Economy & Business - East Africa News Agency

EANA
Jan, Sat, 2025

Why crypto buying and selling positive aspects reputation amongst youth amid financial challenges

Saturday twenty fifth January, 2025 10:00 AM|
By Victor Mukabi

A person utilizing a pc. PHOTO/Print

Cryptocurrency buying and selling is steadily gaining traction amongst Kenyan youth, pushed by the necessity to navigate a difficult financial panorama characterised by excessive residing prices, restrictive authorities insurance policies, and hovering unemployment charges.

For many, this digital enterprise has turn out to be a “safe haven” that gives flexibility and better returns in comparison with conventional employment fashions.

Sharon Aluso, a younger Kenyan dealer, shares her journey into cryptocurrency buying and selling. “I always wanted to try online trading. In 2022, I started exploring crypto after seeing numerous ads on TikTok and other social media platforms. I began practicing on demo accounts, where I made some virtual profits, although I couldn’t withdraw them because I wasn’t using real cash,” she explains.

Taking a leap of religion, Aluso deposited precise funds right into a buying and selling account. “After trading for a short period, I withdrew Sh30,000 in profits—an amount I had never touched before. From that moment, I decided to pursue this as a form of self-employment. Today, I can comfortably pay my bills and meet my financial needs,” she provides.

Cryptocurrency buying and selling affords two main avenues: Forex buying and selling and binary buying and selling. Forex buying and selling includes shopping for and promoting currencies, with income decided by the variety of “lots” traded. Larger lot sizes translate to increased earnings, with banks and monetary establishments offering insights into forex developments to information merchants.

On the opposite hand, binary buying and selling requires merchants to foretell market actions, successfully making it a type of high-stakes playing. While it affords important rewards, binary buying and selling carries substantial dangers, as incorrect predictions may end up in heavy losses.

Aluso notes the significance of vigilance and technical evaluation in each sorts of buying and selling. “You must monitor the trading charts closely to make informed decisions. Without proper knowledge, the risks can outweigh the benefits,” she cautions.

For Jeff Kayeli, a civil engineering graduate, cryptocurrency buying and selling turned a lifeline throughout his college days. “I started trading to achieve financial independence. With trading, you can make money anywhere, anytime, as long as you have an internet connection and a laptop,” he says.

Beyond monetary positive aspects, Kayeli highlights the private progress that comes with buying and selling. “It has taught me patience, resilience, and emotional control, especially during losses. I’ve also learned financial discipline and risk management, which are invaluable skills,” he provides.

Advancements in expertise have revolutionised cryptocurrency buying and selling, making it extra accessible and environment friendly. Aluso credit a man-made intelligence (AI) buying and selling software for simplifying her buying and selling course of.

“I started using this AI application in October last year. It’s been profit after profit. All I need to do is deposit funds, and the AI handles the trades, identifying the best-performing cryptocurrencies. The process takes about two minutes, and I receive my gains,” she explains.

This innovation permits merchants like Aluso to concentrate on different pursuits whereas having fun with constant income. “I no longer spend hours analyzing trading charts. The more you invest, the higher the returns, making it an efficient and flexible source of income,” she notes.

Despite its attraction, cryptocurrency buying and selling will not be with out challenges. The trade is rife with fraudsters who prey on inexperienced merchants. Aluso warns newcomers to train warning.

“Fraudsters often pose as trainers or agents, pressuring you to deposit funds while dodging real questions. They may also set high withdrawal limits or demand referrals for eligibility. It’s essential to conduct thorough background checks before engaging with anyone,” she advises.

Recognising these dangers, the federal government is engaged on a shopper safety framework to safeguard merchants from fraud. Organisations such because the Blockchain Association of Kenya (BAK) have additionally proposed regulatory measures, together with the institution of Virtual Asset Service Providers (VASPs), to make sure market integrity and defend traders.

Cryptocurrency buying and selling will not be solely empowering people but in addition contributing to Kenya’s financial system. According to Kenya Revenue Authority (KRA), the nation recorded a Sh10 billion web revenue from cryptocurrency transactions within the fiscal 12 months ending June 2024.

Kenya ranks third in cryptocurrency adoption in sub-Saharan Africa, behind Nigeria and South Africa, and twenty first globally. The sector’s progress has created jobs, generated authorities income, and cemented Kenya’s place as a pacesetter in digital innovation.

The flexibility and accessibility of cryptocurrency buying and selling have made it a viable choice for a lot of Kenyan youth searching for monetary stability. Platforms like AI-driven buying and selling functions are decreasing boundaries to entry, whereas ongoing efforts to manage the sector promise to handle challenges reminiscent of fraud.

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Kip Keino stadium to be was groceries market

EANA
Jan, Fri, 2025

Economy & Business

Kip Keino stadium to be was groceries market

Saturday twenty fifth January, 2025 12:40 AM|
By Barry.Silah

The historic Kipchoge Keino Stadium in Kapsabet in the course of the launch of the Africa Cycling Championships final 12 months. PHOTO/Print

Nandi County meeting has authorized the controversial conversion of the historic Kipchoge Keino Stadium in Kapsabet right into a marketplace for groceries.

The transfer by the meeting has been taken regardless of a unanimous ‘No’ vote by the Nandi neighborhood throughout a public participation held in December 2024.

With the most recent developments, former worldwide athletes from the county have resolved to go to take a authorized route to assist salvage the sports activities facility as they plan to make use of the excessive courtroom to dam the transfer by the county authorities to transform the long-lasting area right into a recent vegetable market.

Former veterans’ athletes led by Sammy Kosgei, who held the 800m African for 20 years and former sprinter Hosea Saina representing Kenyan athletes each native and in diaspora have vowed to cease the transfer.

“We are heading to the high court to preserve Nandi athletics history as it is now clear that it isn’t a question of the stadium but direct attack of the very athletics history of our community,” Kosgei stated.

The authorities is proposing to assemble a distinct new stadium from scratch, that will likely be positioned a couple of kilometres from the outdated Kipchoge Keino stadium, on the Agricultural Society of Kenya present grounds. The new facility is estimated to price the state Sh.1.5 billion.

The present stadium, stands at an 8.7 acres space and named after the legendary Olympiad and world champion, legend Kipchoge Keino who began his profession on the Kapsabet based mostly area within the early 1950’s.

Keino hails from the close by Kaptagunyo village within the athletics wealthy Kilibwoni division in Nandi County christened because the ‘source of champions’.

Their petition is already within the corridors of the excessive courtroom with Kosgei indicating that every one athletes each in Kenya and diaspora are against the conversion of the sphere right into a market. “It is an insult and a stab to the sport, the real reason is in public domain, we can only wish that they leave Kipchoge Keino stadium as is where is…someone in the future might see the importance of preserving our history,” Kosgei stated.

Details of their petition has not been revealed, nevertheless, in the course of the public participation held on the Eliud Kipchoge coaching camp, Athletes, the neighborhood council of elders and the final pubic opposed the county transfer.

However, Nandi c county meeting in a particular sitting, brushed apart the general public participation decision and went a head to endorse the relocation of the market and bus stage into the stadium paving the best way for the courtroom battle. “The stadium is not a priority for the people of Nandi, people need roads, health services be improved, clean water, after all, taking a market next to G.K remand prison, county assembly, lands registry is nothing but a security issue,” Saina asserted.

Many will likely be ready to see on whose identify the brand new stadium will likely be named after, the present was named after Kipchoge Keino as a result of he began his prowess there.

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Joyful Are Farmers As Old Mutual Provides Complete Insurance Options to Strengthen Agricultural Resilience in Rwanda

EANA
Jan, Fri, 2025

Economy & Business

Joyful Are Farmers As Old Mutual Provides Complete Insurance Options to Strengthen Agricultural Resilience in Rwanda

Rwandan farmers and livestock keepers are gaining a strong ally in Old Mutual, whose crop and livestock insurance coverage applications goal to safeguard livelihoods from the dangers posed by pure disasters, ailments, and different unexpected challenges.

In partnership with the Ministry of Agriculture and Animal Resources (MINAGRI), Old Mutual has launched a cost-sharing insurance coverage mannequin the place the federal government subsidizes 40% of premiums, and farmers contribute the remaining 60%. This subsidy, designed to make agricultural insurance coverage reasonably priced and accessible, can also be accessible via different insurance coverage suppliers in Rwanda.

Mucyo Janvier, the Distribution Manager at Old Mutual, defined this system’s objectives, saying: “The main message is simple: insurance isn’t just about compensation; it’s about ensuring the future of a farmer’s livelihood. By working with districts, agronomists, veterinary officers, and cooperatives, we can reach farmers directly and ensure they understand the value of insurance in securing their future.” He added that this system has already reached lots of of farmers and officers in Rubavu, Musanze, and Kayonza districts, with efforts to increase nationwide.

Farmers can insure high-value crops resembling maize, rice, potatoes, beans, and chili, in addition to livestock, together with cattle, pigs, and chickens. For instance, maize farmers investing Rwf 630,450 per hectare pay a premium of Rwf 52,012, with Rwf 20,805 lined by the federal government and Rwf 31,207 paid by the farmer. Potato farmers with an funding of Rwf 2,418,800 per hectare pay Rwf 193,504, break up into Rwf 77,402 from the federal government and Rwf 116,102 from the farmer. Livestock insurance coverage follows an identical construction, with premiums based mostly on the animal’s worth. A cow valued at Rwf 1,000,000 requires a premium of Rwf 45,000, with Rwf 27,000 paid by the farmer and Rwf 18,000 sponsored by the federal government.

Farmers and cooperative leaders have praised the initiative. Mukandanga Angélique, a pig farmer in Musanze, stated: “Insurance shields us from financial collapse caused by theft or diseases. It helps us recover quickly and gives us the confidence to expand our activities.”

Similarly, Habarurema Evariste, a cooperative chief, famous: “Floods and landslides used to destroy our crops, leaving us with nothing. Now, insurance gives us hope. Even if disasters strike, we’ll be compensated, ensuring our livelihoods remain secure.”

Mucyo additionally emphasised this system’s position in Rwanda’s agricultural transformation: “With nearly 75% of Rwandans engaged in farming and livestock, this program aligns with the country’s vision of agricultural modernization. We aim to make farming more professional and secure, enabling farmers to invest in their future without fear of devastating losses.”

The program additionally facilitates entry to monetary companies, as insured farmers usually tend to qualify for financial institution loans to put money into superior farming methods. Government officers have recommended the initiative for its financial influence. Jean Ngendahayo, head of agriculture in Musanze District, stated: “This program ensures that even in the face of losses, farmers can recover and continue contributing to the economy. It’s a vital tool for resilience and growth.”

With over a century of expertise in Africa and greater than a decade in Rwanda, Old Mutual is on the forefront of efforts to modernize the agricultural sector. By defending farmers’ investments and supporting their restoration, this system isn’t just a security internet however a lifeline for Rwanda’s agricultural transformation.