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YEAR ENDER: 13 CEOs leave Nairobi bourse corner offices

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Frank Ireri
Frank Ireri. FILE PHOTO | NMG 

A total of 13 chief executives left corner offices at Nairobi Securities Exchange-listed firms this year.

The firms that made substantive or temporary appointments to replace leaders who moved elsewhere or were forced out are BOC Kenya #ticker:BOC, HF Group, Kenya Power #ticker:KPLC, Longhorn Publishers, Mumias Sugar Company #ticker:MSC, Sameer Africa, Sanlam Kenya, Sasini, Jubilee Insurance, Stanlib Fahari I-Reit, Total Kenya, Nation Media Group #ticker:NMG and The Standard.

Industrial gases manufacturer BOC in July hired Marion Gathoga-Mwangi as its chief executive to replace Millicent Onyonyi who resigned after serving for two years.

The company’s sales and earnings have declined over the years, partly due to increased competition.

Mortgage financier HF Group #ticker:HFC last week appointed former NIC Bank #ticker:NIC retail banking director Robert Kibaara as its new CEO to replace Frank Ireri who retires from the company in March next year.

Mr Kibaara joins HF at a time when the lender has posted one of its worst performances in recent years on the back of rising defaults, forcing it to scale down its lending.

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The firm sunk into a net loss of Sh332 million in the nine months ended September compared to a net profit of Sh159.7 million a year earlier. The arrest and prosecution of Kenya Power’s Ken Tarus led to the appointment of Jared Othieno in an acting capacity.

The term of the electricity distributor’s caretaker executive team was extended to this month and it remains to be seen whether it will be renewed once more.

Besides allegations of corruption at the State-owned firm, the company was recently found to have been cooking its books and has refused to correct the scam in defiance of the auditor-general’s advice.

Allegations of underhand dealings also forced out Nashok Asheka from Mumias where Patrick Chebosi has replaced him in an acting capacity.

Longhorn Publishers in September picked Maxwell Wahome to replace Simon Ngigi who resigned and later emerged as the new boss of tyre distributor Sameer Africa.

At Sameer, Mr Ngigi replaced Allan Walmlsley who implemented the company’s shift from a tyre manufacture to an importer from contract manufacturers overseas.

Sanlam Kenya in August appointed Patrick Tumbo to replace Mugo Kibati who stepped down in February and was recently hired to lead Telkom Kenya.

Mr Tumbo had retired from Jubilee Insurance before moving to Sanlam.

Sasini’s Stephen Githiga retired and was replaced in an acting capacity by Samuel Odalo who has been with the company for nearly three decades.

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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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