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Have you been a victim of pseudo-charismatic leadership at workplace? : The Standard

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Pseudo means “not actually but having the appearance of, pretend false, sham.” It is what most Kenyans would call fake.
With that understanding, leadership like any other product can be Pseudo in nature: leadership that exhibits a face value that seems people-centric but beneath underlies selfish motives.
No institution is immune to this type of leadership; be it the church, corporations, family, or even in a political configuration.

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Some leader-follower relationships can be described as “folie à deux,” or shared madness as described by (Kets de Vries, 1979, 2001).
In such a relationship, there is usually a dominant person who transfers his delusions to the followers even when the leader’s capacity for reality testing has become impaired.
The followers in such circumstances would opt to minimise conflict and disagreement at the expense of losing their autonomy: sacrificing truth and honest criticism to maintain a connection with the leader.
Leaders at risk
People who were not fortunate in childhood to experience balanced stimulation in character development are at risk of exhibiting narcissism.

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Such leaders are focused on issues of power, status, prestige, and superiority.
They are unwilling to tolerate disagreement and criticism and therefore not inclined to consult with others.
Such leaders live in a world of their own; drawing unsuspected followers to such a world that results in the destruction of self-confidence and followership with only one aim “pleasing the leader.”
Research by Blumen and other leadership gurus suggests that toxic leaders have a destructive behaviour of either leaving their followers worse off than they found them or playing to their fears.
 They will master what the followers fear most and use that fear to choreograph a scenario where people view life through a bipolar lens: Painting an enemy that doesn’t exist or painting “you are either for us or against us.”

SEE ALSO :Assembly on the spot over Sh12m travel spending

Followers at risk
Research work by O’Connor and Mumford describes how a traumatic childhood can dispose of individuals to a destructive leader.
Followers who are not keen to evaluate the underlying monster in their leader’s philosophy are at risk.
It’s good to note that, leaders who exhibit anger, resentment, and hate based on their past experiences are more likely to be destructive: legitimising the use of violence and revenge to conquer the perceived enemy.
Practical Prescription

SEE ALSO :Court suspends NEMA directive stopping use of non-woven polypropylene bags

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In medicine, a doctor who cannot take an accurate history and a patient who cannot give one are in danger of giving and receiving bad treatment.
In the same vein, a people in a country or a white-colour setup cannot come out of this hole of destructive leadership if we don’t intentionally set up mechanisms that grow the positive side of charisma or transformational leadership.
In a corporate set up: Personality tests, 360 degrees feedback and leadership assessment tool, coaching and mentorship programmes could be applied.
At the political level, the citizenry should carefully analyse a leader’s history to determine if there exists a trace of the pseudo-type so that the emissaries of the old “wazee wa Kijiji” can use such knowledge to grow the leader to a desirable level.
The media should also play their role in educating Wanjiku to appreciate the tools at their disposal to determine good leadership. 
In conclusion, the late Bob Collymore was a leader worth emulating.
-The writer is an expert in leadership and risk management strategies

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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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