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Hustlers, Equity Bank and why we must disrupt tourism : The Standard

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The tourism industry is yet to be disrupted the way Equity Bank disrupted the banking industry in Kenya.

The sector still targets high-end tourists, the jet-set group; it excludes hustlers.
It is at the Coast where this neglect largely plays out. Beach hotels, by their design and pricing, keep out hustlers who are likely to be seen walking along the beach or selling their wares. A few entrepreneurs make money by offering camel rides.
There are very few hotels for the average hustler by the beach. Why can’t someone just build dormitories for those who want to keep costs at a minimum but still enjoy the hospitality of the coastal region?  

SEE ALSO :The loneliest hustler in the city …

As things stand now, visiting beaches is a rarity for hustlers. Outside of school trips, many hustlers might never see the sea waves breaking, or experience the sea breeze and the high humidity.  
It is not just along the Coast where hustlers are left behind. National parks also keep hustlers out, despite their low charges.
The biggest problem is that you need a big car, a four-wheel drive if possible, to drive around national parks where tarmacked roads are rare. The Kenya Wildlife Service once tried to get around this problem by offering bus rides. Those didn’t do very well.
To bring tourism to hustlers, you must change their mindset. They must view tourism, the admiration of nature, as a worthy cause – one better than staying in the house or sipping alcohol with friends.
Pressing issues

SEE ALSO :Should we mourn the end of humanity?

But to be fair to hustlers, they have more pressing issues than seeing an elephant or a warthog – affording food and shelter might be their priority. We can be realistic and argue that as long as most hustlers are at Maslow’s lowest level in the hierarchy of needs, tourism will not be their priority. 
But beyond improving hustlers’ economic status, we should get them interested in their environment early, and one way to do this is by including more on tourism in the curriculum.
We were told in primary school that tourism brings in lots foreign exchange – we were never told we could be tourists ourselves!
We could disrupt tourism by not equating it to beaches and national parks.
Every county and hamlet can have tourism attractions. They could be monuments, forests, rivers or even historical houses left behind by wazungu. Identifying and developing such sites should be the work of counties hungry for new revenue streams. 

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SEE ALSO :Eastlands or Westlands; Which home is best?

Once we develop tourism at the grassroots, similar to the way Equity Bank targeted hustlers, more Kenyans will enjoy the country’s beauty; a good distraction from vices and drudgery. Tourism isn’t just for foreigners and rich Kenyans – the same way Equity Bank demystified the bank account. Tourism is one of our economic low-hanging fruits. 
[XN Iraki; [email protected]]  

For the latest news in entertainment check out Sde.co.ke and Pulser.co.ke , for everything sports visit Gameyetu.co.ke and ladies we have you covered on Evewoman

HustlenomicsXN IrakiEquity BankTourismHustle

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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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