As the value of the mobile money transactions increase, non-performing assets or bad loans in banks have been increasing, see Figure 1. Why? You may ask. Banks are yet to integrate credit risk assessment between the Credit Reference Bureau and MoMo apps, which offer short term credit and quick fixes via the mobile phone. People prefer to take small loans over their mobile phones instead of servicing their loans. It is mobile money credit that is so convenient and easy to get. Accordingly, customers find it responsive to their needs. This is something banks’ risk departments must think about, especially…
How would you summarize your last ten years of your life?
I asked the above question to a group of people on my mentorship program, many of whom already successful financially. The responses were varied: I worked hard in search of money, but by the time I found it, I had already lost my family and old friends. A high performer who was a darling of all, but lost God along the way. I got to learn about God when I was admitted to intensive care, and my money could no longer save me. A rich man who is a stranger to his home and relatives. A career of doing what…
The teacher from hell: a child’s troubles with a troubled teacher
“It is was 2003 when I joined a new primary school in Primary three. I fell in love with the school at first sight, on the day I had visited for pre-entry interviews. A week later, I started classes. Our class was located at the far end, lower block D, middle room. It was welcoming, with the walls covered with posters with great idioms about success written all over. The class Teacher was a fat woman, of medium height, who preferred to be called Madam Hellen. She was a brown lady who always wore a weave. It still looked great…
The river has moved! The bridge is no longer useful
The river has moved! The bridge is no longer useful Coronavirus is a mighty wind that has changed the global landscape in terms of how people lead and make choices. It is one of the powerful change agents of the 21st century. Times and challenges have changed, and so have management beliefs and practices. Gone are the days when printing magazines made lots of money. Not anymore. The Internet made exclusive content readily available. Many magazines and print newspaper publications have since changed their business models in response to the new realities. Others have adopted the hybrid business models of…
Stay away from “Part-Time Consultants,” lessons from the frontline
The worst crime is to over promise and under deliver. As consultants, at Summit Consulting Ltd, we try as much as possible to only bid for projects for which we have the internal capacity to deliver. Gone are the days where we would rely on external resources. We learned the hard way. In 2015, we received impressive CVs from two Gentlemen who won our hearts with their experience and expertise in environmental impact assessments (EIA). Being management consultants, we had never considered expanding our service offerings to consultancies like EIAs. Those tasks were not our meat, in the consultant’s speak.…
Stop your bad manners during virtual meetings
Virtual meetings have formalized bad manners, selfishness, and individualism. It is common for the person on the other side of the virtual meeting via Google Meet or Zoom Call to say, “excuse me, I will have my breakfast during the call. Bear with me. But you are free to join…” And then will hastily add, “I won’t take Busheera.” The rest will laugh over it, and the meeting will resume, as the person will take their meal on the other side. Some people are the host of the call, so they put off the video and speak as they munch…
