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My Sh10 helmet lining can cut boda boda deaths

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Alex Muyah, inventor of ROC Helmet
Alex Muyah, inventor of ROC Helmet, a disposable and sterilised cap specially made for pillion passengers to don before putting on the motorcycle helmet. PHOTO | DIANA NGIA | NMG 

Computer scientist Alex Muyah had moved back to Kenya after 17 years in the US when he learnt of his cousin Stephen Kinuthia’s death.

“He was involved in a motorcycle accident and had no helmet which saw his head smashed and had no other injury,” recalls Mr Muyah.

That was in 2015 but the father of four speaks of the death like it just happened. He is wondering why Kenyans hate donning the helmet.

“It’s sticky, sweaty and stinks. It is just dirty, which sees many shun the helmet. But it means life or death and that saw me invent a disposable cap, which one can put on before putting on the helmet. After, the journey, you dispose of the cap, happy you safeguarded,” he says.

Mr Muyah’s ROC Helmet was patented following assistance from University of Nairobi that helped him prepare a proof of concept paper as well as making the product as cheap as possible at Sh10 and has in the past six months been piloting.

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“I believe ROC Helmet will prove useful enabling Kenyans to put on the helmet to save their lives instead of exposing themselves to unnecessary danger. I have done something for my country since motorcycles are here to stay and Kenyans rely on them to move to various places faster. Especially, areas not served by public service vehicles, motor cycles are inevitable during the day or at night,” he says.

Mr Muyah who runs Royalle Dishes and a spirits and wines shop at Nairobi’s Highrise area studied at Molo Secondary School before going to the US for his degree at Boston College as well as entrepreneurship.

“I patented my product to safeguard it against copycats and also provide me with a bargaining chip in case companies come calling.I have invested about Sh600,000 from inception to profiling my product globally on various websites,”he said.

ROC Helmet, he said, is sterilised, making it safe and hygienic to use as it covers the hair and entire ears.

“I have ensured that no one else can come up with such a design or replicate it since it is protected,” he said.

Mr Muyah has since been holding workshops for motorcycle riders within Nairobi, urging them to invest in his product.

He has also been meeting with directors of the National Transport and Safety Authority, seeking a platform to popularise his product, which he believes is meant to encourage Kenyans to wear helmets.

“It is better to save your life than live with regrets when you are maimed just because you declined to put on a helmet.”

Mr Muyah is also looking to establishing a factory for the caps once sales gain momentum which he believes could help generate jobs for Kenyans.

Motor-cycle taxi (boda bodas, locally) accidents have been a major concern and the business is set to be regulated under the latest attempt at regulating transport business.

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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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