World over, human resource is critical to spurring accelerated socio-economic development. As such, its sustainable management is one of the greatest interventions towards the realisation of the Big Four agenda of the government; affordable universal health care, food security, affordable housing and a robust manufacturing sector.
These resonate perfectly with the globally-agreed Sustainable Development Goals (SDGs), especially on elimination of poverty.
Food security and nutrition remain a major concern for the government. Past and current rapid population growth in Kenya has resulted in the recent developments and near-crises precipitated by increasing pressure on many ecosystems-Mau and Mount Kenya water towers, Lake Victoria basin, among others. This rapid growth has led to encroachment of ecologically fragile areas for settlement and related human activities. Subdivision of land into small uneconomic units has resulted inlow productivity and output. Areas surrounding Nairobi like Kiambu which were high agricultural zones producing a variety of agricultural produce, have been converted into human settlement to accommodate the rapidly growing Nairobi urban population.
It is important to strengthen population management, harmonizing growth with the available resources.
The pursuit of affordable universal health care must consider the country’s population growth rate which is around 1 million persons per year or 3,000 persons every day. The costs of rapid growth are cumulative; more births today make the task of slowing population growth later difficult as today’s children become tomorrow’s parents. It is arguable that as parents continue with high fertility, resources must be availed to meet the basic needs, thus limiting allocation to social sectors such as education, health and housing.
With such worrying data on growth, effective and timely implementation of policies and programmes that promote universal access to sexual and reproductive health and rights, access to information and high quality reproductive health services in all counties, especially the underserved populations will contribute towards attainment of high quality of life for Kenyans as envisioned in Kenya Vision 2030. Failure to invest in Reproductive health services on the other hand will result in inability to meet the ever growing demands for social services.
It is imperative to ensure that women do not spend their most productive years having and raising children, rather than entering the workforce and contributing to economic production. This is the pathway with greatest potential for ensuring healthy, educated and productive populations. This was the take-off strategy adopted by the ‘Asian Tigers’, where millions of people were lifted out of poverty by lowering dependency ratio, while allowing families to make savings. These savings translated into investments and boosted economic growth.
The writer is Director General of the National Council for Population and Development.
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.