Almost everyone who knows what Facebook is. Well, I cannot imagine anyone who doesn’t even the aged know about Facebook. Well, guess what the Founder and CEO of Facebook Mark Zuckerberg just landed in Kenya. This is a surprise visit as it was not been announced on media previously. In his Facebook update he posted, “Just landed in Nairobi! I’m here to meet with entrepreneurs and developers and to learn about mobile money — where Kenya is the world leader”.
Kenya has been famed for developing mobile solutions for money transfer. This has especially bee seen with mobile pesa (Mpesa) that is widely spread.
Mark Zuckerberg who is visiting Africa for the first time landed in Nigeria on Tuesday. While in Nigeria he met with local business owners and developers. He also visited Yaba better known as the Nigerian silicon Valley, where he also toured camp for coding kids.
Immediately after lading in Nairobi Zuckerberg visited iHub. iHub was started in march 2010 with aim to nature innovation. It is an open community for innovators and startups to develop and bring their ideas to life.
Dining at the popular Mama Oliech’s restaurant in Hurlingham
It is great news to have the Founder of Facebook in the country. This shows that the innovation from the country have been recognized and made great impact world wide.
The 32 years old is worth $51 billion and according to Forbes the sixth richest man in the world.
CFC Stanbic is the first bank to slash their rates on existing and new loans. This comes after President Uhuru Kenyatta signed into law the Bill to cap interest rates levied by banks on loans. According to the bill the rates should not be more than 4% of the rates set by the Central bank. Now CFC has set their rates at 10.5% for both old and new loans. Other banks that have reduced their rates are the KCB and Co-operative banks. However, the two have only reduced for new loans as they await guidelines from the government on how to treat old loans. The reduction of loan rates is good news to citizens as most have ended up paying much more for loans than they expected.
Why Kenyan bankers opposed the bill to cap lending rates
Kenya bankers association (KBA) was opposed to the bill as they claimed it would lock out those who struggle to access capital. They also claimed that it would go against the financial inclusion policy. KBA incoming Vice Chairman said that the bill would affect the country’s economy. This as he said was because small d medium enterprises (SMEs) who depend on financial support from banks would be greatly affected.
This was the third attempt to make amendments to the Banking act. The first attempt was made in 2001 and also in 2013
Speculated impact of capped bank interest rates
Governments cap interest rates for various reasons that could either be political or for economic reasons. Kenyan members of parliament based their reason on excessive profits made by the financial institutions. The capping is expected to protect vulnerable borrowers from predatory lenders.
With reduced rates it creates larger pool of willing borrowers. Lenders are faced with a challenge:
If they should increase lending which may bring in more bad clients who will have non-performing loans.
Whether to invest more on processing systems in order to properly identify good clients. This, however, raises operating costs.
Invest more on reaching out to good clients which will also increase the institution’s overheads.
All the options increase cost for the financial institutions which may affect the institutions. However, the institutions could absorb the changes and still maintain a profit.
An immediate impact observed after signing of the bill into law was a stampede on the Nairobi Securities Exchange as people rushed to sell their shares. Other banks paused issuance of unsecured loans, loans on motor vehicles as well as emergency cash loans.
EAC monetary union
East African countries are closely watching the outcome of the capping as Kenya is the first country in the region to introduce the law. It is feared that the new law on interest rate capping could affect the EAC monetary union. Experts claim that higher risk borrowers will be blocked while banks could be forced to mergers and letting go of staff in order to fit in markets where rates are not capped.
President Uhuru on signing the bill acknowledged there would be challenges. However, he said that the government will monitor the challenges while working on measures to reduce the cost on credit.
On August 17, 2016 the first Lady Margaret Kenyatta delivered the 46th Beyond zero mobile clinic to Murang’a county. Margaret started her campaign way back in 2014, which aimed at equipping every single county of the 47 counties in Kenya with a mobile clinic. The Beyond zero campaign purpose is to improve maternal and child health in Kenya. This is as a result from reports that about 15 women die every day from pregnancy related complications. The initiative also aims to eliminate and reduce HIV infections among young children.
“I am deeply saddened by the fact that women and children in our country die from causes that can be avoided. It doesn’t have to be this way,” said the First Lady during the Campaign launch.
First lady Marathon
To raise funds for the mobile clinics, the First lady also launched the First Lady marathon. The marathon is an annual event aiming to raise funds to increase access to better healthcare. The marathon attracts top athletes, diplomats, government officials, corporate leaders as well as many well-wishers local and foreign. The First lady’s determination to take part in the marathon shows an act of sacrifice and a resolve to improve healthcare.
In 2014, First Lady Margret Kenyatta also took part in a 42km London marathon. She said her motivation was the plight of needy women and children besides global awareness.
The First Lady Margaret Kenyatta has received several awards for her contribution towards healthcare. Among the awards she has received is the United Nations person of the year award 2014. She also received a SOMA awards 2014 trophy in the category ‘Best use of social media for charity’. Kenyatta University awarded her an Honorary Doctor of Humane Letters because of her efforts.
During the event to hand over the 46th mobile clinic Mrs Margaret Kenyatta expressed her gratitude to all those who had made contributions towards the initiative. “I celebrate with Kenyans that the promise I made 2 years ago to equip all 47 Counties with one mobile clinic each is almost over,” said the First lady. Over the last one year maternal and child mortality have gone down by 30% due to the mobile health services.
First lady Margaret Kenyatta was praised as a unifying figure and a great role model.
Mrs Margaret Kenyatta has definitely worn many hearts by serving needy children and mothers. Her calm nature and confidence has worn her many admirers. As her campaign reaches the homestretch she notes that more needs to be done. Cancer is another concern that she hopes to raise early screening awareness. She believes that people should not die from preventable causes.
“There is still significant work to be done in this area. My personal philosophy is that the unnecessary death of anyone is one death too many,” said the First Lady.
Such is a noble initiative that should receive support from all works of life. The Beyond zero campaign has benefited many people especially in remote areas. The campaign should continue even after the 47th mobile clinic is handed over to Nairobi County.
Sri Lankans are known for their generous hospitality and you will experience their warm welcome throughout the country with palms clasped together through the traditional greeting ”Ayubowan” which means “ may you live a long life”. Geographically as an island of approx. 65,000sq.km. Sri Lanka lies in the Indian Ocean off the southern tip of the coast of India. It lies between 5° 55’and 9° 55’ north of the equator and between the eastern longitudes 79°42’ and 81°52’.Climatically Sri Lanka has no off-season. Bright sunny warm days are the rule and are common even during the wet season.sea temperatures remain around 27° C.
Sri Lanka – A Land Like NO Other
Sri Lanka is a small island. When it is compared with other countries of the world, in extent of the island it is very small. But in performances it is ahead of many of the countries in the world. In the international arena Sri Lanka enjoys an exceptional place as far as the history in concerned. Sri Lanka inherits the history of more than two thousand five hundred years. In that respect, it is ahead of many other countries in the world Sri Lanka can be proud of their long history certainly. Not only that aged old history but also it has a great tradition which is appreciated by many foreigners all over the world.
Strong Buddhism influence can be seen throughout country, which also has a mix of Indian architecture, brought to Sri-Lanka along with the advent of Buddhism. The giant “Stupas” which enshrine some of the relics of Lord Buddha seem to touch the sky. Moreover the excellent irrigation works with the superb knowledge of engineering in such historical times will surely amaze you.Proud to be amazed by the breath taking sceneries of Sri Lanka while passing through lush green paddy fields which yield orange ears of paddy at harvest time. Time can also be spent lounging on the beautiful beaches, bathing under the warm sunshine and clear skies. The hill country offers a cooler alternative where one can enjoy the splendor of the tea plantations and mild temperatures.
History of Country Sri Lanka
After the arrival of the Portuguese in 1505, Sri-Lanka was exposed to international trade. After that SriLanka was under the control of Dutch and British for five hundred years. With the downfall of Kandyan Kindom, British colonizers were able to take complete control over the island, whereas the Portuguese and Dutch ruled the maritime regions. Sri Lanka regained independence in 1948.
There is a vast and dynamic variety of cultural facets, arts, architecture and more. This has been shaped by the influence of Sri Lanka’s rich history. Sri Lanka has the distinction of being exposed to many cultures and many religions which left their impact in the shores of the island.
SriLanka has a private sector led, market oriented economy. Numerous opportunities are available for foreign investors. The country has a well balanced educational system. Sri Lanka has proud to have their own culture which is rich in virtues and traditional values. We invite you to come and experience this exotic paradise for yourself.