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Wednesday, September 23, 2020

Safaricom sends a warning message to customers

    September 23, 2020   No comments
Safaricom PLC has today posted on social media a very important warning message to customers.

The telco was warning Kenyans not to be fooled as there are conmen claiming Safaricom is running soon and win promotions.

Safaricom emphasized that if the company has promotions, they will announce through official social media accounts.

This maybe came up after some loan apps including Opesa, Okash and Credit Hela introduced reward campaigns recently.

James Mwangi Joins World CEOs In Signing A Collaborative Commitment In Creating Purpose-First Economy

    September 23, 2020   No comments
Equity Bank Group CEO Dr James Mwangi
Equity Bank Group CEO Dr James Mwangi 
Dr. James Mwangi joins Global CEOs in signing a commitment to champion a cross-sector collaboration for a Purpose–First Economy
• Pledges to be a champion of creating an inclusive and sustainable economy that leaves no one behind
• Advocates for broadening economic recovery and development strategies in order to catalyze the power of purpose–first businesses
• Calls on governments and businesses to accelerate a transition towards an inclusive, resilient, sustainable economy with purpose-first at its center.

September 23rd, 2020, Nairobi: Dr. James Mwangi has joined a league of 14 global CEOs who have committed to champion cross–sector collaboration in the creation of a purpose-first economy. In a global call to action, the letter signed by the signatories outlines their vision for a new global economy that is more equal, inclusive and sustainable; an economy that is more resilient in the face of pandemics, climate change and many other global challenges that the world is facing. The CEOs’ open letter has been endorsed by the UN Secretary General António Guterres, UNICEF Executive Director Henrietta Fore, and OECD Development Co-operation Director Jorge Moreira da Silva, among others.

Dr. Mwangi joined the CEOs of Mastercard, Fortune Media, Mahindra, Interface, Voyager, Danone, DSM, Philips, L’Oréal, International Chamber of Commerce, Ketchum PR, Natura & Co. and Beiersdorf in calling on businesses, governments and development actors to join them in accelerating the transition towards an inclusive, resilient, sustainable economy that recognizes and enables purpose-first businesses to thrive. “Rather than ’build it back’, we are choosing to ’build it better’,” states the joint signatories in the commitment letter. They have also called on global leaders to join them, “We commit to playing our role in supporting the growth of the purpose-first economy and we urge you to join us.” The letter says that purpose-first enterprises will constitute the fourth economy at the intersection of the three traditional economies: the private, public and non-profit sectors.

The global corporate leaders represent a combined annual revenue of over $100 billion USD and a combined global workforce of over 500,000. They have proposed a roadmap to “build the economic system better,” after COVID-19, rather than simply “building it back.”

In signing the letter, Dr. Mwangi stated that, “The current state of the world economy, as evidenced by the inequality revealed by the COVID-19 pandemic, has left business leaders with only one choice; the choice to recognize that the world system only works for a few and not the majority of the world's population. This demonstrates that the economic and social system we have relied on is broken. We must, as a cohesive stakeholder community of leaders, address this inequality and serve humanity in a more productive and concerted way.”
Dr. Mwangi added “We are honored that Equity’s business model of inclusion, high volume, low margin and a purpose of transforming lives, giving dignity and expanding opportunities for wealth creation is well aligned with the call for a purpose-first economy. The model was recognized by the Global Vision Award in 2007 as an “initiator of the concept of the future that will shape the world economy”, and affirmed by the 2020 Oslo Business Award for Peace as a business worthy initiative that ethically creates economic and societal value. We are committed to continue championing a purpose-first business model in partnership with all stakeholders.”

Dr. Mwangi joins other leaders in calling upon governments, corporates and the UN system to create new policies and incentives to spur sustainable and inclusive economic growth, yielding a healthy society within planetary boundaries, for generations to come.
Prior to signing the open letter, the signatory CEOs worked with the Leaders on Purpose team that comprises experts from Harvard University, Unilever, The World Bank, and The London School of Economics on a White Paper focused on purpose driven businesses that will be released at the 3rd Annual Leaders on Purpose CEO Summit taking place on the sidelines of the 2020 United Nations General Assembly (UNGA). Dr. Mwangi will play an integral role in this year’s global virtual event, serving as Co-Chair and panelist in discussions on how to create a purpose-first economy. The outcome document of the summit will be presented to world leaders at this year's November G20 Summit in Saudi Arabia, and to the leaders attending the Davos World Economic Forum gathering in 2021. The initiative will be carried forward into other global forums throughout the coming years.

Dr. Mwangi said, “It is an honor to join other like-minded leaders at this trying time when we need to come together to reset and champion the structural rebuilding of the world by improving equality, financial, social, economic and digital inclusion, and people’s dignity. Business leaders have a central role to play in how the world emerges from the COVID-19 crisis. It is my hope that more leaders will sign the global call to action and join hands in creating a purpose-first economy. The COVID-19 crisis has revealed that our global system needs an overhaul. No business can thrive in a failed environment and it is incumbent on us to partner with all stakeholders if we are to be successful in reimagining and addressing market failures in the world. I look forward to working with my fellow CEOs, government leaders, development organizations/agencies, United Nations, the private sector and civil society to make the world a much better place for humanity.”

This is Why Digital Lenders Will Deny You Loans

    September 23, 2020   No comments
Why Loan Apps will deny you loans

Loan Apps or Digital Lenders are now after bringing decency and transparency  in the digital lending market in Kenya.

Through a recently formed body DLAK (Digital Lenders Association Of Kenya), members will now have to follow a Code Of Conduct in delivering financial services to the people of Kenya.

This Code of Conduct defines a lot on how the Digital Lender Institutions (DLIs) will work and one of the aspects here is 'why to grant or deny loans '.

I went through the 'code of conduct'  and here is why a loan app or digital lender won't give you a loan;

  • If the lender proves that you'll be unable to repay.
  • If you have overdue loans of above kes 10000 and 60 days (2months)
  • If you borrowed four (4) loans in the last 3 months and are not paid. 
  • If you refuse to accept the terms and conditions. 
  • If you already have a loan ,you won't get a new loan unless it's a consolidation or top up
  • If you are negatively listed by the CRB (external databases)
Now according to DLAK , these are the reasons why Digital Lenders in kenya will deny you loans. There are other reasons however, which can affect the lender's decision to grant or deny you a loan .

Is Branch International App Operational ?

    September 23, 2020   No comments
Branch International app

Branch International, one of the pioneer loan apps and a member of the Digital Lenders Association of Kenya (DLAK) made a promise to borrowers sometimes back in April.

The mobile money lender though less active now on social media promised Kenyans that the app will be available despite COVID-19 pandemic causing the economy to slowdown.

This extremely important and commendable for such a lender to assure and be promising to customers especially during this hard times.

Here the Branch International message posted on 3rd April on Facebook;

Our services are fully operational and we will remain accessible to you across all our channels during this period. 

Branch gives a maximum of ksh 70,000 instantly as loan to the most qualified borrowers. Repayment of loans can be up to 1 year.