening ceremony of the 5th East Africa oil and Gas summit and Exhibition held in Nairobi Kenya on the 20 June 2018/COURTESY

, NAIROBI, Kenya, Dec 5 – Over 500 senior oil and gas executives are expected to attend the East Africa Oil & Gas Summit & Exhibition (EAOGS 2020) when it returns to Nairobi from 18-19 March 2020.

The event, which is the largest of its kind in East Africa and officially supported by the Ministry of Petroleum and Mining, Kenya, will once again provide the platform for ministries and national oil companies to come together and engage with international and local companies and investors to examine the hugely significant opportunities present across the region.

Now in its sixth edition and with the backing of over 400 companies over the years, EAOGS 2020 will feature over 35 high level speakers including ministry officials, senior executives and industry experts from national oil companies (NOCs), international oil companies (IOCs), financial institutions, government authorities and embassies, service companies and industry associations on a programme that places Kenya at the hub of the sector for East Africa.

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It will examine the key topics that are affecting the region’s rapidly advancing oil and gas industry, including: opportunities and the sector’s progress, development and challenges going forward, new markets and an update on licensing rounds, regulation in the oil and gas sector, technology and new innovations and financing and servicing the sector.

In addition to the conference programme, the EAOGS 2020 exhibition will give local and international organisations the opportunity to network with everyone they need to meet for their business; new and existing customers, partners and product users and buyers who are all looking for products and services.

Charles Kahuthu, Regional Coordinator and CEO of the East African Chamber of Commerce, Industry and Agriculture (EACCIA), co-organisers of the event commented; “The scope, scale and spread of current and future oil and gas infrastructure development projects in East Africa is positioning the region as a hotbed of oil and gas exploration, investment and development.

“EAOGS is widely established as the largest and most relevant meeting place for all of the key players at the heart of this activity, incorporating major participation from hosts Kenya, alongside official delegations from Ethiopia, Mozambique, Somalia, South Sudan, Tanzania, Uganda and Zanzibar – all coming together to showcase the commercial opportunities throughout the region,” he added.

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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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