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Kenya Airways Resumes Domestic Passenger Flights this week

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NAIROBI, Kenya, Jul 13Kenya Airways will resume its domestic flights on Wednesday 15 July 2020, following the lifting of the restriction of movement in and out of Nairobi and Mombasa counties as directed by President Uhuru Kenyatta.

KQ has been working closely with the Government of Kenya through the Ministry of Health and Kenya Airports Authority (KAA) to implement a wide range of safety measures and protocols ahead of the resumption.

The airline will fly two times daily to the coastal city of Mombasa and once daily to the lakeside city of Kisumu as it continues to review the option of increasing frequencies as demand picks. Commenting on this, Allan Kilavuka, Group Managing Director and Chief Executive Officer of Kenya Airways said that the airline’s utmost priority continues to be the health and safety of the passengers, crew, and staff.

“I want to thank our customers for giving us the opportunity to serve them and for trusting us to get them to their different destinations safely. A special mention to our staff for their outstanding contribution in ensuring that our customers continue to be reunited with their loved ones across our network. As we prepare to operate under exceptional circumstances, we look forward to welcoming more of our guests on board and we remain committed to offering a world class service with a delightful African touch” added Kilavuka.

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While on board the aircraft, customers will be required to adhere to the safety measures and protocols in place. The airline will continuously review the protocols in place and update these where necessary to continue being ahead of the curve when it comes to safety.

“I would like to assure the public that Kenya Airports Authority has put in place the recommended health and safety protocols and we are ready to reconnect with our airports users.” Alex Gitari, Acting Managing Director, Kenya Airports Authority stated. “These protocols will be evaluated and updated whenever necessary. Accordingly, we request passengers and airport users to familiarize themselves and strictly observe the new protocols to safeguard the health and safety of all airport users” he added.

The opening of the country and resumption of domestic flights will contribute towards the recovery of Kenya’s economy, which is reeling from the impact of the COVID-19 pandemic.

“The resumption of domestic flights will add to the revival of domestic tourism that has recorded an all-time low. We will call upon Kenyans to take up opportunities to step out of their homes for a breath of fresh air and experiential get away from their homes” said Betty Radier, Chief Executive Officer – Kenya Tourism Board.

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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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