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Lamin Manjang ends five-year stint as Stanchart Kenya CEO

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StanChart Kenya CEO Lamin Manjang Kariuki Ngari
Outgoing StanChart Kenya CEO Lamin Manjang (left). Kariuki Ngari (right) has been named as his replacement. FILE PHOTO | NMG 

Standard Chartered Bank Kenya #ticker:SCBK has announced the exit of chief executive Lamin Manjang, bringing to an end his five-year stint at the helm of the Nairobi bourse-listed lender.

The bank said on Friday that it had replaced Mr Manjang with Kariuki Ngari, who has previously held different roles at Stanchart Kenya.

“The board of Standard Chartered Bank Kenya Limited is pleased to announce the appointment of Mr Kariuki Ngari as the CEO and Managing Director of the company subject to regulatory approval,” the firm said in a statement today.

The lender said the changes are expected to take place before March 2019, with Mr Manjang having been appointed CEO of Stanchart Nigeria and West Africa region.

Mr Manjang was appointed Managing Director and CEO of Standard Chartered Bank Kenya on 1 March 2014. Prior to his assignment in Kenya, he was the CEO of Standard Chartered Bank Oman. He has also served as CEO in Uganda and Sierra Leone.

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His successor in Kenya, Mr Ngari has over 23 years of experience. His immediate former assignment was in Singapore where he had been serving as Standard Chartered Bank Group’s Head of Service Quality in group retail banking.

He started his banking career at Stanchart Kenya in 1994, then moved to Barclays Bank of Kenya in 2001 where he served as retail banking director.

He re-joined Stanchart in 2009 as head of consumer banking in Kenya and East Africa. He successfully led the franchise to commercial and industry success, earning him a promotion to the role of Regional Head of retail banking Africa in 2013.

In 2015, he moved to Singapore as global head of retail distribution for Standard Chartered Bank Group.

He joins the Kenyan unit at a time net profit for the nine months ended September rose by a third to Sh6.3 billion on higher revenue from government securities, fees and commissions and a fall in provision for bad loans.

Stanchart Kenya becomes the second bank that will have a new CEO come next year. Mortgage financier HF Group #ticker:HFCK recently appointed former NIC Bank #ticker:NIC retail banking director Robert Kibaara as its new CEO to replace Frank Ireri who retires from the company in March next year.

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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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