Residents of Kajiado West are set to benefit from clean water that has been oozing out of the Standard Gauge Railways tunnel in Ngong since construction work began on the hilly landscape outside Nairobi.
China Road and Bridge Corporation, the company building the railway, discovered the natural water source with a capacity of 1700 cubic meters per hour while constructing the 45 kilometre tunnel at Kimuka area of Ngong.
The water, which began oozing from an underground aquifer three months ago, has already formed a stream stretching 100 kms downstream.
Water experts have tested and found it fit for human consumption.
The Chinese firm has since been working with local communities to tap the fresh water and channel it for use by 2,500 families in Kajiado County where access to clean water stands at 35 per cent.
Plans are also under way to use the water for irrigation and improve food production in the area.
The water has been found to have the capacity to service 10,000 cattle besides farming.
The Kajiado community, which has traditionally relied on donkeys to fetch water for household needs, has welcomed the plan as offering big relief and potentially improving health and nutrition in the area.
“We are optimistic that this water will aid us for both domestic use and hopefully small-scale farming. Water scarcity has over the years adversely affected households and we are forced to share unclean dam water with our livestock and wild animals,” said Philip Lankas, a local community leader.
The deputy general manager of Embulbul-Kimuka tunnel, Guo Qing, said that if properly channelled and used, the water offers a huge opportunity to improve the quality of life in the area.
Joseph Lenku, the Kajiado governor, warned residents against illegal diversion of the water to their farms, saying distribution of the resource must be systematic and orderly to ensure equity and maximum utilisation.
The water has already been directed to the Oloshoibor mega dam for distribution and local consumption.
Plans are under way to build livestock troughs along the new water channel.
The water will be collected and treated in two tanks of 1.6 million litres before release to the community for use.
The water flowing in a course towards the ASAL Magadi region is expected to save locals millions of shillings that currently goes into buying water.
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.