You have got to have sat in the selection sessions for the Top 40 Under 40 Men for some years to appreciate just how delicate an exercise it is.
Here you are in a room of five or seven judges and with a list of 600 odd candidates who have self-nominated or have been nominated by colleagues, spouses, employees as fit to be on the list of Top 40 under 40 Men.
The difficulty, by the way, is never in picking out who are the strongest candidates among the nominees. That is the easier part because clear parameters exist to do just that.
The task is always in the near prophetic role that the judges have to play because – remember we are telling our readers that these are the men to watch.
That because they have achieved so much before they are 40, it is our considered judgment that whoever makes it to the list of 40 is headed to greatness or even greater achievements.
This year, as we prepared this list, I took the opportunity to just look back at who was on the list nine, eight, seven or six years ago and where they are currently.
My finding is that the predictive threat has been quite successful. More than half of the Top 40 laureates have gone on to achieve even more in the areas for which they were recognised.
Be they in the professional services, corporate executives, entrepreneurs, artists, sportsmen and researchers.
Some like Peter Njonjo who made it to the list while serving in giant soft drinks maker Coca-Cola’s regional office in Nairobi have moved on to make the company’s leadership on the African continent.
Ken Njoroge, who, together with partners, were in the trenches struggling to grow Cellulant – the digital business they had founded a few years back, are now managing a multi-billion shilling business with footprints in more than 10 African nations.
Joshua Oigara, and James Mworia have proved their mettle in corporate management.
These are men, who like many others, have put Kenya on the global map with their activities in the world of enterprise, management, and innovation. They have not disappointed.
This year’s list, the ninth edition, is no different. In here are men who have already made outstanding achievement in the various spheres of life, and who the judges found to be best armed – with skills, knowledge, attitude and energy – to qualify as Men to Watch.
– Ochieng’ Rapuro, Editor, Business
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.