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YEAR ENDER FAREWELL: Obituaries – Business Daily

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The late veteran politician Kenneth Matiba
The late veteran politician Kenneth Matiba owned Alliance hotels. FILE PHOTO | NMG  

Veteran politician, April 2018

The crusader for Kenya’s multi-party democracy, hailed as second liberation hero, passed on at Karen Hospital aged 85 years.

Mr Matiba had been unwell since suffering a stroke in 1991 while at Kamiti Maximum Security Prison, where he was held without trial during the reign of former president Daniel arap Moi.

In the 1992 presidential election, Mr Matiba had emerged second, losing to Mr Moi, as the wave of multiparty system gripped the country.

In May 1963, he became the first indigenous African permanent secretary for Education and was then appointed permanent secretary in the Ministry of Commerce the following year.

He founded The People newspaper as a weekly in 1992 and re-launched it as a daily in 1998.

His death came hardly eight months after a court awarded him Sh15 million as damages for violations suffered, Sh18.14 million for medical expenses and Sh471.66 million for the financial losses incurred during detention.

The 2015 World 400m hurdles champion, August 2018

Mr Bett perished in a road accident along the Eldoret-Kapsabet road just a day after returning from the Continental Championships in Nigeria.

He made history in China after becoming the first Kenyan to win a gold medal in a short distance race on the world stage. He broke the then Erick Keter’s 22-year national record.

He won gold medal at the 2015 World Championships at the famous Bird’s Nest stadium. The 28-year old was also two-time African Championship medallist.

Former Nairobi Town Clerk John Gakuo. FILE

Former Nairobi Town Clerk John Gakuo. FILE PHOTO | NMG

Ex-Nairobi Town Clerk, October 2018

Former Nairobi Town Clerk John Gakuo in Nairobi Hospital, a day before hearing for his application for release from jail on bail was set to happen.

Mr Gakuo, 68, had cited his age and ill health as the main reasons in the application to be released from jail. He was fined Sh1 million and sentenced for three years for abuse of office and failure to comply with procurement rules.

He was jailed together with former local government permanent secretary Sammy Kirui in connection with the purchase of cemetery land valued at Sh283 million.

Gakuo was first elected the Nairobi Town Clerk in 2004 under the defunct Nairobi City Council. He is largely credited with refurbishing Central Park and Uhuru Park.

He also brightened up the face of the city, making it mandatory for building owners to fix and repaint them before getting their licenses renewed.

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Joseph Kamaru. FILE PHOTO | NMG

Joseph Kamaru. FILE PHOTO | NMG

Veteran Kikuyu musician, October 2018

Popular Kikuyu musician Joseph Kamaru died at MP Shah Hospital in Nairobi, bringing an end to his long career spanning several decades.

Mr Kamaru, 79, launched his music career in 1957 while still in his teens when he moved from his native Kangema, Murang’a, to the capital, Nairobi.

One of his biggest contributions to the music industry was his re-workings of Kikuyu folk songs, some of which had been used to mobilise the community against colonial rule during the Mau Mau war.

The late Sarova Hotels MD Jaideep Vohra, who

The late Sarova Hotels MD Jaideep Vohra, who died in a road crash last year. FILE PHOTO | DIANA NGILA | NMG

Co-founder and board director at Sarova Hotels & Resorts, October 2018
Mohinder Singh Vohra died along with his wife Swarna Vohra, their daughter Reena Vohra and daughter-in-law Atu Vohra in a car crash along the Mombasa-Nairobi highway.
It was a tragedy for the family, which in 2017 also lost Jaideep Singh Vohra, Mr Vohra’s son, who was also a director at Sarova.
The family co-owns the Sarova hotels and resorts along with John Kariuki, the brother to former chief spy, James Kanyotu.
Sarova Hotels and Resorts include Sarova Mara Camp, Sarova Whitesands Beach Resort and Spa, Sarova Woodlands, Sarova Stanley, Sarova Panafric, Ambassadeur Hotel, , as well as three hotels in London, UK.

The late Evanson Mwaniki

The late Evanson Mwaniki. FILE PHOTO | NMG

Ex-chairman Kenya Airways and BAT Kenya, December 2018

Mr Mwaniki died on December 18, aged 80. He was a key figure in a number of companies serving in senior positions.

He served for 30 years at Kenya Shell & BP, an oil firm that left Kenya in 2007, where he retired as the general manager.

After retirement, he served for several years as Chairman of BAT and Kenya Airways. He also served as board member for several corporates.

The late Mwaniki was also the chairman of board of governors at Alliance High School and Starehe Boys Centre.

Widow of late Vice President

Mrs Wamalwa, the widow of former vice president Michael Wamalwa Kijana died at her sister’s home in Nanyuki.

Until her death, Mrs Wamalwa was the Deputy Director in the Asia and Australasia Directorate in the Ministry of Foreign Affairs.

She married Mr Wamalwa in 2003. But barely six months after their grand union, Mr Wamalwa died in London, where he had gone for treatment.

She had put behind the devastation of losing her husband and went back to school to study for a Master’s in Policing, Terrorism, Counter Terrorism and International Security in Australia.

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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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