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Unlocking New Opportunities, Why You Should Pay Attention to Cryptocurrencies

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Due to growing interest in Cryptocurrencies in Kenya and East Africa today, Centonomy Ltd, a financial literacy institution based in Kenya and Cryptobaraza, Africa’s number 1 cryptocurrency learning and investing network, announced season 3 of Making Sense of Bitcoin and Cryptocurrencies Program, set to kick off on July 31st, 2020.

The program will be preceded by a 2-day Virtual Webinar series on 16th and 17th July 5.30pm – 7.30pm dubbed:

Unlocking New Opportunities and Why you should pay attention to Cryptocurrencies 

Day 1: July 16th

On this day Centonomy and Cryptobaraza are partnering with 4 leading community organizations from East Africa that are helping learners explore new opportunities while maneuvering challenges. 

This day will feature a distinguished panel of East Africa’s Blockchain Associations

  • Roselyn Gicira, Chairperson, Blockchain Associations of Kenya
  • Kwame Rugunda, Chairperson, Blockchain Association of Uganda
  • Norbert Haguma, Chairperson Blockchain Association of Rwanda
  • Sandra Chogo,Co-founder Blocktech Tanzania and Rwanda

Both days will be moderated by Michael Kimani, Creator of Cryptobaraza and the founder of Blockchain Association of Kenya.

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Day 2: July 17th

On this day attendees will get a taste of Making Sense of Bitcoin and Other Cryptocurrencies, a hands-on program from highly rated program instructors for free.

All attendees of the 2-day event will additionally get a How to avoid a scam guide prepared by the associations.

Sign up for the event here

About Centonomy

Centonomy Ltd is a financial literacy institution that seeks to shift mindsets so that purposeful people can create wealth and live abundantly. Centonomy has trained over 15,000 people to date through various programs and reached millions via their online platforms. Through coaching, the institution assists individuals in achieving their own definition of financial freedom, career advancement, and business success. Individuals learn to define their values and be motivated to proactively structure their lives. It has since offered mentorship to youth through the Centonomy Teens and Campus Edition

programs.

About Cryptobaraza

Cryptobaraza brings together individuals and groups of people interested in learning and investing in Cryptocurrencies. It is designed, built and backed by Tollbridge International Limited.

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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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