, NAIROBI, Kenya, Dec 5 – Kenya Airways has rolled out a new revenue management solution which will enable the airline predict consumer behaviour, in addition to improving availability and price offering to its customers.
KQ is the first airline in Africa to implement the Altéa Network Revenue Management System which will optimize returns from all bookings made and in turn increase overall airline revenues going forward. This system has been implemented by Amadeus.
One of the biggest challenges for airlines in revenue management is striking a balance between the late booking high yield markets and the early booking low yield markets. With this solution in place, Kenya Airways will have the ability to seamlessly maximize on the late high yielding demand but still cater to the early booking traffic whilst remaining competitive.
“As the market dynamics and our customer behavioral patterns change, it is important to continue innovating and improving processes to meet those changes. We will be able to know and understand our customers even better and in turn avail more competitive fares to them” said Sebastian Mikosz, Kenya Airways Group CEO & Managing Director.
This is part of the airlines turnaround strategy to keep growing revenues as we and continuously improving the customer journey.
“This exercise began in February 2019, after a thorough selection process of the implementation partner. The team has worked round the clock to deliver on all project requirements within the shortest time possible and I commend them all for a job well done. Our customers are at the core of all we do and this is why implementing cutting edge technology that makes the customer journey more pleasant is a big deal for us” said Ursula Silling, Kenya Airways Chief Commercial Officer
With its enhanced forecasting capabilities, KQ can capitalize on opportunities in its network that enhances the movement of optimal traffic. Additionally, the airline can sustain growth by leveraging on the agility of the system to react to an ever-changing industry”
Maher Koubaa, Executive Vice President Airlines, Middle East, Turkey and Africa at Amadeus, said: “This partnership will strengthen the relationship between Kenya Airways and Amadeus. We are dedicated to working closely together to deliver a new approach to revenue management to support the complex and specific needs of this rapidly evolving airline. The right offer management strategy is vital to underpin an airline’s growth and optimize its revenues, and we are excited to see how Altéa technology can enable Kenya Airways to achieve its business goals”
Kenya Airways has always focused on making Nairobi a world-class hub and this is one of the steps in that direction. The system through its customer-centric approach will enable the airline to fly more guests to Nairobi, across Africa and beyond.
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.