May 19, 2020

Shilling gains against the dollar following central bank receives cash

dollar
Central Bank of Kenya
Shilling
professo
2 min
Shilling gains against the dollar following central bank receives cash

Due to the Central Bank of Kenya’s collection of injected cash the subdued dollar demand by importers, the shilling has now slightly firmed against the dollar.

The shilling trade has inflated against the dollar, reaching a high of 103.58, whereas last week it was at 103.60 on 10 November.

Although the rise is only small, it is very significant for Kenya, as its currency has recently been problematic.

According to Cytonn, a Nairobi-based investment firm, it is expected that the shilling will be steady for this week, following the actions of the bank – mopping liquidity from markets.

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“There was some (liquidity) improvement last week, but the central bank took it out,” a commercial bank trader commented. “The market is still tight now.”

Sh66.6bn (US$642mn) has been injected into the market from government payments and treasury securities redemptions, according to a weekly bulletin released by the Central Bank of Kenya.

The regulator’s open market operations, tax payments by companies, and issuance of government securities countered this money.

The Central Bank of Kenya accepted more bids than it previously had at last week’s auction, whilst, for the first tim in nine weeks, Treasury bills were oversubscribed.

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Jun 14, 2021

5 minutes with... Janthana Kaenprakhamroy, CEO, Tapoly

Tapoly
Insurance
Leadership
Digital
Kate Birch
3 min
Heading up Europe’s first on-demand insurance platform for the gig economy, Janthana Kaenprakhamroy is winning awards and leading with diversity

Founder and CEO of award-winning insurtech firm Tapoly, Janthana Kaenprakhamroy heads up Europe’s first on-demand insurance platform for the gig economy, winning industry awards, innovating in the digital insurance space, and leading with inclusivity.

Here, Business Chief talks to Janthana about her leadership style and skills. 

What do you do, in a nutshell?

I’m founder and CEO of Tapoly, a digital MGA providing a full stack of commercial lines insurance specifically for SMEs and freelancers, as well as a SaaS solution to connect insurers with their distribution partners. We build bespoke, end-to-end platforms encompassing the whole customer journey, but can also integrate our APIs within existing systems. We were proud to win Insurance Provider of the Year at the British Small Business Awards 2018 and receive silver in the Insurtech category at the Efma & Accenture Innovation in Insurance Awards 2019.

How would you describe your leadership style?

I try to be as inclusive a leader as possible. I’m committed to creating space for everyone to shine. Many of the roles at Tapoly are performed by women and I speak at industry events to encourage more people to get involved in insurance/insurtech. Similarly, I always try to maintain a growth mindset. I think it’s important to retain values to support learning and development, like reliability, working hard and punctuality.

What’s the best leadership advice you’ve received?

Build your network and seek advice. As a leader, you need smart people around you to help you grow your business. It’s not about personally being the best, but being able to find resources and get help where needed.

How do you see leadership changing in a COVID world?

I think the pandemic has proven the importance of inclusive leadership so that everyone feels supported and valued. It’s also shown the importance of being flexible as a leader. We’ve had to remain adaptable to continue delivering high levels of customer service. This flexibility has also been important when supporting employees as everyone has had individual pressures to deal with during this time. Leaders should continue to embed this flexibility within their organisations moving forward.

They say ‘from every crisis comes opportunity’, what opportunities do you see?

The past year has been challenging, but it has also proven the importance of digital transformation in insurance. When working from home was required, it was much harder for insurers to adjust who had not embedded technology within their operating processes because they did not have data stored in the cloud and it caused communication delays with concerned customers at a time when this communication should have been a priority, which ultimately impacts the level of customer satisfaction. This demonstrates the importance of what we are trying to achieve at Tapoly in driving digitalisation in insurance and making communication between insurers and distribution partners seamless. 

What advice would you give to your younger self just starting out in the industry?

Start sooner, don’t be afraid to take (calculated) risks and make sure you raise enough money to get you through the initial seed stage.

 

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