Taxi hailing firm Uber has introduced its latest product, uberPOA in Mombasa bringing into its platform the three-wheeled vehicles popularly known as Tuk tuks.
Loic Amado, the General Manager Uber East Africa, said his company is committed to providing solutions that fit the needs of riders and drivers across the cities.
“Tuk tuks are a popular mode of transport across Kenya, and we are determined to launch localised products such as uberPOA to meet local needs,” Mr Amado said.
uberPOA is currently only available within Mombasa Island (Town), Nyali, Mkomani, Kongowea, Kisauni, Bamburi and is priced with a base fare of Sh10, Sh15 per kilometre, and a minimum fare of Sh50.
Popular routes such as Posta to Nyali will cost at least Sh170, Posta to Bamburi (Sh280), Likoni ferry to Tudor from Sh270, Kongowea to City Mall from Sh130 and Bamburi to Pirates from Sh50.
uberPOA, which means cool in Swahili, will be running alongside uberX but operate under the same “strict safety measures” applied across Uber.
Dar es Salaam was the first city in East Africa to operate uberPOa.
With the platform, riders will still be able to see all driver details, such as their name, photo, and license plate number and whether other users have had a good experience with the drivers.
“With uberPOA, riders will still receive the same seamless door-to-door Uber experience they are used to. We believe users will be excited to have another reliable and affordable option tailored to move through the traffic on short trips around town,” said Mr Amado.
All Uber driver-partners, whether using uberPOA or uberX, must go through screening and must submit a certificate of good conduct from the police.
Drivers will also need to submit their national identification, driver’s licence, NTSA vehicle inspection report and proof of PSV car insurance.
Uber will also use telematics technology in its app to monitor driving behaviour of driver-partners and encourage them to exercise caution as they drive with the Uber app.
“At Uber, we believe in choice for riders and driver-partners. Riders should be allowed more choice in the way they move around their cities, and driver-partners should have more choice in how they make a living,” he said.
“ In the spirit of building globally and living locally, uberPOA is another product that resonates with local riders in Mombasa.”
There are more than 10,000 tuk tuks registered in Mombasa.
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.