NAIROBI, Kenya, Jul 13 – Safaricom has partnered with UNESCO, and Eneza Education to implement a digital mentorship programme for high school students interested in Science, Technology, Engineering and Mathematics (STEM).
The program involves working with role models and mentors to provide students with information on STEM subjects to enable them make informed career choices. Learners will get a chance to engage with tutors through programmes on local TV and community radio stations as well as through SMS via the short code 40291.
“We are implementing lessons picked during this COVID-19 pandemic to partner with other organisations to provide meaningful solutions for our customers via alternative channels. For this digital programme we are using our partnership with Eneza’s Shupavu 291 solution to give students access to mentors and information on STEM subjects via SMS”, said Peter Ndegwa, CEO, Safaricom.
Over 40 radio stations and a local TV channel will air the live shows during which students will be encouraged to send questions via SMS to 40291. The mentors and facilitators of the show will then send responses to each question as they engage the learners. The programme will run for the next 11 weeks.
“We are happy to be part of this project leveraging our existing Ask a Teacher platform on Shupavu 291 to adapt the mentorship solution. We believe that this will keep students connected to STEM in the face of this global pandemic irrespective of their gender and socio-economic backgrounds,” said Wambura Kimunyu., CEO, Eneza Education.
“Through this project we hope learners will be able to nurture interest in STEM through the linkage between them and the role models in the STEM profession, through online interaction and the continual access to mentorship services. During this period of containment UNESCO has partnered with the Ministry of Education, the Kenya National Commission for UNESCO, the National Commission for Science Technology and Innovation (NACOSTI) and Safaricom to provide students with information on STEM Education and life and survival skills to enable then overcome gender stereotypes about STEM careers, hence developing interest in science related subjects while learning from home,” said Ann Therese Ndong-Jatta, Regional Director, UNESCO.
Statistics show that only 22 percent of all students who are enrolled in Kenyan universities are in STEM fields despite a large number of related programmes on offer and the critical role they play in 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.