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Thursday, September 15, 2016

On having an abortion

Say you missed your period. You didn't even notice, either because your cycle is so irregular, or because you were too busy chasing paper, beating deadlines, being social and generally living life. So about two months into your last period, it hits you that something went missing from your life.
 
"Could I be pregnant!?" You gasp.
 
You grab the calendar, but you can't even remember when you last had your period. Damn! You should have downloaded one of those period-tracker apps, but it's rather late for that now.
 
It is a lazy, slow and idle Saturday, so you rush to the chemist and buy a home pregnancy kit, making sure that no one sees you doing it. You rush back to the house, banging all doors on your way. You lock yourself up in the loo, sigh heavily, grimace, then hold your breath as you pee on the test stick and cross your fingers and toes and every possible part of your body. You wait the longest three minutes of your life. Finally, two pink lines appear ...
 
"No! No! No! No! It can't be! I just can't deal with this... Lord, what will I do...?" You’re biting your nails furiously.
 
Yes, you are old enough for a baby. In fact, people have been telling you that if you won't settle down in marriage, at least have a baby. A legacy. Something to graduate you into full womanhood...
 
"But I just can't... a baby will turn my life upside down. I won't even be able to do the things I want freely, because there will be a baby to consider first. Where will I even get the money for a baby? Damn! What will I do? Damn! Why did I put myself in this situation? Why didn’t I take the E-pill? Oh, wait, I took it within the stipulated 72 hours after intercourse. Why didn’t it work? Could it be because I had already taken 10 of those this year, and it is only September? Why oh why?” You ask yourself over and over, but you have no answers. Nevertheless, there are decisions to be made.
 
"Should I have ... an ... a-bor-tion?" Who knew you would ever have to ask yourself this question? Damn! Why oh why? You wail.
 
"Should I tell the boyfriend?" 
 
“Wait, he is not even a boyfriend; just a fuck-buddy I've been fooling around with. Oh Lord, are these the consequences of fornication? Oh Lord, please save me from this situation...”
 
You are going crazy. You don't know who to tell about this. You can't trust anyone, but you need a referral to a good abortionist. One of those clean decent ones; a trained and experienced gynaecologist. You'll even take a Sacco loan to foot the bill if need be. 
 
"Oh, Lord, the consequences of fornication... I should have kept my legs closed... I just can't deal.. I wish I could run away from this problem. Jesus, please, forgive me... please, I'll be a good girl after this. No more fuck-buddies, no more casual sex; I'll wait till marriage, I promise, but you have to save me and forgive me this one time..."
 
You are sobbing uncontrollably now. You really need that abortionist's number. Should you ask in Kilimani Mums? No, people will stone you with Bible-verse-laden rocks. What about Marie Stopes? 
 
“No, I don’t trust those people; they sound like the kind who will rush you to Kenyatta and dump you there when you develop abortion-related complications. I don’t think they can do the job right. I need a neat, clean job so that no one will ever know I had an abortion, except me and the gyna... But who?”
 
You’re pacing up and down your bedroom. You just can’t keep still. Your heart is racing, your thoughts are racing. You just can’t keep calm.
 
"Oh Lord, I need your help... oh, wait, does Dr N still exist? He was a well-known, loud and proud, abortionist back in the day. I haven't seen him in the news for years... did he die? Did he give up the fight to give women safe abortions? His clinic was at A Centre, right? I should just go there and ask the guards if he still runs the clinic.” 
 
A little googling yields some positive results. Goodie!
 
You pick your phone and randomly dial the boyfriend's, nay, fuck-buddy's number.
 
"What am I doing?" You ask yourself well into the third ring. 
 
You can't hang up now. If you do, he'll call. He knows you never call him unless it is important. You have to keep your affair discreet. As much as it’s 2015 in a liberalised country, your compatriots still frown upon unmarried women who get it on, freely and openly. You still have a reputation to protect. Your boyfriend, nay, fuck-buddy picks the phone on the fifth ring, interrupting your thoughts.
 
"Hello..."
 
"Hello, I'm ... I'm pregnant!" You blurt out. Where did that come from? You wonder.
 
(Long silence...)
 
"Erm, hello, did you hear what I just said?"
 
"Yeah, this is, erm, unexpected, but … uhm, we'll just have to deal with it as it is..."
 
"Yeah, I've already thought about it. Uhm, I'm going to have an abortion next week... I'll take a few days off, my sick-off and some leave days to recover..."
 
"What! You can't just abort...!!!"
 
"It's my body, dammit! I'm the one who will be tied down by a baby, please, you don't have a say..."
 
"No, please, hear me out... I have a…"
 
“No!” You hold down the power off button, inadvertently cutting off the call and putting off your phone.
 
“How dare he try to tell me what to do with my life? How dare he?” 
 
You pick your quarter-full cup of tea from the table and smash it on the wall ahead, then you shuffle into the kitchen, rummage through the drawer where you put your meds. There are some sleeping pills left over from the last time you were having trouble sleeping. You gulp down one too many, with a glass of water, and then follow them up with four painkillers (another overdose) to dull the headache. Your forehead is throbbing and your temples are on fire. You need a blackout. It’s only midday, but you’ve had a long day already.
 
When you wake up, it’s dark everywhere. You acclimatise to the darkness and the noises of the night outside your bedroom window. You reach under your pillow for your phone, pressing down the power on button.
Ten missed calls: Mum, Elaine (your elder sister), Aunt Lucy, Mary CBA ( a long-lost acquaintance) – what does she want?, Betty Job (a work colleague) - hmph, what’s that that can’t wait till Monday...!?, Liz UoN (your college-mate from your MBA class), and four missed calls from Sauti…
 
“Nkt! Can’t he just leave me alone!” 
 
“No, actually, can everybody just leave me alone! I don’t want to talk, nkt!”
 
Your WhatsApp is overflowing with mostly useless messages too, a few from the people whose calls you missed above, either telling you to call them back, urgently, or that they were just checking on you … and Sauti with a thread of five messages:
 
“Can we talk?”
“Can I at least come over?”
“Please hear me out…”
“I know you really don’t want to abort…”
“Okay, at least wait two weeks and think this through, before you go through with it, no?”
 
“To hell with Sauti! Isn’t he the one who got me into this mess in the first place by whispering sweet nothings in my ear and making me lose good judgment? And now he has the nerve to tell me what to do…” You feel a sharp pain sear through the core of your head from one temple to another.
 
“Let me just block his number. I need my peace…”
 
Monday comes. You are very scared, very nervous. You’ve heard people whispering before that abortion wastes a woman’s body: “Why do you think, Daisy has lost so much weight? It is because she aborted, silly!
 
 Abortion sio mchezo…” a friend once told the blue-eyed you about a mutual friend.
 
Still, this is something you have decided to go through with, but God knows it frightens you to death.
 
“What if I die? What if there is nothing like a safe abortion? What if, what if, what if...?”
 
You’re now at A Centre. You’ll call the office just before you go in for the procedure and take a copy of the sick-off sheet to your boss and HR when you get back to work, two weeks after the procedure. (The doctor’s narration will read something like: Three-week bed-rest recommended for recuperation after continuous heavy bleeding from fibroids...)
 
Sasa, soldier… madam! Nataka kwenda kwa Dr N…,” you start.
 
Sawa, leta ID, andikisha hapa, halafu uende second floor.”
 
Sawa.” 
 
When you get to second floor, you peep inside the door marked “City Women’s Health Centre”.
 
There are women of all ages seated at the waiting bay: young women like yourself, younger women than yourself, middle-aged women, and even a girl who looks not-a-day-older than 12.
 
“I don’t know if I can go through with this…,” you mutter to yourself.
 
“Yes, madam, come in, please. How may I help you?” The receptionist calls out to you breaking your thoughts.
 
“Erm, let me first make a call…,” you say, stepping out promptly. 
 
“Am I doing the right thing?”
 
You need to talk to someone, but who? You scroll through your 568 contacts. You can’t call any of them, not even the 12 counsellors/psychologists/psychiatrists in your phone book. 
 
“Jesus, I need someone to talk to… argh! Not Sauti, no, please… okay, he’s the only one who knows what’s going on with me... he’ll just have to do.”
 
You unblock Sauti’s number.
 
“Hello Sauti, we need to talk…”
 
“Jeez, Nerea, did you have to block me? Can’t we just sort this out like adults… anyway where are you? I can step out for a few minutes…”
 
“Actually, I’m just here near your office …”
 
“Okay, you go ahead to Java Kimathi, at the balcony… at least there we can have some privacy. Let me finish up on something then I follow you there…”
 
“Okay, no problem.” You hang up.
 
At Java, you ask for a strawberry lemonade as you wait for company. There are so many thoughts swirling in your mind. You feel so confused. Oh, Sauti is here… You stand up to give him a hug.
 
“Thanks for making the time ... ”
 
“It’s nothing. I’ve been trying to reach you…”
 
“I know. I just … needed some time alone to think.”
 
“Nerea, please, did you do it…?”
 
“Not yet, I got cold feet…”
 
“Phew, listen, I’ve been thinking about it all weekend and this is what I have to say, please hear me out…”
 
“Okay.”
 
(Singing soulfully) “Nakuomba Nerea, usitoe mimba yangu we, Mungu akileta mtoto, analeta sahani yake, leta nitamlea, usitoe mimba yangu we, Mungu akileta mtoto, analeta sahani yake …”
 
You’re crying. The mid-morning brunch crowd around you is clapping in awe, but a few elements throw you disgusted looks. Sauti is hugging you, swaying, shushing you. You know what you need to do.
 
 
Inspired by the song Nerea by Sauti Sol featuring Amos and Josh:


Monday, August 15, 2016

All about money market funds -- one of the best places to save your money


I run a savings group on Facebook and I have always recommended that people put their savings in a money market fund where they can earn better interest than in a bank's saving account. 

 In layman's terms, I would describe a money market fund as a chama (investment group) where members put their money together to get a huge lump sum which they then invest in something big and earn interest, dividends or profit, which is then distributed to members based on their contribution. 

In technical terms, a money market fund is a form of unit trust. A unit trust is a collective scheme where many people pool their money together and then it is invested by a professional investor in things like treasury bills, bonds, commercial paper, overnight lending, etc.

Many money market funds usually earn an interest of over 10 per cent per year (fluctuating depending on the performance of the markets. This year there are funds that have not gone below 10%, while others barely make it to 10%), which is better than a bank's two per cent. Interest is calculated every weekday, but compounded every month. The rates tend to fluctuate, though. You can check the change in interest rates on your fund manager's website or in the business pages of the newspapers.

How to join a money market fund:
Different money market funds have different requirements. They have a minimum initial deposit and amount of top-up. You can deposit a lump sum; you can top up the stipulated amount regularly or intermittently. 

Usually, you are allowed one free withdrawal every month, but subsequent withdrawals are charged a certain amount determined by your fund manager. They charge an annual fee, usually of 2 per cent (usually not per person, but on the whole fund, so members cost-share this cost) and a withholding tax of 15 per cent on interest, but even after subtracting these, the interest earned is usually still higher than what you would earn in the bank. 

To join, you fill in the forms and make your first deposit. In your form you can decide to make regular contributions and choose to do so by check-off system, which makes your savings automatic, so you are able to save even if you lack discipline. You will get monthly statements showing you how much interest your money has earned minus the withholding tax. 

To withdraw money, you fill in a form (or send instructions) and then wait for two to three working days for the money to be transferred to your bank account. What I like about this: I find it too much of a hustle. I can’t get my money instantly, and I have to fill in forms and then wait for days … when I think of all the drama involved, I just let my savings be and they continue to grow until I actually need them for the project I was saving for.

Some money market funds can be joined through a mobile phone USSD code e.g. *480# for Old Mutual. Most money market funds also have a pay bill number to help you make deposits conveniently, but remember Mpesa charges apply.

Kenyan money market funds:
Here are some money market funds you can research on and choose from. I prefer these ones (2016) because they rarely seem to go under 10 per cent. Zimele is here because it doesn't require very high contributions, especially for those who are saving Sh200 per day, and it has been performing relatively well this year:


Fund
Minimum initial fee
Top-up amounts
Fees
*Amana Capital
Sh10, 000
2, 500 and above
2% p.a.
*Apollo
Sh10, 000
Sh2, 000 and above
2% p.a.
*Madison Asset
Sh50, 000
Sh5, 000 and above
2% p.a.
*Pan Africa Pesa+
Sh2,500
Multiples of Sh1,000
2% p.a
*Zimele
Sh250
Any amount
2% p.a

*GenCap Hela by Genghis Capital (affiliated with Chase Bank), used to be one of the best, but it was suspended after the collapse of Chase Bank and was not revived even after Chase Bank reopened.
Comparison of performance in 2016:
Fund
1st January 2016
26th June 2016
9th July 2016
12th Aug. 2016

Daily yield
Annual rate
Daily yield
Annual rate
Daily yield
Annual rate
Daily yield
Annual rate
Amana
17.90
19.44
13.24
14.08
12.06
12.75
11.68
12.32
Apollo


13.30
14.14
10.81
13.32
10.74
13.23
Britam
12.44
13.18
Below 10%
Below 10%
9.54
9.97
Below 10%
Below 10%
CIC
15.79
16.79
Below 10%
Below 10%
10.89
11.37
11.22
11.73
Madison
17.43
18.90
12.28
13.43
11.35
11.96
11.40
12.01
Pan Africa (Sanlam)
16.60
18.09
11.45
12.13
11.04
11.67
11.40
12.01
Zimele
11.00
11.46
10.34
10.75
10.34
10.75
10.34
10.75
·         Daily yield means the amount of interest per year you would earn if you put money in a money market fund for a day.

·         Annual rateis the average yearly interest earned by members who have put their money in the fund.

Here are the contact details, but please note that money market funds are not just for people in Nairobi. Most of these companies have a branch network countrywide and with mobile money (money transfer) and email, you can make your contributions and communicate via email from any part of Kenya and even the diaspora.



Fund
Contact details
Amana Shilling Fund
Amana Capital Limited, 2nd floor, block C, Saachi Plaza, Argwings Kodhek Road, Kilimani, Nairobi


Tel: 0721700076 or (020)2351735 or (020)2351741/42

Email: info@amanacapital.co.ke


Apollo Money Market Fund
APA Insurance, Apollo Centre, Westlands, Nairobi


Tel: (020)2862000 or (020)3641000


CIC Money Market Fund
CIC Asset Management


Tel: 0703099120 or 0703099347 or (020)28223313 or (020)2823347

Email: cic.asset@cic.co.ke

Madison Asset Money Market Fund
Madison Asset Management Services, Madison Insurance House, Upper Hill Close, Nairobi


Tel: (020)2721340 or (020)2864500

Email: info@mams.co.ke

Pan Africa Pesa+ Fund (Sanlam)
Sanlam (formerly Pan Africa Asset Management), 3rd floor, Pan Africa Life House, Kenyatta Avenue, Nairobi CBD


Tel: (020)2220559


Zimele Money Market Fund
Zimele Asset Management Company, 7th floor, Ecobank Towers, Muindi Mbingu Street, Nairobi CBD 


Tel: 0734207662 or 0722207662 or 0733111108/9

Email: info@zimele.net


OTHER MONEY MARKET FUNDS
Fund
1st January 2016
11th August 2016
Minimum initial amount
Top-ups
Annual fee
Daily yield
Annual rate
Daily yield
Annual rate



African Alliance Shilling Fund
11.26%
11.88%
7.49%
7.76%
Sh100, 000
Sh1, 000, though they say any amount
1%
Britam
12.44%
13.18%
9.44%
9.86%
Sh100, 000
Sh10, 000
2%
CBA
12.81%
13.53%
7.96%
8.24%
Sh100, 000
Sh20, 000
2%
EIB Equity
12.71%
13.48%
6.64%
6.85%
Sh1, 000
Sh1, 000

*GenCap Hela
17.26%
18.41%
Suspended
Suspended
Sh500
Sh500
2%
ICEA LION
16.48%
16.74%
8.98%
9.39%
Sh10, 000
Sh2, 000

Nabo Africa
(US dollars)
$94.15
$94.15
$101.1
$101.1
$50,000 (USD)
Call them for more information
 2.5% Redemption fee 1%
Old Mutual (merged with UAP)
8.42%
8.75%
7.40%
7.66%
Sh1, 000
Sh1,000
3%
STANLIB
14.78%
15.82%
6.91%
7.13%
Sh10, 000
Sh5, 000
2%

Contact details:

Fund
Contact details
African Alliance Shilling Fund
African Alliance Kenya Investment Bank, 4th floor, Kenya Re Towers, off Ragati Road, Upperhill, Nairobi


Tel: (020) 2777000

Email: info@africanalliance.co.ke

Britam Money Market Fund
Britam Asset Managers (Kenya) Limited, 5th floor, Britam Centre, at the junction of Mara Road and Ragati Road, Upperhill, Nairobi


Tel: 0703094091 or (020) 2833000


CBA Money Market Fund
Commercial Bank of Africa, Mara/Ragati Road, Upperhill, Nairobi


Tel: (020) 2884000


EIB Equity Money Market Fund
Equity Investment Bank, Equity Centre, Hospital Road, Upperhill, Nairobi




GenCap Hela

Genghis Capital, 6th floor, Prudential Insurance Building, Wabera Street, Nairobi CBD


Tel: (020)2774750/1/2


ICEA LION Money Market Fund
ICEA LION Centre, Riverside Park, Chiromo Road, Westlands, Nairobi


Tel: 0719071999 or (020)2750000 or 0730151000


Nabo Africa Money Market Fund
Nabo Capital (affiliated with Centum), 7th floor, International House, Mama Ngina Street, Nairobi CBD


Tel: 0709902700 or (020)2286700


Old Mutual Money Market Fund
*UAP merged with Old Mutual
Old Mutual Investment Group, corner of Mara Road and Hospital Road, Upperhill, Nairobi

Tel: (020)2829800

STANLIB Money Market Fund
Stanlib Kenya, 1st floor, Liberty House, Mamlaka Road, Nairobi


Tel: 0711076111 or (020)3268508



Advantages of money market funds:
  • They are a low-risk, high liquidity method to grow your money. Low risk means you can’t lose the principal amount you put in and your money grows every month. The only risk I see is if the fund collapsed with your money. High liquidity means you can get your money back quickly when you need it (within three working days).
  • You earn compound interest not simple interest. So the interest you earn is added to your principal each month and then that new principal earns more interest. Simple interest is calculated on the principal alone, but compound interest is calculated on the principal and interest earned. So for example, for simple interest of 1% for Sh10, 000, the first month you’ll earn Sh100 (1% of the principal 10, 000), the second month you will earn another Sh100 (1% of 10,000), so in total you’ll have Sh10, 200. But in compound interest, the first time you’ll earn Sh100 (1% of 10, 000) but the next month interest will be calculated as 1% of 10, 000 + 100 (principal plus interest to make new principal). So 1% of 10, 100 = 101. So the second month on compound interest, you’ll have a total of 10, 201. The third month on simple interest you’ll have 10, 300; on compound interest 10, 303. So basically your money grows at a faster rate.
  • Your money is invested by professionals to ensure maximum return and low risk.
  • You can top up at any time, unlike with a fixed deposit account at a bank where you can’t top up any time.
  • Attractive interest. Although the interest rate fluctuates, you get way better interest than you would in an ordinary bank savings account.
Questions to ask a potential fund manager:
  1. How much is the initial amount needed to join this fund? 
  2.    Is the principal secure? Can I lose my money?
  3.  Can I top up any amount and at any time? 
  4. Is there any initial joining fee? Annual management fee? How much? How is it calculated? Are there other (hidden) charges or fees? 
  5. Do you charge for withdrawals? How much? 
  6. Can I get my money on short notice? How fast can I get my money when I need it? 
  7. Can I do automatic top-ups via check-off system? 
  8. Can I top up using mobile money?
  9. What do I need to join this money market fund (requirements)? 
  10. Do you send client statements? How often? Via email? 
  11. Are there any tax obligations due on my earnings? Principal? Which ones? 
  12. How long has this (money market) fund been around? What’s the average performance of this fund historically? How long have you been around? Can I see the annual report for the fund for last year/ the last few years? 
  13. Who is your custodian/trustee?
  14.  Look out for stability. You don’t want a fund to collapse with your money.
  15. Is there anything else I need to know that I may not have asked?
Requirements for joining a money market fund:
  1. Fill the joining/application forms 
  2. Copy of ID card 
  3. Photographs 
  4.  KRA PIN certificate 
  5. Bank deposit or Mpesa confirmation of first deposit 
  6. Utility bill for proof of residence (may or may not be required)

Comparison of how much you’ll earn in a savings account versus a money market fund:
We’ll use the figure of Sh6000 per month
Savings in:
Interest
Amount after 12 months
Savings in
Interest
Amount after 12 months
Money market fund
10%
Sh75843.21 of which Sh72, 000 is principal and Sh3843.21 is interest. Take away 15% withholding tax. Interest earned Sh3266.728
Savings account
2%
Sh72, 777.63 of which Sh72, 000 is principal and Sh777.63 is interest






Would you rather earn Sh3266.72 on your Sh72, 000 or Sh777.63 on your Sh72, 000?


*This is just a guide. Please get current information from the money market fund(s) of your choice.