I read a tweet the other day and I felt sorry and sad for millennials. Not all of them of course. The tweet read: “King if you will not help me with my career then I will give up and go back to employment.” Then Kenyans On Twitter (KOT) jumped on the tweet as they tried all ways of letting him know that this ‘show business’ takes a lot.
That reminded me of an argument I had with a promoter. I recently watched a documentary about Usain Bolt. He came from the ghettos of Jamaica and realised he could run. He could run really fast. He was not much of a talker, but his running did the talking. You know they say let your success be the spokesperson. He aimed for the world, because he knew he belonged on the world score board. But he had to start somewhere. The key here is ‘Start Somewhere’. His school was his first audience and everyone felt the world needed to discover Bolt, so the school applied for regional competitions, because everyone wants to be associated with winners. And as much as he wasn’t a talker, everyone started talking about him.
He was always practising as he waited for games. Once, when asked if he knew the world would pay attention, he said: “No, but I paid attention to my discipline and practice.” You only get what you work for. He is now celebrated globally with multi-million deals chasing him.
SEE ALSO :Policeman held after KOT’s rage
With that in mind, the problem with millennials is that we want overnight success. I am in Oakland for my US tour, and I had a meeting at the Spotify offices. It’s reaping billions of profit now but it was started in 2006. One friend of the owners was a big time artiste in Sweden and was always complaining how piracy was killing their profits. It was this piracy issue that birthed Spotify.
But they started small, with a campus concentration group as their market. They had 20 users for three months before word started going round. However, at one point Spotify had to shut down as the business was not making profit.
At that point, most of us would have closed shop, and that’s where the young man is, the one who tweeted me. Everyone has that point where they feel like throwing in the towel. Going past that point is what differentiates the quitters from the winners.
As we speak, Spotify is worth $23 billion (Sh2.3 trillion), is used in more than 61 countries by 159 million users and has a 35 million library of songs. What do we get from this?
Value for your product
When they pay you for a gig, what are they really paying for? The hours you will perform or the time and creativity you put in the studio and visuals while developing your product? The more time you spend developing a product, the more value it gets. Even more is that you get experience from your previous mistakes. If you notice, apps always give us updates, because they are learning and developing their products.
When I started music no one gave me attention. I had to build a ‘community’ that would later become my fan base. If I had the ‘I give up’ mentality, then it would mean that Kaka Empire and every other product that I have developed would not be in existence. Have I ever thought of quitting? Countless times. Did I quit? No. Since I knew that no one owes me anything I had to work towards building a unique product. Since man is still evolving then your art, product or whatever you are working on needs to evolve too. Don’t give up.
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.